Document:

EX-10.1

 Exhibit 10.1 

OPEN MARKET SALE AGREEMENTSM 

August 17, 2018 
 JEFFERIES LLC 

520 Madison Avenue 
 New York, New York 10022 

Ladies and Gentlemen: 
 Karyopharm Therapeutics
Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell from time to time through Jefferies LLC, as sales agent and/or principal (the “Agent”),
shares of the Company’s common stock, par value $0.0001 per share (the “Common Shares”), having an aggregate offering price of up to $75,000,000 on the terms set forth in this agreement (this “Agreement”). 

Section 1. DEFINITIONS 

(a)    Certain Definitions. For purposes of this Agreement, capitalized terms used herein and not otherwise defined
shall have the following respective meanings: 
 “Affiliate” of a Person means another Person that directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, such first-mentioned Person. The term “control” (including the terms “controlling,” “controlled by” and “under common
control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agency Period” means the period commencing on the date of this Agreement and expiring on the earliest to occur of
(x) the date on which the Agent shall have placed the Maximum Program Amount pursuant to this Agreement, (y) the date this Agreement is terminated pursuant to Section 7 and (z) the third anniversary of the
date of this Agreement. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder. 
 “Floor Price” means the minimum price set by the Company in the Issuance Notice below which the Agent shall
not sell Shares during the applicable Selling Period, which may be adjusted by the Company at any time during the Selling Period by delivering written notice of such change to the Agent and which in no event shall be less than $1.00 without the
prior written consent of the Agent, which may be withheld in the Agent’s sole discretion. 
  

	SM 	 “Open Market Sale Agreement” is a service mark of Jefferies LLC 

 “Issuance Amount” means the aggregate Sales Price of the Shares to be sold
by the Agent pursuant to any Issuance Notice. 
 “Issuance Notice” means a written notice delivered to the Agent by the
Company in accordance with this Agreement in the form attached hereto as Exhibit A that is executed by its Chief Executive Officer, President, Chief Financial Officer or Chief Business Officer. 

“Issuance Notice Date” means any Trading Day during the Agency Period on which an Issuance Notice is delivered pursuant to
Section 3(b)(i). 
 “Issuance Price” means the Sales Price less the Selling Commission. 

“Maximum Program Amount” means Common Shares with an aggregate Sales Price of the lesser of (1) $75,000,000 and (2) the
aggregate dollar amount of Shares registered under the Registration Statement. 
 “Other Offering Amendment” means an
amendment or supplement to the Registration Statement or Prospectus relating solely to the issuance or offering of securities other than the Common Shares. 

“Person” means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated
association, joint venture, joint stock company, governmental authority or other entity of any kind. 
 “Principal Market”
means the Nasdaq Global Select Market or such other national securities exchange on which the Common Shares, including any Shares, are then listed. 

“Sales Price” means the actual sale execution price of each Share placed by the Agent pursuant to this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 “Selling Commission” means up to three percent (3.0%) of the gross proceeds for the Shares sold pursuant to this
Agreement. 
 “Selling Period” means the period of one (1) to twenty (20) consecutive Trading Days (as determined
by the Company in the Company’s sole discretion and specified in the applicable Issuance Notice) commencing with and including the Trading Day on which an Issuance Notice is delivered pursuant to Section 3(b)(i), if
such notice is delivered prior to 3:00 p.m. (New York City time) and otherwise, commencing with and including the Trading Day following the Trading Day on which an Issuance Notice is delivered pursuant to Section 3(b)(i).

 “Settlement Date” means the third business day following each Trading Day during the Selling Period on which Shares are
sold pursuant to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on such Trading Day and the Agent shall deliver to the Company the Issuance Price received on such sales. 

  
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 “Shares” shall mean the Common Shares issued or issuable pursuant to this
Agreement. 
 “Trading Day” means any day on which the Principal Market is open for trading. 

Section 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to, and agrees with, the Agent that, unless such representation, warranty or agreement specifies otherwise,
as of (1) the date of this Agreement, (2) each Issuance Notice Date, (3) each Settlement Date, (4) each Triggering Event Date and (5) as of each Time of Sale (each of the times referenced above is referred to herein as a
“Representation Date”), except as may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto) on or before the applicable Representation Date: 

(a)    Registration Statement. The Company has prepared and filed with the Commission a shelf registration
statement on Form S-3 (File No. 333-226038) that contains a base prospectus (the “Base Prospectus”). Such registration statement
registers the issuance and sale by the Company of the Shares under the Securities Act. Such registration statement, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, including all financial
statements, exhibits and schedules thereto and all documents incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the Securities Act as from time to time amended
or supplemented, is herein referred to as the “Registration Statement,” and the prospectus constituting a part of such registration statement, together with any prospectus supplement filed with the Commission pursuant to Rule 424(b)
under the Securities Act relating to a particular issuance of the Shares, including all documents incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the
Securities Act, in each case, as from time to time amended or supplemented, is referred to herein as the “Prospectus,” except that if any revised prospectus is provided to the Agent by the Company for use in connection with the
offering of the Shares that is not required to be filed by the Company pursuant to Rule 424(b) under the Securities Act, the term “Prospectus” shall refer to such revised prospectus from and after the time it is first provided to
the Agent for such use. The Registration Statement at the time it originally became effective is herein called the “Original Registration Statement.” As used in this Agreement, the terms “amendment” or
“supplement” when applied to the Registration Statement or the Prospectus shall be deemed to include the filing by the Company with the Commission of any document under the Exchange Act after the date hereof that is or is deemed to be
incorporated therein by reference. 
 All references in this Agreement to financial statements and schedules and other information which is
“contained,” “included” or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other
information which is or is deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date; and all
references in this Agreement to amendments or supplements to the Registration Statement or the Prospectus shall be deemed to mean and include, without limitation, the filing of any document under the Exchange Act which is or is deemed to be
incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date. 

  
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 At the time the Original Registration Statement originally became effective, the Company met
the then-applicable requirements for use of Form S-3 under the Securities Act. During the Agency Period, each time the Company files an Annual Report on Form 10-K,
the Company will meet the then-applicable requirements for use of Form S-3 under the Securities Act. 

(b)    Compliance with Registration Requirements. The Original Registration Statement became effective upon filing
with the Commission. No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or
threatened by the Commission.  
 The Prospectus when filed complied in all material
respects with the Securities Act and, if filed by electronic transmission pursuant to the Commission’s Electronic Data Gathering, Analysis, and Retrieval System (“EDGAR”) (except as may be permitted by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the Agent for use in connection with the issuance and sale of the Shares. Each of the Registration Statement and any
post-effective amendment thereto, at the time it became effective and at all subsequent times, complied and will comply in all material respects with the Securities Act and did not and will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the date of this Agreement, the Prospectus and any Free Writing Prospectus considered together (collectively, the “Time
of Sale Information”) did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The
Prospectus, as amended or supplemented, as of its date, did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The representations and warranties set forth in the three immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment thereto, or the
Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Agent furnished to the Company in writing by the Agent expressly for use therein, it being understood and agreed that the
only such information furnished by the Agent to the Company consists of the information described in Section 6 below. There are no contracts or other documents required to be described in the Prospectus or to be filed as
exhibits to the Registration Statement which have not been described or filed as required. The Registration Statement and the offer and sale of the Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply
in all material respects with said Rule. 
 (c)    Ineligible Issuer Status. The Company is not an
“ineligible issuer” in connection with the offering of the Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities
Act has been filed with the Commission in accordance with the requirements of the Securities Act. Each Free Writing Prospectus that the Company has filed, or is required to file, 

  
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pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements
of Rule 433 under the Securities Act including timely filing with the Commission or retention where required and legending, and each such Free Writing Prospectus, as of its issue date and at all subsequent times through the applicable Representation
Date did not and does not include any information that conflicted or conflicts with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein. Except for the Free Writing
Prospectuses, if any, and electronic road shows, if any, furnished to you before first use, the Company has not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer to, any Free Writing Prospectus. 

(d)    Incorporated Documents. The documents incorporated or deemed to be incorporated by reference in the
Registration Statement and the Prospectus, at the time they were filed with the Commission, complied in all material respects with the requirements of the Exchange Act, as applicable, and, when read together with the other information in the
Prospectus, do not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 (e)    Exchange Act Compliance. The documents incorporated or deemed to be incorporated by reference in the
Prospectus, at the time they were or hereafter are filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto complied and will comply in all material respects with the requirements of the Exchange Act, and, when
read together with the other information in the Prospectus, at the time the Registration Statement and any amendments thereto become effective and at the First Closing Date and the applicable Option Closing Date, as the case may be, will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. 
 (f)    Financial Information. The consolidated financial statements of
the Company included or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, together with the related notes and schedules, present fairly, in all material respects, the
consolidated financial position of the Company and the Subsidiaries (as defined below) as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified
(subject, in the case of unaudited statements, to normal year-end audit adjustments) and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with
GAAP (as defined below) applied on a consistent basis (except for such adjustments to accounting standards and practices as are noted therein) during the periods involved. The summary and selected financial data with respect to the Company and the
Subsidiaries (as defined below) included in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, fairly present in all material respects the information shown therein as at the respective dates and for the
respective periods specified and are derived from the financial statements set forth in the Registration Statement and the Prospectus and the other accounting records of the Company. No other schedules or financial statements are

  
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required to be included in the Registration Statement or the Prospectus. The Company and the Subsidiaries (as defined below) do not have any material liabilities or obligations, direct or
contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto), and the Prospectus. All disclosures contained or incorporated by
reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations
of the Commission) comply, in all material respects, with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible
Business Reporting Language incorporated by reference in the Registration Statement and the Prospectus fairly presents in all material respects the information shown therein as at the respective dates and for the respective periods specified and
have been prepared in all material respects in accordance with the Commission’s rules and guidelines applicable thereto. No person who has been suspended or barred from being associated with a registered public accounting firm, or who has
failed to comply with any sanction pursuant to Rule 5300 promulgated by the PCAOB, has participated in or otherwise aided the preparation of, or to the Company’s knowledge, audited, the financial statements, supporting schedules or other
financial data filed with the Commission as a part of the Registration Statement and included in the Prospectus. 

(g)    Organization. The Company and each of its Subsidiaries has been duly organized and is validly existing as a
corporation and in good standing under the laws of its respective jurisdiction of organization. The Company and each of its Subsidiaries are duly licensed or qualified as a foreign corporation for transaction of business and in good standing under
the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such license or qualification, and have all corporate power and authority necessary to own or hold
their respective properties and to conduct their respective businesses as described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or have such power or authority would not,
individually or in the aggregate, have a material adverse effect or would reasonably be expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition (financial or otherwise), prospects,
stockholders’ equity or results of operations of the Company and the Subsidiaries taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated hereby (a “Material Adverse Effect”).
 
 (h)    Subsidiaries. With the exception of Karyopharm Europe GmbH, the subsidiaries set forth on Exhibit
21.1 of the Company’s most recently filed Annual Report on Form 10-K (collectively, the “Subsidiaries”), are the Company’s only significant subsidiaries (as such term is defined in
Rule 1-02 of Regulation S-X promulgated by the Commission). Except as set forth in the Registration Statement and in the Prospectus, the Company owns, directly or
indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly issued and are
fully paid, nonassessable and free of preemptive and similar rights. No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital stock,
from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary of the Company. 

  
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 (i)    No Violation or Default. Neither the Company nor any of
its Subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries are subject; or (iii) in violation of any law or statute or any judgment, order, rule or
regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. To the Company’s knowledge, no other party under any material contract or other agreement to which it or any of its Subsidiaries is a party is in default in any respect thereunder where such default
would have a Material Adverse Effect. 
 (j)    No Material Adverse Change. Subsequent to the respective dates as
of which information is given in the Registration Statement, the Prospectus and the Free Writing Prospectuses, if any (including any Incorporated Document), there has not been (i) any Material Adverse Effect or the occurrence of any development
that the Company reasonably expects will result in a Material Adverse Effect, (ii) other than as contemplated by this Agreement, any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation
or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole,
(iv) any material change in the capital stock (other than as a result of the sale of Shares) or outstanding long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend or distribution of any kind declared, paid or
made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document deemed incorporated by
reference therein). 
 (k)    Capitalization. The issued and outstanding shares of capital stock of the Company
have been validly issued, are fully paid and nonassessable and, other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights pursuant to the
Company’s charter, bylaws, the Delaware General Corporation Law or any agreement or other instrument to which the Company is a party or by which the Company is bound. The Company has an authorized, issued and outstanding capitalization as set
forth in the Registration Statement and the Prospectus as of the dates referred to therein (other than the grant of additional options or restricted stock units or stock awards under the Company’s existing stock option plans, or changes in the
number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof) and such authorized capital
stock conforms in all material respects to the description thereof set forth in the Registration Statement and the Prospectus. The 

  
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description of the securities of the Company in the Registration Statement and the Prospectus is complete and accurate in all material respects. Except as disclosed in or contemplated by the
Registration Statement or the Prospectus, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or
exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities. 

(l)    Authorization; Enforceability. The Company has full legal right, power and authority to enter into this
Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company enforceable against the Company in
accordance with its terms, except as rights to indemnification or contribution hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ rights generally and by general equitable principles. 
 (m)    Authorization
of Shares. The Shares, when issued and delivered pursuant to the terms contained in the Issuance Notice which has been approved by the board of directors of the Company or a duly authorized committee thereof, or a duly authorized executive
committee, against payment therefor as provided herein, will be duly authorized, validly issued, fully paid and nonassessable and free and clear of any pledge, lien, encumbrance, security interest or other claim (other than any pledge, lien,
encumbrance, security interest or other claim arising from an act or omission of the Agent or a purchaser), including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be
registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform in all material respects to the description of the Shares contained in the Registration Statement and the Prospectus under the caption
“Description of Capital Stock.” 
 (n)     No Consents Required. No consent, approval, authorization,
order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale by the Company of the
Shares, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws or by the by-laws and rules of the Financial
Industry Regulatory Authority, Inc. (“FINRA”) or the Exchange in connection with the sale of the Shares by the Agent. 

(o)    No Preferential Rights. Except as set forth in the Registration Statement and the Prospectus, (i) no
Person has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other securities of the Company (other than upon the exercise of options or warrants to
purchase Common Stock or upon the exercise of options or vesting of restricted stock units or stock awards that may be granted from time to time under the Company’s stock option plans and which are disclosed in the Registration Statement and
Prospectus), (ii) no Person has any preemptive rights, resale rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a “poison pill” provision or otherwise) to
purchase any Common Stock or shares of any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the
Common Stock, 

  
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and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital stock or other
securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the
Shares as contemplated thereby or otherwise. 
 (p)    Independent Public Accounting Firm. Ernst & Young
LLP (the “Company Accountant”), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Company’s most recent Annual Report on Form
10-K filed with the Commission and incorporated by reference into the Registration Statement and the Prospectus, are and, during the periods covered by their report, were an independent registered public
accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company’s knowledge, the Company Accountant is not in violation of the auditor independence requirements of the
Sarbanes-Oxley Act of 2002 with respect to the Company, the Company Accountant’s registration with the PCAOB as a registered public accounting firm has not been suspended or revoked, and the Company Accountant has not requested such
registration to be withdrawn. 
 (q)     Enforceability of Agreements. All agreements between the Company and
third parties expressly referenced in the Prospectus, other than such agreements that have expired by their terms or the termination of which is disclosed in documents filed by the Company on EDGAR, are legal, valid and binding obligations of the
Company enforceable in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by
general equitable principles, (ii) the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, or (iii) any unenforceability that, individually
or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (r)    No Litigation.
Except as set forth in the Registration Statement or the Prospectus, (i) there are no pending or, to the Company’s knowledge, threatened legal, governmental or regulatory actions, suits or proceedings and (ii) the Company has not
received any notice of any pending and the Company is not aware of any threatened audits or investigations, in each case to which the Company or a Subsidiary is a party or to which any property of the Company or any of its Subsidiaries is the
subject that, individually or in the aggregate, if determined adversely to the Company or any of its Subsidiaries, would reasonably be expected to have a Material Adverse Effect; to the Company’s knowledge, no such actions, suits, proceedings,
audits or investigations are threatened or contemplated by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending legal, governmental or regulatory audits or investigations, actions, suits or
proceedings that are required under the Securities Act to be described in the Prospectus that are not so described; and (ii) there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the
Registration Statement that are not so filed. 
 (s)    Consents and Permits. Except as disclosed in the
Registration Statement and the Prospectus, the Company and its Subsidiaries have made all filings, applications and submissions required by, possesses and is operating in compliance with, all approvals, licenses, certificates,

  
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certifications, clearances, consents, grants, exemptions, marks, notifications, orders, permits and other authorizations issued by, the appropriate federal, state or foreign governmental or
regulatory authorities (including, without limitation, the United States Food and Drug Administration (the “FDA”), the United States Drug Enforcement Administration or any other foreign, federal, state, provincial, court or local
government or regulatory authorities including self-regulatory organizations engaged in the regulation of clinical trials, pharmaceuticals, biologics or biohazardous substances or materials) necessary for the ownership or lease of their respective
properties or to conduct its businesses as described in the Registration Statement and the Prospectus (collectively, “Permits”), except for such Permits the failure of which to possess, obtain or make the same would not reasonably
be expected to have a Material Adverse Effect; the Company and its Subsidiaries are in compliance with the terms and conditions of all such Permits, except where the failure to be in compliance would not reasonably be expected to have a Material
Adverse Effect; all of the Permits are valid and in full force and effect, except where any invalidity, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and neither the Company nor any of its
Subsidiaries has received any written notice relating to the limitation, revocation, cancellation, suspension, modification or non-renewal of any such Permit which, singly or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course to the extent required. To the
extent required by applicable laws and regulations of the FDA, the Company or the applicable Subsidiary has submitted to the FDA an Investigational New Drug Application or amendment or supplement thereto for each clinical trial it has conducted or
sponsored or is conducting or sponsoring; all such submissions were in material compliance with applicable laws and rules and regulations when submitted and no material deficiencies have been asserted by the FDA with respect to any such submissions.

 (t)    Regulatory Filings. Except as disclosed in the Registration Statement and the Prospectus, neither the
Company nor any of its Subsidiaries has failed to file with the applicable regulatory authorities (including, without limitation, the FDA, or any foreign, federal, state, provincial or local governmental or regulatory authority performing functions
similar to those performed by the FDA) any required filing, declaration, listing, registration, report or submission, except for such failures that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect; except as disclosed in the Registration Statement and the Prospectus, all such filings, declarations, listings, registrations, reports or submissions were in compliance with applicable laws when filed and no deficiencies have been asserted
by any applicable regulatory authority with respect to any such filings, declarations, listings, registrations, reports or submissions, except for any deficiencies that, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect. The Company has operated and currently is, in all material respects, in compliance with the United States Federal Food, Drug, and Cosmetic Act, all applicable rules and regulations of the FDA, including without limitation,
regulations relating to Good Clinical Practices and Good Laboratory Practices, and other federal, state, local and foreign governmental bodies exercising comparable authority. The Company has no knowledge of any large well-controlled clinical trial
the aggregate results of which call into question, in any material respect, the results of any clinical trial conducted by or at the direction of the Company that are described in the Registration Statement and the Prospectus or the results of which
are referred to in the Registration Statement and the Prospectus. 

  
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 (u)    Intellectual Property. Except as disclosed in the
Registration Statement and the Prospectus, the Company and its Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade
names, copyrights, licenses, inventions, trade secrets, technology, Internet domain names, know-how and other intellectual property necessary for the conduct of their respective businesses as now conducted
(collectively, the “Intellectual Property”) except to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a
Material Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus (i) to the Company’s knowledge, there are no rights of third parties to any such Intellectual Property, other than any co-owner of any patent constituting Intellectual Property who is listed on the records of the U.S. Patent and Trademark Office (the “USPTO”) and any co-owner
of any patent application constituting Intellectual Property who is named in such patent application; (ii) the Company has not received notice of any claim of infringement, misappropriation or conflict with any asserted rights of others with
respect to such Intellectual Property; (iii) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s and its Subsidiaries’ rights in or to any such
Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding
or claim by others challenging the validity or scope of any such Intellectual Property; (v) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company and its Subsidiaries
infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi) to the Company’s knowledge, there is no third-party U.S. patent or published U.S. patent application which contains
claims for which an Interference Proceeding (as defined in 35 U.S.C. §135) has been commenced against any patent or patent application described in the Prospectus as being owned by or licensed to the Company; and (vii) the Company and its
Subsidiaries have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or such Subsidiary, and all such agreements are in full force and effect, except, in the case of any of clauses
(i)-(vii) above, for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All patents
and patent applications owned by or licensed to the Company or under which the Company has rights have, to the knowledge of the Company, been duly and properly filed and maintained; to the knowledge of the Company, the parties prosecuting such
applications have complied with their duty of candor and disclosure to the USPTO in connection with such applications; and the Company is not aware of any facts required to be disclosed to the USPTO that were not disclosed to the USPTO and which
would preclude the grant of a patent in connection with any such application or would reasonably be expected to form the basis of a finding of invalidity with respect to any patents that have issued with respect to such applications. 

(v)    Clinical Studies. The preclinical studies and tests and clinical trials described in the Prospectus were,
and, if still pending, are being conducted (and, in the case of those 

  
 11 

 
conducted at the direction of the Company, to the Company’s knowledge) in all material respects in accordance with the experimental protocols, procedures and controls pursuant to, where
applicable, accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company. The descriptions of such studies, tests and trials, and the results thereof, contained in the
Prospectus are accurate and complete in all material respects. The Company has not received any written notice or correspondence from the FDA, any foreign, state or local governmental body exercising comparable authority or any institutional review
board requiring the termination, suspension, material modification or clinical hold of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company, other than ordinary course communications with respect to
modifications in connection with the design and implementation of such trials, copies of which communications have been made available to the Agent. 

(w)    Emerging Growth Company. At the time the Registration Statement became effective, and at the time the
Company’s most recent Annual Report on Form 10-K was filed with the Commission, the Company met the then applicable requirements for the use of Form S-3 under the
Securities Act, including, but not limited to, Instruction I.B.1 of Form S-3. The Company satisfies the pre-1992 eligibility requirements for the use of a registration
statement on Form S-3 in connection with this offering (the pre-1992 eligibility requirements for the use of the registration statement on Form S-3 include (i) having a non-affiliate, public common equity float of at least $150 million or a non-affiliate, public common
equity float of at least $100 million and annual trading volume of at least three million shares and (ii) having been subject to the Exchange Act reporting requirements for a period of 36 months). The Company is not a shell company (as
defined in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction
I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company. From the time of the initial filing of the Company’s first
registration statement with the Commission through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”). 

(x)    No Material Defaults. Neither the Company nor any of the Subsidiaries has defaulted on any installment on
indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant to
Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred
stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 (y)    No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not
taken, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of the Common Shares or any other “reference security” (as defined in Rule
100 of Regulation M under the 1934 Act 

  
 12 

 
(“Regulation M”)) whether to facilitate the sale or resale of the Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M. The
Company acknowledges that the Agent may engage in passive market making transactions in the Shares on the Nasdaq Global Select Market in accordance with Regulation M. The Common Shares are “actively traded securities” (as defined in
Regulation M). 
 (z)    FINRA Matters. All of the information provided to the Agent or to counsel for the Agent
by the Company, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental information provided to FINRA pursuant to
FINRA Rules 5110, 5190 and NASD Conduct Rule 2720 is true, complete and correct. The Company meets the requirements for use of Form S-3 under the Securities Act specified in FINRA Rule 5110(b)(7)(C)(i).
Neither the Company nor any of its Affiliates directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, or is a person associated with any member firm of FINRA. 

(aa)    No Reliance. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or
accounting advice in connection with the offering and sale of the Shares. 
 (bb)    Taxes. The Company and each
of its Subsidiaries have filed all federal, state, local and foreign income and franchise tax returns and other material tax returns which have been required to be filed by the Company or a Subsidiary, or have properly requested extensions thereof,
and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where the failure to so file or pay would not reasonably be expected to have a Material Adverse
Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined adversely to the Company or any of its Subsidiaries which has had, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been or might be asserted against it which would reasonably
be expected to have a Material Adverse Effect. 
 (cc)    Title to Real and Personal Property. Except as set
forth in the Registration Statement or the Prospectus, the Company and its Subsidiaries have good and marketable title to all real property owned by them, good and valid title to all personal property (except Intellectual Property) described in the
Registration Statement or Prospectus as being owned by them that are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear of all liens, encumbrances and claims, except those matters that
(i) do not materially interfere with the use made of such property by the Company and any of its Subsidiaries or (ii) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Any real or
tangible personal property described in the Registration Statement or Prospectus as being leased by the Company and any of its Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially
interfere with the use made or proposed to be made of such property by the Company or any of its Subsidiaries or (B) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Each of the properties
of the Company and its Subsidiaries complies with all 

  
 13 

 
applicable codes, laws and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to such properties), except if and to the extent
disclosed in the Registration Statement or Prospectus or except for such failures to comply that would not, individually or in the aggregate, reasonably be expected to interfere in any material respect with the use made and proposed to be made of
such property by the Company and its Subsidiaries or otherwise reasonably be expected to have a Material Adverse Effect. None of the Company or its subsidiaries has received from any governmental or regulatory authorities any notice of any
condemnation of, or zoning change affecting, the properties of the Company and its Subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere
in any material respect with the use made and proposed to be made of such property by the Company and its Subsidiaries or otherwise have a Material Adverse Effect, individually or in the aggregate. 

(dd)    Environmental Laws. Except as set forth in the Registration Statement or the Prospectus, the Company and
its Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to
conduct their respective businesses as described in the Registration Statement and the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of
hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (ee)    
Disclosure Controls. The Company and each of its Subsidiaries maintain systems of internal accounting controls designed to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. The Company’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting (other than as set
forth in the Prospectus). Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company’s internal control over financial reporting that has materially affected, or
is reasonably likely to materially affect, the Company’s internal control over financial reporting (other than as set forth in the Prospectus). The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures to provide reasonable assurance that material information relating to the Company and
each of its Subsidiaries is made known to the certifying officers by others within those entities, including during the period in which the Company’s Annual Report on Form 10-K or Quarterly Report on

  
 14 

 
Form 10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s controls
and procedures as of a date within 90 days prior to the filing date of the Form 10-K for the fiscal year most recently ended (such date, the “Evaluation Date”). The Company presented in its
Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date and the disclosure controls and procedures are effective. Since the Evaluation Date, there have been no significant changes in the Company’s internal controls (as such term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company’s knowledge, in other factors that could significantly affect the Company’s internal controls. 

(ff)    Sarbanes-Oxley. There is and has been no failure on the part of the Company or, to the knowledge of the
Company, any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the
principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required
by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence, “principal
executive officer” and “principal financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act. 

(gg)    Finder’s Fees. Neither the Company nor any of the Subsidiaries has incurred any liability for any
finder’s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to Agent pursuant to this Agreement. 

(hh)    Labor Disputes. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries
exists or, to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect. 

(ii)    Investment Company Act. Neither the Company nor any of the Subsidiaries is or, after giving effect to the
offering and sale of the Shares, will be an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”). 
 (jj)    Operations. The operations of the Company and its Subsidiaries are and have
been conducted at all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the
Company or its Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”), except as would not reasonably be expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of
its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

  
 15 

 (kk)    Off-Balance Sheet
Arrangements. There are no transactions, arrangements and other relationships between and/or among the Company, and/or any of its affiliates and any unconsolidated entity, including, but not limited to, any structural finance, special purpose or
limited purpose entity (each, an “Off-Balance Sheet Transaction”) that would reasonably be expected to affect materially the Company’s liquidity or the availability of or requirements for
its capital resources, including those Off-Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis of Financial Conditions and Results of
Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus which have not been described as
required. 
 (ll)    Underwriter Agreements. The Company is not a party to any agreement with an agent or
underwriter for any other “at-the-market” or continuous equity transaction. 

(mm)    ERISA. To the knowledge of the Company, (i) each material employee benefit plan, within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the
Company and any of its Subsidiaries has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including, but not limited to, ERISA and the Internal Revenue Code of 1986, as
amended (the “Code”) (except to the extent where any non-compliance would not result in material liability to the Company); (ii) during the last six plan years, no prohibited transaction,
within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a statutory or
administrative exemption; and (iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code
has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all benefits accrued under such plan
determined using reasonable actuarial assumptions. 
 (nn)    Forward-Looking Statements. No forward-looking
statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) (a “Forward-Looking Statement”) contained in the Registration Statement and the Prospectus has been made or reaffirmed
without a reasonable basis or has been disclosed other than in good faith. 
 (oo)    Statistical and Market-Related
Data. The statistical, demographic and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate or represent the Company’s good
faith estimates that are made on the basis of data derived from such sources. 
 (pp)    Margin Rules. Neither
the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve
System or any other regulation of such Board of Governors. 

  
 16 

 (qq)    Insurance. The Company and each of its Subsidiaries
carry, or are covered by, insurance in such amounts and covering such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct of their properties and as is customary for companies engaged in similar
businesses in similar industries. The Company has no reason to believe that it or any subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from
similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Effect. Neither of the Company nor any subsidiary has been denied any insurance coverage which
it has sought or for which it has applied. 
 (rr)    No Improper Practices. (i) Neither the Company nor,
the Subsidiaries, nor to the Company’s knowledge, any of their respective executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in
violation of law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any law or of the
character required to be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or, to the Company’s knowledge, any affiliate of any of them, on the one hand, and the
directors, officers and stockholders of the Company or any Subsidiary, on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship,
direct or indirect, exists between or among the Company or any Subsidiary or, to the Company’s knowledge, any affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company or any Subsidiary, on the other hand,
that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) except as described in the Registration Statement and the Prospectus, there are no material outstanding loans
or advances or material guarantees of indebtedness by the Company or any Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of the families of any of them; (v) the Company has not offered, or
caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or any Subsidiary to alter the customer’s or supplier’s level or type of business with
the Company or any Subsidiary or (B) a trade journalist or publication to write or publish favorable information about the Company or any Subsidiary or any of their respective products or services; and (vi) neither the Company nor any
Subsidiary nor, to the Company’s knowledge, any employee or agent of the Company or any Subsidiary has made any payment of funds of the Company or any Subsidiary or received or retained any funds in violation of any law, rule or regulation
(including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus. 

