Document:

Document

Exhibit 10.24

FOURTH AMENDMENT
TO
CREDIT AND SECURITY AGREEMENT

This Amendment, entered into as of August 23, 2021, and effective as of November 1, 2021, is by and between RED IRON ACCEPTANCE, LLC, a Delaware limited liability company (“Borrower”), and TCF INVENTORY FINANCE, INC., a Minnesota corporation (“Lender”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as hereinafter defined).
RECITALS
A.Borrower and Lender are parties to a Credit and Security Agreement, dated as of August 12, 2009, as amended by a First Amendment to Credit and Security Agreement dated as of June 6, 2012, a Second Amendment to Credit and Security Agreement dated as of November 29, 2016, and a Third Amendment to Credit and Security Agreement dated as of December 20, 2019 (as so amended, the “Credit Agreement”).
B.The parties hereto have agreed to amend the Credit Agreement as provided herein.
NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENT
1.Amendments. The following definitions (i) with respect to terms not presently defined in Schedule 1.01 of the Credit Agreement, are hereby added in alphabetical order to Schedule 1.01 of the Credit Agreement, and (ii) with respect to terms presently defined in Schedule 1.01 of the Credit Agreement, amend and restate in their entirety the corresponding definitions in the Credit Agreement:
“LIBOR” shall mean the most recent 15 Business Day moving average of one-month interbank offered rates for dollar deposits in the London market, as reported to Lender by The Bloomberg Financial Markets, Commodities and News, a publicly available financial reporting service (“Bloomberg”). If LIBOR is less than zero, LIBOR shall be deemed to be zero. LIBOR for any calendar month will be based on the reported one-month LIBOR rate for the most recent 15 Business Days preceding the 25th day of the immediately preceding calendar month.
“SOFR Index” shall mean, for any calendar month, an annual rate equal to 1-Month Term SOFR plus 0.11448%. “1-Month Term SOFR” means, for any calendar month, the 1 Month CME Term SOFR Reference Rate published by CME Group Benchmark Administration Limited (or any successor administrator thereof) on the first day of such month (or, if not published on the first day of such month, the next date published). If 1-Month Term SOFR is less than zero, 1-Month Term SOFR shall be deemed to be zero. If TCFIF determines that 1-Month Term SOFR has ceased or will cease to be available, TCFIF will select a commercially reasonable replacement rate for use in the definition of SOFR Index.

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“TCFIF Rate” shall mean, for each month, an annual rate equal to the sum of (a) one-half percent (1/2%), plus (b) the weighted average of LIBOR and the SOFR Index, in each case, as such rate may be reduced pursuant to Section 2.01(c). The weighting of such average of LIBOR and the SOFR Index shall be determined by TCFIF each month so as to approximate the ratio of (i) the average outstanding principal balance owed to Borrower by dealers and distributors in such month bearing interest by reference to the London Interbank Offered Rate (or any similar rate), to (ii) the average outstanding principal balance owed to Borrower by dealers and distributors in such month bearing interest by reference to the SOFR Index or bearing interest at a fixed rate, all as determined by TCFIF. The determination of the TCFIF Rate by TCFIF from time to time shall be conclusive absent manifest error.
2.Representations and Warranties. Borrower certifies to Lender that the representations and warranties of Borrower in Section IV of the Credit Agreement are true and correct in all respects as of the date of this Amendment.
3.Affirmation of Credit Agreement; Further References. The parties hereto each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects, and all terms, conditions and provisions of the Credit Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement (including references in the Credit Agreement to the terms thereof) are hereby amended to refer to the Credit Agreement as amended through this Amendment.
4.Entire Agreement. This Amendment, on and after the date hereof, contains all of the understandings and agreements of whatsoever kind and nature existing among the parties hereto with respect to this Amendment, the subject matter hereof, and the rights, interests, understandings, agreements and obligations of the parties hereto pertaining to the subject matter hereof with the effect that this Amendment shall control with respect to the specific subjects hereof.
5.Counterparts. This Amendment, may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of the Amendment by facsimile transmission or by electronic mail in portable document format (.pdf) shall be as effective as delivery of a manually executed counterpart hereof.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.

RED IRON ACCEPTANCE, LLC
						
	By:	/s/ Zafar Farooq
	Name: Zafar Farooq
	Its: Manager

     
TCF INVENTORY FINANCE, INC.
						
	By:	/s/ Zafar Farooq
	Name: Zafar Farooq
	Its: Executive Vice President

Signature Page to Fourth Amendment to Credit and Security AgreementExhibit 10.1

 

SHARE AND ASSET
PURCHASE AGREEMENT

 

by and among

 

BEST INC.,

 

J&T GLOBAL EXPRESS
LIMITED

 

and

 

THE OTHER PARTIES
NAMED HEREIN

 

Dated as of October 29, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Section 1	Definitions
    and Interpretation	6
	1.1	Definitions	6
	1.2	Cross-Reference of Other
    Definitions	11
	1.3	Interpretation	13
	 	 	 
	Section 2	Transaction	14
	2.1	Share Transfer	14
	2.2	Intellectual Property Transfer
    and License	14
	2.3	Employee Matters	14
	2.4	Trademark License	16
	2.5	Purchase Price	16
	2.6	Application of Escrow Funds	16
	2.7	Performance and Discharge
    of Intercompany Loans	20
	2.8	Escrow Arrangement	21
	2.9	Payment Arrangement	21
	2.10	Locked Box Mechanism	23
	2.11	Closing	27
	2.12	Closing Documents Delivered
    by the Seller	28
	2.13	Closing Documents Delivered
    by the Buyer	29
	2.14	Corporate Change Registration	29
	2.15	Commencement of Rights
    and Obligations	29
	 	 	 
	Section 3	Representations and
    Warranties	29
	3.1	Representations and Warranties
    of the Seller Parties	29
	3.2	Representations and Warranties
    of Buyer Parties	43
	 	 	 
	Section 4	Pre-Closing Matters	45
	4.1	Conduct of Business	45
	4.2	Funds of the Buyer Parties	45
	4.3	Seller Transferred Funds	45
	4.4	Classification and Allocation
    of Leased Real Properties	46
	4.5	Anti-monopoly Review	47
	4.6	Reserved Matters	49
	4.7	Other Matters	49
	4.8	Timely Notification	50
	4.9	Further Actions	51
	4.10	Waiver of Claims	52
	 	 	 
	Section 5	Post-Closing Undertakings	52
	5.1	Post-Closing Undertakings
    of the Buyer Parties	52
	5.2	Post-Closing Undertakings
    of the Seller Parties	53

 

    2

     

    

 

	Section 6	Conditions
    Precedent	56
	6.1	Conditions to Obligations
    of the Buyer Parties	56
	6.2	Conditions to Obligations
    of the Seller Parties	58
	6.3	General Closing Conditions	59
	6.4	Conditions for Release
    of Initial Closing Purchase Price	59
	6.5	Conditions for Release
    of Second Closing Purchase Price	59
	 	 	 
	Section 7	Deposits	59
	7.1	Forfeiture of the Deposits	59
	7.2	Offset at Closing	60
	 	 	 
	Section 8	Termination	61
	8.1	Termination of Agreement	61
	8.2	Termination Fee and Liquidated
    Damages	61
	8.3	Termination Notice	62
	8.4	Effect of Termination	63
	 	 	 
	Section 9	Indemnification	63
	9.1	Survival	63
	9.2	Indemnification	64
	9.3	Special Indemnification	64
	9.4	Claim Notice	65
	9.5	Third Party Claims	65
	9.6	Sole and Exclusive Remedy	65
	 	 	 
	Section 10	Dispute Resolution	66
	10.1	Negotiation	66
	10.2	Arbitration	66
	10.3	Effect of Arbitration Award	66
	10.4	Arbitration Fee	66
	10.5	Continuing Rights and Obligations	66
	 	 	 