(ss)    No Conflicts. Neither the execution of this Agreement by the Company, nor the issuance, offering or sale of
the Shares, nor the consummation by the Company of any of the transactions contemplated herein, nor the compliance by the Company with the terms and provisions hereof will conflict with, or will result in a breach of, any of the terms and provisions
of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the 

  
 17 

 
Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any of the property or assets of the Company is subject, except (i) such
conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not reasonably be expected to have a Material Adverse Effect; nor will such action result (x) in any violation of the
provisions of the organizational or governing documents of the Company, or (y) in any violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any court or of any federal, state or other
regulatory authority or other government body having jurisdiction over the Company, and with respect to clause (y), other than any violation that would not reasonably expected to have a Material Adverse Effect. 

(tt)    Sanctions. (i) The Company represents that, neither the Company nor any of its Subsidiaries
(collectively, the “Entity”) or, to the Entity’s knowledge, any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (“Specified Person”)
that is, or is owned or controlled by a Specified Person that is: 
 (A) the subject of any applicable sanctions administered or enforced by
the U.S. Department of Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor

 (B) located, organized or resident in a country or territory that is the subject of Sanctions administered by the U.S. Department of
Treasury’s Office of Foreign Asset Control (including, without limitation, Cuba, Iran, North Korea, Sudan and Syria). 
 (ii) The
Company represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Specified Person: 

(A) to fund or facilitate any activities or business of or with any Specified Person or in any country or territory in violation of any
applicable Sanctions; or 
 (B) in any other manner that will result in a violation of Sanctions by any Specified Person (including any
Person participating in the offering, whether as underwriter, advisor, investor or otherwise). 
 (iii) The Company represents and covenants
that, except as detailed in the Registration Statement and the Prospectus, for the past five years, it has not engaged in, is not now engaged in, and will not engage in, any dealings or transactions with any Specified Person, or in any country or
territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 
 (uu)    Duties,
Transfer Taxes, Etc. No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by the Agent in the United States or any political subdivision or taxing authority thereof or
therein in connection with the execution, delivery or performance of this Agreement by the Company or the sale and delivery by the Company of the Shares. 

  
 18 

 (vv)    Compliance with Laws. Each of the Company and its
Subsidiaries: (A) is and at all times has been in compliance with all statutes, rules, or regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion,
sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company or its Subsidiaries (“Applicable Laws”), except as could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect; (B) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the FDA or any other governmental authority alleging or
asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”); (C)
possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (D) has not received notice of any claim, action, suit, proceeding,
hearing, enforcement, investigation, arbitration or other action from any governmental authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any
such governmental authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) has not received notice that any governmental authority has taken, is taking or intends to take
action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such governmental authority is considering such action; (F) has filed, obtained, maintained or submitted all material reports, documents, forms,
notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were complete and correct on the date filed (or were corrected or supplemented by a subsequent submission); and (G) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted
or issued, any recall, market withdrawal or replacement, safety alert, post sale warning, “dear healthcare provider” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product
defect or violation and, to the Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action. 

(ww)    Stock Exchange Listing. The Common Shares are registered pursuant to Section 12(b) of the Exchange Act
and are listed on the Nasdaq Global Select Market, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the
Nasdaq Global Select Market, nor has the Company received any notification that the Commission or the Nasdaq Global Select Market is contemplating terminating such registration or listing. 

Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to the Agent or counsel for the Agent in
connection with an issuance of Shares shall be deemed a representation and warranty by the Company to the Agent as to the matters covered thereby on the date of such certificate. 

  
 19 

 The Company acknowledges that the Agent and, for purposes of the opinions to be delivered
pursuant to Section 4(o) hereof, counsel to the Company and counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance. 

Section 3. ISSUANCE AND SALE OF COMMON SHARES 

(a)    (i) Sale of Securities. On the basis of the representations, warranties and agreements herein contained, but
subject to the terms and conditions herein set forth, the Company and the Agent agree that the Company may from time to time seek to sell Shares through the Agent, acting as sales agent, or directly to the Agent, acting as principal, as follows,
with an aggregate Sales Price of up to the Maximum Program Amount, based on and in accordance with Issuance Notices as the Company may deliver, during the Agency Period. 

(b)    Mechanics of Issuances. 

(i) Issuance Notice. Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on
which the conditions set forth in Section 5(a) and Section 5(b) shall have been satisfied, the Company may exercise its right to request an issuance of Shares by delivering to the Agent an Issuance
Notice; provided, however, that (A) in no event may the Company deliver an Issuance Notice to the extent that (I) the sum of (x) the aggregate Sales Price of the requested Issuance Amount, plus (y) the aggregate Sales
Price of all Shares issued under all previous Issuance Notices effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the Selling Period for any previous Issuance Notice
shall have expired or been terminated. An Issuance Notice shall be considered delivered on the Trading Day that it is received by e-mail to the persons so identified in writing by the Agent and confirmed by
the Company by telephone (including a voicemail message to the persons so identified), with the understanding that, with adequate prior written notice, the Agent may modify the list of such persons from time to time. 

(ii)    Agent Efforts. Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt
of an Issuance Notice, the Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares with respect to which the Agent has agreed to act as sales agent, subject to, and in accordance
with the information specified in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated in accordance with the terms of this Agreement. For the avoidance of doubt, the parties to
this Agreement may modify an Issuance Notice at any time provided they both agree in writing to any such modification. 

(iii)    Method of Offer and Sale. The Shares may be offered and sold (A) in privately negotiated transactions
(with the prior written consent of the Company), (B) as block transactions or (C) by any other method or payment permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act, including
sales made directly on the Principal Market or sales made to or through a market maker or through an electronic communications network. Nothing in this Agreement shall be deemed to require either party to agree to the method of offer and sale
specified in the preceding sentence (except the requirement that the Company consent in writing prior to any sales in privately negotiated transactions), and the method of placement of any Shares by the Agent shall be at the Agent’s discretion.

  
 20 

 (iv)    Confirmation to the Company. The Agent will provide
written confirmation to the Company no later than the opening of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of shares sold on such Trading Day, the corresponding Sales Price and
the Issuance Price payable to the Company in respect thereof. 
 (v)    Settlement. Each issuance of Shares will
be settled on the applicable Settlement Date for such issuance of Shares and, subject to the provisions of Section 5, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Shares being sold by crediting the Agent or its designee’s account at The Depository Trust Company through its Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by the
parties hereto and, upon receipt of such Shares, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, the Agent will deliver, by wire transfer of immediately available funds, the related Issuance
Price in same day funds delivered to an account designated by the Company prior to the Settlement Date. The Company may sell Shares to the Agent as principal at a price agreed upon at each relevant time Shares are sold pursuant to this Agreement
(each, a “Time of Sale”). 
 (vi)    Suspension or Termination of Sales. Consistent with
standard market settlement practices, the Company or the Agent may, upon notice to the other party hereto in writing or by telephone (confirmed immediately by verifiable email), suspend any sale of Shares, and the Selling Period shall immediately
terminate; provided, however, that (A) such suspension and termination shall not affect or impair either party’s obligations with respect to any Shares placed or sold hereunder prior to the receipt of such notice; (B) if the
Company suspends or terminates any sale of Shares after the Agent confirms such sale to the Company, the Company shall still be obligated to comply with Section 3(b)(v) with respect to such Shares; and (C) if the
Company defaults in its obligation to deliver Shares on a Settlement Date, the Company agrees that it will hold the Agent harmless against any loss, claim, damage or expense (including, without limitation, penalties, interest and reasonable legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company. The Company agrees that no such notice shall be effective against the Agent unless it is made to the persons identified in writing by the Agent
pursuant to Section 3(b)(i). 
 (vii)    No Guarantee of Placement, Etc. The Company
acknowledges and agrees that (A) there can be no assurance that the Agent will be successful in placing Shares and (B) the Agent will incur no liability or obligation to the Company or any other Person if it does not sell Shares, and
(C) the Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Agent and the Company. 

(viii)    Material Non-Public Information. Notwithstanding any other
provision of this Agreement, the Company and the Agent agree that the Company shall not deliver any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period in which the Company is in possession of
material non-public information. 

  
 21 

 (c)    Fees. As compensation for services rendered, the Company
shall pay to the Agent, on the applicable Settlement Date, the Selling Commission for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to Section 3(b)(vi)) by the Agent
deducting the Selling Commission from the applicable Issuance Amount. 
 (d)    Expenses. The Company agrees to
pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance and
delivery of the Shares (including all printing costs), (ii) all fees and expenses of the registrar and transfer agent of the Shares, (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the
Shares, (iv) all fees and expenses of the Company’s counsel, independent public or certified public accountants and other advisors, (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and
distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Prospectus, any Free Writing Prospectus (as defined below) prepared by or on behalf of, used by, or referred
to by the Company, and all amendments and supplements thereto, and this Agreement, (vi) all filing fees, attorneys’ fees and expenses incurred by the Company or the Agent in connection with qualifying or registering (or obtaining
exemptions from the qualification or registration of) all or any part of the Shares for offer and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by the Agent, preparing and printing a
“Blue Sky Survey” or memorandum and a “Canadian wrapper”, and any supplements thereto, advising the Agent of such qualifications, registrations, determinations and exemptions, (vii) the reasonable fees and
disbursements of the Agent’s counsel, including the reasonable fees and expenses of counsel for the Agent in connection with, FINRA review, if any, and approval of the Agent’s participation in the offering and distribution of the
Shares, (viii) the filing fees incident to FINRA review, if any, (ix) the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the
Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in
connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives, employees and officers of the Company and of the Agent and any such consultants, and the cost of any aircraft
chartered in connection with the road show and (x) the fees and expenses associated with listing the Shares on the Nasdaq Global Select Market. 

Section 4. ADDITIONAL COVENANTS 
 The
Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement: 

(a)    Exchange Act Compliance. During the Agency Period, the Company shall (i) file, on a timely basis, with
the Commission all reports and documents required to be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by 

  
 22 

 
the Exchange Act and (ii) either (A) include in its quarterly reports on Form 10-Q and its annual reports on Form
10-K, a summary detailing, for the relevant reporting period, (1) the number of Shares sold through the Agent pursuant to this Agreement and (2) the net proceeds received by the Company from such
sales or (B) prepare a prospectus supplement containing, or include in such other filing permitted by the Securities Act or Exchange Act (each an “Interim Prospectus Supplement”), such summary information and, at least once a
quarter and subject to this Section 4, file such Interim Prospectus Supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities Act)). 

(b)    Securities Act Compliance. After the date of this Agreement, the Company shall promptly advise the Agent in
writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any
amendment or supplement to the Prospectus, any Free Writing Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing Prospectus or the
Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or
initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its commercially reasonable efforts to obtain the lifting of such order. Additionally, the Company agrees
that it shall comply with the provisions of Rule 424(b) and Rule 433, as applicable, under the Securities Act and will use its commercially reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were
received in a timely manner by the Commission. 
 (c)    Amendments and Supplements to the Prospectus and Other
Securities Act Matters. If any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered to a purchaser, not misleading, the Company agrees (subject to Section 3(b) and 3(c)) to promptly prepare, file
with the Commission and furnish at its own expense to the Agent, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with
applicable law including the Securities Act. Neither the Agent’s consent to, or delivery of, any such amendment or supplement shall constitute a waiver of any of the Company’s obligations under Sections 3(b) or (c). 

(d)    Agent’s Review of Proposed Amendments and Supplements. Prior to amending or
supplementing the Registration Statement (excluding (i) documents incorporated by reference or filed under the Exchange Act that either (A) do not name the Agent and do not relate to the 

  
 23 

 
transactions contemplated by this Agreement or (B) only include disclosure relating to periodic sales pursuant to this Agreement, and (ii) amendments or supplements that do not name the
Agent and do not relate to the transactions contemplated by this Agreement) or the Prospectus (excluding documents incorporated by reference or filed under the Exchange Act that either (A) do not name the Agent and do not relate to the
transactions contemplated by this Agreement or (B) only include disclosure relating to periodic sales pursuant to this Agreement), the Company shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of
filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall not file or use any such proposed amendment or supplement without the Agent’s prior consent, which shall not be unreasonably withhold,
conditioned or delayed, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule. 

(e)    Use of Free Writing Prospectus. Neither the Company nor the Agent has prepared, used, referred to or
distributed, or will prepare, use, refer to or distribute, without the other party’s prior written consent, any “written communication” that constitutes a “free writing prospectus” as such terms are defined in Rule 405 under
the Securities Act with respect to the offering contemplated by this Agreement (any such free writing prospectus being referred to herein as a “Free Writing Prospectus”). 

(f)    Free Writing Prospectuses. The Company shall furnish to the Agent for review, a reasonable amount of time
prior to the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto to be prepared by or on behalf of, used by, or referred to by the Company and the Company shall not file, use
or refer to any proposed free writing prospectus or any amendment or supplement thereto without the Agent’s consent, which shall not be unreasonably withhold, conditioned or delayed. The Company shall furnish to the Agent, without charge, as
many copies of any free writing prospectus prepared by or on behalf of, or used by the Company, as the Agent may reasonably request. If at any time when a prospectus is required by the Securities Act (including, without limitation, pursuant to
Rule 173(d)) to be delivered in connection with sales of the Shares (but in any event if at any time through and including the date of this Agreement) there occurred or occurs an event or development as a result of which any free writing
prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement such free writing
prospectus to eliminate or correct such conflict or so that the statements in such free writing prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances prevailing at such subsequent time, not misleading, as the case may be; provided, however, that prior to amending or supplementing any such free writing prospectus, the Company
shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented free writing prospectus and the Company shall not file, use or refer to any such
amended or supplemented free writing prospectus without the Agent’s consent, which shall not be unreasonably withhold, conditioned or delayed. 

  
 24 

 (g)    Filing of Agent Free Writing Prospectuses. The Company
shall not to take any action that would result in the Agent or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Agent that the Agent
otherwise would not have been required to file thereunder. 
 (h)    Copies of Registration Statement and
Prospectus. After the date of this Agreement through the last time that a prospectus is required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of the Shares, the
Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration Statement and each amendment thereto, and with copies of the Prospectus and each amendment or supplement thereto in the form in which it is filed
with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities Act, both in such quantities as the Agent may reasonably request from time to time; and, if the delivery of a prospectus is required under the Securities Act
or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable Settlement Date for any Selling Period in connection with the offering or sale of the Shares and if at such time any event has occurred as a
result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made when such Prospectus is delivered, not misleading, or, if for any other reason it is necessary during such same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in
the Prospectus in order to comply with the Securities Act or the Exchange Act, to notify the Agent and to request that the Agent suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable); and if
the Company decides to amend or supplement the Registration Statement or the Prospectus as then amended or supplemented, to advise the Agent promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the
Commission an amendment or supplement to the Registration Statement or the Prospectus as then amended or supplemented that will correct such statement or omission or effect such compliance (it being acknowledged that the Company may delay the filing
of any amendment or supplement, if, in the judgment of the Company, it is in the best interest of the Company); provided, however, that if during such same period the Agent is required to deliver a prospectus in respect of transactions in the
Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement. 

(i)    Blue Sky Compliance. The Company shall cooperate with the Agent and counsel for the Agent to qualify or
register the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities laws of those jurisdictions designated by the Agent, shall comply with such laws and shall
continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares. The Company shall not be required to qualify as a foreign corporation or to take any action that would subject it to general
service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation. The Company will advise the Agent promptly of the suspension of the qualification or registration of

  
 25 

 
(or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the
issuance of any order suspending such qualification, registration or exemption, the Company shall use its commercially reasonable efforts to obtain the withdrawal thereof. 

(j)    Earnings Statement. As soon as practicable, the Company will make generally available to its security
holders and to the Agent an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act. 
 (k)    Listing;
Reservation of Shares. (a) The Company will maintain the listing of the Shares on the Nasdaq Global Select Market, and (b) the Company will reserve and keep available at all times, free of preemptive rights, Shares for the purpose of
enabling the Company to satisfy its obligations under this Agreement. 
 (l)    Transfer Agent. The Company shall
engage and maintain, at its expense, a registrar and transfer agent for the Shares. 
 (m)    Due Diligence.
During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted by the Agent in connection with the transactions contemplated hereby, including, without limitation, providing information
and making available documents and senior corporate officers, during normal business hours and at the Company’s principal offices, as the Agent may reasonably request from time to time. 

(n)    Representations and Warranties. The Company acknowledges that each delivery of an Issuance Notice and each
delivery of Shares on a Settlement Date shall be deemed to be (i) an affirmation to the Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such
Issuance Notice or of such Settlement Date, as the case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto), and
(ii) an undertaking that the Company will advise the Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to such Issuance Notice, as though made at and as of each
such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares). 

(o)    Deliverables at Triggering Event Dates; Certificates. The Company agrees that on or prior to the date of the
first Issuance Notice and, during the term of this Agreement after the date of the first Issuance Notice, upon: 
 (A) the filing of the
amendment or supplement of any Registration Statement or Prospectus, by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of documents by reference into the Registration Statement or Prospectus; 

  
 26 

 (B) the filing with the Commission of an annual report on Form 10-K or a quarterly report on Form 10-Q (including any Form 10-K/A or Form 10-Q/A containing
amended financial information or a material amendment to the previously filed annual report on Form 10-K or quarterly report on Form 10-Q), in each case, of the Company;
or 
 (C) the filing with the Commission of a current report on Form 8-K of the Company containing
amended financial information (other than information “furnished” pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form
8-K relating to reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) that is material to the offering of securities of
the Company in the Agent’s reasonable discretion; 
 (any such event, a “Triggering Event Date”), the Company shall furnish the Agent
(but in the case of clause (C) above only if the Agent reasonably determines that the information contained in such current report on Form 8-K of the Company is material) with a certificate as of the
Triggering Event Date, in the form and substance satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the
Prospectus as amended or supplemented, (A) confirming that the representations and warranties of the Company contained in this Agreement are true and correct, (B) that the Company has performed all of its obligations hereunder to be
performed on or prior to the date of such certificate and as to the matters set forth in Section 5(a)(i) hereof, and (C) containing any other certification that the Agent shall reasonably request. The requirement to
provide a certificate under this Section 4(o) shall be waived for any Triggering Event Date occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the earlier
to occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall be considered a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the foregoing, if the
Company subsequently decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agent with a certificate under this Section 4(o), then before the Company delivers the instructions for the
sale of Shares or the Agent sells any Shares pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this Section 4(o) dated as of the date that the instructions for the sale of Shares are
issued. 
 (p)    Legal Opinions. On or prior to the date of the first Issuance Notice and within five
(5) Trading Days of each Triggering Event Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and excluding the date of this Agreement, a negative
assurances letter and the written legal opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, each dated the date of delivery, in form and substance reasonably satisfactory to Agent and its counsel, substantially similar to
the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided that the Company shall be required to furnish no more than one
opinion per calendar quarter and the Company shall not be required to furnish any such letter if the Company does not intend to deliver an Issuance Notice in such calendar quarter until such time as the Company delivers the next Issuance Notice;
provided, further, that in lieu of such opinions for subsequent 

  
 27 

 
periodic filings, in the discretion of the Agent, the Company may furnish a reliance letter from such counsel to the Agent, permitting the Agent to rely on a previously delivered opinion letter,
modified as appropriate for any passage of time or Triggering Event Date (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of such Triggering Event
Date); 
 (q)    Comfort Letter. On or prior to the date of the first Issuance Notice and within five
(5) Trading Days of each Triggering Event Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and excluding the date of this Agreement, the Company shall
cause Ernst & Young LLP, the independent registered public accounting firm who has audited the financial statements included or incorporated by reference in the Registration Statement, to furnish the Agent a comfort letter, dated the date
of delivery, in form and substance reasonably satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel; provided, however, that any such comfort letter will only be required on the
Triggering Event Date specified to the extent that (i) the Agent has provided Ernst & Young LLP with a representation letter reasonably satisfactory to the Ernst & Young LLP and (ii) the comfort letter contains financial
statements filed with the Commission under the Exchange Act and incorporated by reference into a Prospectus. If requested by the Agent, the Company shall also cause a comfort letter to be furnished to the Agent within ten (10) Trading Days of
the date of occurrence of any material transaction or event requiring the filing of a current report on Form 8-K containing material amended financial information of the Company, including the restatement of
the Company’s financial statements. The Company shall be required to furnish no more than one comfort letter hereunder per calendar quarter. 

(r)    Secretary’s Certificates. 

(A) On or prior to the date of the first Issuance Notice and within five (5) Trading Days of each Triggering Event Date, the Company
shall furnish the Agent a certificate executed by the Secretary of the Company, signing in such capacity, dated the Applicable Time (i) certifying that attached thereto are true and complete copies of the resolutions duly adopted by the Board
of Directors of the Company authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (including, without limitation, the issuance of the Shares pursuant to this Agreement), which
authorization shall be in full force and effect on and as of the date of such certificate and (ii) certifying and attesting to the office, incumbency, due authority and specimen signatures of each Person who executed this Agreement for or on
behalf of the Company. 
 (B) On or prior to the date of the first Issuance Notice and within five (5) Trading Days of the first
Triggering Event Date following the filing of each of the Company’s Annual Reports on Form 10-K (beginning with the Annual Report on Form 10-K for the fiscal year
ending December 31, 2018), with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and excluding the date of this Agreement, the Company shall furnish to the Agent
a certificate executed by the Secretary of the Company, signing in such capacity, dated the date of delivery, certifying certain intellectual property matters of fact in the form previously agreed between the Company and Agent. 

  
 28 

 (s)    Agent’s Own Account; Clients’ Account. The
Company acknowledges that the Agent has informed the Company that the Agent may engage in trading, in compliance with applicable law, in the Common Shares for the Agent’s own account and for the account of its clients at the same time as sales
of the Shares occur pursuant to this Agreement, provided that the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent. 

(t)    Investment Limitation. The Company shall not invest, or otherwise use the proceeds received by the Company
from its sale of the Shares in such a manner as would require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act. 

(u)    Market Activities. The Company will not take, directly or indirectly, any action designed to or that might
be reasonably expected to cause or result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of
its affiliates to, comply with all applicable provisions of Regulation M. If the limitations of Rule 102 of Regulation M (“Rule 102”) do not apply with respect to the Shares or any other reference security pursuant to any exception
set forth in Section (d) of Rule 102, then promptly upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates to, comply with Rule 102 as though such exception were not
available but the other provisions of Rule 102 (as interpreted by the Commission) did apply. 
 (v)    Notice of
Other Sale. Without the written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or
exchangeable for Common Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, during the period beginning on the third Trading Day immediately prior to the date on which any Issuance Notice is delivered
to the Agent hereunder and ending on the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant to such Issuance Notice; provided, however, that such restriction will not be required in connection with the
Company’s (i) issuance or sale of Common Shares, options to purchase Common Shares or Common Shares issuable upon the exercise of options or other equity awards pursuant to any employee or director share option, incentive or benefit plan,
share purchase or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules or other compensation plan of the Company or its subsidiaries, as in effect on the date of this Agreement, (ii) issuance
or sale of Common Shares issuable upon exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other equity awards outstanding at the date of this Agreement, (iii) issuance or sale of Common Shares or
securities convertible into or exchangeable for Common Shares as consideration for mergers, acquisitions, other business combinations, joint ventures or strategic alliances, or offered and sold in privately negotiated transactions with vendors,
customers, strategic partners or potential strategic partners, occurring after the date of this Agreement which are not used for capital raising purposes and (iv) modification of any outstanding options, warrants of any rights to purchase or
acquire Common Shares. 

  
 29 

 Section 5. CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT 

(a)    Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to
Sell Shares During the Selling Period(s). The right of the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance Notice, and the obligation of the Agent to use its commercially
reasonable efforts to place Shares during the applicable Selling Period is subject to the satisfaction, on each Trading Day during the Selling Period, of each of the following conditions: 

 

	 	(i)	 Accuracy of the Company’s Representations and Warranties; Performance by the Company. The Company
shall have delivered the certificate required to be delivered pursuant to Section 4(o) on or before the date on which delivery of such certificate is required pursuant to Section 4(o). The Company
shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited to, the covenants
contained in Section 4(o), Section 4(p) and Section 4(q). 

  

	 	(ii)	 No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby that prohibits or directly and materially
adversely affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement.

  

	 	(iii)	 Material Adverse Changes. Except as disclosed in the Prospectus and the Time of Sale Information,
(a) in the judgment of the Agent there shall not have occurred any Material Adverse Change; and (b) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating organization” as
such term is defined for purposes of Section 3(a)(62) of the Exchange Act. 

  

	 	(iv)	 Suspension of Trading in or Delisting of Common Shares; Other Events. The trading of the Common Shares
(including without limitation the Shares) shall not have been suspended by the Commission, the Principal Market or FINRA and the Common Shares (including without limitation the Shares) shall have been approved for listing or quotation on and shall
not have been delisted from the Principal Market. There shall not have occurred (and be continuing in the case of occurrences under clauses (i), (ii) and (iii) below) any of the following: (i) trading generally shall have been suspended or

  
 30 

	 	
materially limited by the Nasdaq Global Select Market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there
shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Agent is material and adverse and makes it
impracticable or inadvisable to market the Shares in the manner and on the terms contemplated in this Agreement and described in the Prospectus; 

(b)    Documents Required to be Delivered on each Issuance Notice Date. The Agent’s obligation to use its
commercially reasonable efforts to place Shares hereunder shall additionally be conditioned upon the delivery to the Agent on or before the Issuance Notice Date of: 
  

	 	(i)	 a certificate in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive
Officer, President or Chief Financial Officer of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied as at the date of such certificate as required by to be delivered pursuant to
Section 4(r) (which certificate shall not be required if the foregoing representations shall be set forth in the Issuance Notice); 

  

	 	(ii)	 a negative assurances letter and the written legal opinion of counsel to the Company required to be delivered
pursuant to Section 4(o); 

  

	 	(iii)	 a negative assurances letter and the written legal opinion of counsel to the Agent, such opinion or opinions to
be delivered on or before the date on which the delivery of the opinion by counsel to the Company is required pursuant to Section 4(o), with respect to such matters as Agent may reasonably require, and the Company shall have furnished to such
counsel such documents as they request for enabling them to pass upon such matters; 

  

	 	(iv)	 the comfort letter required to be delivered pursuant to Section 4(p); 

 

	 	(v)	 the certificate of the Secretary of the Company to be delivered pursuant to Section 4(r)(A); and

  

	 	(vi)	 if applicable, the certificate of the Secretary of the Company to be delivered pursuant to
Section 4(r)(B). 

 (c)    No Misstatement or Material Omission. Agent shall not have
advised the Company that the Registration Statement, Prospectus, or the Time of Sale Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent’s reasonable opinion is material, or omits to state
a fact that in the Agent’s reasonable opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading. 

  
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 Section 6. INDEMNIFICATION AND CONTRIBUTION 

(a)    Indemnification of the Agent. The Company agrees to indemnify and hold harmless the Agent, its officers and
employees, and each person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which the Agent or such officer, employee or controlling
person may become subject, under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise
(including in settlement of any litigation), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material
fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus that the Company has used,
referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; and to reimburse the Agent and each such officer, employee and controlling person for any and all expenses (including the fees and disbursements of
counsel chosen by the Agent) as such expenses are reasonably incurred by the Agent or such officer, employee or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability,
expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration Statement, any such Free Writing Prospectus or the Prospectus (or
any amendment or supplement thereto), it being understood and agreed that the only such information furnished by the Agent to the Company consists of the information described in subsection (b) below. The indemnity agreement set forth in this
Section 6(a) shall be in addition to any liabilities that the Company may otherwise have. 

(b)    Notifications and Other Indemnification Procedures. Promptly after receipt by an indemnified party under
this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 6, notify the
indemnifying party in writing of the commencement thereof, but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity
agreement contained in this Section 6 or to the extent it is not prejudiced as a proximate result of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends
to seek indemnity from an indemnifying party, the 

  
 32 

 
indemnifying party will be entitled to participate in, and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of
any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select
separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such
indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 6 for any
legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it
being understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate counsel (together with local counsel), representing the indemnified parties who are parties to such action), which counsel
(together with any local counsel) for the indemnified parties shall be selected by Jefferies (in the case of counsel for the indemnified parties referred to in Section 6(a) above), (ii) the indemnifying party
shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized in writing the
employment of counsel for the indemnified party at the expense of the indemnifying party, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred. 

(c)    Settlements. The indemnifying party under this Section 6 shall not be liable for
any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim,
damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by Section 6(b) hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into
more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified
party is or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such action, suit or proceeding. 

  
 33 

 (d)    Contribution. If the indemnification provided for in this
Section 6 is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company, on the one hand, and the Agent, on the other hand, from the offering of the Shares pursuant to this Agreement or (ii) if the allocation provided by clause (i) above is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, in connection with
the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Agent, on the other
hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the total gross proceeds from the offering of the Shares (before deducting expenses) received by the Company
bear to the total commissions received by the Agent. The relative fault of the Company, on the one hand, and the Agent, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Agent, on the other hand, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. 
 The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 6(b), any legal or other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim. The provisions set forth in Section 6(b) with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this
Section 6(d); provided, however, that no additional notice shall be required with respect to any action for which notice has been given under Section 6(b) for purposes of indemnification.

 The Company and the Agent agree that it would not be just and equitable if contribution pursuant to this
Section 6(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). 

Notwithstanding the provisions of this Section 6(d), the Agent shall not be required to contribute any amount in
excess of the agent fees received by the Agent in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 6(d), each officer and employee of the Agent and each person, if any, who controls the Agent within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution as the Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company with
the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Company. 

  
 34 

 Section 7. TERMINATION & SURVIVAL 

(a)    Term. Subject to the provisions of this Section 7, the term of this Agreement shall
continue from the date of this Agreement until the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this Section 7. 

(b)    Termination; Survival Following Termination. (i) Either party may terminate this Agreement prior to the
end of the Agency Period, by giving written notice as required by this Agreement, upon one Trading Day’s notice to the other party; provided that, (A) if the Company terminates this Agreement after the Agent confirms to the Company any
sale of Shares, the Company shall remain obligated to comply with Section 3(b)(v) with respect to such Shares and (B) Section 2, Section 6,
Section 7 and Section 8 shall survive termination of this Agreement. If termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall nevertheless settle in
accordance with the terms of this Agreement. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or other compensation with respect to any Shares not otherwise sold by the Agent
under this Agreement. 
 (ii) In addition to the survival provision of Section 7(b)(i), the respective
indemnities, agreements, representations, warranties and other statements of the Company, of its officers and of the Agent set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by
or on behalf of the Agent or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares
sold hereunder and any termination of this Agreement. 
 Section 8. MISCELLANEOUS 

(a)    Press Releases and Disclosure. The Company may issue a press release describing the material terms of the
transactions contemplated hereby as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form 8-K, with this Agreement attached as an exhibit
thereto, describing the material terms of the transactions contemplated hereby, and the Company shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts, acting in good
faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties hereto. No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in
reports filed with the Commission pursuant to the Exchange Act (other than disclosure related to periodic sales pursuant to this Agreement as required to be included in any reports filed with the Commission pursuant to the Securities Act or the
Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to make
disclosure to comply with the requirements of applicable law or stock exchange rules. If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such
disclosure, and the parties shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto. 

  
 35 

 (b)    No Advisory or Fiduciary Relationship. The Company
acknowledges and agrees that (i) the transactions contemplated by this Agreement, including the determination of any fees, are arm’s-length commercial transactions between the Company and the Agent,
(ii) when acting as a principal under this Agreement, the Agent is and has been acting solely as a principal is not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) the Agent has
not assumed nor will assume an advisory or fiduciary responsibility in favor of the Company with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Agent has advised or is currently advising
the Company on other matters) and the Agent does not have any obligation to the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this Agreement, (iv) the Agent and its respective
affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and (v) the Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. 

(c)    Research Analyst Independence. The Company acknowledges that the Agent’s research analysts and research
departments are required to and should be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and as such the Agent’s research analysts may hold views and make statements
or investment recommendations and/or publish research reports with respect to the Company or the offering that differ from the views of their respective investment banking divisions. The Company understands that the Agent is a full service
securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may
be the subject of the transactions contemplated by this Agreement. 
 (d)    Notices. All communications
hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties hereto as follows: 
 If to the
Agent: 
 Jefferies LLC 

520 Madison Avenue 

New York, NY 10022 

Facsimile: (646) 619-4437 

Attention: General Counsel 

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

Cooley LLP 

1114 Avenue of the Americas 

New York, NY 10036-7798 

Facsimile: (212) 479 6275 

Attention: Joshua A. Kaufman, Esq. 

  
 36 

 If to the Company: 

Karyopharm Therapeutics Inc. 

85 Wells Avenue, 2nd Floor 

Newton, MA 02459 

Facsimile: (617) 658-0601 

Attention: General Counsel 

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

Wilmer Cutler Pickering Hale and Dorr LLP 

60 State Street 

Boston, MA 02109 

Facsimile: (617) 526-5000 

Attention: Jason L. Kropp, Esq. 

Any party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this
Section 8(d). 
 (e)    Successors. This Agreement will inure to the benefit of and be
binding upon the parties hereto, and to the benefit of the employees, officers and directors and controlling persons referred to in Section 6, and in each case their respective successors, and no other person will have any
right or obligation hereunder. The term “successors” shall not include any purchaser of the Shares as such from the Agent merely by reason of such purchase. 

(f)    Partial Unenforceability. The invalidity or unenforceability of any Article, Section, paragraph or provision
of this Agreement shall not affect the validity or enforceability of any other Article, Section, paragraph or provision hereof. If any Article, Section, paragraph or provision of this Agreement is for any reason determined to be invalid or
unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 

(g)    Governing Law Provisions. This Agreement, and any claim, controversy or dispute of any kind or nature
whatsoever arising out of or in any way relating to this Agreement, shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such state. Any legal suit,
action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the Borough of
Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the
exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court (a “Related Judgment”), as to which such jurisdiction is non-exclusive)
of such courts in any such 

  
 37 

 
suit, action or proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or
other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. 

(h)    General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and
supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable document format (PDF) file. This Agreement may not be
amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Article and Section headings herein are
for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 
 [Signature Page
Immediately Follows] 

  
 38 

 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms 

 

					
	Very truly yours,
	
	 KARYOPHARM THERAPEUTICS INC.

		
	By:	 	/s/ Christopher B. Primiano
		 	Name:	 	Christopher B. Primiano
		 	Title:	 	Executive Vice President, Chief Business Officer, General Counsel & Secretary

 The foregoing Agreement is hereby confirmed and accepted by the Agent in New York, New York as of the
date first above written. 
  

					
	 JEFFERIES LLC

		
	By:	 	/s/ Jesse Mark
		 	Name:	 	Jesse Mark
		 	Title:	 	Managing Director

 EXHIBIT A 

ISSUANCE NOTICE 
 [Date] 

Jefferies LLC 
 520 Madison Avenue 

New York, New York 10022 
 Attn:
[                    ] 
 Reference is made to
the Open Market Sale Agreement between Karyopharm Therapeutics Inc. (the “Company”) and Jefferies LLC (the “Agent”) dated as of August [        ], 2018. The Company
confirms that all conditions to the delivery of this Issuance Notice are satisfied as of the date hereof. 
 Date of Delivery of Issuance Notice (determined
pursuant to Section 3(b)(i)):  
 
                                         
    
 Issuance Amount (equal to the total Sales Price for such Shares): 

 

			
	 	  	
$                        
                    

		
	 Number of Days in Selling Period:
	  	  

		
	 First Date of Selling Period:
	  	  

		
	 Last Date of Selling Period:
	  	  

	
	Settlement Date(s) if other than standard T+2 settlement:
		
		  	  

 Floor Price Limitation (in no event less than $1.00 without the prior written consent of the Agent, which consent may be
withheld in the Agent’s sole discretion): $         per share 
 Comments:
                                         
                                         
                                         
                 , or
                                         
            
  

			
	  

		
	By:	 	 
		 	 Name:

		 	 Title:

  
 B-2EX-4.4

 Exhibit 4.4 

THIRD AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

THIS THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into on April 27, 2018 (the
“Effective Date”), by and among: 
  

	1.	 Qtech Ltd., a company organized under the Laws of Cayman Islands (the “Company”),

  

	2.	 InfoUniversal Limited, a company organized under the Laws of Hong Kong (the “HK Company”),

  

	3.	 Shanghai Quyun Internet Technology Co., Ltd.
(上海趣蕴网络科技有限公司), a wholly foreign-owned enterprise incorporated under the Laws of the PRC and a wholly owned subsidiary of the HK
Company (the “WFOE”), 

  

	4.	 Shanghai Jifen Culture Communications Co., Ltd.
(上海基分文化传播有限公司), a limited liability company incorporated
under the Laws of the PRC (“Jifen”), 

  

	5.	 Shanghai Xike Information Technology Service Co., Ltd.
(上海溪客信息技术服务有限公司
), a limited liability company incorporated under the Laws of the PRC (“Xike”), 

  

	6.	 Shanghai Tuile Information Technology Service Co., Ltd.
(上海推乐信息技术服务有限公司), a limited liability company incorporated under the Laws of the PRC (“Tuile”), 

 

	7.	 Anhui Zhangduan Internet Technology Co., Ltd.
(安徽掌端网络科技有限公司), a limited liability company incorporated
under the Laws of the PRC (“Zhangduan”), 

  

	8.	 Beijing Qukandian Internet Technology Co., Ltd.
(北京趣看点网络科技有限公司), a limited liability company
incorporated under the Laws of the PRC (“Qukandian”, together with “Jifen”, “Xike”, “Tuile” and “Zhangduan”, the “Domestic Companies”), 

 

	9.	 Shanghai Dian Guan Network Technology Co., Ltd.
(上海点冠网络科技有限公司), a limited liability company incorporated under the Laws of the PRC (“Dian Guan”),

  

	10.	 the individuals listed on Schedule A attached hereto (each, a “Principal” and
collectively, the “Principals”), 

  

	11.	 the holding companies listed on Schedule A attached hereto owned by such individuals (each, a
“Principal Holding Company” and collectively, the “Principal Holding Companies”), 

  

	12.	 each Person listed on Part A of Schedule B hereto (each, a “Series A Investor” and
collectively, the “Series A Investors”), 

  

	13.	 each Person listed on Part B of Schedule B hereto (the “Series A1 Investor”),

  

	14.	 the Person listed on Part C of Schedule B hereto (the “Series B1 Investor”);

  

	15.	 each Person listed on Part D of Schedule B hereto (each, a “Series B2 Investor” and
collectively, the “Series B2 Investors”); 

  

					
		  		  	Shareholders’ Agreement

	16.	 each Person listed on Part E of Schedule B hereto (each, a “Series B3 Investor” and
collectively, the “Series B3 Investors”); and 

  

	17.	 each Person listed on Part F of Schedule B hereto (each, an “Ordinary Shareholder” and
collectively, the “Ordinary Shareholders”). 

 Each of the parties to this Agreement is referred to
herein individually as a “Party” and collectively as the “Parties”. Capitalized terms used herein without definition shall have the meanings set forth in the Series B3 Share Purchase Agreement (as defined below).

 RECITALS 
  

	A.	 The Company owns 100% interest in the HK Company. The HK Company owns 100% interest in the WFOE, which in turn
Controls the Domestic Company by a Captive Structure. The WFOE also owns 100% interest in Dian Guan. 

  

	B.	 The Domestic Companies and Dian Guan are engaged in operation of mobile content aggregation platforms under the
name of “趣头条” and “趣多拍” or otherwise and
related advertising platforms (the “Business”). The Company seeks expansion capital to grow the Business and, correspondingly, seeks to secure an investment from the Investors, on the terms and conditions set forth herein.

  

	C.	 The Series A Investors (except xInternet Limited) have agreed to purchase from the Company, and the Company has
agreed to sell to the Series A Investors (except xInternet Limited), certain Series A Preferred Shares (as defined below) of the Company on the terms and conditions set forth in the Series A Preferred Share Purchase Agreement dated September 8,
2017 by and among the Company, the Principals, the Principal Holding Company, the HK Company, the Domestic Companies and the Series A Investors (except xInternet Limited) (the “Series A Share Purchase Agreement”).

  

	D.	 The Shareholders’ Agreement dated October 13, 2017 has been entered into by and among the Company,
the Principals, the Principal Holding Company, the HK Company, the WFOE, the Domestic Companies, the Series A Investors (the “Series A Shareholders Agreement”). 

 

	E.	 xInternet Limited has agreed to purchase from CW_toutiao Limited, and CW_toutiao Limited has agreed to sell to
xInternet Limited, 225,275 Series A Preferred Shares of the Company on the terms and conditions set forth in the Share Purchase Agreement dated November 12, 2017 by and between xInternet Limited and CW_toutiao Limited. 

 

	F.	 The Series A1 Investor has agreed to purchase from the Company, and the Company has agreed to sell to the
Series A1 Investor, certain Series A1 Preferred Shares (as defined below) of the Company on the terms and conditions set forth in the Series A1 Preferred Share Purchase Agreement dated October 14, 2017 by and among the Company, the Principals,
the Principal Holding Company, the HK Company, the WFOE, the Domestic Companies and the Series A1 Investor (the “Series A1 Share Purchase Agreement”). 

 

	G.	 The Amended and Restated Shareholders’ Agreement dated November 14, 2017 has been entered into by and
among the Company, the Principals, the Principal Holding Company, the HK Company, the WFOE, the Domestic Companies, the Series A Investors and the Series A1 Investor (the “Series A1 Shareholders Agreement”). 

  

					
		  	2	  	Shareholders’ Agreement

	H.	 The Series B1 Investor has agreed to purchase from the Company, and the Company has agreed to sell to the
Series B1 Investor, certain Series B1 Preferred Shares (as defined below) of the Company on the terms and conditions set forth in the Series B1 Preferred Share Purchase Agreement dated March 4, 2018 by and among the Company, the Principals, the
Principal Holding Company, the HK Company, the Domestic Companies, Dian Guan and the Series B1 Investor (the “Series B1 Share Purchase Agreement”). 

 

	I.	 The Second Amended and Restated Shareholders’ Agreement dated March 8, 2018 has been entered into by
and among the Company, the Principals, the Principal Holding Company, the HK Company, the WFOE, the Domestic Companies, the Series A Investors, the Series A1 Investor and the Series B1 Investor (the “Series B1 Shareholders
Agreement”). 

  

	J.	 The Series B2 Investors has agreed to purchase from the Company, and the Company has agreed to sell to the
Series B2 Investors, certain Series B2 Preferred Shares (as defined below) of the Company on the terms and conditions set forth in the Series B2 Preferred Share Purchase Agreement dated March 8, 2018 by and among the Company, the Principals,
the Principal Holding Company, the HK Company, the Domestic Companies, Dian Guan and the Series B2 Investors (the “Series B2 Share Purchase Agreement”) and the Series B2 Investors (except Shanghai Shanghai ChuangVest Venture
Investment Partnership(Limited Partnership)(上海创伴创业投资合伙企业(有限合伙))
(“Shanghai CC”)) have joined the Series B1 Shareholders Agreement through the respective Joinder Deeds dated March 12, 2018. 

  

	K.	 The Series B3 Investors have agreed to purchase from the Company, and the Company has agreed to sell to the
Series B3 Investors, certain Series B3 Preferred Shares (as defined below) of the Company on the terms and conditions set forth in the Series B3 Preferred Share Purchase Agreement dated April 19, 2018 by and among the Company, the Principals,
the Principal Holding Company, the HK Company, the Domestic Companies, Dian Guan and the Series B3 Investors (the “Series B3 Share Purchase Agreement”). 

 

	L.	 Shanghai CC has agreed to exercise the Warrant issued by the Company dated March 8, 2018 to purchase
certain Series B2 Preferred Shares of the Company and to enter into and be bound by this Agreement as a Series B2 Investor. 

  

	M.	 The Series B3 Share Purchase Agreement provides that the execution and delivery of this Agreement shall be a
condition precedent to the consummation of the transactions contemplated under the Series B3 Share Purchase Agreement, and this Agreement shall replace and supersede the Series B1 Shareholders Agreement in its entirety. 

 

	N.	 The Investors desire to enter into this Agreement and to accept the rights, covenants and obligations hereof.

  

	O.	 The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants
and agreements set forth herein on the terms and conditions set forth herein. 

  

					
		  	3	  	Shareholders’ Agreement

 WITNESSETH 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound hereto hereby agree as follows: 
  

	1.	 Definitions. 

1.1 The following terms shall have the meanings ascribed to them below: 

“Accounting Standards” means generally accepted accounting principles in the United States or PRC, as applicable, applied on a
consistent basis. 
 “Affiliate” means, (a) with respect to a Person other than a natural person, any other Person
that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person, and (b) in the case of a natural person, any other Person that is directly or indirectly Controlled by such a Person or is a Relative of such
Person; provided that the Company and its Subsidiaries shall be deemed not to be Affiliates of the Investors. In the case of an Investor, where applicable, the term “Affiliate” also includes (v) any Controlling shareholder of such
Investor, (w) any of such Controlling shareholder’s or Investors’ general partners, (x) the fund manager managing such Controlling shareholder or Investor (and general partners and key officers who Controls, or acts as a position
of fund partner of, such Investor or its Affiliates thereof) and other funds managed by such fund manager, and (y) trusts controlled by or for the benefit of any such Person referred to in (v), (w) or (x). 

“Applicable Securities Laws” means (i) with respect to any offering of securities in the United States, or any other act
or omission within that jurisdiction, the securities laws of the United States, including the Exchange Act and the Securities Act, and any applicable Law of any state of the United States, and (ii) with respect to any offering of securities in
any jurisdiction other than the United States, or any related act or omission in that jurisdiction, the applicable Laws of that jurisdiction. 

“Associate” means, with respect to any Person, (1) a corporation or organization (other than the Group Companies) of
which such Person is an officer or partner or is, directly or indirectly, the record or beneficial owner of five percent (5%) or more of any class of Equity Securities of such corporation or organization, (2) any trust or other estate in which
such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (3) any Relative of such Person and of such Person’s spouse. 

“Auditor” means the Person for the time being performing the duties of auditor of the Company or Jifen (as the case may be).

 “Board” or “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are
required or authorized by law to be closed in the Cayman Islands, the United States, Hong Kong or the PRC. 
 “Captive
Structure” means the structure under which the WFOE Controls Jifen through the Control Documents. 

  

					
		  	4	  	Shareholders’ Agreement

 “Charter Documents” means, with respect to a particular legal entity, the
articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization, limited liability
company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity. 

“Chengwei” means CW_toutiao Limited, a company incorporated under the laws of the Hong Kong, and its successors, permitted
assignees and transferees. 
 “CMC” means CMC Queen Holdings Limited, a company incorporated under the laws of the Cayman
Islands, and its successors, permitted assignees and transferees. 
 “Circular 37” means the Notice on Relevant Issues
Concerning Foreign Exchange Administration for Domestic Residents to Engage in Overseas Investment and Financing and Round Trip Investment via Special Purpose Companies issued by SAFE on July 4, 2014. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Commission” means (i) with respect to any offering of securities in the United States, the Securities and Exchange
Commission of the United States or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the United States, the regulatory body of the
jurisdiction with authority to supervise and regulate the offering or sale of securities in that jurisdiction. 
 “Convertible
Securities” means any indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Ordinary Shares. 

“Consent” means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement,
license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any Governmental Authority. 

“Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided, that such 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 Person or power to control the composition of a majority of the board of directors of such Person. The
terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 
 “Control
Documents” has the meaning set forth in the Series B3 Share Purchase Agreement. 
 “Current ESOP” means
(i) the 2017 Equity Incentive Plan of the Company duly adopted by the Company on February 15, 2018, with a total number of 10,000,000 Ordinary Shares of the Company (the “2017 ESOP”), thereinto 9,500,000 to be granted or
awarded in accordance with such 2017 ESOP and are currently held by Qu World Limited, a wholly owned subsidiary and nominee of the trustee for a trust established for the benefit of the grantees or participants under the 2017 ESOP (the
“Trust”), and 500,000 Ordinary Shares had been vested and issued to certain participants under the 2017 Plan. And (ii) the 2018 Equity Incentive Plan duly adopted by the Company on February 25, 2018, with a maximum number
of 2,964,141 Ordinary Shares of the Company (the “2018 ESOP”) to be granted or awarded under such 2018 ESOP, all of which have been reserved and allocated in the share capital of the Company. 

  

					
		  	5	  	Shareholders’ Agreement

 “Deemed Liquidation Event” means any of the following events: 

(1) any consolidation, amalgamation, scheme of arrangement or merger of any Group Company with or into any other Person or other reorganization
in which the members or shareholders of such Group Company immediately prior to such consolidation, amalgamation, merger, scheme of arrangement or reorganization own less than fifty percent (50%) of such Group Company’s voting power in the
aggregate immediately after such consolidation, merger, amalgamation, scheme of arrangement or reorganization, or any transaction or series of related transactions to which such Group Company is a party or a target in which in excess of fifty
percent (50%) of such Group Company’s voting power is transferred (a “Change of Control”); provided that the foregoing shall not include a bona fide equity financing of any Group Company through issuance of Equity
Securities of any Group Company; provided further, that no shareholder of the Company or the Company shall circumvent or otherwise avoid the liquidation preference provisions set forth in the Charter Documents of the Company or the intent thereof by
structuring a Change of Control as an equity financing but which in substance is a Change of Control; for the avoidance of doubt, Xike, Tuile, Zhangduan and Qukandian shall not be deemed as a “Group Company” for the purpose of this
definition, provided that Jifen has not transferred and will not transfer any Equity Securities, material business or assets of any of them; 

(2) a sale, transfer, lease or other disposition of all or substantially all of the assets of any Group Company (or any series of related
transactions resulting in such sale, transfer, lease or other disposition of all or substantially all of the assets of such Group Company); or 

(3) the exclusive, irrevocable licensing of all or substantially all of any Group Company’s intellectual property to a third party. 

“Director” means a director serving on the Board. 

“Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership
interests, partnership interest, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, senior or pari passu, and any right, warrant, option, call, commitment,
conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing (whether or not such derivative securities have actually been issued by such
Person), or any Contract providing for the acquisition of any of the foregoing. 
 “Exchange Act” means the United States
Securities Exchange Act of 1934, as amended. 
 “Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect. 

“Form S-3” means Form S-3 promulgated by the
Commission under the Securities Act or any successor form or substantially similar form then in effect. 

  

					
		  	6	  	Shareholders’ Agreement

 “Governmental Authority” means any government of any nation or any federation,
province or state or any other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority,
agency, department, board, commission or instrumentality of the PRC or any other country, or any political subdivision thereof (including any entity or enterprise owned or controlled by a government), any court, tribunal or arbitrator, any public
international organization and any self-regulatory organization. 
 “Governmental Order” means any applicable order,
ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“Group Company” means each of the Company, the HK Company, the WFOE, Dian Guan and the Domestic Companies, together with each
Subsidiary of any of the foregoing, and “Group” refers to all of the Group Companies collectively. 

“Holders” means the holders of Registrable Securities who are parties to this Agreement from time to time, and their
permitted transferees that become parties to this Agreement from time to time. 
 “Hong Kong” means the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 “Indebtedness” of any Person means, without duplication,
actual or contingent obligations in respect of each of the following of such Person: (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (other
than trade payables entered into in the ordinary course of business), (iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds,
debentures or similar instruments, including obligations so evidenced that are incurred in connection with the acquisition of properties, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title
retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of
default are limited to repossession or sale of such property), (vi) all obligations that are capitalized in accordance with Accounting Standards, (vii) all obligations under banker’s acceptance, letter of credit or similar facilities,
(viii) all obligations to purchase, redeem, retire, defease or otherwise acquire for value any Equity Securities of such Person, (ix) all obligations in respect of any interest rate swap, hedge or cap agreement, and (x) all guarantees
issued in respect of the Indebtedness referred to in clauses (i) through (ix) above of any other Person, but only to the extent of the Indebtedness guaranteed. 

“Indemnification Agreement” has the meaning given to such term in the Series B1 Share Purchase Agreement. 

“Information Rights Holder” means a holder of any Preferred Shares. 

“Initiating Holders” means, with respect to a request duly made under Section 2.1 or
Section 2.2 to Register any Registrable Securities, the Holders initiating such request. 

  

					
		  	7	  	Shareholders’ Agreement

 “Intellectual Property” means any and all (i) patents, patent rights and
applications therefor and reissues, reexaminations, continuations, continuations-in-part, divisions, and patent term extensions thereof, (ii) inventions (whether
patentable or not), discoveries, improvements, concepts, innovations, utility models and industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, mask works and registrations and applications
therefor, author’s rights and works of authorship (including artwork, software, computer programs, source code, object code and executable code, firmware, development tools, files, records and data, and related documentation), (iv) URLs, web
sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications, proprietary data, customer lists, databases, proprietary
processes, technology, formulae, and algorithms and other intellectual property, (vi) trade names, trade dress, trademarks, domain names, service marks, logos, business names, and registrations and applications therefor, and (vii) the
goodwill symbolized or represented by the foregoing and any similar rights situated in any country and the benefit (subject to the burden) of any of the foregoing (in each case whether registered or unregistered and including applications for the
grant of any of the foregoing and the right to apply for any of the foregoing in any part of the world). 
 “Investors”
means collectively, the Series A Investors, the Series A1 Investor, the Series B1 Investor, the Series B2 Investor and the Series B3 Investors. 

“IPO” means the first firm underwritten registered public offering by the Company of its Ordinary Shares pursuant to a
Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or another Governmental Authority for a public offering in a jurisdiction other than the United States. 

“Law” or “Laws” means any and all provisions of any applicable constitution, treaty, statute, law,
regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by,
or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and any and all applicable Governmental Orders. 

“Liabilities” means, with respect to any Person, all liabilities, obligations, Indebtedness and commitments of such Person of
any nature, accrued, absolute, contingent or otherwise, due or to become due, liquidated or unliquidated, and whether or not of a nature required to be disclosed in the accounts of any Person. 

“Lien” means any claim, charge, easement, encumbrance, lease, covenant, security interest, lien, option, pledge, rights of
others, or restriction (whether on voting, sale, transfer, disposition or otherwise), whether imposed by Contract, understanding, law, equity or otherwise. 

“Memorandum and Articles” means the Fourth Amended and Restated Memorandum of Association of the Company and the Fourth
Amended and Restated Articles of Association of the Company, as each may be amended and/or restated from time to time. 
 “Ordinary
Share Equivalents” means any Equity Security which is by its terms convertible into or exchangeable or exercisable for Ordinary Shares or other share capital of the Company, including without limitation, the Preferred Shares. 

  

					
		  	8	  	Shareholders’ Agreement

 “Ordinary Shares” means the Company’s ordinary shares, par value US$0.0001
per share. 
 “Person” means any individual, sole proprietorship, partnership, limited partnership, limited liability
company, firm, joint venture, estate, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or governmental or regulatory authority or other enterprise or entity of any kind or nature. 

“PRC” means the People’s Republic of China, but solely for the purposes of this Agreement, excluding Hong Kong, the
Macau Special Administrative Region and the islands of Taiwan. 
 “Preferred Shares” means the Series A Preferred Shares,
the Series A1 Preferred Shares, the Series B1 Preferred Shares, the Series B2 Preferred Shares and the Series B3 Preferred Shares. 

“Public Official” means any executive, official, or employee of a Governmental Authority, political party or member of a
political party, political candidate; executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly owned or partially state-owned or controlled enterprise, including a PRC state-owned
or controlled enterprise. 
 “Qualified IPO” has the meaning given to such term in the Memorandum and Articles. 

“Redpoint” means ACE Redpoint Ventures China I, L.P., ACE Redpoint Associates China I, L.P. and ACE Redpoint China Strategic
I, L.P. collectively. 
 “Registrable Securities” means (i) the Ordinary Shares issued or issuable upon conversion of
the Preferred Shares, (ii) any Ordinary Shares of the Company issued or issuable as a dividend or other distribution with respect to, in exchange for, or in replacement of, the shares referenced in (i) herein, and (iii) any Ordinary
Shares owned or hereafter acquired by the Investors; excluding in all cases, however, any of the foregoing sold by a Person in a transaction other than an assignment pursuant to Section 20.4. For purposes of this Agreement,
Registrable Securities shall cease to be Registrable Securities when such Registrable Securities have been disposed of pursuant to an effective Registration Statement. 

“Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or ordering
of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 

“Registration Statement” means a registration statement prepared on Form F-1, F-3, S-1, or S-3 under the Securities Act, or on any comparable form in connection with registration in a jurisdiction other than the
United States. 
 “Related Party” means any Affiliate, officer, director, supervisory board member, employee, or holder of
any Equity Security of any Group Company, and any Affiliate or Associate of any of the foregoing, in each case, other than the Group Companies. 

“Relative” of a natural person means the spouse of such person and any parent, step-parent, grandparent, child, step-child,
grandchild, sibling, step-sibling, cousin, in-law, uncle, aunt, nephew, niece or great-grandparent of such person or spouse. 

  

					
		  	9	  	Shareholders’ Agreement

 “Restricted Persons I” means persons listed in Part I of Exhibit B, which
may be updated once every financial year of the Company with the consents of Mr. Tan Siliang (谭思亮),
Chengwei, the Series A1 Investor and Tencent. 
 “Restricted Persons II” means persons as listed in Part II of
Exhibit B, which may be updated once every financial year of the Company with the consents of Mr. Tan Siliang (谭思亮), Chengwei, the Series A1 Investor and Tencent. 
 “SAFE” means
the State Administration of Foreign Exchange of the PRC. 
 “Securities Act” means the United States Securities Act of
1933, as amended. 
 “Series A Issue Price” means US$6.5520, as appropriately adjusted for share splits,
share dividends, combinations, recapitalizations and similar events with respect to the Series A Preferred Shares. 
 “Series A
Majority” means the holders of at least a majority of the voting power of the outstanding Series A Preferred Shares and the Series A1 Preferred Shares (voting together as a single class and on an as converted basis). 

“Series A Preferred Shares” means the Series A Preferred Shares of the Company, par value US$0.0001 per share, with the
rights and privileges as set forth in the Memorandum and Articles of the Company. 
 “Series A1 Issue Price” means US$7.28,
as appropriately adjusted for share splits, share dividends, combinations, recapitalizations and similar events with respect to the Series A1 Preferred Shares. 

“Series A1 Preferred Shares” means the Series A1 Preferred Shares of the Company, par value US$0.0001 per share, with the
rights and privileges as set forth in the Memorandum and Articles of the Company. 
 “Series B Investors” means the Series
B1 Investor, the Series B2 Investors and the Series B3 Investors. 
 “Series B Majority” means (i) the holders of at
least a majority of the voting power of the outstanding Series B1 Preferred Shares, the Series B2 Preferred Shares and the Series B3 Preferred Shares (voting together as a single class and on an as converted basis) and Tencent (provided that Tencent
holds a majority of the voting power of the outstanding Series B1 Preferred Shares and the Series B2 Preferred Shares (voting together as a single class and on an as converted basis)); or (ii) the holders of at least a majority of the voting
power of the outstanding Series B1 Preferred Shares, the Series B2 Preferred Shares and the Series B3 Preferred Shares (voting together as a single class and on an as converted basis) provided that Tencent fails to hold a majority of the voting
power of the outstanding Series B1 Preferred Shares and the Series B2 Preferred Shares (voting together as a single class and on an as converted basis). 