	Section 11	Miscellaneous	67
	11.1	Governing Law	67
	11.2	Effect	67
	11.3	Amendment	67
	11.4	Severability	67
	11.5	Language	67
	11.6	Non-Solicitation	67
	11.7	Confidentiality	68
	11.8	Waiver	69
	11.9	Assignment	70
	11.10	Binding Effect	70
	11.11	Entire Agreement	70
	11.12	Costs and Expenses	70

	11.13	Notice	70
	11.14	No Duplicate Claims	72
	11.15	Counterparts	72

 

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SCHEDULES AND EXHIBITS

 

Schedule
A List of Target Business 

Schedule
B Locked Box Financial Statements 

Schedule
C Permitted Leakage(s) 

Schedule
D Disclosure Letter 

Schedule
E Shareholding Relationship and VIE Structure among the Seller Parties and BEST Network 

Schedule
F List of Functional Real Properties 

Schedule
G List of BEST Joint Fleets 

Schedule
H List of Factoring Contracts 

Schedule
I Third Party Consents and Other Relevant Obligations Required of Group Companies 

Schedule
J List of Guarantee from Group Companies and Seller’s Guarantee 

 

Exhibit I
BEST Network Share Transfer Agreement 

Exhibit II
Debt Transfer Agreement 

Exhibit III
Agreement on Termination of BEST Network VIE Agreements 

Exhibit IV
Intellectual Property and Technology Transfer and License Agreement 

Exhibit V
Trademark License Agreement 

Exhibit VI
Anti-monopoly Declaration Materials 

Exhibit VII
Transition Services Agreement 

Exhibit VIII
Closing Handover Checklist

 

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THIS SHARE AND ASSET PURCHASE AGREEMENT (this
 “Agreement”), dated as of October 29, 2021, is made and entered into by and among:

 

		(1)	BEST Inc. (the “Seller”),
                                            a Cayman Islands company;

 

		(2)	J&T Global Express Limited (the “Buyer”),
                                            a Cayman Islands company;

 

		(3)	Hangzhou BEST Network Technologies Co., Ltd.
                                            (“BEST Network”), a limited liability company incorporated under the PRC
                                            Laws;

 

		(4)	Zhejiang BEST Technology Co., Ltd. (“BEST
                                            Technology”), a limited liability company incorporated under the PRC Laws;

 

		(5)	BEST Logistics Technologies (China) Co., Ltd.
                                            (“BEST China”, collectively with the Seller and BEST Technology,
                                            the “Seller Parties”), a limited liability company incorporated under
                                            the PRC Laws; and

 

		(6)	JITU Express Co., Ltd. (collectively
                                            with the Buyer, the “Buyer Parties”), a limited liability company
                                            incorporated under the PRC Laws.

 

The
parties hereto are referred to be individually as a “Party” or collectively as the “Parties”.

 

WHEREAS:

 

		(a)	The Seller is a company listed on
                                            the New York Stock Exchange (Stock Code: BEST) and a leading provider of smart supply chain
                                            solution and logistics services in the PRC which provides express, freight, warehousing
                                            and distribution supply chain management, international and cross-border E-commerce logistics
                                            and other services for customers through its technology platform and logistics service network;

 

		(b)	The
                                            Seller and BEST Technology, which is the Seller’s wholly-owned
                                            subsidiary, Control 100% of the shares in BEST Network by the BEST Network
                                            VIE Agreements, and the Seller through BEST Technology holds the technologies
                                            and intellectual properties required for it to conduct express business (including operations
                                            of Linli service stations (邻里驿站))
                                            in the PRC and through BEST Technology and another wholly-owned subsidiary,
                                            BEST China, employs employees dedicated to express business (including operations
                                            of Linli service stations) (the express business (including operations of Linli service stations)
                                            conducted by the Seller in the PRC with the aforesaid shares, assets and employees,
                                            as listed in Schedule A hereto, is referred to as the “Target Business”
                                            herein);

 

		(c)	The Buyer is an Internet express service
                                            provider which is engaged in express, freight, warehousing, supply chain and other business
                                            in the PRC;