“Series B1 Closing” shall refer to the Closing as provided in the Series B1 Share Purchase Agreement. 

  

					
		  	10	  	Shareholders’ Agreement

 “Series B1 Issue Price” means US$19.3722 as appropriately adjusted for share
splits, share dividends, combinations, recapitalizations and similar events with respect to the Series B1 Preferred Shares. 

“Series B1 Preferred Shares” means the Series B1 Preferred Shares of the Company, par value US$0.0001 per share, with the
rights and privileges as set forth in the Memorandum and Articles of the Company. 
 “Series B2 Closing” shall refer to the
Closing as provided in the Series B2 Share Purchase Agreement. 
 “Series B2 Issue Price” means US$23.6156 as appropriately
adjusted for share splits, share dividends, combinations, recapitalizations and similar events with respect to the Series B2 Preferred Shares. 

“Series B2 Preferred Shares” means the Series B2 Preferred Shares of the Company, par value US$0.0001 per share, with the
rights and privileges as set forth in the Memorandum and Articles of the Company. 
 “Series B3 Closing” shall refer to the
Closing as provided in the Series B3 Share Purchase Agreement. 
 “Series B3 Issue Price” means US$25.9772 as appropriately
adjusted for share splits, share dividends, combinations, recapitalizations and similar events with respect to the Series B3 Preferred Shares. 

“Series B3 Preferred Shares” means the Series B3 Preferred Shares of the Company, par value US$0.0001 per share, with the
rights and privileges as set forth in the Memorandum and Articles of the Company. 
 “Shareholder” means a holder of any
Shares. 
 “Shares” means the Ordinary Shares and the Preferred Shares. 

“Share Sale” means a transaction or series of related transactions in which a Person, or a group of related Persons, acquires
any Equity Securities of the Company such that, immediately after such transaction or series of related transactions, such Person or group of related Persons holds Equity Securities of the Company representing more than fifty percent (50%) of the
outstanding voting power of the Company. 
 “Subsidiary” means, with respect to any given Person, any other Person that is
Controlled directly or indirectly by such given Person, at any time and from time to time. 
 “Tencent” means Image Flag
Investment (HK) Limited, a company incorporated with limited liability under the laws of Hong Kong. 
 “Transaction
Documents” means, and includes, the “Transaction Documents” as defined in the Series B3 Share Purchase Agreement. 

“US” means the United States of America. 

  

					
		  	11	  	Shareholders’ Agreement

 “United States Person” means United States person as defined in
Section 7701(a)(30) of the Code. 
 1.2 Other Defined Terms. The following terms shall have the meanings defined for such
terms in the Sections set forth below: 
  

			
	 Term
	  	 Section

	 10% ESOP Quota
	  	19.16
	 Additional Number
	  	7.4(b)
	 Agreement
	  	Preamble
	 Alternative Plan
	  	19.11(b)
	 Arbitration Notice
	  	20.6(a)
	 Business
	  	Recitals
	 Company
	  	Preamble
	 Confidential Information
	  	19.10(a)
	 Co-Sale Notice
	  	10.1
	 Dian Guan
	  	Preamble
	 Dispute
	  	20.6(a)
	 Domestic Companies
	  	Preamble
	 Drag Holders
	  	15.1
	 Drag-Along Notice
	  	15.1
	 Drag-Along Sale
	  	15.1
	 Dragged Holders
	  	15.1
	 Effective Date
	  	Preamble
	 Exempt Registrations
	  	3.4
	 Exercising Shareholder
	  	9.2(c)
	 First Participation Notice
	  	7.4(a)
	 First Participation Period
	  	7.4(a)
	 HK Company
	  	Preamble
	 HKIAC
	  	20.6(b)
	 HKIAC Rules
	  	20.6(b)
	 Investor’s Partners
	  	19.15
	 Jifen
	  	Preamble
	 New ESOP
	  	18.1(f)
	 New ESOP Anti-dilution Right
	  	19.16
	 New Securities
	  	7.3
	 Observer
	  	17.1
	 Offered Shares
	  	9.1
	 Offeror
	  	15.1
	 Option Period
	  	9.2(a)
	 Ordinary Director
	  	17.1
	 Ordinary Shareholder
	  	Preamble
	 Oversubscription Participants
	  	7.4(b)
	 Participation Notice
	  	7.4(b)
	 Participation Period
	  	7.4(b)
	 Parties
	  	Preamble
	 Party
	  	Preamble
	 Permitted Transferee
	  	12.1
	 Permitted Transferees
	  	12.1
	 Preemptive Pro Rata Share
	  	7.2

  

					
		  	12	  	Shareholders’ Agreement

			
	 Term
	  	 Section

	 Preemptive Right
	  	7.1
	 Principal
	  	Preamble
	 Principal Holding Companies
	  	Preamble
	 Principal Holding Company
	  	Preamble
	 Principals
	  	Preamble
	 Prohibited Transfer
	  	13.1
	 Put Consideration
	  	19.17(a)
	 Put Notice
	  	19.17(b)
	 Put Right
	  	19.17(a)
	 Qukandian
	  	Preamble
	 Re-allotment Period
	  	9.2(c)
	 Restricted Business
	  	19.8
	 ROFR Pro Rata Share
	  	9.2(b)
	 Second Notice
	  	9.2(c)
	 Second Participation Notice
	  	7.4(b)
	 Second Participation Period
	  	7.4(b)
	 Selling Shareholder
	  	10.1
	 Series A Director
	  	17.1
	 Series A Investor
	  	Preamble
	 Series A Investors
	  	Preamble
	 Series A Share Purchase Agreement
	  	Recitals
	 Series A Shareholders Agreement
	  	Recitals
	 Series A1 Investor
	  	Preamble
	 Series A1 Share Purchase Agreement
	  	Recitals
	 Series A1 Shareholders Agreement
	  	Recitals
	 Series B1 Director
	  	17.1
	 Series B1 Investor
	  	Preamble
	 Series B1 Share Purchase Agreement
	  	Recitals
	 Series B2 Investors
	  	Preamble
	 Series B2 Share Purchase Agreement
	  	Recitals
	 Series B3 Investors
	  	Preamble
	 Series B3 Share Purchase Agreement
	  	Recitals
	 Shelf Period
	  	2.2(a)
	 Shelf Registration Statement
	  	2.2
	 Shelf Takedown Request
	  	2.2(b)
	 Subpart F Income
	  	19.15
	 Tokens
	  	19.18
	 Transfer
	  	8.1
	 Transfer Notice
	  	9.1
	 Transferor
	  	9.1
	 Tuile
	  	Preamble
	 VIE Event
	  	19.11(b)
	 Violation
	  	5.1(a)
	 WFOE
	  	Preamble

  

					
		  	13	  	Shareholders’ Agreement

			
	 Term
	  	 Section

	 Xike
	  	Preamble
	 Zhangduan
	  	Preamble

 1.3 Interpretation. For all purposes of this Agreement, except as otherwise expressly
herein provided, (i) the terms defined in this Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular, (ii) all accounting
terms not otherwise defined herein have the meanings assigned under the Accounting Standards, (iii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions
of the body of this Agreement, (iv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Section or other subdivision, (vi) all references in this Agreement to designated Schedules, Exhibits and Appendices are to the Schedules, Exhibits and Appendices attached to
this Agreement, (vii) references to this Agreement, any other Transaction Documents and any other document shall be construed as references to such document as the same may be amended, supplemented or novated from time to time, (viii) the
term “or” is not exclusive, (ix) the term “including” will be deemed to be followed by “, but not limited to,” (x) the terms “shall,” “will,” and “agrees” are mandatory, and the term
“may” is permissive, (xi) the phrase “directly or indirectly” means directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the
correlative meaning, (xii) the term “voting power” refers to the number of votes attributable to the Shares (on an as-converted basis) in accordance with the terms of the Memorandum and
Articles, (xiii) the headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement, (xiv) references to laws include any such law modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted, or extended by the same or pursuant to which the same is made, and (xv) all
references to dollars or to “US$” are to currency of the United States of America and all references to RMB are to currency of the PRC (and each shall be deemed to include reference to the equivalent amount in other currencies). 

 

	2.	 Demand Registration. 

2.1 Registration Other Than on Form F-3 or Form
S-3. Subject to the terms of this Agreement, at any time or from time to time after the earlier of (i) the date that is six (6) months after the closing of the IPO, or the date that the lock-up by underwriters is partially or wholly released, Holders holding twenty percent (20%) or more of the voting power of the then outstanding Registrable Securities held by all Holders may request in writing
that the Company effect a Registration of Registrable Securities having an anticipated aggregate offering price, net of underwriting discounts and commissions, in excess of US$100,000,000. Upon receipt of such a request, the Company shall
(x) promptly (but in no event more than three (3) business days thereafter) give written notice of the proposed Registration to all other Holders and (y) as soon as practicable, use its reasonable best efforts to cause the Registrable
Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered as the
Initiating Holders may request. The Company shall be obligated to effect no more than three (3) Registrations pursuant to this Section 2.1 that have been declared and ordered effective; provided that if the sale of all
of the Registrable Securities sought to be included pursuant to this Section 2.1 is not consummated, such Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this
Section 2.1. 

  

					
		  	14	  	Shareholders’ Agreement

 2.2 Registration on Form F-3 or Form S-3. The Company shall use its best efforts to qualify for registration on Form F-3 or Form S-3. Subject to the terms of this
Agreement, if the Company qualifies for registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States),
any Holder(s) may request the Company to file, in any jurisdiction in which the Company has had a registered underwritten public offering, a Registration Statement on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including without limitation any shelf registration statement filed under the Securities Act providing for the
registration of, and the sale on a continuous or a delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (a “Shelf
Registration Statement”). Upon receipt of such a request, the Company shall (i) promptly (but in no event more than three (3) business days thereafter) give written notice of the proposed Registration to all other Holders and
(ii) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen
(15) days after the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. The Company shall be obligated to effect no more than two (2) Registrations that have been
declared and ordered effective within any twelve (12)-month period pursuant to this Section 2.2; provided that if the sale of all of the Registrable Securities sought to be included pursuant to this
Section 2.2 is not consummated pursuant to Section 2.4 or for any reason other than solely due to the action or inaction of the Holders including Registrable Securities in such Registration, such
Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this Section 2.2. 

(a) Continued Effectiveness. The Company shall use its reasonable best efforts to keep any Shelf Registration Statement continuously
effective under the Securities Act in order to permit the prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of: (i) the date as of which all Registrable Securities have been sold pursuant to
the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the
date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). Subject to Section 2.3, the Company shall be deemed not to have used its reasonable best efforts
to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of the Registrable Securities covered thereby not being able to offer and
sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable Law. 

  

					
		  	15	  	Shareholders’ Agreement

 (b) Shelf Takedown. At any time the Company has an effective Shelf Registration Statement
with respect to a Holder’s Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, any Holder with Registrable Securities covered by the applicable Shelf Registration Statement (or to
any Holders if such Shelf Registration Statement is undesignated) may make a written request (a “Shelf Takedown Request”) to the Company to effect a public offering, including an underwritten shelf takedown, of all or a portion of
such Holder’s Registrable Securities that have been Registered under such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the Shelf Registration Statement as necessary for such purpose. Upon
receipt of such a request, the Company shall (i) promptly (but in no event more than three (3) business days thereafter) give written notice of the proposed shelf takedown to all other Holders with Registrable Securities covered by the
applicable Shelf Registration Statement (or to all other Holders if such Shelf Registration Statement is undesignated) and (ii) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities specified in the
request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days (or such shorter period as may be reasonably requested in connection with an underwritten “block
trade”) after the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. 

2.3 Right of Deferral. 

(a) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this Section 2:

 (1) if, within three (3) Business Days of the receipt of any request of the Holders to Register any Registrable Securities under
Section 2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a Registration Statement of Ordinary Shares
within sixty (60) days of receipt of that request; provided, that the Company is actively employing in good faith its reasonable best efforts to cause that Registration Statement to become effective within sixty (60) days of receipt
of that request; provided, further, that the Holders are entitled to join such Registration in accordance with Section 4 (other than an Exempt Registration (as defined below)); 

(2) during the period starting with the date of filing by the Company of, and ending ninety (90) days following the effective date of
any Registration Statement filed pursuant to Section 2.1 or 2.2 (or subject to Section 3.1) hereof other than an Exempt Registration; 

(3) in any jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such
Registration or qualification, unless the Company is already subject to service of process in such jurisdiction; or 
 (4) with respect to
the registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), if Form
F-3 is not available for such offering by the Holders. 
 (b) If, after receiving a request from
Holders pursuant to Section 2.1 or Section 2.2 hereof, the Company furnishes to the Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith
judgment of the Board, it would be materially detrimental to the Company or its members for a Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such filing
would be materially detrimental, provided, that the Company may not utilize this right for more than sixty (60) days on any one occasion or more than once during any twelve (12) month period; provided, further, that the Company may not
Register any other its Securities during such period (except for Exempt Registrations). 

  

					
		  	16	  	Shareholders’ Agreement

 2.4 Underwritten Offerings. If, in connection with a request to Register
Registrable Securities under Section 2.1 or Section 2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so advise the Company as a
part of the request, and the Company shall include such information in the written notice to the other Holders described in Section 2.1 and Section 2.2. In such event, the right of any Holder to
include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering (unless
otherwise mutually agreed by the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwritten offering shall enter into an underwriting agreement in customary form
with the underwriter or underwriters of internationally recognized standing selected for such underwritten offering by the holders of at least a majority of the voting power of all Registrable Securities proposed to be included in such Registration.
Any Holder(s) of the Registrable Securities proposed to be distributed by such underwriter(s) shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations to be made by such Holder as are generally prevailing in
agreements of that type, and the aggregate amount of the liability for such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and
commissions but before expenses. Notwithstanding any other provision of this Agreement, if the managing underwriter advises the Company in writing that marketing factors (including without limitation the aggregate number of securities requested to
be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten in a Registration pursuant
to Section 2.1 or Section 2.2, the underwriters may exclude up to seventy percent (70%) of the Registrable Securities requested to be Registered but only after first excluding all other Equity
Securities from the Registration and underwritten offering and so long as the number of shares to be included in the Registration on behalf of the non-excluded Holders is allocated among all Holders in
proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included, provided that any Initiating Holder shall have the right to withdraw its request for Registration from the
underwriting by written notice to the Company and the underwriters delivered at least three (3) days prior to the effective date of the Registration Statement, and such withdrawn request for Registration shall not be deemed to constitute one of
the Registration rights granted pursuant to Section 2.1 or Section 2.2, as the case may be. If any Holder disapproves the terms of any underwriting, the Holder may also elect to withdraw therefrom
by written notice to the Company and the underwriters delivered at least three (3) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from such underwritten offering shall be
withdrawn from the Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares. 

  

					
		  	17	  	Shareholders’ Agreement

	3.	 Piggyback Registrations. 

3.1 Registration of the Company’s Securities. Subject to the terms of this Agreement, if the Company proposes
to Register for its own account any of its Equity Securities, or for the account of any holder (other than a Holder) of Equity Securities any of such holder’s Equity Securities, in connection with the public offering of such securities (except
for Exempt Registrations), the Company shall promptly (but in no event fewer than twenty (20) days prior to the proposed date of filing such Registration Statement, or in the case of a Shelf Registration Statement, the anticipated pricing or
trade date) give each Holder written notice of such Registration and, upon the written request of any Holder given within fifteen (15) days after delivery of such notice, the Company shall use its reasonable best efforts to include in such
Registration any Registrable Securities thereby requested to be Registered by such Holder. If a Holder decides not to include all or any of its Registrable Securities in such Registration by the Company, such Holder shall nevertheless continue to
have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company, all upon the terms and conditions set forth herein. 

3.2 Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it
under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein, without prejudice, however, to the rights of any Holders entitled to request that such
Registration be effected under Section 2.1 or Section 2.2, as the case may be. The expenses of such withdrawn Registration shall be borne by the Company in accordance with
Section 4.3. 
 3.3 Underwriting Requirements. 

In connection with any offering involving an underwriting of the Company’s Equity Securities, the Company shall not be required to
Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwritten offering and such Holder enters into an underwriting agreement in
customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering as have been agreed upon between the Company and the underwriters. Any
Holder(s) of the Registrable Securities proposed to be distributed by such underwriter(s) shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or
agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations to be made by such Holder as are generally prevailing in agreements of that
type, and the aggregate amount of the liability for such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before
expenses. In the event the underwriters advise Holders seeking Registration of Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of Registrable Securities
requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten, the
underwriters may exclude up to seventy percent (70%) of the Registrable Securities, but in any case only after first excluding all other Equity Securities (except for securities sold for the account of the Company) from the Registration and
underwriting and so long as the Registrable Securities to be included in such Registration on behalf of any non-excluded Holders are allocated among all Holders in proportion, as nearly as practicable, to the
respective amounts of Registrable Securities requested by such Holders to be included. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a
Holder to the nearest one hundred (100) shares. 

  

					
		  	18	  	Shareholders’ Agreement

 If any Holder disapproves the terms of any underwriting, the Holder may elect to withdraw
therefrom by written notice to the Company and the underwriters delivered at least three (3) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwritten offering shall
be withdrawn from the Registration. 
 3.4 Exempt Registrations. The Company shall have no obligation to Register any
Registrable Securities under this Section 3 in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share plan, or (ii) relating to a corporate
reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the Laws of another jurisdiction, as applicable) (collectively, “Exempt Registrations”). 

 

	4.	 Registration Procedures. 

4.1 Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration of any Registrable
Securities held by the Holders, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare the required Registration
Statement, which shall be furnished to the Holders of the Registrable Securities covered by such Registration Statement, and make such changes concerning the Holders in such documents as such Holders, or their counsel, may reasonably request prior
to the filing thereof; 
 (b) File with the Commission a Registration Statement with respect to those Registrable Securities and use its
reasonable best efforts to cause that Registration Statement to become effective, and, (i) in the case of a Registration Statement other than a Shelf Registration Statement, keep the Registration Statement effective until the shorter of
(x) one hundred eighty (180) days or (y) such date on which the distribution thereunder has been completed, and (ii) in the case of a Shelf Registration Statement, in compliance with Section 2.2(a); 

(c) Prepare and file with the Commission amendments and supplements to that Registration Statement and the prospectus used in connection with
the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition of all securities covered by the Registration Statement; 

(d) Furnish to the Holders the number of copies of a prospectus, including a preliminary prospectus, required by Applicable Securities Laws,
and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(e) To the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf
Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying
the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment; 

(f) Use its reasonable best efforts to Register and qualify the securities covered by the Registration Statement under the securities Laws of
any jurisdiction, as reasonably requested by the Holders, provided, that the Company shall not be required to qualify to do business or file a general consent to service of process in any such jurisdictions; 

  

					
		  	19	  	Shareholders’ Agreement

 (g) In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in customary form, with the managing underwriter(s) of the offering; 
 (h) Promptly notify each Holder of
Registrable Securities covered by the Registration Statement at any time when a prospectus relating thereto is required to be delivered under Applicable Securities Laws of (a) any written comments by the Commission, or any request by the
Commission or any applicable Governmental Authority for amendments or supplements to such Registration Statement, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence
with the Commission relating to, or which may affect, the Registration, (b) the issuance of any stop order by the Commission, or (c) the happening of any event or the existence of any condition as a result of which any prospectus included
in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or amend such prospectus to comply with applicable Laws, and at the request of any such Holder promptly prepare and furnish to
such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made or such prospectus, as supplemented or amended, shall
comply with applicable Laws; 
 (i) Furnish, at the request of any Holder requesting Registration of Registrable Securities pursuant to this
Agreement, on the date that such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (A) an opinion, dated the date of the sale, of the counsel representing the Company for the purposes of
the Registration, in form and substance as is customarily given to underwriters in an underwritten public offering; and (B) comfort letters dated as of (x) the effective date of the registration statement covering such Registrable
Securities, and (y) the date of the sale as contemplated in Rule 159 under the Securities Act, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering, addressed to the underwriters; 
 (j) Otherwise comply with all rules and
regulations of the Commission to the extent applicable to the applicable registration statement, prospectus or free writing prospectus and use its reasonable best efforts to make generally available to its security holders (or otherwise provide in
accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety
(90) days, if such period is a financial year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month
period, subject to any proper and necessary extensions; 
 (k) Not, without the written consent of the holders of at least a majority of
voting power of the then outstanding Registrable Securities, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Rule 405 promulgated under the Act; 

  

					
		  	20	  	Shareholders’ Agreement

 (l) Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to
the Registration Statement and, where applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; 

(m) Use its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each
securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted; and 

(n) Take all reasonable action necessary to list the Registrable Securities on the primary exchange on which the Company’s securities are
then traded or, in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

4.2 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Agreement with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the Registration of such Holder’s Registrable Securities. 
 4.3 Expenses of
Registration. All expenses, including the underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to this Agreement, incurred in connection with Registrations, filings or qualifications pursuant
to this Agreement, including (without limitation) all Registration, filing and qualification fees (including to the Commission and FINRA), printers’ and accounting fees, fees and expenses in connection with compliance with any securities or
“Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, “roadshow” expenses to the extent the underwriters recommend a “roadshow” by the Company’s
management to facilitate the sale of Registrable Securities, fees and disbursements of counsel for the Company, reasonable fees and disbursement of counsel for all selling Holders and any reasonable fees and expenses of underwriters customarily paid
by issuers or seller of securities shall be borne by the Company. The Company shall not, however, be required to pay for any expenses of any Registration proceeding begun pursuant to Section 2.1 or
Section 2.2 of this Agreement if the Registration request is subsequently withdrawn at the request of the Holders holding at least a majority of the voting power of the Registrable Securities requested to be Registered by
all Holders in such Registration (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be thereby Registered in the withdrawn Registration) unless the Holders of at
least a majority of the voting power of the Registrable Securities then outstanding agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to Section 2.1 (in which case
such registration shall also constitute the use by all Holders of Registrable Securities of one (1) such demand registration); provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in
the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the
Holders shall not be required to pay any of such expenses and the Company shall pay any and all such expenses. 

  

					
		  	21	  	Shareholders’ Agreement

	5.	 Registration-Related Indemnification. 

5.1 Company Indemnity. 

(a) To the maximum extent permitted by Law, the Company will indemnify and hold harmless each Holder, such Holder’s partners,
shareholders, members, each partner, shareholder and member of each such partner, shareholder or member, each of their respective affiliates, officers directors, shareholders, employees, advisors (including legal counsel) and agents, any underwriter
(as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act or the Exchange Act) such Holder or underwriter, against any losses, claims, damages or liabilities (joint or several) to which they may
become subject under Laws which are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification, or compliance, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”): (a) any untrue statement or alleged untrue statement of a material fact contained in such
Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto or any documents
incorporated by reference therein) or any other disclosure document produced by or on behalf of the company or any of its subsidiaries including any report or other document filed under the Exchange Act, (b) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a preliminary or final prospectus, in light of the circumstances under which they were made) not misleading, or (c) any
violation or alleged violation by the Company of Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws. The Company will reimburse, as incurred, each such Holder, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. 

(b) The indemnity agreement contained in this Section 5.1 shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall such indemnity apply in any such case for any such loss, claim,
damage, liability or action to the extent that it arises solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information furnished specifically for use in such Registration by any such
Holder, such Holder’s partners, officers, directors, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter. 

  

					
		  	22	  	Shareholders’ Agreement

 5.2 Holder Indemnity. 

(a) To the maximum extent permitted by Law, each selling Holder that has included Registrable Securities in a Registration will, severally and
not jointly, indemnify and hold harmless the Company, its directors and officers, any other Holder selling securities in connection with such Registration and each Person, if any, who controls (within the meaning of the Securities Act or the
Exchange Act) the Company, such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or regulation
promulgated under Applicable Securities Laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such
Violation occurs solely in reliance upon and in conformity with written information furnished by such Holder specifically for use in such Registration; and each such Holder will reimburse, as incurred, any Person intended to be indemnified pursuant
to this Section 5.2, for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action. No Holder’s liability under this
Section 5.2 (when combined with any amounts paid by such Holder pursuant to Section 5.4) shall exceed the net proceeds received by such Holder from the offering of securities made in connection
with that Registration. 
 (b) The indemnity contained in this Section 5.2 shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or delayed). 

5.3 Notice of Indemnification Claim. Promptly after receipt by an indemnified party under Section 5.1
or Section 5.2 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under
Section 5.1 or Section 5.2, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the indemnifying parties. An indemnified party (together with all other indemnified
parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the reasonably incurred fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to
the indemnified party under this Section 5, but the omission to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 5. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or the plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

  

					
		  	23	  	Shareholders’ Agreement

 5.4 Contribution. If any indemnification provided for in
Section 5.1 or Section 5.2 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein,
the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well
as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement
or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount (after combined with any amounts paid by such Holder pursuant to Section 5.2) in excess of
the net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such Registration Statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

5.5 Underwriting Agreement. To the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

5.6 Survival. The obligations of the Company and Holders under this Section 5 shall survive the
completion of any offering of Registrable Securities in a Registration Statement under this Agreement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 

 

	6.	 Additional Registration-Related Undertakings. 

6.1 Reports under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144, Rule 144A and
Regulation S promulgated under the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit a Holder to sell securities of the Company to the public without Registration or pursuant to a Registration
on Form F-3 or Form S-3 (or any comparable form in a jurisdiction other than the United States), the Company agrees to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144 (or comparable provision, if any, under
Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the Company for an
offering of its securities to the general public; 
 (b) file with the Commission in a timely manner all reports and other documents
required of the Company under all Applicable Securities Laws; and 
 (c) at any time following ninety (90) days after the effective
date of the first Registration under the Securities Act filed by the Company for an offering of its securities to the general public by the Company, promptly furnish to any Holder holding Registrable Securities, upon request (a) a written
statement by the Company that it has complied with the reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as a
registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the
Company’s securities are listed), (b) a copy of the most recent annual or quarterly report of the Company and such other reports and documents as filed by the Company with the Commission, and (c) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the Commission, that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form
S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s Securities are listed); and 

  

					
		  	24	  	Shareholders’ Agreement

 (d) take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to Sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemption provided by Rule 144,
Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or any comparable provision of any Applicable Securities Laws. 

6.2 No Inconsistent Agreements; Limitations on Subsequent Registration Rights. Neither the Company nor any of its subsidiaries
shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement. From and after the
date of this Agreement, the Company shall not, without the written consent of holders of at least a majority of the voting power of the then outstanding Registrable Securities held by all Holders (calculated on an
as-converted basis), enter into any agreement with any holder or prospective holder of any Equity Securities of the Company that would allow such holder or prospective holder (i) to include such Equity
Securities in any Registration filed under Section 2 or Section 3, unless under the terms of such agreement such holder or prospective holder may include such Equity Securities in any such
Registration only to the extent that the inclusion of such Equity Securities will not reduce the amount of the Registrable Securities of the Holders that are included, (ii) to demand Registration of their Equity Securities, or (iii) cause
the Company to include such Equity Securities in any Registration filed under Section 2 or Section 3 hereof on a basis pari passu with or more favorable to such holder or prospective holder than is
provided to the Holders of Registrable Securities. 
 6.3 “Market
Stand-Off” Agreement. Each holder of Registrable Securities agrees, if so required by the managing underwriter(s), that it will not during the period commencing on the date of the final
prospectus relating to the Company’s IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days from the date of such final prospectus) (i) lend, offer,
pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, any Equity Securities of the Company owned immediately prior to the date of the final prospectus relating to the Company’s IPO (other than those included in such offering), or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Equity
Securities of the Company or such other securities, in cash or otherwise; provided, that (a) the forgoing provisions of this Section shall not apply to the sale of any securities of the Company to an underwriter pursuant to any
underwriting agreement, and shall not be applicable to any Holder unless all directors, officers and all other holders of at least one percent (1%) of the outstanding share capital of the Company (calculated on an
as-converted to Ordinary Share basis) are bound by restrictions at least as restrictive as those applicable to any such Holder pursuant to this Section, (y) this Section shall not apply to a Holder to the
extent that any other Person subject to substantially similar restrictions is released in whole or in part, and (z) the lockup agreements shall permit a Holder to transfer their Registrable Securities to their respective Affiliates so long as
the transferees enter into the same lockup agreement. The Series A Investors, Series A1 Investors, Series B1 Investor, Series B2 Investors and the Series B3 Investors agree to execute and deliver to the underwriters a
lock-up agreement containing substantially similar terms and conditions as those contained herein. 

  

					
		  	25	  	Shareholders’ Agreement

 6.4 Termination of Registration Rights. The registration rights set forth in
Section 2 and Section 3 of this Agreement shall terminate on the earlier of (i) the date that is five (5) years from the date of closing of a Qualified IPO, and (ii) with respect to
any Holder, the date on which such Holder no longer holds any Registrable Securities. 
 6.5 Exercise of Ordinary Share
Equivalents. Notwithstanding anything to the contrary provided in this Agreement, the Company shall have no obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted or
exchanged, as applicable, for Ordinary Shares as of the effective date of the applicable Registration Statement, but the Company shall cooperate and facilitate any such exercise, conversion or exchange as requested by the applicable Holder. 

6.6 Intent. The terms of Sections 2 through 6 are drafted primarily in contemplation of an offering of securities
in the United States of America. The parties recognize, however, the possibility that securities may be qualified or registered for offering to the public in a jurisdiction other than the United States of America where registration rights have
significance or that the Company might effect an offering in the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly: 

(a) it is their intention that, whenever this Agreement refers to a Law, form, process or institution of the United States of America but the
parties wish to effectuate qualification or registration in a different jurisdiction where registration rights have significance, reference in this Agreement to the Laws or institutions of the United States shall be read as referring, mutatis
mutandis, to the comparable Laws or institutions of the jurisdiction in question; and 
 (b) it is agreed that the Company will not
undertake any listing of American Depositary Receipts, American Depositary Shares or any other security derivative of the Ordinary Shares unless arrangements have been made reasonably satisfactory to the holders of at least a majority of the voting
power of the then outstanding Registrable Securities held by all Holders (calculated on an as-converted basis) to ensure that the spirit and intent of this Agreement will be realized and that the Company is
committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the United States of America as if the Company had listed
Ordinary Shares in lieu of such derivative securities. 
  