 

		(d)	The Buyer intends to acquire from
                                            the Seller the shares, assets and employees dedicated to the Target Business
                                            (the “Transaction”);

 

		(e)	Upon the execution of this Agreement,
                                            the Buyer and the Seller enter into a Locked Box Integration Agreement (the
                                            “Locked Box Integration Agreement”);

 

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		(f)	On the Closing Date, the Buyer’s
                                            related parties, BEST Network and the Seller’s related parties will execute
                                            the BEST Network Share Transfer Agreement attached hereto as Exhibit I, the Debt
                                            Transfer Agreement attached hereto as Exhibit II, the Agreement on Termination
                                            of BEST Network VIE Agreements attached hereto as Exhibit III, the Intellectual
                                            Property and Technology Transfer and License Agreement attached hereto as Exhibit IV,
                                            the Trademark License Agreement attached hereto as Exhibit V and the Transition
                                            Services Agreement attached hereto as Exhibit VII.

 

NOW, THEREFORE, in consideration of the mutual
agreements and covenants contained herein and subject to the terms and conditions set out below, the Parties, intending to be
legally bound, hereby enter into the following agreement upon friendly negotiation:

 

Section 1     Definitions
and Interpretation

 

		1.1	Definitions

 

Unless otherwise specified herein,
the following terms shall have the following meanings:

 

“BEST Network VIE Agreements”
means the currently effective agreements executed by and among the Seller, BEST Network, BEST Technology and other
parties with a view to enabling the Seller to Control BEST Network and consolidate their financial statements, including
(i) the Loan Agreement between BEST Technology, Wei Chen and Lili He, dated October 12, 2011; (ii) the Loan Agreement
between BEST Technology and Hangzhou Ali Venture Capital Co., Ltd., dated February 15, 2015; (iii) the Amended
and Restated Exclusive Call Option Agreement among the Seller, Wei Chen, Lili He, Hangzhou Ali Venture Capital Co., Ltd.,
BEST Technology and BEST Network, dated June 21, 2017; (iv) the Amended and Restated Shareholders’ Voting
Rights Proxy Agreement among the Seller, Wei Chen, Lili He, Hangzhou Ali Venture Capital Co., Ltd., BEST Technology
and BEST Network, dated June 21, 2017; (v) the Amended and Restated Equity Pledge Agreement among Wei Chen, Lili He,
Hangzhou Ali Venture Capital Co., Ltd., BEST Technology and BEST Network, dated June 21, 2017; and (vi) the
Amended and Restated Exclusive Technical Services Agreement between BEST Network and BEST Technology, dated June 21,
2017.

 

“Real Property”
means land and buildings, as well as fixtures thereon and attachments thereto.

 

“Force Majeure”
means earthquakes, typhoons, floods and other natural disasters, wars or hostilities, acts of terrorism, epidemics (including the COVID-19
pandemic) or other objective circumstances the Parties hereto cannot foresee, avoid or overcome.

 

“Financial Statements”
means (i) the annual audited financial statements for 2019 and 2020, as well as the balance sheet, profit statement, cash flow statement
and account balance statement as of July 2021 of BEST Network; and (ii) the balance sheets and profit statements as
of December 2019, December 2020 and July 2021 of BEST Network’s related Subsidiaries, in each case
as furnished by the Seller to the Buyer via the Data Room for the purpose of the Transaction.

 

    6

     

    

 

“Representatives”
means, with respect to any Person, the agents, representatives, professional consultants (including but not limited to financial
advisors, legal counsels and accountants), managers, directors, supervisors or other employees of such Person.

 

“Laws” means all
laws, regulations, rules and normative documents, including decrees, statutes or other legislation and regulations, rules, treaties
or rulings, as well as listing rules and other rules of stock exchanges.

 

“Liabilities” means
the current obligations of an enterprise which arise out of previous transactions or matters and are expected to result in outflow of
the financial interests of such enterprise.