	7.	 Preemptive Right. 

7.1 Preemptive Right. The Company hereby grants to each Investor the right of first refusal to purchase all (or any part) of such
Investor’s Preemptive Pro Rata Share (as defined in Section 7.2 below) (and any oversubscription, as provided below) of any New Securities (as defined below) that the Company may from time to time issue after the date
of this Agreement (the “Preemptive Right”). 
 7.2 Preemptive Pro Rata Share. Each Investor’s
“Preemptive Pro Rata Share” for purposes of the Preemptive Rights under this Section 7 is the ratio of (a) the number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by such Investor, to (b) the total number of Ordinary Shares (including Preferred Shares on an as-converted basis) then outstanding
immediately prior to the issuance of New Securities giving rise to the Preemptive Rights. Each Investor may apportion, at its sole discretion, its Preemptive Pro Rata Share among its Affiliates in any proportion, provided that, for so long as
Tencent together with its Affiliates hold more than 50% of the Series B1 Preferred Shares it acquired at the Series B1 Closing (as adjusted for share splits, share dividends, combinations, recapitalizations and similar events), such Affiliates shall
not be any of the Restricted Persons II without prior written consent of Tencent). 

  

					
		  	26	  	Shareholders’ Agreement

 7.3 New Securities. For purposes hereof, “New Securities” shall
mean any Equity Securities of the Company issued after the date hereof, except for: 
 (a) Ordinary Shares and/or options or warrants
therefor issued to employees, officers, directors, contractors, advisors or consultants of the Group Companies pursuant to the equity incentive, purchase or participation plan, duly approved in accordance with Section 18
herein; 
 (b) Ordinary Shares actually issued upon the conversion or exchange of Convertible Securities, provided such issuance is pursuant
to the terms of such Convertible Security and the issuance of the Convertible Security has been duly approved in accordance with Section 18 herein; 

(c) any Equity Securities of the Company issued pursuant to a bona fide firmly underwritten public offering duly approved in accordance with
Section 18 herein; 
 (d) any Equity Securities of the Company issued pursuant to a bona fide business acquisition
of all or substantially all of the assets or fifty percent (50%) or more of the equity ownership or voting power of another corporation or entity by the Company by consolidation, merger, purchase of assets, or other reorganization in a single
transaction or a series of related transactions, in each case, duly approved in accordance with Section 18 herein; 

(e) any Ordinary Shares issued or issuable upon the conversion of the Preferred Shares. 

7.4 Procedures. 
 (a)
First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a single transaction or a series of related transactions), it shall give to each Investor written notice of its intention to
issue New Securities (the “First Participation Notice”), describing the amount and type of New Securities, the price and other material terms upon which the Company proposes to issue such New Securities. The Investors shall have ten
(10) Business Days from the date of receipt of the First Participation Notice (the “First Participation Period”) to agree in writing to purchase up to such Investor’s Preemptive Pro Rata Share of such New Securities for
the price and upon the terms and conditions specified in the First Participation Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Investor’s Preemptive Pro
Rata Share). If any Investor fails to so respond in writing within such ten (10) Business Day period, then such Investor shall forfeit the right hereunder to purchase its Preemptive Pro Rata Share of such New Securities, but shall not be deemed
to forfeit any right with respect to any other issuance of New Securities. 

  

					
		  	27	  	Shareholders’ Agreement

 (b) Second Participation Notice; Oversubscription. If any Investor fails or declines to
exercise its Preemptive Rights in full in accordance with subsection (a) above, the Company shall promptly give notice (the “Second Participation Notice”, together with the First Participation Notice, the “Participation
Notice”) to the Investors who exercised in full their Preemptive Rights (the “Oversubscription Participants”) in accordance with subsection (a) above, specifying the aggregate number of unpurchased New Securities that
remain eligible for purchase by all the Oversubscription Participants. Each Oversubscription Participant shall have five (5) Business Days from the date of the Second Participation Notice (the “Second Participation Period”,
together with the First Participation Period, the “Participation Period”) to notify the Company of its desire to purchase more New Securities, stating the number of the additional New Securities it proposes to buy (the
“Additional Number”). Such notice may be made by telephone if confirmed in writing within two (2) Business Days. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available
for purchase, each Oversubscription Participant will be cut back by the Company with respect to its oversubscription to such number of remaining New Securities equal to the lesser of (x) the Additional Number and (y) the product obtained
by multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction, the numerator of which is the number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by such Oversubscription Participant and the denominator of which is the total number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by all the Oversubscription Participants. 
 7.5 Failure to
Exercise. In the event no Investor exercises its Preemptive Right within the First Participation Period, or there are otherwise remaining New Securities following the exercise of the Investors’ respective Preemptive Right, the Company shall
have ninety (90) days after the First or Second Participation Period (as applicable) to complete the sale of the New Securities described in the Participation Notice with respect to which the Preemptive Right hereunder were not exercised at the
same or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in the Participation Notice, (provided that, for so long as Tencent together with its Affiliates hold
more than 50% of the Series B1 Preferred Shares it acquired at the Series B1 Closing (as adjusted for share splits, share dividends, combinations, recapitalizations and similar events), such purchaser shall not be any of the Restricted Persons II
without prior written consent of Tencent). In the event that the Company has not issued and sold such New Securities within such ninety (90) day period, then the Company shall not thereafter issue or sell any New Securities without again first
offering such New Securities to the Investors pursuant to this Section 7. 
  

	8.	 Restriction on Transfers. 

8.1 Principals and Holding Companies. No Principal or Principal Holding Company, regardless of such Principal’s
employment status with any Group Company, shall directly or indirectly sell, assign, transfer, pledge, hypothecate, or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to (“Transfer”)
all or any part of any interest in any Equity Securities of the Company now or hereafter owned or held by such Principal or Principal Holding Company prior to a Qualified IPO, without the prior written consents of the Series A Majority and the
Series B Majority. In the event a Transfer is approved by the Series A Majority and the Series B Majority, such Transfer shall take effect strictly in accordance with Sections 9 through 11 hereof. 

  

					
		  	28	  	Shareholders’ Agreement

 8.2 Investors. Each Investor may freely Transfer any Equity Securities of
the Company (except for any Ordinary Shares, which shall be subject to the Right of First Refusal the Investors described in Sections 9) now or hereafter owned or held by it without limitation; provided that (i) such Transfer is effected in
compliance with all applicable Laws, (ii) unless with prior consent of Mr. Tan Siliang (谭思亮),
the transferee shall not be any one of the Restricted Persons I, (iii) the transferee shall execute and deliver a joinder deed in substantially the form attached hereto as Exhibit A to join in and be bound by the terms of this Agreement
as a holder of the relevant Preferred Shares subject to the Transfer (if not already a Party hereto) upon the closing of such Transfer and a scanned copy of such joinder deed shall be promptly delivered to each of the other Investors,
(iv) prior to such Transfer, such Investor shall notify the Company of such Transfer in writing and (v) if such Investor is proposing to Transfer any Ordinary Shares to any Person, such transfer shall be subject to the Right of First
Refusal the Investors described in Sections 9. The Company shall update its register of members upon the consummation of any such permitted Transfer. The rights of first refusal and co-sale of the other
Investors as provided in Sections 9 to 11 shall not apply to any Transfer of any Preferred Shares by any Investor. Each Investor shall be entitled to disclose to any bona fide proposed transferee any information, documents or materials concerning
any Group Company known to or in possession of such Investor, and the Principals shall and shall procure the Group Companies to, provide any assistance or cooperation reasonably requested by such Investor or the proposed transferee in connection
with such proposed transferee’s due diligence investigation of the Group Companies, provided however that such proposed transferee shall be subject to reasonable confidentiality obligations and execute relevant
non-disclosure agreements in advance. 
 8.3 Ordinary Shareholders. Each
Ordinary Shareholder may freely Transfer any Equity Securities of the Company now or hereafter owned or held by it without limitation; provided that (i) such Transfer is effected in compliance with all applicable Laws, (ii) unless with
prior consent of Mr. Tan Siliang (谭思亮), the transferee shall not be any one of the Restricted Persons
I, (iii) unless with the prior written consent of Tencent, the transferee shall not be any one of the Restricted Persons II, (iv) such transfer shall be subject to the Right of First Refusal the Investors described in Sections 9, (v) the
transferee shall execute and deliver a joinder deed in substantially the form attached hereto as Exhibit A to join in and be bound by the terms of this Agreement as a holder of the relevant transferred Ordinary Shares (if not already a Party
hereto) upon the closing of such Transfer and a scanned copy of such joinder deed shall be promptly delivered to each of the Investors, and (iv) prior to such Transfer, such Ordinary Shareholder shall notify the Company of such Transfer in
writing. The Company shall update its register of members upon the consummation of any such permitted Transfer. Each Ordinary Shareholder shall be entitled to disclose to any bona fide proposed transferee any information, documents or materials
concerning any Group Company known to or in possession of such Ordinary Shareholder, and the Principals shall and shall procure the Group Companies to, provide any assistance or cooperation reasonably requested by such Ordinary Shareholder or the
proposed transferee in connection with such proposed transferee’s due diligence investigation of the Group Companies, provided however that such proposed transferee shall be subject to reasonable confidentiality obligations and execute relevant
non-disclosure agreements in advance. 
 8.4 Prohibited Transfers Void. Any
Transfer of Equity Securities of the Company not made in compliance with this Agreement shall be null and void as against the Company, shall not be recorded in the register of members of the Company and shall not be recognized by the Company or any
other Party. 

  

					
		  	29	  	Shareholders’ Agreement

 8.5 No Indirect Transfers. (a)Each Principal and each Principal Holding Company
agrees, and (b) each Ordinary Shareholder agrees, in each case, not to circumvent or otherwise avoid the transfer restrictions or intent thereof set forth in this Agreement, whether by holding the Equity Securities of the Company indirectly
through another Person (including a Principal Holding Company) or by causing or effecting, directly or indirectly, the Transfer or issuance of any Equity Securities by any such Person (including a Principal Holding Company), or otherwise. Each
Principal and each Principal Holding Company furthermore agrees that, so long as such Principal is bound by this Agreement, the Transfer, sale or issuance of any Equity Securities of any Principal Holding Company of such Principal without the prior
written consents of the Series A Majority and the Series B Majority shall be prohibited, and each such Principal and each such Principal Holding Company agrees not to make, cause or permit any Transfer, sale or issuance of any Equity Securities of
such Principal Holding Company without the prior written consents of the Series A Majority and the Series B Majority. Any purported Transfer, sale or issuance of any Equity Securities of any Principal Holding Company in contravention of this
Agreement shall be void and ineffective for any and all purposes and shall not confer on any transferee or purported transferee any rights whatsoever, and no Party (including without limitation, any Principal or Principal Holding Company) shall
recognize any such Transfer, sale or issuance. 
 8.6 Domestic Companies. Unless expressly permitted under any of the
Transaction Documents or with the prior written consent of the Investors, (a) each Principal shall not, and shall not cause or permit any other Person (including its Permitted Transferees) to Transfer, through one or a series of transactions
any equity interest held or Controlled by him in any Domestic Company to any Person. Any Transfer in violation of this Section 8.6 shall be void and each Domestic Company hereby agrees it will not effect such a Transfer nor
will it treat any alleged transferee as the holder of such equity interest, and (b) each Domestic Company shall not, and each Principal shall not cause or permit such Domestic Company to, issue to any Person any equity interest of such Domestic
Company or any options or warrants for, or any other securities exchangeable for or convertible into, such equity interest of such Domestic Company. 

8.7 Performance. Each Principal irrevocably agrees to cause and guarantee the performance by each of such Principal’s
Holding Companies of all of their respective covenants and obligations under this Agreement. 
 8.8 Exempt Transaction.
Notwithstanding any provision to the contrary contained herein, Sections 8 through 13 of this Agreement shall not apply with respect to a transfer made pursuant to Section 15 of this Agreement or Article
119 of the Memorandum and Articles. 
 8.9 Legend. Each existing or replacement certificate for Equity Securities
of the Company now owned or hereafter acquired by any Principal or Principal Holding Company and their permitted transferees shall bear the following legend: 

“THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THESE SECURITIES IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN
SHAREHOLDERS AGREEMENT (AS AMENDED FROM TIME TO TIME) BY AND BETWEEN THE SHAREHOLDER, THE COMPANY AND CERTAIN OTHER PARTIES THERETO.” 

(a) The Company may annotate its register of members with an appropriate, corresponding legend. At such time as the related Equity Securities
are no longer subject to this Agreement, the Company shall, at the request of the holder of such Equity Securities, issue replacement certificates for such Equity Securities without such legend. 

  

					
		  	30	  	Shareholders’ Agreement

 (b) In order to ensure compliance with the terms of this Agreement, the Company may issue
appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company acts as transfer agent for its own securities, it may make appropriate notations to the same effect in its own records. 

 

	9.	 Rights of First Refusal. 

9.1 Transfer Notice. To the extent the applicable consents of the Series A Majority and the Series B Majority have been given
pursuant to Section 8, if any Principal, Principal Holding Company or any Ordinary Shareholder proposes to Transfer any Equity Securities of the Company or any interest therein to any Person or any Investor proposes to
Transfer any Ordinary Shares to any Person, then such Principal, Principal Holding Company, Ordinary Shareholder or Investor (in each case, a “Transferor”) shall give the Investors and the Company, written notice of the
Transferor’s intention to make the Transfer (the “Transfer Notice”), which shall include (i) a description of the Equity Securities to be transferred (the “Offered Shares”), (ii) the identity and address
of the prospective transferee, and (iii) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. The Transfer Notice shall certify that the Transferor has received a definitive offer from the
prospective transferee 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. 
 9.2 Option of Investors. 

(a) Each Investor shall have an option for a period of ten (10) Business Days following receipt of the Transfer Notice (as may be
extended pursuant to Section 9.4(b), the “Option Period”) to elect to purchase all or any portion of its respective ROFR Pro Rata Share (as defined in Section 9.2(b) below) of the
Offered Shares at the same price and subject to the same terms and conditions as described in the Transfer Notice, by notifying the Transferor in writing before the expiration of the Option Period as to the number of such Offered Shares that it
wishes to purchase. 
 (b) For the purposes of this Section 9.2(b), an Investor’s “ROFR Pro Rata
Share” of the Offered Shares shall be equal to (i) the total number of such Offered Shares, multiplied by (ii) a fraction, the numerator of which shall be the aggregate number of Ordinary Shares held by such Investor on the date
of the Transfer Notice (including any Preferred Shares held by such Investor on an as-converted basis) and the denominator of which shall be the total number of Ordinary Shares held by all Investors on such
date (including all Preferred Shares held by such Investors on an as-converted basis). 
 (c) If any
Investor fails to exercise its right to purchase its full ROFR Pro Rata Share of the Offered Shares, the Transferor shall deliver written notice thereof (the “Second Notice”), within two (2)Business Days after the expiration of the
Option Period, to each Investor that elected to purchase its entire ROFR Pro Rata Share of the Offered Shares (an “Exercising Shareholder”). The Exercising Shareholders shall have a right of
re-allotment, and may exercise an additional right to purchase such unpurchased Offered Shares by notifying the Transferor in writing within ten (10) Business Days after receipt of the Second Notice (the
“Re-allotment Period”); provided, however, that if the Exercising Shareholders desire to purchase in the aggregate more than the number of such unpurchased Offered Shares, then such Exercising
Shareholders will be cut back by the Company with respect to its re-allotment to such number of remaining Offered Shares equal to the lesser of (x) the unpurchased Offered Shares and (y) the product
obtained by multiplying (i) the number of the unpurchased Offered Shares by (ii) a fraction, the numerator of which is the number of Ordinary Shares (including Preferred Shares on an as-converted
basis) held by such Exercising Shareholders and the denominator of which is the total number of Ordinary Shares (including Preferred Shares on an as-converted basis) held by all the Exercising Shareholders.

  

					
		  	31	  	Shareholders’ Agreement

 (d) Subject to applicable Laws, each Investor shall be entitled to apportion Offered Shares to be
purchased among its Affiliates, provided that such Investor notifies the Transferor in writing and such Affiliates shall execute and deliver such documents and take such other actions as may be necessary for such Affiliates to join in and be bound
by the terms of this Agreement as a holder of Preferred Shares (if not already a Party hereto) upon and after such Transfer. 
 9.3
Procedure. If any Investor gives the Transferor notice that it desires to purchase Offered Shares, and, as the case may be, conversion or, then payment for the Offered Shares to be purchased shall be made by check (if agreeable to the
Transferor), or by wire transfer in immediately available funds of the appropriate currency, against delivery of such Offered Shares to be purchased, at a place agreed to by the Transferor and all the Exercising Shareholders, and at the time of the
scheduled closing therefor, but if they cannot agree, then at the principal executive offices of the Company on the 45th day after the expiration of the Option Period. The said forty-five (45)-day period shall
be extended for an additional period of up to forty-five (45) days if necessary to obtain any Consent required for such purchase and payment. The Company shall update its register of members upon the consummation of any such Transfer. Such
Offered Shares shall be free and clear of any Lien (other than Liens arising hereunder or attributable to actions by the Investor acquiring such Offered Shares), and the Transferor shall so represent and warrant. The Transferor shall also represent
and warrant that it is the beneficial and record owner of such Offered Shares. 
 9.4 Valuation of Property. 

(a) Should the purchase price specified in the Transfer Notice be payable in property other than cash or evidences of indebtedness, the
Exercising Shareholders 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. 

(b) The cash value of such property shall be determined by (i) agreement of the Transferor and the Exercising Shareholders, or
(ii) if the Transferor and the Exercising Shareholders cannot agree on such cash value within the Option Period, the valuation shall be made by an appraiser of internationally recognized standing jointly selected by the mutual agreement of the
Transferor and the Exercising Shareholders or, if they cannot agree on an appraiser within the Option Period, each such Person shall select an appraiser of internationally recognized standing and such appraisers shall designate another appraiser of
internationally recognized standing, whose appraisal shall be determinative of such value and shall be final and binding on the Transferor and the Exercising Shareholders. The Option Period shall be extended to expire after the later of (x) the
tenth (10th) Business Days following receipt of the Transfer Notice, and (y) the fifth (5th) Business Days after the cash value of such property is determined pursuant to this Section 9.4(b). 

  

					
		  	32	  	Shareholders’ Agreement

 (c) The cost of such appraisal shall be shared equally by the Transferor, on the one hand, and
the Exercising Shareholders pro rata based on the number of Offered Shares such Exercising Shareholder is purchasing, on the other hand. 
  

	10.	 Right of Co-Sale. 

10.1 To the extent the Investors do not exercise their respective rights of first refusal as to all the Offered Shares proposed to be
sold by the Transferor to the transferee identified in the Transfer Notice, the Transferor (other than any Ordinary Shareholder or any Investor proposing to Transfer Ordinary Shares) shall promptly give written notice (the “Co-Sale Notice”) thereof to each Investor not exercising its right of first refusal pursuant to Section 9 (specifying in such Co-Sale Notice
the number of the remaining Offered Shares as well as the number of Shares that such Investor may participate in such sale). Each such Investor shall have the right to participate in such sale to the transferee identified in the Transfer Notice of
the remaining Offered Shares not purchased pursuant to Section 9, on the same terms and conditions as specified in the Transfer Notice (but in no event less favorable than the terms and conditions offered to the Transferor)
(and for the same consideration on an as converted basis) by notifying the Transferor in writing within ten (10) Business Days following the date of the Co-Sale Notice (each such electing Investor, also a
“Selling Shareholder”). Such Selling Shareholder’s notice to the Transferor shall indicate the number of Equity Securities the Selling Shareholder wishes to sell under its right to participate. To the extent one or more
Investors exercise such right of participation in accordance with the terms and conditions set forth below, the number of Offered Shares that the Transferor may sell in the Transfer to the prospective transferee identified in the Transfer Notice
shall be correspondingly reduced. 
 10.2 The total number of Equity Securities that each Selling Shareholder may elect to sell shall
be equal to the product of (i) the aggregate number of the remaining Offered Shares being transferred to the prospective transferee identified in the Transfer Notice after giving effect to the exercise of all rights of first refusal pursuant
to Section 9 hereof, multiplied by (ii) a fraction, the numerator of which is the number of Ordinary Shares (including Preferred Shares on an as-converted basis) owned by such
Selling Shareholder on the date of the Transfer Notice and the denominator of which is the total number of Ordinary Shares (including Preferred Shares on an as-converted basis) owned by the Transferor and all
Selling Shareholders on the date of the Transfer Notice. 
 10.3 Each Selling Shareholder shall effect its participation in the sale
by promptly delivering to the Company, upon the applicable closing, one or more certificates, which represent the type and number of Equity Securities which such Selling Shareholder elects to sell; provided that if the prospective purchaser
objects to the delivery of Ordinary Share Equivalents in lieu of Ordinary Shares, such Selling Shareholder shall only deliver Ordinary Shares (and therefore shall convert any such Ordinary Share Equivalents into Ordinary Shares) and certificates
corresponding to such Ordinary Shares, and the Company shall effect any such conversion concurrent with the actual transfer of such shares to the purchaser and contingent on such transfer. 

10.4 The share certificate or certificates that a Selling Shareholder delivers to the Company pursuant to this
Section 10 shall be cancelled in consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in the Transfer Notice, and the Transferor shall concurrently therewith remit to such Selling
Shareholder that portion of the sale proceeds to which the Selling Shareholder is entitled by reason of its participation in such sale. The Company shall update its register of members upon the consummation of any such Transfer. 

  

					
		  	33	  	Shareholders’ Agreement

 10.5 To the extent that any prospective purchaser prohibits the participation by a Selling
Shareholder exercising its co-sale rights hereunder in a proposed Transfer or otherwise refuses to purchase Equity Securities from a Selling Shareholder exercising its
co-sale rights hereunder, the Transferor shall not sell to such prospective purchaser any Equity Securities unless and until, simultaneously with such sale, the Transferor shall purchase from such Selling
Shareholder such Equity Securities that such Selling Shareholder would otherwise be entitled to sell to the prospective purchaser pursuant to its co-sale rights for the same or no less favorable consideration
and on the same or no less favorable terms and conditions as the proposed transfer described in the Transfer Notice. Each Selling Shareholder shall not be required to give any representations or warranties with respect to such proposed Transfer or
with respect to the Company, except for the ownership and title of such Selling Shareholder’s Equity Securities co-sold in such proposed Transfer. 

 

	11.	 Non-Exercise of Rights of First Refusal and Co-Sale. 

 11.1 If the Investors do not elect to purchase all of the Offered
Shares in accordance with Section 9, then, subject to the right of the Investors to exercise their rights to participate in the sale of Offered Shares within the time periods specified in
Section 10, the Transferor shall have a period of ninety (90) days from the expiration of the Option Period in which to sell the remaining Offered Shares that have not been taken up under
Section 9 and Section 10, to the transferee identified in the Transfer Notice upon terms and conditions (including the purchase price) no more favorable to the purchaser than those specified in the
Transfer Notice, so long as any such sale is effected in accordance with all applicable Laws. The Parties agree that each such transferee, prior to and as a condition to the consummation of any sale, shall execute and deliver to the Parties
documents and other instruments assuming the obligations of such Transferor under this Agreement and Memorandum and Articles, including a joinder deed in substantially the form attached hereto as Exhibit A to join in and be bound by the terms
of this Agreement as a holder of Ordinary Shares (if not already a Party hereto) upon the closing of such Transfer and a scanned copy of such joinder deed shall be promptly delivered to each of the Investors, and the transfer shall not be effective
and shall not be recognized by any Party until such documents and instruments are so executed and delivered. 
 11.2 In the event the
Transferor does not consummate the sale of such Offered Shares to the transferee identified in the Transfer Notice within such ninety (90) day period, the rights of the Investors under Section 9 and
Section 10, respectively, shall be re-invoked and shall be applicable to each subsequent disposition of such Offered Shares by the Transferor until such rights terminate in accordance
with the terms of this Agreement. 
 11.3 The exercise or non-exercise of the rights of the
Investors under Section 9 and Section 10 to purchase Equity Securities from a Transferor or participate in the sale of Equity Securities by a Transferor (as the case may be) shall not
adversely affect their rights to make subsequent purchases from the Transferor of Equity Securities or subsequently participate in sales of Equity Securities by the Transferor hereunder. 

  

					
		  	34	  	Shareholders’ Agreement

	12.	 Limitations to Rights of First Refusal and Co-Sale.

 12.1 Subject to the requirements of applicable Law, the restrictions under
Section 8 and the right of first refusal and right of co-sale under Section 9 and Section 10 shall not apply to (a) any sale
of Equity Securities of the Company to the public pursuant to a Qualified IPO, (b) Transfer of any Equity Securities of the Company by a Principal or his Principal Holding Company to a company that is wholly owned by such Principal, and
(c) Transfer of any Equity Securities of the Company now or hereafter held by a Principal or his Principal Holding Company to such Principal’s parents, children, spouse, or to a trustee, executor, or other fiduciary for the benefit of such
Principal or such Principal’s parents, children, spouse for bona fide estate planning purposes (each such transferee pursuant to clause (b) or (c) above, a “Permitted Transferee”, and collectively, the “Permitted
Transferees”); provided, that (i) such Transfer is effected in compliance with all applicable Laws, including without limitation, the SAFE Rules and Regulations, (ii) with respect to any Transfer pursuant to clause
(c) above, the Principal has provided the Series A Majority and the Series B Majority reasonable evidence of the bona fide estate planning purposes for such Transfer and reasonable evidence of the satisfaction of all applicable filings or
registrations required by SAFE under the SAFE Rules and Regulations, (iii) such Transfer will not constitute a Share Sale or a Deemed Liquidation Event, and (iv) each such Permitted Transferee, prior to the completion of the Transfer,
shall have executed a joinder deed in substantially the form attached hereto as Exhibit A assuming the obligations of such Principal or Principal Holding Company under this Agreement as a Principal or Principal Holding Company, with respect
to the transferred Equity Securities and the scanned copy of such joinder deed shall be sent to each of the Investor upon such the closing of such Transfer; provided further, that the Transferor shall remain liable for any breach by such
Permitted Transferee of any provision under this Agreement, and if any Permitted Transferee in clause (c) or (d) above ceases to be a Permitted Transferee, he/she/it shall immediately Transfer all Equity Securities of the Company held by it to
the relevant Principal, Principal Holding Company or any other Permitted Transferee. 
  

	13.	 Prohibited Transfers. 

13.1 In the event the Transferor should sell any Equity Securities in contravention of the
co-sale rights of the Investors under Section 10 (a “Prohibited Transfer”), each Investor, in addition to such other remedies as may be available at law, in equity or
hereunder, shall have the put option provided below, and such Transferor shall be bound by the applicable provisions of such option. 
 (a)
Put Option. In the event of a Prohibited Transfer, each Investor shall have the right to sell to the Transferor the type and all or a portion of the number of Equity Securities equal to the number of Equity Securities such Investor would have
been entitled to transfer to the prospective purchaser under Section 10 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 Equity Securities are to be sold to the Transferor shall be equal to the price per
Offered Share that would have been paid by the prospective purchaser to such Investor and the Transferor in the Prohibited Transfer. The Transferor shall also reimburse each Investor for any and all reasonable and documented fees and expense,
including legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of such Investor’s rights under Sections 8 through 12. 

  

					
		  	35	  	Shareholders’ Agreement

 (ii) Within sixty (60) days after the later of the dates on which an Investor
(x) received notice of the Prohibited Transfer or (y) otherwise becomes aware of the Prohibited Transfer, such Investor shall, if exercising the option created hereby, deliver to the Transferor an instrument of transfer and either the
certificate or certificates representing Equity Securities to be sold under this Section 13 by such Investor, each certificate to be properly endorsed for transfer, or an affidavit of lost certificate. The Transferor shall,
immediately upon receipt of the foregoing, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, in cash by wire transfer of immediately available funds or by other means acceptable to such Investor. The Company
shall concurrently therewith record such transfer on its books and update its register of members and will promptly thereafter and in any event within five (5) days reissue certificates, as applicable, to the Transferor and such Investor
reflecting the Equity Securities held by them following giving effect to such transfer. 
 (b) Voidability of Prohibited Transfer.
Notwithstanding anything to the contrary contained herein and the rights afforded to the Investors in this Section 13, any attempt by a Transferor to transfer Equity Securities in violation of any of Sections 8,
9, 10, 11 and 12 shall be void, and the Company agrees it will not effect such a transfer nor will it treat any alleged transferee as the holder of such shares. 

 

	14.	 Lock-Up. 

In addition to but not in lieu of any other transfer restriction contained herein, each Principal and each Principal Holding Company agrees
that such Person will not during the period commencing on the date of the final prospectus relating to the first underwritten registered public offering of the Ordinary Shares (or any other Equity Securities of any Group Company) and ending on the
date specified by the Company and the managing underwriter (i) lend, offer, pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity Securities of the Company or any Principal Holding Company (other than those included in such offering) or (ii) enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of Equity Securities of the Company or other securities, in cash or otherwise. The underwriters in connection with such public offering are intended third party beneficiaries of this Section 14 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Principal and Principal Holding Company agrees to execute and deliver to the underwriters a lock-up
agreement containing substantially similar terms and conditions as those contained herein. 
  