 

“Affiliate” of
a Person means (i) if such Person is not natural person, any other Persons directly or indirectly Controlling,
Controlled by, or under common Control with, such Person; or (ii) if such Person is natural person,
any Persons (other than natural persons) directly or indirectly Controlled by such Person, or any other natural
persons who are Family Members of such Person, or any Persons (other than natural persons) directly or indirectly
Controlled by such Person’s Family Members. For the avoidance of doubt, BEST Network shall be the Seller’s
Affiliate before the completion date of the Corporate Change Registration and the Buyer’s Affiliate
from the completion date of the Corporate Change Registration.

 

“Equity Securities”
means, with respect to any Person, the shares, stocks, equities, partnership interests, registered capital, interests in joint
venture or other ownership interests in such Person, as well as any options, warrants or other securities (whether or not issued
by such Person) which may be directly or indirectly converted into, exercised for acquisition of or exchanged for said interests.
For the purpose of this definition, the term “Person” does not include natural persons.

 

“Corporate Change Registration”
means the main registration (or recording) procedures to be completed by the Buyer and related Buyer Parties, the Seller
and BEST Network with the Administration for Industry and Commerce in connection with the Transaction, specifically
including: (i) releasing the current pledge of the shares in BEST Network; (ii) changing the shareholder of BEST
Network to JITU Express Co., Ltd., which will hold 100% of the shares in BEST Network; (iii) procuring that the
Administration for Industry and Commerce issues to BEST Network a changed business license reflecting that the legal representative
of BEST Network has been changed to a Person designated by the Buyer; (iv) procuring that the existing directors,
chairman, general manager and supervisors of BEST Network resign and that the Persons nominated by the Buyer are
appointed as new directors and supervisors of BEST Network; and (v) filing the amended articles of association of BEST
Network with the Administration for Industry and Commerce.

 

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“Administration for Industry
and Commerce” means the State Administration for Market Regulation (including the former State Administration for Industry
and Commerce) or local administrative departments for industry and commerce (or administrative departments for market regulation) which
is authorized to be responsible for the corporate registration of BEST Network under the PRC Laws.

 

“Business Day” means
all days other than Saturdays, Sundays or statutory holidays prescribed by the State Council of the PRC.

 

“Contingent Liabilities”
means the non-current obligations of an enterprise which arise out of previous transactions or matters (including contracts, agreements,
promises or commitments, etc.) and depending on the occurrence of certain matters in the future, would result in outflow of the
financial interests of such enterprise, though such result is uncertain.

 

“Group Companies”
means BEST Network and its Subsidiaries. For the avoidance of doubt, the Parties agree that Hangzhou BEST Linli
Business Management Consulting Co., Ltd. has been proposed to de-register and is not a Group Company defined herein.

 

“Guarantee from Group Companies”
means the amount of the guarantee provided by the Group Companies for the Liabilities and Contingent Liabilities
of the Seller and its Affiliates (other than any Group Company) as at the completion date of the Corporate Change
Registration. The Parties recognize that the amount of said guarantee provided by the Group Companies as at the date
hereof is set out in Part I of Schedule J hereto.

 

“Benchmark Date”
means the last day of the most recent calendar month prior to execution of this Agreement, which is September 30, 2021.

 

“Closing Conditions”
means conditions to obligations of the Buyer, conditions to obligations of the Seller and general conditions for Closing
set out in Clause 6.1 (Conditions to Obligations of the Buyer Parties), Clause 6.2 (Conditions to Obligations of the Seller Parties)
and Clause 6.3 (General Closing Conditions).

 

“Transaction Documents”
means the Locked Box Integration Agreement, as well as this Agreement and all exhibits hereto (including the BEST Network
Share Transfer Agreement, the Debt Transfer Agreement, the Agreement on Termination of BEST Network VIE Agreements, the Intellectual
Property and Technology Transfer and License Agreement, the Trademark License Agreement, the anti- monopoly declaration materials, the
Transition Services Agreement and the Closing Handover Checklist), as may be amended from time to time, including all schedules, appendices
and exhibits thereto and hereto. For the avoidance of doubt, notwithstanding anything contained herein to the contrary, no amendment
or addition hereafter made by the Seller and related Seller Parties to any schedule hereto according to the actual situation
shall be deemed to be a breach of any representation, warranty, covenant or any other obligation hereunder, provided, however, that such
amendment or addition shall have been truthfully provided to the Buyer Parties and agreed by the Buyer (the Buyer
shall not unreasonably withhold).

 

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“Control” (including
the terms “Controlling”, “Controlled” and “under common Control with”) means
(i) the ownership of more than 50% of the issued shares or other equities in or the registered capital of a Person; (ii) the
ownership of more than 50% of the voting rights in such Person or the holding of the capacity as voting proxy in relation to such
voting rights, or the possession of the power to appoint and remove more than half of the members of the board of directors or similar
governing body of such Person, or the possession of the power to intervene in the management or policies of such Person
by contractual arrangement or otherwise; or (iii) the possession of the power to appoint and remove the legal representative of
such Person. Reference to “Person” in this definition does not include natural persons.

 

“Seller’s Guarantee”
means the amount of the guarantee provided by the Seller and its Affiliates (other than any Group Company) for the
Liabilities and Contingent Liabilities of the Group Companies as at the completion date of the Corporate Change
Registration. The Parties recognize that the amount of said guarantee provided by the Seller and its Affiliates
as at the date hereof is set out in Part II of Schedule J hereto.

 

“Knowledge of the Seller Parties”
means the actual knowledge of the chairmen, chief executive officers, general managers, chief financial officers, financial directors
and legal directors of the Seller Parties about the particular circumstances hereunder, as well as the knowledge obtained by such
Persons about any facts after reasonable and prudent enquiry and investigation.

 

“Family Members”
means the spouse, children at or above the age of 18, parents and siblings of a natural person, as well as the spouses of his children
and siblings, the parents and siblings of his spouse, and the parents of his children’s spouses.

 

“Encumbrance” means
(i) any mortgage, pledge, lien or other priority or interests created for security purpose over, as well as any attachment, distress,
seizure or other enforcement actions or other kinds of restrictive conditions imposed in respect of a particular property (including
Equity Securities); and (ii) any claims attached to a particular property (including Equity Securities) which concern
the ownership, possession, use and transfer of, voting by reason of, or proceeds from such property.

 

“Person” means any
natural person, corporation, joint venture, firm, partnership, trust, unincorporated organization, Governmental Authority or other
Entity.

 

“RMB” means the
lawful currency of the PRC.

 

“Entity” means
all Persons other than natural persons.

 

“Tax” or “Taxation”
means all forms of taxes levied, imposed, charged, withheld or assessed by the Governmental Authorities in the PRC or in
any other jurisdictions with competent jurisdiction and fees related to any similar taxes, as well as any interest or fines related to
the aforesaid items.

 

    9

     

    

 

“Actions” means
any claims, suits, arbitration, demands, queries, proceedings or investigations initiated by any Governmental Authority or by
any Person before any Governmental Authority.

 

“Locked Box Financial Statements”
means the financial statements as of the Benchmark Date of BEST Network as set out in Schedule B hereto.

 

“Network Franchisee”
means a business partner which has entered into a separate express industry franchise contract, service agreement or other agreement
providing for the substantially similar service/function which covers its own business region with a Group Company and is under
the direct management of such Group Company and usually owns and operates a parcel collection and delivery outlet within the network
of such Group Company.

 

“Permits” means
any permits, consents, authorizations, confirmations, certificates or approvals issued by or registrations or filings made with any Governmental
Authority.

 

“Permitted Leakage”
means the payment arrangement(s) set out in Schedule C hereto.

 

“Operational Data”
means the historical operational data which relates to the logistics information of the Target Business and is accessible in the
production system.