	15.	 Drag-Along Rights. 

15.1 Drag-Along Obligations. At any time from the Series B1 Closing and prior to a Qualified IPO, if (i) the Series A
Majority, (ii) the Series B Majority and (iii) holders representing a majority of the Ordinary Shares (together as the “Drag Holders”) propose to enter into a transaction or a series of transactions that constitute a Share
Sale or a Deemed Liquidation Event (the “Drag-Along Sale”) with any Person (the “Offeror”), provided that such proposed Drag-Along Sale implies a sale price per Share no less than two (2) times the Series B1
Issue Price (as adjusted for share splits, share dividends, combinations, recapitalizations and similar events), the Drag Holders may, at their option, by delivery of a written notice (the “Drag-Along Notice”), require all of the
other Shareholders, including Principals and Principal Holding Companies, (the “Dragged Holders”) to, and whereupon each Dragged Holder shall: 

  

					
		  	36	  	Shareholders’ Agreement

 (a) sell, at the same time as the Drag Holders sell, to the Offeror, in the Drag-Along Sale, all
of its Equity Securities of the Company or the same percentage of its Equity Securities of the Company as the Drag Holders sell, upon substantially the same terms and conditions as were agreed to by the Drag Holders; provided, however, that such
terms and conditions, including with respect to price paid or received per Equity Security of the Company, may differ as between different classes of Equity Securities of the Company in accordance with their relative liquidation preferences as set
forth in the Memorandum and Articles and provided further that some Shareholders may be given the right or opportunity to exchange or roll a portion of their Equity Securities of the Company for Equity Securities of the acquirer or an Affiliate
thereof in the Drag-Along Sale, but in such event there shall be no obligation to afford such right or opportunity to all of the Shareholders (provided further that, if such right is given to any Shareholder, it shall also be offered to all the
Investors); 
 (b) vote all of its Equity Securities of the Company (a) in favor of such Drag-Along Sale, (b) against any other
consolidation, recapitalization, amalgamation, merger, sale of securities, sale of assets, business combination, or transaction that would interfere with, delay, restrict, or otherwise adversely affect such Drag-Along Sale, and (c) against any
action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the definitive agreement(s) related to such Drag-Along Sale or that could result in any of the
conditions to the closing obligations under such agreement(s) not being fulfilled, and, in connection therewith, to be present (in person or by proxy) at all relevant meetings of the Shareholders (or adjournments thereof) or to approve and execute
all relevant written consents in lieu of a meeting; 
 (c) not exercise any dissenters’ or appraisal rights under applicable Law with
respect to such Drag-Along Sale; 
 (d) take all necessary actions in connection with the consummation of such Drag-Along Sale as reasonably
requested by the Drag Holders, including the execution and delivery of any share transfer or other agreements prepared in connection with such Drag-Along Sale, and the delivery, at the closing of such Drag-Along Sale involving a sale of Shares, of
all certificates representing Shares held or controlled by such holder, duly endorsed for transfer or accompanied by a duly executed share transfer form, or affidavits and indemnity undertakings with respect to lost certificates; and 

(e) approve any restructuring of the Company in connection with such Drag-Along Sale, as and if reasonably requested by the Drag Holders. 

  

					
		  	37	  	Shareholders’ Agreement

 In any such Drag-Along Sale, (i) each such Dragged Holder shall make representations and
warranties regarding such holder’s title to and ownership of the Shares, due authorization, enforceability, no violation or breach of or default by such Dragged Holder under (with or without the giving of notice or the lapse of time or both)
any law or regulation applicable to such Dragged Holders or any material contract to which such Dragged Holder is a party or by which it is bound as a result of such Dragged Holder participating in the Drag-Along Sale, obtaining all requisite
Consents in connection with the Drag-Along Sale, to the extent that such Consents can be obtained without incurring significant expenses, (ii) each such Dragged Holder shall bear a proportionate share (based on the relative proceeds received in
such transaction) of the Drag Holder’s reasonable and documented fees and expenses incurred in the Drag-Along Sale transaction, including legal, accounting and investment banking fees and expenses, and if approved by such Dragged Holder, by
deducting such fees and expenses from the proceeds payable to such Dragged Holder, and (iii) each such Dragged Holder shall severally, not jointly, join on a pro rata basis (based upon the relative proceeds received in such transaction) in any
indemnification obligations of the Company that are part of the terms and conditions of such Drag-Along Sale (other than those that relate specifically to a particular holder, such as indemnification with respect to representations and warranties
given by such holder regarding such holder’s title to and ownership of the Shares, due authorization, enforceability, and no conflicts, which shall instead be given solely by such holder). In no event shall a holder of Preferred Shares be
required to (i) assume any obligations in connection with the Drag-Along Sale other than any customary obligations (which, for the avoidance of doubt, shall not include any non-compete provisions, non-solicitation provisions, exclusivity provisions or other restriction on the business of such holder of Preferred Shares or its Affiliates); or (ii) be liable for the inaccuracy of any representation,
warranty or covenant made by, or any obligation of, any other party to the Drag-Along Sale, other than the Company. 
 15.2 Other
Provisions. In the event that any Dragged Holder fails for any reason to take any of the foregoing actions under this Section 15 following the Drag-Along Notice, such holder hereby grants an irrevocable power of
attorney and proxy to any Director to take all necessary actions and execute and deliver all documents deemed by such Director to be reasonably necessary to effectuate the terms hereof. 

15.3 Distribution of Proceeds. The proceeds from any Drag-Along Sale shall be distributed in accordance with the terms of
Article 8.2(A) of the Memorandum and Articles. Each of the Shareholder hereby agrees and shall procure that the Offeror shall distribute the proceeds of such Drag-Along Sale to the Shareholders in accordance with this
Section 15.3. 
 15.4 Transfer Restrictions. None of the other transfer restrictions set forth
herein shall apply in connection with a Drag-Along Sale, notwithstanding anything contained to the contrary herein. 
  

	16.	 Information and Inspection Rights. 

16.1 Delivery of Financial Statements. The Group Companies shall deliver to each Information Rights Holder the following
documents or reports: 
 (a) within ninety (90) days after the end of each financial year of Jifen, a consolidated income statement and
statement of cash flows for Jifen for such financial year and a consolidated balance sheet for Jifen as of the end of the financial year, prepared in accordance with the applicable Accounting Standards consistently applied throughout the period and
audited and certified by the Auditor, and a management report including a comparison of the financial results of such financial year with the corresponding annual budget, all prepared in Chinese and in accordance with the Accounting Standards
applicable in PRC consistently applied throughout the period; and within ninety (90) days after the end of each financial year of the Company, a consolidated income statement and statement of cash flows for the Company for such financial year
and a consolidated balance sheet for the Company as of the end of the financial year, all prepared in accordance with applicable Accounting Standards consistently applied throughout the period and audited and certified by the Auditor; 

  

					
		  	38	  	Shareholders’ Agreement

 (b) within forty-five (45) days of the end of each of the first three fiscal quarters, an
unaudited consolidated income statement and statement of cash flows for such quarter and an unaudited consolidated balance sheet for each of the Company and Jifen as of the end of such quarter, and a comparison of the financial results of such
quarter with the corresponding quarterly budget, all prepared in accordance with the applicable Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and
except for the absence of notes), and certified by the chief executive officer or chief financial officer of the Company; 
 (c) within
thirty (30) days of the end of each month, an unaudited consolidated income statement and statement of cash flows for such month and an unaudited consolidated balance sheet for each of the Company and Jifen as of the end of such month, all
prepared in accordance with the applicable Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and except for the absence of notes), and certified by the
chief executive officer or chief financial officer of the Company; 
 (d) an annual budget and business plan no later than thirty
(30) days prior to the beginning of each financial year, setting forth: the projected income statements for each quarter during such financial year of each Group Company; projected detailed budgets for each such quarter; any dividend or
distribution projected to be declared or paid; the projected incurrence, assumption or refinancing of indebtedness; and all other material matters relating to the operation, development and business of the Group Companies; 

(e) the updated capitalization of the Company within thirty (30) days of any change to the capitalization of the Company; 

(f) copies of all documents or other information sent to any other Shareholders and any reports publicly filed by the Company with any
relevant securities exchange or Governmental Authority, no later than five (5) days after such documents or information are filed by the Company; 

(g) as soon as practicable, any other information reasonably requested by any such Information Rights Holder. 

16.2 Inspection Rights. The Group Companies and the Principals covenant and agree that each Information Rights Holder who
solely, or collectively with its Affiliates, hold(s) no less than three percent (3%) of the total issued Shares of the Company shall have the right, at its own expenses, to reasonably inspect facilities, properties, records and books of each Group
Company at any time during regular working hours on at least fourteen (14) days prior notice to such Group Company and the right to discuss the business, operation and conditions of a Group Company with any Group Company’s directors,
officers, employees, accounts, legal counsels and investment bankers. Each Information Rights Holder shall exercise the foregoing inspection rights no more than four (4) times a year. 

  

					
		  	39	  	Shareholders’ Agreement

	17.	 Election of Directors. 

17.1 Board of Directors and Observer. The Company shall have, and the Parties hereto agree to cause the Company to have, a Board
consisting of no more than seven (7) authorized directors with the composition of the Board determined as follows: (i) the holders of a majority of the outstanding Ordinary Shares (voting as a separate class) shall be exclusively entitled
to designate, appoint, remove, replace and reappoint at any time or from time to time five (5) directors on the Board (each an “Ordinary Director”), (ii) Chengwei shall be exclusively entitled to designate, appoint, remove,
replace and reappoint at any time or from time to time one (1) director on the Board (the “Series A Director”), and (iii) Tencent shall be exclusively entitled to designate, appoint, remove, replace and reappoint at
any time or from time to time one (1) director on the Board (the “Series B1 Director”). Any committee formed by the Board (except for any audit committee which will be formed upon the closing of an IPO) shall include at least
the Series A Director and the Series B1 Director. For the avoidance of doubt, if the holders of a majority of the outstanding Ordinary Shares (voting as a separate class) fail to appoint all of the five (5) Ordinary Directors, Mr. Tan
Siliang (谭思亮) as an Ordinary Director shall have such number of votes in addition to the one (1) vote
of Tan Siliang (谭思亮) as an Ordinary Director that is equal to five (5) less the number of
Ordinary Directors that have been appointed. Each of (w) the Series A1 Investor, (x) Redpoint, (y) People Better Limited and Shunwei Growth III Limited jointly upon the closing of their subscription of the Series B2 Preferred Shares and
(z) Long Range L.P. upon the closing of its subscription of the Series B2 Preferred Shares shall be entitled to appoint a representative (each, an “Observer”, and collectively, the “Observers”) to attend
meetings of the Board in a nonvoting observer capacity and the Company shall give such Observers copies of all notices, minutes, consents and other materials that it provides to its directors at the same time and in the same manner as provided to
such directors. 
 17.2 Voting Agreements. 

(a) With respect to each election of directors of the Board, each holder of voting securities of the Company shall vote at each meeting of
shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the case may be, all of such holder’s voting securities of the Company as may be necessary (i) to keep the
authorized size of the Board at seven (7) directors, (ii) to cause the election or re-election as members of the Board, and during such period to continue in office, each of the individuals designated
pursuant to Section 17.1, and (iii) against any nominees not designated pursuant to Section 17.1. 

(b) Any Director designated pursuant to Section 17.1 may be removed from the Board, either for or without cause,
only upon the vote or written consent of the Person or group of Persons then entitled to designate such Director pursuant to Section 17.1, and the Parties agree not to seek, vote for or otherwise effect the removal of any
such Director without such vote or written consent. Any Person or group of Persons then entitled to designate any individual to be elected as a Director on the Board shall have the exclusive right at any time or from time to time to remove any such
Director occupying such position and to fill any vacancy caused by the death, disability, retirement, resignation or removal of any Director occupying such position or any other vacancy therein, and each other Party agrees to cooperate with such
Person or group of Persons in connection with the exercise of such right. Each holder of voting securities of the Company agrees to always vote such holder’s respective voting securities of the Company at a meeting of the members of the Company
(or give written consents in lieu thereof) in support of the foregoing. 

  

					
		  	40	  	Shareholders’ Agreement

 17.3 Board Meeting; Quorum. Subject to the provisions of the Memorandum and
Articles, the Directors may regulate their proceedings as they think fit, provided however that the board meetings shall be held at least once every three (3) months unless the Board otherwise approves (so long as such approval includes the
approvals of the Series A Director and the Series B1 Director) and that a written notice of each meeting, agenda of the business to be transacted at the meeting and all documents and materials to be circulated at or presented to the meeting shall be
sent to all Directors entitled to receive notice of the meeting at least five (5) Business Days before the meeting and a copy of the minutes of the meeting shall be sent to such Persons. A meeting of the Board shall only proceed where there are
present (whether in person or by means of a conference telephone or another equipment which allows all participants in the meeting to speak to and hear each other simultaneously) a majority of the number of the Directors in office elected in
accordance with Section 17.1 that includes at least (i) one (1) Ordinary Director, (ii) the Series A Director and (iii) the Series B1 Director, and the Parties shall cause the foregoing to be the quorum
requirements for the Board. Notwithstanding the foregoing and subject to Section 18.2, if notice of the board meeting has been duly delivered to all directors of the Board prior to the scheduled meeting in accordance with
the notice procedures under the Charter Documents of the applicable Group Company, and the number of directors required to be present under this Section 17.3 for such meeting to proceed is not present within one half hour
from the time appointed for the meeting solely because of the absence of the Series A Director or the Series B1 Director, each holder of voting securities of the Company, or the applicable Group Company, as the case may be, shall procure that the
directors present at the meeting shall adjourn the meeting to the seventh (7th) following Business Day at the same time and place (or to such other time or such other place as the directors may
determine) with notice delivered to all directors three (3) Business Day prior to the adjourned meeting in accordance with the notice procedures under the Charter Documents of the applicable Group Company and, if at the adjourned meeting, the
number of directors required to be present under this Section 17.3 for such meeting to proceed is not present within one half hour from the time appointed for the meeting solely because of the absence of the same
Director who was absent at the initial board meeting, then the presence of such director shall not be required at such adjourned meeting solely for purpose of determining if a quorum has been established, provided that at such adjourned meeting the
business not included in the notice shall not be transacted. 
 17.4 Expenses. The Company will promptly pay or reimburse each
non-employee Board member for all reasonable out-of-pocket expenses incurred in connection with attending board or committee
meetings and otherwise performing their duties as directors and committee members. 
 17.5 Alternates. Subject to
applicable Law and this Agreement, each Director shall be entitled to appoint an alternate to serve at any Board meeting, and such alternate shall be permitted to attend all Board meetings and vote on behalf of the director for whom she or he is
serving as an alternate. 
 17.6 Subsidiary Board. Each holder of Preferred Shares shall have the right to: (a) require
that the size of the board of each Group Company (other than the Company) be of the same size as the Board and (b) to appoint a number of director(s) to the board of such Group Company equal to the number of director(s) it is entitled to
appoint to the Board. Such right shall also carry the right to remove or replace the director so nominated by such holder of Preferred Shares. Each Party shall cause its nominees on the board of directors of any Group Company (whether nominated
directly or through any Person) to vote in the manner duly determined by the Board and shall cause any director who fails to vote in such manner to be removed. 

17.7 Indemnification Agreement. The Company shall maintain a valid and binding Indemnification Agreement with respect to the
Series A Director and the Series B1 Director and directors nominated by Chengwei and Tencent on the boards of the other Group Companies as appointed from time to time in accordance with this Section 17. The Charter
Documents of the Company shall at all times provide that the Company shall indemnify such directors to the maximum extent permitted by applicable law. 

  

					
		  	41	  	Shareholders’ Agreement

	18.	 Protective Provisions. 

18.1 Acts of the Group Companies Requiring Approval of Series A Majority and Series B Majority. Regardless of anything
else contained herein or in the Charter Documents of any Group Company, no Group Company shall take, permit to occur, approve, authorize, or agree or commit to do any of the following, and each Party shall procure each Group Company not to, and the
Shareholders of the Company shall procure the Company not to, take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a series of related transactions, whether directly or
indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved in writing by the Series A Majority and the Series B Majority: 

(a) any amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, any series
of Preferred Shares (including without limitation the change of the size or composition of the Board or the board of directors of any other Group Company); 

(b) any action that creates, authorizes the creation of or issues any Equity Security or other security convertible into or exercisable for
any Equity Security, or change the authorized number of shares of any series of Preferred Shares or Ordinary Shares or any reorganization or restructuring of its share capital (other than the Restructuring); provided that in case that the Company
proposes a Qualified IPO, the holders of Preferred Shares or their Directors (if applicable) shall not unreasonably disapprove the proposal relating to such Qualified IPO. 

(c) any purchase, repurchase, redemption or retirement of any Equity Securities, other than repurchases pursuant to share restriction
agreements approved by the Board upon termination of a Director, employee or consultant; 
 (d) any amendment or modification to or waiver
under any of the Charter Documents in a manner adverse to any series of Preferred Shares; 
 (e) any declaration, set aside or payment of a
dividend or other distribution, or the adoption of, or any change to, the dividend policy; 
 (f) (i) any amendment of the maximum number of
Equity Securities that may be granted under the Current ESOP; and (ii) the adoption, amendment or termination of any equity incentive, purchase or participation plan for the benefit of employees, officers, directors, contractors, advisors or
consultants other than the Current ESOP (each such plan, a “New ESOP”); 
 (g) (i) any transaction(s) with any Related
Party (other than the Principals and their respective Associates and Tencent and its Affiliates), either individually or together with any other transactions with such party, having an aggregate transaction value exceeding US$3,000,000 in any
financial year, (ii) any transactions with any Related Party (other than the Principals and their Associates) that are on terms that are less favorable than arm’s length terms for the relevant Group Company; and (iii) any transactions
with a Principal or its Associate; 

  

					
		  	42	  	Shareholders’ Agreement

 (h) the commencement of or consent to any proceeding seeking (i) to adjudicate it as
bankrupt or insolvent, (ii) liquidation, winding up, dissolution, reorganization, or other arrangement under law relating to bankruptcy, insolvency or reorganization or relief of debtors, or (iii) the entry of an order for relief or the
appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; 
 (i) any investment in,
or divestiture or sale of an interest in a Subsidiary, partnership or joint venture; 
 (j) any transaction or a series of transactions that
constitute a Share Sale or a Deemed Liquidation Event, provided that, for so long as Tencent together with its Affiliates hold more than 50% of the Series B1 Preferred Shares it acquired at the Series B1 Closing (as adjusted for share splits, share
dividends, combinations, recapitalizations and similar events), the transferee, target, offeror or other counterparty to the transaction(s) shall not be any of the Restricted Persons II without prior written consent of Tencent; 

(k) approval of, or any deviation from or amendment of, the annual budget or the business and financial plan; 

(l) incurrence of Indebtedness or guarantees of Indebtedness in excess of 10% of the net book value of the total assets of the Group as at the
end of the preceding financial year; 
 (m) any sale, transfer, or other disposal of, or the incurrence of any Lien on, any assets valued in
excess of 10% of the net book value of the total assets of the Group as at the end of the preceding financial year; 
 (n) any change in the
direct or indirect equity ownership of the Domestic Company or any amendment or modification to or waiver under any of the Control Documents; 

(o) any material change to the business scope or nature of business, or cessation of any business line (including entering into any business
not within the scope of the Business); or 
 (p) any action by a Group Company to authorize, approve or enter into any agreement or
obligation with respect to any of the actions listed above. 
 Notwithstanding anything to the contrary contained herein, where any act
listed in clauses (a) through (p) above requires the approval of the Shareholders of the Company in accordance with the applicable Laws, and if the Shareholders vote in favor of such act but the approval of the Series A Majority, the Series B
Majority or Tencent (as applicable) has not yet been obtained, then the Series A Majority, the Series B Majority or Tencent (as the case may be) shall, in such vote, have the voting rights equal to the aggregate voting power of all the Shareholders
who vote in favour of the resolution plus one. 
 18.2 Acts of the Group Companies Requiring Board Approval. Regardless of
anything else contained herein or in the Charter Documents of any Group Company, no Group Company shall take, permit to occur, approve, authorize, or agree or commit to do any of the following, and no Party shall permit any Group Company to, and the
Shareholders of the Company shall not permit the Company to, take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a series of related transactions, whether directly or
indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved by the Board (which approval must include the approvals of the Series A Director and the Series B1 Director): 

(a) incurrence of Indebtedness or guarantees of Indebtedness in excess of the lower of (i) US$3,000,000; (ii) 5% of the net book value of
the total assets of the Group as at the end of the preceding financial year in the aggregate during any financial year; 

  

					
		  	43	  	Shareholders’ Agreement

 (b) purchase or lease of any business and/or assets valued in excess of the lower of
(i) US$3,000,000; (ii) 5% of the net book value of the total assets of the Group as at the end of the preceding financial year in the aggregate during any financial year 

(c) any capital commitment or expenditure in excess of the lower of (i) US$3,000,000; (ii) 5% of the net book value of the total
assets of the Group as at the end of the preceding financial year; 
 (d) the investment in any other entity exceeding US$5,000,000
individually or US$10,000,000 in the aggregate during any financial year, or enter into any joint venture or partnership; 
 (e) appointment
or removal of any auditor, material change in accounting policies or change of financial year; or 
 (f) any action by a Group Company to
authorize, approve or enter into any agreement or obligation with respect to any of the actions listed above. 
  

	19.	 Additional Covenants. 

19.1 Business of the Group Companies. The business of each Group Company shall be restricted to the
Business, except with the approval of the Board and any required approvals under Section 18. 
 19.2
SAFE Registration. Each Principal and Ordinary Shareholder, where applicable, shall have complied with the registration requirements under Circular 37. As soon as practicable after the Series B1 Closing, each applicable Principal and any
other holder or beneficial owner of any Equity Security of a Group Company, who is a “Domestic Resident” as defined in Circular 37 and is subject to any of the registration or reporting requirements of Circular 37, shall, where applicable,
comply with all reporting and/or registration requirements (including filings of amendments to existing registrations) under Circular 37 and all applicable rules and regulations, and obtain an SAFE registration certificate with respect to his/her
interest in the Company in form and substance satisfactory to the Series A Investors, the Series A1 Investor and Tencent. 
 19.3
Control Documents. The Principals, the Principal Holding Companies, and the Group Companies shall ensure that each party to the relevant Control Documents fully perform its/his/her respective obligations thereunder and carry out the terms and
the intent thereof. If any of the Control Documents becomes illegal, void or unenforceable under PRC Laws after the date hereof, the Parties shall cooperate with each other in good faith and shall devise a feasible alternative legal structure
reasonably satisfactory to the Investors which gives effect to the intentions of the parties in each Control Document and the economic arrangement thereunder as closely as possible. 

  

					
		  	44	  	Shareholders’ Agreement

 19.4 Control of Subsidiaries. The Company shall institute and keep in place such
arrangements as are reasonably satisfactory to the Series A Majority and the Series B Majority such that the Company (i) will at all times Control the operations of each other Group Company, and (ii) will at all times be permitted to
properly consolidate the financial results for each other Group Company in the consolidated financial statements for the Company prepared under the Accounting Standards. 

19.5 Compliance with Laws; Registrations. 

(a) The Group Companies shall, and each Principal and the Principal Holding Company shall cause the Group Companies to, conduct their
respective business in compliance in all material respects with all applicable Laws, including but not limited to Laws regarding foreign investments, corporate registration and filing, import and export, customs administration, foreign exchange,
telecommunication and e-commerce, intellectual property rights, labor and social welfare, and taxation, and obtain, make and maintain in effect, all Consents from the relevant Governmental Authority or other
Person required in respect of the due and proper establishment and operations of each Group Company as now conducted in accordance with applicable Laws. Without limiting the generality of the foregoing, none of the Group Companies shall, and the
Parties (other than the Investors) shall cause each Group Company not to, and the Parties (other than the Investors) shall ensure that its and their respective Affiliates and its respective officers, directors, and representatives shall not,
directly or indirectly, (a) offer or give anything of value to any Public Official with the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such Person, assisting any Group Company in obtaining or
retaining business for, or with, or directing business to, any Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or retaining business, (b) take any other action, in each case, in
violation of the Foreign Corrupt Practices Act of the United States of America, as amended (as if it were a US Person), or any other applicable similar anti-corruption, recordkeeping and internal controls Laws, or (c) establish or maintain any
fund or assets in which any Group Company has proprietary rights that have not been recorded in its books and records of Group Company. 

(b) Without limiting the generality of the foregoing, each Principal, Principal Holding Company, and each Group Company shall ensure that all
filings and registrations with the PRC Governmental Authorities so required by them shall be duly completed in accordance with the relevant rules and regulations, including without limitation any such filings and registrations with the Ministry of
Commerce, the Ministry of Information Industry, the State Administration of Industry and Commerce, the State Administration for Foreign Exchange, tax bureau, customs authorities, product registration authorities, and the local counterpart of each of
the aforementioned governmental authorities, in each case, as applicable. 
 19.6 Current ESOP. Notwithstanding any
provisions provided herein, none of the transfer restrictions set forth in this Agreement shall apply in connection with any bona fide transfer or disposal of: (a) the 10,000,000 Ordinary Shares held by Qu Word Limited to the Persons who
are entitled to receive such Ordinary Shares pursuant to the 2017 ESOP and (b) the 2,964,141 Ordinary Shares reserved for the 2018 ESOP (as defined in Series B3 Share Purchase Agreement) on the date hereof to any Person, in each case, in
compliance with the Current ESOP except that the transferee shall not be one of the Restricted Persons I or the Restricted Persons II without the prior written consent of Tencent. 

  

					
		  	45	  	Shareholders’ Agreement

 19.7 Intellectual Property Protection. Except with the written consent of the
Series A Majority and the Series B Majority, the Group Companies shall take all reasonable steps to protect their respective material Intellectual Property rights, including without limitation, registering their material respective trademarks, brand
names, domain names and copyrights, and shall require each employee and consultant of each Group Company to enter into an employment agreement in form and substance reasonably acceptable to the Series A Majority and the Series B Majority, and a
confidential information and intellectual property assignment agreement and a non-competition and non-solicitation agreement requiring such persons to protect and keep
confidential such Group Company’s confidential information, intellectual property and trade secrets, prohibiting such persons from competing with such Group Company for a reasonable time after their termination of employment with any Group
Company, and requiring such persons to assign all ownership rights in their work product to the relevant Group Company, in each case in form and substance reasonably acceptable to the Series A Majority and the Series B Majority. 

19.8 Non-compete. Unless the Series A Majority and the Series B Majority otherwise
consent in writing, each Principal (a) so long as such Principal is an employee of or a service provider to a Group Company, shall devote his full time and attention (if he is an employee) or reasonable time and attention (if he is a service
provider) to the business of the Group Companies and will use his best efforts to develop the business and interests of the Group Companies, unless an alternative arrangement is approved by the Series A Majority and the Series B Majority, and
(b) so long as such Principal is a director, officer, employee or a direct or indirect holder of Equity Securities of a Group Company and for two (2) years after such Principal is no longer a director, officer, employee, service provider
or a direct or indirect holder of Equity Securities of a Group Company, shall not, and shall cause his Affiliate or direct Associate not to, directly or indirectly, (i) own, manage, engage in, operate, control, work for, consult with, render
services for, do business with, maintain any interest in (proprietary, financial or otherwise) or participate in the ownership, management, operation or control of, any business, whether in corporate, proprietorship or partnership form or otherwise,
that competes with the businesses of the Group Companies, being the operation of mobile content aggregation platforms and any other major business operations any Group Company may engage in from time to time (a “Restricted
Business”); provided, however, that the restrictions contained in this clause (i) shall not apply to (X) such Principal’s investment in an investment fund managed by a professional management
company that is not a Related Party of any of the Principals while such Principal does not hold more than 20% equity in such investment fund or management company and is not a member of the investment committee of such investment fund or management
company, or (Y) such Principal’s passively owning, directly or indirectly, less than three percent (3%) of the outstanding share capital of any publicly traded company engaged in a Restricted Business or less than five (5)% of the
outstanding share capital of any private company engaged in a Restricted Business, in each case, so long as such Principal is not a director, officer, employee or service provider of such company or otherwise participating in the management of such
company’s business, (ii) solicit any Person who is or has been at any time a customer of the Group Companies for the purpose of offering to such customer goods or services similar to or competing with those offered by any Group Company, or
canvass or solicit any Person who is or has been at any time a supplier or licensor or customer of any Group Company for the purpose of inducing any such Person to terminate its business relationship with such Group Company, or (iii) solicit or
entice away or endeavor to solicit or entice away any director, officer, consultant or employee of any Group Company. The Principals expressly agree that the limitations set forth in this Section 19.8 are reasonably
tailored and reasonably necessary in light of the circumstances. Furthermore, if any provision of this Section is more restrictive than permitted by the Laws of any jurisdiction in which a Party seeks enforcement thereof, then this Section will be
enforced to the greatest extent permitted by Law. Each of the undertakings contained in this Section 19.8 shall be enforceable by each of the Group Companies and each Series A Investor, Series A1 Investor, Series B1
Investor, Series B2 Investor and Series B3 Investor separately and independently. For the avoidance of doubt, if the Group Companies enter into a new business that is approved in accordance with Section 18, and any
Principal has been engaged in such new business, such Principal shall duly and timely report to the Board regarding the affairs of such new business, such Principal may continue to engage in such new business and such engagement shall not be deemed
to be in breach of his non-compete obligations hereunder. 

  

					
		  	46	  	Shareholders’ Agreement

 19.9 No Avoidance; Voting Trust. Each of the Principals, the Principal
Holding Companies and the Group Companies will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be performed by it hereunder, and each of the foregoing Persons will at all times in good faith
assist and take action as appropriate in the carrying out of all of the provisions of this Agreement. Each holder of Shares agrees that it shall not enter into any other agreements or arrangements of any kind with respect to the voting of any Shares
or deposit any Shares in a voting trust or other similar arrangement. 
 19.10 Confidentiality. 

(a) The terms and conditions of the Transaction Documents (collectively, the “Confidential Information”), including their
existence, shall be considered confidential information and shall not be disclosed by any of the Parties to any other Person except that (i) each Party (other than the Investors), as appropriate, may disclose any of the Confidential Information
to its current or bona fide prospective investors, prospective permitted transferees, employees, investment bankers, lenders, accountants and attorneys, (ii) each Series A Investor and Series A1 Investor may disclose any of the Confidential
Information to its shareholders, direct or indirect partners, fund manager and Affiliates of the foregoing and the employees thereof; (iii) each Series B1 Investor, each Series B2 Investor and each Series B3 Investor may disclose any of the
Confidential Information to its current or bona fide prospective investors, its Affiliates and its and its Affiliates’ respective shareholders, partners, directors, employees or advisers (including without limitation bankers, consultants,
financial advisers, accountants, legal counsels or members of advisory boards), so long as, in each case of (i) to (iii) above, the recipients of the disclosure are receiving such disclosure on a need-to-know basis, have been informed of the confidential nature of the Confidential Information and are under appropriate nondisclosure obligations substantially similar to those set forth herein, and
(iv) if any Party is requested or becomes legally compelled (including without limitation, pursuant to securities Laws) to disclose the existence or content of any of the Confidential Information in contravention of the provisions of this
Section, such Party shall promptly provide the other Parties with written notice of that fact so that such other Parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion
of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. 

(b) The provisions of this Section shall replace and supersede the provisions of any separate nondisclosure agreement executed by any of the
Parties hereto with respect to the transactions contemplated hereby, including without limitation, any term sheet, letter of intent, memorandum of understanding or other similar agreement entered into by the Company and the Series A Investors, the
Company and the Series A1 Investor, the Company and Series B1 Investor, the Company and the Series B2 Investor(s) and the Company and the Series B3 Investor(s) in each case, in respect of the transactions contemplated hereby. 

  

					
		  	47	  	Shareholders’ Agreement

 19.11 Option to Purchase the Domestic Companies. 

(a) The Parties hereby acknowledge and agree that, as part of the consideration for the Investors’ investment in the Company and other
valuable consideration, the Company has the option, exercisable by the Company or any Subsidiary thereof at any time (provided that such purchase by the Company or such Subsidiary is permitted under the then applicable Laws of the PRC and the
exercise timing has been agreed by Mr. Tan Siliang (谭思亮)), to purchase the entire equity interest of
the Domestic Companies from the shareholders of Domestic Companies or require the shareholders of the Domestic Companies to transfer such equity interest to an Affiliate of the Company, in each case, at the lowest amount permitted under the Laws of
the PRC then applicable. The Parties further agree to effect such transfer of equity interest in the Domestic Companies with respect to the Series A Investors only upon receipt of the written request of the Series A Majority and with respect to the
Series B1 Investor, Series B2 Investors and Series B3 Investors the Series B Majority, provided that such transfer shall at the time of such request be permissible under the Laws of the PRC then applicable. 

(b) The Parties hereby acknowledge and agree that, as part of the consideration for the Investor’s investment in the Company and other
valuable consideration, each Investor has the option, exercisable by it at any time following the occurrence of any event, occurrence, fact, condition, change or development that, in the reasonable opinion of such Investor based on objective and
reasonable evidence, has had, or could reasonably be expected to have, a material adverse effect on the Captive Structure and/or the Control Documents, or that the Control Documents may no longer be valid, legal and enforceable, pursuant to
applicable Laws of the PRC (a “VIE Event”), to acquire, or designate an Affiliate incorporated under the Laws of the PRC to acquire, such equity interest in Jifen, whether through a subscription of the equity interest of Jifen or a
transfer by the then shareholders of their respective equity interest in Jifen, in each case, at the lowest price permitted under the Laws of the PRC, such that following such acquisition, the Investor’s equity interest in Jifen will be the
same as its then shareholding in the Company. Notwithstanding the foregoing, in the event the Series A Majority and the Series B Majority (on an as-converted basis calculated as a single class) approved an
alternative arrangement, plan or other solution in response to the foregoing VIE Event (the “Alternative Plan”), such that each Investor’s economic interests, shareholders rights and other rights, preferences and privileges
originally provided in the Company could be substantially realized to a reasonable extent under such Alternative Plan, such Investor shall provide cooperation in good faith with other Parties to effect the Alternative Plan in compliance with
applicable Laws. To the greatest extent permitted by applicable PRC Laws, the Principals, Principal Holdings Companies and the Group Companies agree to execute all necessary documents, make all necessary filings and take all other necessary actions
to give effect to this Section 19.11(b). 

  

					
		  	48	  	Shareholders’ Agreement

 19.12 Tencent’s Right to be a Shareholder of Domestic Entities. Tencent shall
have the right (such right, the “Equity Acquisition Right”) to acquire, at nominal value, a direct equity interest in the Domestic Company, Jifen, each wholly-owned subsidiary of the Company established in the PRC or VIE entity
established by the Company from time to time and each of their respective wholly-owned subsidiaries, such equity interest to be in proportion to Tencent’s shareholding interest in the Company (on a
non-diluted basis). Upon request by Tencent to the Company, the Company shall procure that the shareholder(s) of such entities transfer at nominal value, within 30 Business Days after Tencent’s request,
the relevant equity interest in such company to Tencent (or its designated Affiliate), provided that Tencent (or its designated Affiliate) enters into applicable control documents that are substantially similar to the Control Documents or control
documents then are entered into by the Company’s other nominee shareholders at such time. If Tencent exercises the Equity Acquisition Right, then each of the Series A Investors, Series A1 Investors, Series B2 Investors and Series B3 Investors
may also exercise the Equity Acquisition Right, provided that: (a) the equity interest that may be acquired by it shall be in proportion to its shareholding interest in the Company (on a non-diluted
basis) and (b) it shall also enter into applicable control documents described in the preceding sentence. 
 19.13 PFIC and
CFC. (i) Immediately after the Series B1 Closing, the Company will not be a CFC. The Company shall make due inquiry with its tax advisors on at least an annual basis regarding the Company’s status as a CFC and regarding whether any
portion of the Company’s income is “subpart F income” (as defined in Section 952 of the Code) (“Subpart F Income”). Each Series A Investor shall reasonably cooperate with the Company to provide information about
such Series A Investor and such Series A Investor’s Partners in order to enable the Company’s tax advisors to determine the status of such Series A Investor and/or any of such Series A Investor’s Partners as a “United States
Shareholder” within the meaning of Section 951(b) of the Code. No later than 60 days following the end of each Company taxable year, the Company shall provide the following information to the Investors: (i) the Company’s
capitalization table as of the end of the last day of such taxable year and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide the Investors with access to such other Company information as may be
necessary for the Investors to determine the Company’s status as a CFC and to determine whether Series A Investor or any of the Investor’s Partners is required to report its pro rata portion of the Company’s Subpart F Income on its
United States federal income tax return, or to allow such Investor or such Investor’s Partners to otherwise comply with applicable United States federal income tax laws. For purposes of the foregoing as well as the representations contained in
this Section 19.15, (i) the term “Investor’s Partners” shall mean each of the Investor’s partners and any direct or indirect equity owners of such partners, and (iii) the
“Company” shall mean the Company and any of the Group Companies. 
 (ii) The Company has never been, and, to the best of
its knowledge after consultation with its tax advisors, will not be with respect to its taxable year during which the Series B1 Closing occurs, a PFIC. The Company shall use its best efforts to avoid being a PFIC. In connection with a
“Qualified Electing Fund” election made by any of Series A Investor’s Partners pursuant to Section 1295 of the Code or a “Protective Statement” filed by any of Series A Investor’s Partners pursuant to Treasury
Regulation Section 1.1295-3, as amended (or any successor thereto), the Company shall provide annual financial information to the Investor in the form provided in the attached hereto as Exhibit
C (PFIC Exhibit) (or in such other form as may be required to reflect changes in applicable law) as soon as reasonably practicable following the end of each taxable year of the Company (but in no event later than 60 days following the end
of each such taxable year), and shall provide the Investor with access to such other Company information as may be required for purposes of filing U.S. federal income tax returns of Investor’s Partners in connection with any such Qualified
Electing Fund election or Protective Statement. 

  

					
		  	49	  	Shareholders’ Agreement

 (iii) The Company shall take such actions, including making an election to be treated as a
corporation or refraining from making an election to be treated as a partnership, as may be required to ensure that at all times the company is classified as corporation for United States federal income tax purposes so long as such actions do not
adversely affect the Investors. 
 (iv) The Company shall make due inquiry with its tax advisors (and shall cooperate with the
Investor’s tax advisors with respect to such inquiry) on at least an annual basis regarding whether the Investor’s or any Investor’s Partner’s direct or indirect interest in the Company is subject to the reporting requirements of
either or both of Sections 6038 and 6038B of the Code (and the Company shall duly inform the Investor of the results of such determination), and in the event that the Investor’s or any Investor’s Partner’s direct or indirect interest
in Company is determined by the Company’s tax advisors or the Investor’s tax advisors to be subject to the reporting requirements of either or both of Sections 6038 and 6038B Company agrees, upon a request from the Investor, to provide
such information to the Investor as may be necessary to fulfill the Investor’s or Investor’s Partner’s obligations thereunder. 

19.14 Anti-Dilution Rights for Series B Investor. If the Company proposes to adopt any New ESOP(s) after the Series B1 Closing,
the Series B2 Closing and the Series B3 Closing, and the aggregate number of Ordinary Shares reserved under any such New ESOP(s) is less than or equal to 10% of the Company’s share capital as at the Series B2 Closing on a fully diluted basis
(i.e. 6,859,869 Ordinary Shares, as appropriately adjusted for share splits, share dividends, combinations, recapitalizations and similar events after the B2 Closing) (the “10% ESOP Quota”), the Company shall issue to each Series B
Investor a number of additional Series B1 Preferred Shares Series B2 Preferred Shares or the Series B3 Preferred Shares (with respect to a Series B1 Investor, the Series B1 Preferred Shares; with respect to a Series B2 Investor, the Series B2
Preferred Shares; with respect to a Series B3 Investor, the Series B3 Preferred Shares) at a consideration equal to the par value of such shares at the same time as the reservation of shares for the New ESOP(s) to ensure that such Series B
Investor’s shareholding percentage only with respect to its applicable Series B1 Preferred Shares, Series B2 Preferred Shares or Series B3 Preferred Shares in the Company shall not be diluted by any such New ESOP(s) (“New ESOP
Anti-dilution Right”). For the avoidance of doubt, if the number of Ordinary Shares reserved under the New ESOP(s) cumulatively exceeds the 10% ESOP Quota, the Series B Investors shall not have any New ESOP Anti-dilution Right with respect
to the portion of Ordinary Shares reserved under the New ESOP(s) which exceeds the 10% ESOP Quota while each Series B Investor shall still be entitled to the New ESOP Anti-dilution Right with respect to the portion of Ordinary Shares reserved under
the New ESOP(s) up to the 10% ESOP Quota. For the avoidance of doubt, any grant or exercise of such New ESOP(s) shall follow the procedures specified in the ESOP plan. The New ESOP Anti-dilution Right shall expire upon the IPO of the Company. 

19.15 Put Right for Series B Investors. 

(a) If Mr. Tan commits any fraud or criminal acts, each Series B Investor shall have the right (the “Put Right”) to sell
to Mr. Tan and require Mr. Tan to purchase from such Series B Investor all or part of its Preferred Shares at the purchase price equal to the applicable Redemption Price (as defined in the Memorandum and Articles) per share (the
“Put Consideration”). 

  

					
		  	50	  	Shareholders’ Agreement

 (b) Each Series B Investor may exercise the Put Right by giving written notice to Mr. Tan
(“Put Notice”). The Put Notice shall include the number of Redeeming Preferred Shares that such Series B Investor intends to sell to Mr. Tan. 

(c) Mr. Tan shall pay such Series B Investor the Put Consideration for the number of Preferred Shares requested to be purchased in the
Put Notice in immediately available funds within thirty (30) days after delivery of the Put Notice 
 19.16 Coin
Offerings. Without the prior written approval of Tencent, the Series A Majority and the Series B Majority, no Group Company shall (a) sell, issue or distribute any Company-created digital tokens, coins or cryptocurrency (collectively,
“Tokens”) for fundraising purposes, whether through a Simple Agreement for Future Tokens or any other agreement, pre-sale, initial coin offering, token distribution event or crowdfunding; or
(b) develop any computer network either incorporating Tokens or permitting the generation of Tokens by network participants. 
  

	20.	 Miscellaneous. 

20.1 Termination. This Agreement shall terminate (i) against all Parties, upon the unanimous consent of all Parties hereto,
and (ii) against any one Party, if such Party ceases to own any Equity Securities of the Company. The provisions of Sections 7 through 19 (except for Section 14, Section 19.5 and
Section 19.10) shall terminate on the consummation of the Qualified IPO. If this Agreement terminates, the Parties shall be released from their obligations under this Agreement, except in respect of any obligation stated,
explicitly or otherwise, to continue to exist after the termination of this Agreement (including those under Sections 2 through 6 and Section 19.5, Section 19.10 and this
Section 20). If any Party breaches this Agreement before the termination of this Agreement, it shall not be released from its obligations arising from such breach notwithstanding the termination of this Agreement. 

20.2 [Intentionally Deleted] 

20.3 Further Assurances. Upon the terms and subject to the conditions herein, each of the Parties hereto agrees to use
its commercially reasonable efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things necessary, proper or
advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement. Each Principal irrevocably agrees to cause each Principal Holding Company to
perform and comply with all of its respective covenants and obligations under this Agreement. 
 20.4 Assignments and Transfers;
No Third Party Beneficiaries. Except as otherwise provided herein, 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 any Investor hereunder (including registration rights) are assignable (together with the related obligations) in connection with the transfer of Equity
Securities of the Company held by such Investor but only to the extent of such transfer in accordance with the provisions of this Agreement. This Agreement and the rights and obligations of each Party (other than the Investors) hereunder shall not
otherwise be assigned without the mutual written consent of the Investors, except as expressly provided herein. 

  

					
		  	51	  	Shareholders’ Agreement

 20.5 Governing Law. This Agreement shall be governed by and construed under the
Laws of Hong Kong, without regard to principles of conflict of laws thereunder. 
 20.6 Dispute Resolution. 

(a) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the
interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of the claimant to the dispute with notice (the “Arbitration Notice”) to the respondent(s) to the dispute. 

(b) The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be three
(3) arbitrators. The claimant(s) to the dispute shall jointly select one arbitrator and the respondent(s) to the dispute shall jointly select one arbitrator. All selections shall be made within 30 days after the selecting Party gives or
receives the demand for arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to
practice law in Hong Kong. 
 (c) The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict
with the provisions of this Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail. 

(d) Each party to the arbitration shall cooperate with each other parties to the arbitration in making full disclosure of and providing
complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

(e) The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of
competent jurisdiction for enforcement of such award. 
 (f) The arbitral tribunal shall decide any Dispute submitted by the parties to the
arbitration strictly in accordance with the substantive Laws of Hong Kong, without regard to principles of conflict of laws thereunder, and shall not apply any other substantive Law. 

(g) Any party to the Dispute shall be entitled to seek preliminary injunctive relief from any court of competent jurisdiction pending the
constitution of the arbitral tribunal. 
 (h) During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement
shall continue to be performed except with respect to the part in dispute and under adjudication. 

  

					
		  	52	  	Shareholders’ Agreement

 20.7 Notices. Any notice required or permitted pursuant to this Agreement shall be
given in writing and shall be given either personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address of
the relevant Party as shown on Schedule C (or at such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section). Where
a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly addressing,
pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the
notice, with a written confirmation of delivery, and to have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the letter containing the same is sent as
aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to
have been effected on the day the same is sent as aforesaid, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day. Notwithstanding the foregoing, to the extent a “with a copy
to” address is designated, notice must also be given to such address in the manner above for such notice, request, consent or other communication hereunder to be effective. 

20.8 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the
prevailing Party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

20.9 Rights Cumulative; Specific Performance. Each and all of the various rights, powers and remedies of a Party hereto
will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any
right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. Without limiting the foregoing, the Parties hereto acknowledge and agree irreparable harm may
occur for which money damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties
shall be entitled to injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement. 

20.10 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into
any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of
the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Memorandum and Articles, or elsewhere, as the case may be. 

20.11 Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any such applicable Law in any jurisdiction, it
shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity,
illegality, or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

  

					
		  	53	  	Shareholders’ Agreement

 20.12 Amendments and Waivers. Any provision in this Agreement may be amended and
the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only by the written consent of (i) the Company; (ii) (1) the Series A Majority (in connection with any reserved
matter approved in accordance with Section 18 in order to reflect the terms of the transaction contemplated under such approved reserved matter), or (2) the holders of a majority of the Series A Shares and the holders
of a majority of the Series A1 Shares (in any other cases than those provided in the foregoing item (1)); (iii) the Series B Majority, and (iv) holders of at least a majority of the Ordinary Shares held by all the Principals and the
Principal Holding Companies. Any amendment or waiver effected in accordance with this Section shall be binding upon all the Parties hereto. Notwithstanding the foregoing, no amendment may adversely affect any holder of an existing class of Preferred
Shares in a manner that is disproportionate to the other holders of the same class of Preferred Shares, unless otherwise consented by all holders of the relevant class of Preferred Shares; and any Party may waive its rights (but not obligations)
under any provision of this Agreement (either generally or in a particular instance and either retroactively or prospectively) by an instrument in writing signed by such Party without obtaining the consent of any other Party. 

20.13 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not
be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy hereunder at any one or more times be deemed a waiver or relinquishment
of such right, power or remedy at any other time or times. 
 20.14 Delays or Omissions. No delay or omission to exercise any
right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any
single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement,
or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. 

20.15 No Presumption. The Parties acknowledge that any applicable Law that would require interpretation of any claimed
ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden
of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
 20.16
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. Facsimile and
e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

  

					
		  	54	  	Shareholders’ Agreement

 20.17 Entire Agreement. This Agreement (including the Schedules
hereto) constitutes the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof, and supersedes all other agreements between or among any of the Parties with respect to the subject matter hereof,
including but not limited to the Series B1 Shareholders Agreement. 
 20.18 Control. In the event of any conflict
or inconsistency between any of the terms of this Agreement and any of the terms of any of the Charter Documents for any of the Group Companies (other than Article 28A of the Memorandum and Articles, which shall not be deemed to be a conflict
or inconsistency with this Agreement), or in the event of any dispute related to any such Charter Document, the terms of this Agreement shall prevail in all respects, the Parties shall give full effect to and act in accordance with the
provisions of this Agreement over the provisions of the Charter Documents, and the Parties hereto shall exercise all voting and other rights and powers (including to procure any required alteration to such Charter Documents to resolve such
conflict or inconsistency) to make the provisions of this Agreement effective, and not to take any actions that impair any provisions in this Agreement. 

20.19 Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a specific number of Shares of the
Company, then, upon the occurrence of any subdivision, combination or share dividend of the relevant class or series of the Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted, as
appropriate, to reflect the effect on the outstanding shares of such class or series of Shares by such subdivision, combination or share dividend. 

20.20 Grant of Proxy. Upon the failure of any Principal or Principal Holding Company to vote its Equity Securities of the
Company held thereby, to implement the provisions of and to achieve the purposes of this Agreement, such Principal or Principal Holding Company hereby grants to a Person designated by the Company a proxy, coupled with an interest in all Equity
Securities of the Company held by such Principal or Principal Holding Company, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this Section is amended to remove such grant of proxy in accordance with
Section 20.20 hereof, to vote all such Equity Securities to implement the provisions of and to achieve the purposes of this Agreement. 

20.21 Future Significant Holders. If so requested by the Board, the Company shall cause a future holder of more than one percent
(1%) of the Ordinary Shares or a future holder of Equity Securities (other than Preferred Shares) convertible, exchangeable or exercisable for more than one percent (1%) of the Ordinary Shares (in any case, as designated by the Series A Majority and
Series B Majority jointly) to enter into this Agreement and become subject to the terms and conditions hereof as a Principal. The Parties hereto hereby agree that such future holders shall become parties to this Agreement by executing a joinder deed
in substantially the form attached hereto as Exhibit A, without any amendment of this Agreement, or any consent or approval of any other Party, provided that the scanned copy of such joinder deed shall be sent to each of the Investor upon and
after its execution. 
 20.22 No Use of Name. 

(a) Notwithstanding anything to the contrary in this Agreement, without the prior written consent of any Investor, and whether or not
it or any Affiliate thereof is then a Shareholder of the Company, no Party (other than such Investor and its Affiliates) shall, or shall permit any Affiliate thereof to, use, publish or reproduce the name or logo of such Investor or any similar
name, trademark or logo in any manner, context or format (including references on or links to websites, in press releases, or in other public announcements); and 

  

					
		  	55	  	Shareholders’ Agreement

 (b) Without limiting the generality of the foregoing, without the prior written consent of
Tencent, and whether or not Tencent or any of its Affiliates is then a shareholder of the Company, none of the Parties shall, and each Party shall cause its Affiliates and the Group Companies not to: 

(i) use in advertising, publicity, announcements, or otherwise the name of “Tencent”, “腾讯”, “QQ”, “Wechat”,
“微信” or any Affiliate of Tencent, either alone or in combination thereof, including
“微信”, “wechat”, “RTX”, “腾讯企业邮EXMAIL.QQ.COM”,
“微信朋友圈”, “微信电视”,
“Tencent腾讯”, “QQ”, “imqq.com”, “QQ秀/QQSHOW”, “WWW.QQ.COM”,
“QQmusic/QQ音乐”,
“QQ空间”, “tencent image”, “小Q”, “QQ彩贝/彩贝联盟”, “小Q书桌”, “微云/腾讯微云”,
“QQ会员”,
“爱马哥”, “QQShowSHOW.QQ.COM”, “Q影”, “腾讯印象”, “同步助手”, “腾讯云”, “应用宝”, “财付通”, “QQ电脑管家”,
“腾讯手机管家”, “安全管家”,
“酷抠族COOL”,
“路宝/腾讯路宝
”, “QQ浏览器”, “微众”, “腾讯游戏/腾讯互动娱乐Tencent Interactive
Entertainment”, “洛克王国Roco Kingdom”, “斗战神ASURA”, “QQ炫舞”, “QQ西游QQXY.QQ.COM”, “QQ飞车”, “英雄杀YXS.QQ.COM”, “AI战士AI.QQ.COM”,
“功夫西游”,
“逆战NZ.QQ.COM”,
“QQ游戏QQGAME.QQ.COM”,
“Q游记”,
“功夫企鹅”,
“Q游记17Q.QQ.COM”,
“腾讯原创动漫AC.QQ.COM”, “趣西游”,
“众神争霸”,
“天天酷跑”,
“天天爱消除”, “天天连萌”,
“全民三国”,
“天天飞车”,
“腾讯文学Tencent Literature”, “腾讯网”, “FUN秀”, “小拇指”, “腾讯微漫画”,
“碰星球PUNG”,
“翻秀”,
“腾讯儿童DIY微漫画
”, “潮童范儿”,
“广点通”,
“微彩票518.qq.com”,
“QQ彩票888.QQ.COM”,
“腾讯微公益基金”, “新年新衣”,
“筑梦新乡村”, “米大师”, “铜关Tongguan”, “益行家”, “王者荣耀 “,
“腾讯地图”,
“天天快报”, “TIM”, “FOXMAIL”, “自选股”,
“疾风之刃”, “JOOX”, “VOOV”, “理财通”, “Ipick”, the associated devices and logos of the above brands, or any company name, trade
name, trademark, service mark, domain name, device, design, symbol or any abbreviation, contraction or simulation thereof owned or used by Tencent or any of its Affiliates; or 

(ii) represent, directly or indirectly, that any product or services provided by any Group Company or any of their respective Affiliates has
been approved or endorsed by Tencent or any of its Affiliates. 
 (iii) Without the prior written consent of People Better Limited
(“Xiaomi”) or any of its Affiliate (if applicable), and whether or not Xiaomi then holds any Shares of the Company, none of the Group Companies or any shareholders of the Group Companies shall, by itself or by instructing a third
party, use, publish or reproduce the name or logo of Xiaomi, including but not limited to “雷 军 ”, “小米”,
小米商城,小米网,红米,米兔,米, 米家, 小米生态链,MI, mi, Xiaomi, MIUI, MIJIA,

 or any other names, trademarks or logos that are registered under the name of Xiaomi or its Affiliates. 

20.23 Use of English Language. This Agreement has been executed and delivered in the English language. Any translation of this
Agreement into another language shall have no interpretive effect. All documents or notices to be delivered pursuant to or in connection with this Agreement shall be in the English language or, if any such document or notice is not in the English
language, accompanied by an English translation thereof, and the English language version of any such document or notice shall control for purposes thereof. 

  

					
		  	56	  	Shareholders’ Agreement

 20.24 Aggregation of Shares. All the Shares held by any Investor or its Affiliates
shall be aggregated for the purposes of determining the availability of any rights of such Investor under this Agreement. 
 20.25
Liability. 
 (a) The liabilities of the Investors (including their respective successors, permitted assigns and transferees) under this
Agreement shall be several, and not joint or joint and several. 
 (b) Notwithstanding any provision to the contrary in Section 7.7(iv)
(Indemnity) of the Series A Share Purchase Agreement, Section 7.7(iv) (Indemnity) of the Series A1 Share Purchase Agreement, Section 7.6(d) (Indemnity) of the Series B1 Share Purchase Agreement, Section 7.6(d)
(Indemnity) of the Series B2 Share Purchase Agreement or Section 7.6(d) (Indemnity) of the Series B3 Share Purchase Agreement, the aggregate indemnification liability of a Principal under Section 7.7 (Indemnity) of the
Series A Share Purchase Agreement, Section 7.7 (Indemnity) of the Series A1 Share Purchase Agreement, Section 7.6 (Indemnity) of the Series B1 Share Purchase Agreement, Section 7.6(d) (Indemnity) of the Series B2
Share Purchase Agreement or Section 7.6(d) (Indemnity) of the Series B3 Share Purchase Agreement with respect to any Investor seeking indemnification (including all of its relevant Indemnified Parties (as defined in the Series A Share
Purchase Agreement, the Series A1 Share Purchase Agreement, the Series B1 Share Purchase Agreement, the Series B2 Share Purchase Agreement and the Series B3 Share Purchase Agreement, as applicable)) shall be limited to an amount equal to: the fair
market value of all the Ordinary Shares then held by such Principal in the Company (through his Principal Holding Company), multiplied by a fraction, the numerator of which is the number of the applicable Preferred Shares then held by such Investor,
and the denominator of which is the aggregate number of issued and outstanding Preferred Shares then held by all the Investors seeking indemnification (in each case, on an as-converted basis), provided that
this Section 20.25(b) shall not apply if there is a Disqualifying Event (as defined in the Series B1 Share Purchase Agreement, the Series B2 Share Purchase Agreement and the Series B3 Share Purchase Agreement respectively). 

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

  

					
		  	57	  	Shareholders’ Agreement

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  
  

 

							
	GROUP COMPANIES: 	 	Qtech Ltd.
			
		 	By:	 	 /s/ Tan Siliang

		 		 	Name:  	 	Tan Siliang (谭思亮)
		 		 	Title:	 	Director

  

							
		 	InfoUniversal Limited
			
		 	By:	 	 /s/ Tan Siping

		 		 	Name:  	 	Tan Siping (谭思萍)
		 		 	Title:	 	Director

  

							
		 	上海趣蕴网络科技有限公司
			
		 	By:	 	 /s/ Li Lei

		 		 	Name:  	 	Li Lei (李磊)
		 		 	Title:	 	Legal Representative

  

							
		 	上海基分文化传播有限公司
			
		 	By:	 	 /s/ Chen Sihui

		 		 	Name:  	 	Chen Sihui (陈思晖)
		 		 	Title:	 	Legal Representative

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

									
	GROUP COMPANIES:	 		 	上海溪客信息技术服务有限公司
				
		 		 	By:	 	 /s/ Li Lei

		 		 		 	Name:  	 	Li Lei (李磊)
		 		 		 	Title:	 	Legal Representative

  

									
		 		 	上海推乐信息技术服务有限公司
				
		 		 	By:	 	 /s/ Chen Sihui

		 		 		 	Name:  	 	Chen Sihui (陈思晖)
		 		 		 	Title:	 	Legal Representative

  

									
		 		 	安徽掌端网络科技有限公司
				
		 		 	By:	 	 /s/ Li Lei

		 		 		 	Name:  	 	Li Lei (李磊)
		 		 		 	Title:	 	Legal Representative

  

									
		 		 	
北京趣看点网络科技有限公司

				
		 		 	By:	 	 /s/ Li Lei

		 		 		 	Name:  	 	Li Lei (李磊)
		 		 		 	Title:	 	Legal Representative

  

									
		 		 	上海点冠网络科技有限公司
				
		 		 	By:	 	 /s/ Liang Xiang

		 		 		 	Name:  	 	Liang Xiang (梁湘)
		 		 		 	Title:	 	Legal Representative

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

									
	PRINCIPALS:	 		 	Tan Siliang (谭思亮)
			
		 		 	 /s/ Tan Siliang

		 		 		 		 	
		 		 		 		 	
		 		 	  
 Li Lei
(李磊)

			
		 		 	 /s/ Li Lei

		 		 		 		 	
		 		 		 		 	

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

									
	PRINCIPAL COMPANIES:	 		 	Innotech Overseas Investment Ltd.
				
		 		 	By:	 	 /s/ Tan Siliang

		 		 		 	Name:  	 	Tan Siliang (谭思亮)
		 		 		 	Title:	 	Director

  

									
		 		 	Innotech Group Holdings Ltd.
				
		 		 	By:	 	 /s/ Tan Siliang

		 		 		 	Name:  	 	Tan Siliang (谭思亮)
		 		 		 	Title:	 	Director

  

									
		 		 	News Optimizer (BVI) Ltd.
				
		 		 	By:	 	 /s/ Li Lei

		 		 		 	Name:  	 	Li Lei (李磊)
		 		 		 	Title:	 	Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 SERIES A INVESTORS: 

 

									
		 		 	CW_toutiao Limited
				
		 		 	By:	 	 /s/ Aline Moulia

		 		 		 	Title: Authorized Signatory
		 		 		 	Name:    Aline Moulia

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 SERIES A INVESTORS: 

 

			
	xInternet Limited
		
	By:	 	 /s/ ANQI TONG

		 	Title: Authorized Signatory
		 	Name: ANQI TONG

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES A INVESTORS:	 		 		 	
		 	ACE Redpoint Ventures China I, L.P.
		
		 	 By: ACE Redpoint Ventures China I GP, L.P.,

its general partner

		
		 	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

			
		 	By:	 	 /s/ David Egglishaw

		 		 	Name: 	 	David Egglishaw
		 		 	Title:	 	Director

  

							
		 	ACE Redpoint Associates China I, L.P.
		
		 	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

			
		 	By:	 	 /s/ David Egglishaw

		 		 	Name: 	 	David Egglishaw
		 		 	Title:	 	Director

  

							
		 	ACE Redpoint China Strategic I, L.P.
		
		 	 By: ACE Redpoint Ventures China I GP, L.P.,

its general partner

		
		 	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

			
		 	By:	 	 /s/ David Egglishaw

		 		 	Name: 	 	David Egglishaw
		 		 	Title:	 	Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 SERIES A1 INVESTOR: 

 

			
	CMC Queen Holdings Limited
		
	By:	 	 /s/ Peter LI

		 	 Title: Authorized Signatory

Name:    Peter LI

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Morning Sea Limited
		
	By:	 	 /s/ Qi Yujie

		 	Title: Authorized Signatory
		 	Name: Qi Yujie

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Pebble Capital Management Limited
		
	By:	 	 /s/ Gao Rong

		 	Title: Authorized Signatory
		 	Name: Gao Rong

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Precious Lead Limited
		
	By:	 	 /s/ Jia Huili

		 	Title: Authorized Signatory
		 	Name: Jia Huili

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Double Excel Investment Limited
		
	By:	 	 /s/ Rose Jiang

		 	Title: Authorized Signatory
		 	Name: Rose Jiang

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	L&L LIMITED
		
	By:	 	 /s/ Li Jialin

		 	Title: Authorized Signatory
		 	Name: Li Jialin

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Eton International Investment Limited
		
	By:	 	 /s/ Weijun Hu

		 	Title:   Authorized Signatory
		 	Name: Weijun Hu

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	EASTWEST HOLDINGS GROUP CO., LTD.
		
	By:	 	 /s/ LING CHAO

		 	Title: Authorized Signatory
		 	Name: LING CHAO

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	ACE Redpoint Ventures China I, L.P.
	
	 By: ACE Redpoint Ventures China I GP, L.P.,

its general partner

	
	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ David Egglishaw

			
		 	Name: David Egglishaw
		 	Title:     Director

 
			
	
	ACE Redpoint Associates China I, L.P.
	
	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ David Egglishaw

			
		 	Name: David Egglishaw
		 	Title:     Director

 
			
	
	ACE Redpoint China Strategic I, L.P.
	
	 By: ACE Redpoint Ventures China I GP, L.P.,

its general partner

	
	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ David Egglishaw

			
		 	Name: David Egglishaw
		 	Title:     Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	SHANG QIANG LIMITED
		
	By:	 	 /s/ Xu Ivan

		 	Title: Authorized Signatory
		 	Name: Xu Ivan

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Advantage Ace Investment Limited
		
	By:	 	 /s/ Wong Kok Wai

		 	Title: Authorized Signatory
		 	Name: Wong Kok Wai

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Membrane Star LLC
		
	By:	 	 /s/ Gong Jie

		 	Title: Authorized Signatory
		 	Name: Gong Jie

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Qu World Limited
		
	 By:
	 	 /s/ CHEN You Rui

		 	 Title:     Authorised Signature(s)

Name:   CHEN You Rui

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 ORDINARY SHAREHOLDER: 

 

			
	Under Blinky Hold Limited
		
	 By:
	 	 /s/ Liu Wei

		 	 Title:     Authorized Signature(s)

Name:   Liu Wei

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 SERIES B1 INVESTOR: 

 

			
	Image Flag Investment (HK) Limited
		
	 By:
	 	 /s/ Ma Huateng

		 	 Title:     Director

Name:   Ma Huateng

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	 SERIES B2 INVESTOR:
  
	 		 	 Long Range L.P.
  

By its general partner, Green Vision Partners Limited

				
		 		 	 By:
	 	 /s/ Wong Kok Wai

		 		 		 	 Name:  Wong Kok Wai

Title:    Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B2 INVESTOR:	 		 	People Better Limited
				
		 		 	 By:
	 	 /s/ Chew Shouzi

		 		 		 	 Name: Chew Shouzi
 Title: Authorized
Signatory

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B2 INVESTOR:	 		 	Shunwei Growth III Limited
				
		 		 	 By:
	 	 /s/ Tuck Lye KOH

		 		 		 	 Name: Tuck Lye KOH
 Title:
Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B2 INVESTOR:	 		 	Shanghai ChuangVest Venture Investment Partnership (Limited Partnership) (上海创伴创业投资合伙企业(有限合伙))
				
		 		 	 By:
	 	 /s/ LU Yihao

		 		 		 	 Name: LU Yihao
 Title: Managing
Partner

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B2 INVESTOR:	 		 	Double Excel Investment Limited
				
		 		 	 By:
	 	 /s/ Rose Jiang

		 		 		 	 Name: Rose Jiang
 Title:
Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B2 INVESTOR:	 		 	Lighthouse Capital International Inc.
				
		 		 	 By:
	 	 /s/ Zheng Xuanle

		 		 		 	 Name: Zheng Xuanle
 Title: Authorized
Signature(s)

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B2 INVESTOR:	 		 	CMC Queen Holdings Limited
				
		 		 	 By:
	 	 /s/ Peter LI

		 		 		 	 Name: Peter LI
 Title: Authorized
Signatory

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 SERIES B2 INVESTOR: 

 

			
	ACE Redpoint Ventures China I, L.P.
	
	 By: ACE Redpoint Ventures China I GP, L.P.,

its general partner

	
	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ David Egglishaw

			
	Name: David Egglishaw
	Title: Director
	
	ACE Redpoint Associates China I, L.P.
	
	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ David Egglishaw

			
	Name: David Egglishaw
	Title: Director
	
	ACE Redpoint China Strategic I, L.P.
	
	 By: ACE Redpoint Ventures China I GP, L.P.,

its general partner

	
	 By: ACE Redpoint Ventures China I GP, Ltd.,

its general partner

 
			
		
	By:	 	 /s/ David Egglishaw

			
	Name: David Egglishaw
	Title: Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B3 INVESTOR:	 		 	Harvest Ceres Fund, LP
				
		 		 	By:	 	 /s/ Cho Xiaochuan

		 		 		 	Name: Cho Xiaochuan
		 		 		 	Title: Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B3 INVESTOR:	 		 	Hundreds TWC Fund Limited Partnership
				
		 		 	By:	 	 /s/ HE YANQING

		 		 		 	Name: HE YANQING
		 		 		 	Title: Director of Hundreds Capital, the General Partner of Hundreds TWC Fund Limited Partnership

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	SERIES B3 INVESTOR:	 		 	Vision Global Capital Limited
				
		 		 	By:	 	 /s/ ZHU DAPENG

		 		 		 	Name: ZHU DAPENG
		 		 		 	Title: Director

 [Signature Page to the Third Amended and Restated Shareholders Agreement] 

 SCHEDULE A 

List of Principals and Principal Holding Companies 
  

							
	 Principal
	  	 PRC ID Card

Number/Passport
 Number
	  	 Principal Holding

Company
	  	 Ownership Interest

Percentage Held by
 Principal in the
Principal
 Holding Company

	 Tan Siliang (谭思亮)
	  	[REDACTED]	  	 Innotech Overseas

Investment Ltd.
 Innotech Group

Holdings Ltd.
	  	100%
	 Li Lei (李磊)
	  	[REDACTED]	  	 News Optimizer

(BVI) Ltd.
	  	100%

  

					
		  	Schedule A	  	Shareholders’ Agreement

 SCHEDULE B 

Part A 
 List of Series A
Investors 
  

			
	 Name
	  	 Number of Preferred Shares Purchased

	 CW_toutiao Limited
	  	 3,071,428

Series A Preferred Shares

	 xInternet Limited
	  	 225,275

Series A Preferred Shares

	 ACE Redpoint Ventures China I, L.P.
	  	 1,539,560

Series A Preferred Shares

	 ACE Redpoint Associates China I, L.P.
	  	 87,363

Series A Preferred Shares

	 ACE Redpoint China Strategic I, L.P.
	  	 21,429

Series A Preferred Shares

 Part B 

List of Series A1 Investor 
  

			
	 Name
	  	 Number of Preferred Shares Purchased

	 CMC Queen Holdings Limited
	  	 1,373,626

Series A1 Preferred Shares

 Part C 

Series B1 Investor 
  

			
	 Name
	  	 Number of Preferred Shares Purchased

	 Image Flag Investment (HK) Limited
	  	 5,420,144

Series B1 Preferred Shares

  

					
		  	Schedule B	  	Shareholders’ Agreement

 Part D 

List of Series B2 Investors 
  

			
	 Name
	  	 Number of Preferred Shares Purchased

	 Long Range L.P.
	  	 1,371,974

Series B2 Preferred Shares

	 People Better Limited
	  	 342,993

Series B2 Preferred Shares

	 Shunwei Growth III Limited
	  	 342,993

Series B2 Preferred Shares

	 Shanghai Shanghai ChuangVest Venture Investment Partnership(Limited Partnership)(上海创伴创业投资合伙企业(有限合伙))
	  	 211,724

Series B2 Preferred Shares

	 Double Excel Investment Limited
	  	 716,145

Series B2 Preferred Shares

	 Lighthouse Capital International Inc.
	  	 127,035

Series B2 Preferred Shares

	 CMC Queen Holdings Limited
	  	 423,449

Series B2 Preferred Shares

	 ACE Redpoint Ventures China I, L.P.
	  	 335,693

Series B2 Preferred Shares

	 ACE Redpoint Associates China I, L.P.
	  	 19,049

Series B2 Preferred Shares

	 ACE Redpoint China Strategic I, L.P.
	  	 4,673

Series B2 Preferred Shares

 Part E 

List of Series B3 Investors 
  

			
	 Name
	  	 Number of Preferred Shares Purchased

	 Harvest Ceres Fund, LP
	  	 654,421

Series B3 Preferred Shares

	 Hundreds TWC Fund Limited Partnership
	  	 962,384

Series B3 Preferred Shares

	 Vision Global Capital Limited
	  	 134,734

Series B3 Preferred Shares

  

					
		  	Schedule B	  	Shareholders’ Agreement

 Part F 

List of Ordinary Shareholders 
  

			
	 Name
	  	 Number of Ordinary Shares

	 Morning Sea Limited
	  	 96,136

Ordinary Shares

	 Pebble Capital Management Limited
	  	 3,054,218

Ordinary Shares

	 Precious Lead Limited
	  	 563,187

Ordinary Shares

	 Double Excel Investment Limited
	  	 977,650

Ordinary Shares

	 L&L LIMITED
	  	 84,690

Ordinary Shares

	 Eton International Investment Limited
	  	 42,345

Ordinary Shares

	 EASTWEST HOLDINGS GROUP CO., LTD.
	  	 211,724

Ordinary Shares

	 ACE Redpoint Ventures China I, L.P.
	  	 46,881

Ordinary Shares

	 ACE Redpoint Associates China I, L.P.
	  	 2,660

Ordinary Shares

	 ACE Redpoint China Strategic I, L.P.
	  	 653

Ordinary Shares

	 SHANG QIANG LIMITED
	  	 211,724

Ordinary Shares

	 Advantage Ace Investment Limited
	  	 163,276

Ordinary Shares

	 Membrane Star LLC
	  	 296,414

Ordinary Shares

	 Qu World Limited
	  	 9,500,000

Ordinary Shares

	 Under Blinky Hold Limited
	  	 500,000

Ordinary Shares

  

					
		  	Schedule B	  	Shareholders’ Agreement

 SCHEDULE C 

ADDRESS FOR NOTICES 
 If to the Group
Companies: 
  

	 	Address:	
申江路5005弄星创科技广场
3号楼11层 

	 	Tel:	 [REDACTED] 

	 	Fax:	 N/A 

	 	Attention:	 Tan Siliang (谭思亮) 

Principals and Principal Holding Companies: 
  

	 	Address:	
申江路5005弄星创科技广场
3号楼11层 

	 	Tel:	 [REDACTED] 

	 	Fax:	 N/A 

	 	Attention:	 Tan Siliang (谭思亮) 

If to Chengwei: 
  

	 	Address:	 Lane 672, Changle Road, Suite 33C 

	 	    	 Shanghai 200040, P.R. China 

	 	Tel:	 [REDACTED] 

	 	Attention:	 Sha Ye 

If to xInternet Limited: 
  

	 	Address:	 Room 703, No. 988 Changping Road, Jingan District, Shanghai, China 

	 	Email:	 [REDACTED] 

	 	Attention:	 FENG Yinan 

If to Redpoint: 
  

	 	Address:	 1539 Nanjing Road West, Kerry Center, Tower 2, Suite 1801, Shanghai 

	 	Attn:	 Nancy Shi 

	 	Tel:	 [REDACTED] 

	 	Fax:	 [REDACTED] 

	 	Email:	 [REDACTED] 

If to CMC: 
  

	 	Address:	 Level 35, HKRI Taikoo Hui Center I, 288 Shimen Yi Road, Jing’an District, Shanghai 200041

	 	Attn:	 Peter Li 

	 	Tel:	 [REDACTED] 

	 	Fax:	 [REDACTED] 

	 	Email:	 [REDACTED] 

  

					
		  	Schedule C	  	Shareholders’ Agreement

 If to Tencent: 
  

			
		  	 c/o Tencent Holdings Limited
 29/F., Three
Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong
 Attention: Compliance and Transactions Department

E-mail: [REDACTED]

		
	 with a copy (which shall not
 constitute notice)
to:
	  	 Tencent Building, Kejizhongyi Avenue, Hi-tech Park, Nanshan District, Shenzhen, 518057,
P.R.China
 Attention: Mergers and Acquisitions Department
 E-mail: [REDACTED]

		
	 with a copy (which shall not
 constitute notice)
to:
	  	 Paul, Weiss, Rifkind, Wharton & Garrison LLP

12th Floor, The Hong Kong Club Building,
 3A Chater Road, Central,
Hong Kong
 Attention: Jeanette K. Chan, Esq.
 Fax No. (852)
2840-4300
 E-mail: [REDACTED]

 If to Long Range L.P.: 
  

	
	 Address:   Suites 1702-03, 17/F, One
Exchange Square, 8 Connaught Place, Central, Hong Kong
 Tel:     [REDACTED]

Fax:    [REDACTED]

Attention:  Director

	  
 If to People Better
Limited:

  

	
	
  
Address:    海淀区清河顺事嘉业创业园F栋1楼111

   Tel:      [REDACTED]

  Attention:   孙志超

 If to Shunwei Growth III Limited: 
  

	
	 Attention: MR. TUCK LYE KOH (许达来)

Address: Vistra Corporate Services Center, Wickhams Cay II, Road Town,

                   
     Tortola, VG 1110, British Virgin Islands
 Email: [REDACTED]

 
 With a copy to:

Attention: Mr. Tuck Lye Koh (许达来)

Address: Unit 1309A, 13/F, Cable TV Tower, No. 9 Hoi Shing Road, Tsuen

                   
     Wan, N.T., Hong Kong
 Email: [REDACTED]

Telephone: [REDACTED]

Fax: [REDACTED]

  

					
		  	Schedule C	  	Shareholders’ Agreement

 If to Shanghai CC: 
  

	
	 Address: Room 508, 98 Zhen Ning Road, Shanghai, PRC

Attention: Mont Gu (顾蒙特)

Tel: [REDACTED]

 If to Double Excel Investment Limited: 
  

	
	
Address:    上海市虹桥路2188
弄57号

Tel:      [REDACTED]

Attention:    蒋蔚婷 Jiang
Weiting

 If to Lighthouse Capital International Inc.: 
  

	
	
Address:    上海市银城中路
168号2605室

Tel:      [REDACTED]

Attention:    郑烜乐

  

	
	If to Harvest Ceres Fund, LP:

  

	
	
Address:    北京市东城区建国门北大街
8号华润大厦8层

Tel:      [REDACTED]

Fax:     N/A

Attention:    Ying Qin
(秦颖)

 If to Hundreds TWC Fund Limited Partnership: 
  

	
	
Address:    北京市朝阳区北辰东路
8号辰运大厦403

Tel:      [REDACTED]

Fax:     N/A

Attention:    Ben Yu 于奔

 If to Vision Global Capital Limited: 
  

	
	 Address:    Austin Road West, 67B Diamond Sky, The Cullinan, Kowloon, Hong
Kong.
 Tel:      [REDACTED]

Fax:     N/A

Attention:    Dapeng ZHU

 If to Ordinary Shareholder: 
  

	
	 Address:    申江路5005弄星创科技广场3号楼11层

Tel:      [REDACTED]

Fax:     N/A

Attention:    Tan Siliang
(谭思亮)

  

					
		  	Schedule C	  	Shareholders’ Agreement

 EXHIBIT A 

FORM OF JOINDER DEED 

This Joinder deed (“Joinder Deed”) is executed by the undersigned (the “Purchaser”) pursuant to the terms of
that certain Third Amended and Restated Shareholders’ Agreement dated on                     , 2018 (the “Agreement”) by and
among Qtech Ltd., a Cayman Islands exempted company (the “Company”) and certain of its shareholders and in consideration of the Shares (as defined below) acquired/subscribed by the Purchaser thereunder and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged. By the execution of this Joinder Deed, the Purchaser agrees as follows: 

1. Interpretation. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the
Agreement. 
 2. Acknowledgment. The Purchaser acknowledges that the Purchaser is acquiring/subscribing [number] [Series A
Preferred/Series A1 Preferred/Series B1 Preferred/Series B2 Preferred/Series B3 Preferred/Ordinary] Shares of the Company (the “Shares”) from [name of transferor/the Company], subject to the terms and conditions of the Agreement and
[certain transfer or subscription agreement]. 
 3. Agreement. Immediately upon the closing of the subscription/transfer of
the Shares, the Purchaser (i) agrees that the Shares acquired by the Purchaser shall be bound by and subject to the terms of the Agreement applicable to the Shares, and (ii) hereby adopts and accedes to the terms of, agrees to be bound by,
and assumes all rights and obligations under the terms and conditions of, the Agreement with the same force and effect as [a/an Principal/Principal Holding Company/Ordinary Shareholder/Series A Investor/Series A1 Investor/Series B1 Investor/Series
B2 Investor/Series B3 Investor]. 
 4. Governing Law. This Joinder Deed shall be governed by and construed in all respects in
accordance with the laws of the Hong Kong, without regard to principles of conflict of laws thereunder. 
 5. Notice. Any
notice required or permitted by the Agreement shall be given to the Purchaser at the address listed beside the Purchaser’s signature below. 

6. No Use of Name. Without limiting the generality of the provisions in Section 20.22 of the Agreement, without the
prior written consent of the Purchaser or any of its Affiliates if applicable, and whether or not Purchaser or any of its Affiliates is then a shareholder of the Company, no Party shall, nor shall any Party permit any of its Affiliates to: 

(i) use in advertising, publicity, announcements, or otherwise the name of [*] (the “Mark”), so long as the Mark is a
trademark registered under the name of the Purchaser or its Affiliate; or 
 (ii) represent, directly or indirectly, that any product or
services provided by any Group Company or any of their respective Affiliates has been approved or endorsed by the Purchaser or any of its Affiliates. 

  

					
		  	Exhibit A	  	Shareholders’ Agreement

 EXECUTED AS A DEED AND DATED this
             day of                     ,
            . 

  

					
		  	Exhibit A	  	Shareholders’ Agreement

 IN WITNESS WHEREOF, this Joinder has been executed as a deed on the date first above written. 

THE COMPANY 
  

					
	SIGNED, SEALED AND DELIVERED AS A DEED on behalf of QTECH LTD., a company incorporated in the Cayman Islands, by [                ],
being a Person who, in accordance with the Law of that place, is acting under the authority of the company in the presence of:	  	)
 )
 )

)
 )

)
 )

)
	  	  

	  
 Signature of witness
	  	)
 )
 )

)
	  	By executing this document the signatory warrants that the signatory is duly authorized to execute this document on behalf of Qtech Ltd.
	      

Name of witness (block letters)
	  	)
 )
 )

)
 )
	  	
	  
 Address of witness
	  	)
 )
 )

)
	  	

  

					
		  	Exhibit A	  	Shareholders’ Agreement

 IN WITNESS WHEREOF, this Joinder has been executed as a deed on the date first above written. 

THE NEW SHAREHOLDER 
  

							
	 SIGNED, SEALED AND DELIVERED AS A DEED on behalf of [NAME OF NEW SHAREHOLDER], a company incorporated in
the [jurisdiction of incorporation of the New Shareholder], by
  

being a Person who, in accordance with the law of that place, is acting under the authority of the company in the presence of:
	  	 
 
 

 

 

 

 

 

	)
 )
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
	 
  
  

 
  

 
  

 
  

 
  

 
  

 
	  	  
  

By executing this document the signatory warrants that the signatory is duly authorized to execute this document on behalf of [name of the New
Shareholder]

	  
 Signature of witness
	  	 
 
 
	)
 )
 )
	 
  
  
	  	
	  
 Name of witness (block letters)
	  	 
 
 

	)
 )
 )

)
	 
  
  

 
	  	
	  
 Address of witness
	  				  	

  

					
		  	Exhibit A	  	Shareholders’ Agreement

 EXHIBIT B 

Part I 
 LIST OF
RESTRICTED PERSONS I 

  

					
		  	Exhibit B	  	Shareholders’ Agreement

 Part II 

LIST OF RESTRICTED PERSONS II 

  

					
		  	Exhibit B	  	Shareholders’ Agreement

 EXHIBIT C 

PFIC Exhibit 
 Annual
Information Statement 
  

	(1)         	 This questionnaire applies to the taxable year of [Company] “Company” beginning on January 1,
20    , and ending on December 31, 20    . 

  

	(2)         	 PLEASE CHECK HERE IF 75% OR MORE OF THE COMPANY’S GROSS INCOME CONSTITUTES PASSIVE INCOME.

 Passive income: For purposes of this test, passive income includes: 

 

	 	•	 	 Dividends, interests, royalties, rents and annuities, excluding, however, rents and royalties which are received
from an unrelated party in connection with the active conduct of a trade or business. 

  

	 	•	 	 Net gains from the sale or exchange of property— 

 

	 	•	 	 which gives rise to dividends, interest, rents or annuities (excluding, however, property used in the conduct of
a banking, finance or similar business, or in the conduct of an insurance business); 

  

	 	•	 	 which is an interest in a trust, partnership, or REMIC; or 

 

	 	•	 	 which does not give rise to income. 

 

	 	•	 	 Net gains from transactions in commodities. 

 

	 	•	 	 Net foreign currency gains. 

 

	 	•	 	 Any income equivalent to interest. 

Look-through rule: if the Company owns, directly or indirectly, 25% of the stock by value of another corporation, the Company must take
into account its proportionate share of the income received by such other corporation. 
  

	(3)         	 PLEASE CHECK HERE IF THE AVERAGE FAIR MARKET VALUE DURING THE TAXABLE YEAR OF PASSIVE ASSETS HELD BY THE
COMPANY EQUALS 50% OR MORE OF THE AVERAGE FAIR MARKET VALUE OF ALL OF THE COMPANY’S ASSETS. 

 Note: This test
is applied on a gross basis; no liabilities are taken into account. 
 Passive Assets: For purposes of this test, “passive
assets” are those assets which generate (or are reasonably expected to generate) passive income (as defined above). Assets which generate partly passive and partly non-passive income are considered
passive assets to the extent of the relative proportion of passive income (compared to non-passive income) generated in a particular taxable year by such assets. Please note the following: 

  

					
		  	Exhibit C	  	Shareholders’ Agreement

	 	•	 	 A trade or service receivable is non-passive if it results from sales or
services provided in the ordinary course of business. 

  

	 	•	 	 Intangible assets that produce identifiable items of income, such as patents or licenses, are characterized in
terms of the type of income produced. 

  

	 	•	 	 Goodwill and going concern value must be identified to a specific income producing activity and are characterized
in accordance with the nature of that activity. 

  

	 	•	 	 Cash and other assets easily convertible into cash are passive assets, even when used as working capital.

  

	 	•	 	 Stock and securities (including tax-exempt securities) are passive
assets, unless held by a dealer as inventory. 

 Average value: For purposes of this test, “average fair market
value” equals the average quarterly fair market value of the assets for the relevant taxable year. 
 Look-through rule: if the
Company owns, directly or indirectly, 25% of the stock by value of another corporation, the Company must take into account its proportionate share of the passive assets of such other corporation. 

 

	(4)         	 PLEASE CHECK HERE IF (A) MORE THAN 50% OF THE COMPANY’S STOCK (BY VOTING POWER OR BY VALUE) IS OWNED
BY FIVE OR FEWER U.S. PERSONS OR ENTITIES AND (B) THE AVERAGE AGGREGATE ADJUSTED TAX BASES (AS DETERMINED UNDER U.S. TAX PRINCIPLES) DURING THE TAXABLE YEAR OF THE PASSIVE ASSETS HELD BY THE COMPANY EQUALS 50% OR MORE OF THE AVERAGE AGGREGATE
ADJUSTED TAX BASES OF ALL OF THE COMPANY’S ASSETS. 

 Average value: For purposes of this test, “average
aggregate adjusted tax bases” equals the average quarterly aggregate adjusted tax bases of the assets for the relevant taxable year. 

Look-through rule: if the Company owns, directly or indirectly, 25% of the stock by value of another corporation, the Company must take
into account its proportionate share of the passive assets of such other corporation 
  

	(5)	 [INVESTOR] HAS THE FOLLOWING PRO-RATA SHARE OF THE ORDINARY EARNINGS
AND NET CAPITAL GAIN OF THE COMPANY AS DETERMINED UNDER U.S. INCOME TAX PRINCIPLES FOR THE TAXABLE YEAR OF THE COMPANY: 

Ordinary Earnings:
                                        
(as determined under U.S. income tax principles) 
 Net Capital Gain:
                                        
(as determined under U.S. income tax principles) 

  

					
		  	Exhibit C	  	Shareholders’ Agreement

 Pro Rata Share: For purposes of the foregoing, the shareholder’s pro rata share
equals the amount that would have been distributed with respect to the shareholder’s stock if, on each day during the taxable year of the Company, the Company had distributed to each shareholder its pro rata share of that day’s ratable
share (determined by allocating to each day of the year, an equal amount of the Company’s aggregate ordinary earnings and aggregate net capital gain for such year) of the Company’s ordinary earnings and net capital gain for such year.
Determination of a shareholder’s pro rata share will require reference to the Company’s charter, certificate of incorporation, articles of association or other comparable governing document. 

 

	(6)	 The amount of cash and fair market value of other property distributed or deemed distributed by Company to
[Investor] during the taxable year specified in paragraph 1. is as follows: 

 Cash:
                                 

Fair Market Value of Property:
                                 

 

	(7)	 Company will permit [Investor] to inspect and copy Company’s permanent books of account, records, and such
other documents as may be maintained by Company that are necessary to establish that PFIC ordinary earnings and net capital gain, as provided in Section 1293(e) of the U.S. Internal Revenue Code of 1986, as amended (or any successor provision
thereto), are computed in accordance with U.S. income tax principles. 

  

					
		  	Exhibit C	  	Shareholders’ Agreement

  
  

 
  

THIRD AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

 
  

Dated April 27, 2018 
  

 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 1.    Definitions
	  	 	4	 
		
	 2.    Demand Registration
	  	 	14	 
		
	 3.    Piggyback Registrations
	  	 	18	 
		
	 4.    Registration Procedures
	  	 	19	 
		
	 5.    Registration-Related Indemnification
	  	 	22	 
		
	 6.    Additional Registration-Related Undertakings
	  	 	24	 
		
	 7.    Preemptive Right
	  	 	26	 
		
	 8.    Restriction on Transfers
	  	 	28	 
		
	 9.    Rights of First Refusal
	  	 	31	 
		
	 10.    Right of Co-Sale
	  	 	33	 
		
	 11.    Non-Exercise of Rights of
First Refusal and Co-Sale
	  	 	34	 
		
	 12.    Limitations to Rights of First Refusal and Co-Sale
	  	 	35	 
		
	 13.    Prohibited Transfers
	  	 	35	 
		
	 14.    Lock-Up
	  	 	36	 
		
	 15.    Drag-Along Rights
	  	 	36	 
		
	 16.    Information and Inspection Rights
	  	 	38	 
		
	 17.    Election of Directors
	  	 	40	 
		
	 18.    Protective Provisions
	  	 	42	 
		
	 19.    Additional Covenants
	  	 	44	 
		
	 20.    Miscellaneous
	  	 	51	 

 SCHEDULES 
  

	SCHEDULE A	 LIST OF PRINCIPALS AND PRINCIPAL HOLDING COMPANIES 

 

	SCHEDULE B	 PART A – LIST OF SERIES A INVESTORS 

 

	    	 PART B – LIST OF SERIES A1 INVESTOR 

 

	    	 PART C – LIST OF SERIES B1 INVESTOR 

 

	    	 PART D – LIST OF SERIES B2 INVESTORS 

 

	    	 PART E – LIST OF SERIES B3 INVESTORS 

 

	    	 PART F – LIST OF ORDINARY SHAREHOLDERS 

 

	SCHEDULE C	 ADDRESS FOR NOTICES 

EXHIBITS 

	EXHIBIT A	 FORM OF JOINDER DEED 

 

	EXHIBIT B	 PART 1 – LIST OF RESTRICTED PERSONS I – PART I 

 

	    	 PART 2 – LIST OF RESTRICTED PERSONS II 

 

	EXHIBIT C	 DISCLOSURE SCHEDULE

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