 

“Material Adverse Effect”
means, in relation to the Seller, a material adverse effect on (a) the business, financial condition, assets or results of
operations of the Group Companies (as a whole) or (b) the execution or performance of this Agreement or the Transaction,
excluding any effect resulting from the followings: (i) any change in the PRC GAAP, US GAAP or any other generally accepted
accounting or audit principles or standards applicable to the Group Companies or their business; (ii) any change in the Laws
or of the regulatory environment affecting the Group Companies or the industry within which their business falls; (iii) any
widespread change affecting the whole industry which arises out of a change of economic environment, political environment or otherwise;
(iv) any Force Majeure; (v) any acts concerning the transaction contemplated hereunder; (vi) any actions or omissions
of the Buyer Parties or their Affiliates; and (vii) any actions or omissions agreed by the Buyer in writing,
provided, however, that in the case of (ii) and (iii) above, the degree of adverse effect on the Group Companies shall
not significantly exceed the degree of adverse effect on other enterprises engaged in the same industry.

 

“Governmental Decrees”
means all decrees, judgments, prohibitions, verdicts, provisions, decisions or rulings promulgated by Governmental Authorities.

 

“Governmental Authority”
means any government with competent jurisdiction or political subdivisions thereof, any department, agency or instrument of any of the
foregoing, any court or arbitral tribunal, as well as any stock exchange.

 

“Governmental Authorization”
means the approvals or consents obtained from, as well as registrations or filings made with applicable Governmental Authorities
in connection with the transactions contemplated under the Transaction Documents.

 

    10

     

    

 

“Intellectual Properties”
means all pending and registered intellectual properties, industrial properties or any types of similar rights, including (i) patents
and patent applications (including inventions, utilities and designs); (ii) trademark rights and trademark applications; (iii) copyrights,
including the copyrights of computer software, application programs, databases, codes, documentations and similar items; (iv) trade
secrets, technical secrets and know-how; (v) brand names and trade names; (vi) domain names and the main bodies thereof; and
(vii) all other intellectual properties protected by Laws.

 

“PRC” means the
People’s Republic of China (solely for the purpose of this Agreement, not including Hong Kong Special Administrative Region,
Macao Special Administrative Region or Taiwan).

 

“PRC GAAP” means
the accounting principles applied to enterprises in the PRC pursuant to the PRC Laws.

 

“Subsidiaries” of
a Person means any other Persons (other than natural persons) in respect of which such Person consolidates its own
financial statements with their financial statements pursuant to the applicable accounting principles.

 

“Data Room” means
the electronic data room to which the Seller grants the Buyer access through https://services.intralinks.com/web/index.html?clientID=1#workspace/11755975/documents
for the purpose of the Transaction and in which materials related to the Target Business is stored.

 

“Constitutional Documents”
means, with respect to a particular Person, the articles of association, business license, certificate of establishment, organization
or incorporation, limited partnership agreement, trust deed, trust instrument, joint venture agreement or other similar constitutional
and normative documents of such Person. Reference to “Person” in this definition does not include natural persons.

 

		1.2	Cross-Reference of Other Definitions

 

Each term listed below is defined in
the corresponding clause of this Agreement:

 

	Defined
    Terms	Clause
	 	 
	“Agreement”	Preamble
	“Seller”	Preamble
	“Buyer”	Preamble
	“BEST
    Network”	Preamble
	“BEST
    Technology”	Preamble
    
	“BEST
    China”	Preamble
	“Seller
    Parties”	Preamble
    
	“Buyer
    Parties”	Preamble
	“Party”	Preamble

 

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	“Parties”	Preamble
	“Target
    Business”	Recitals
	“Transaction”	Recitals
	“Locked
    Box Integration Agreement”	Recitals
	“BEST
    Network Shares”	Clause
    2.1
	“BEST
    Express Technologies and Intellectual Properties”	Clause
    2.2.1
	“BEST
    Express Shared Technologies and Intellectual Properties”	Clause
    2.2.2
	“BEST
    Express Employees”	Clause
    2.3.1
	“Base
    Purchase Value”	Clause
    2.5.1
	“Closing
    Purchase Price”	Clause
    2.5.2
	“Escrow
    Fund Account”	Clause
    2.6.1
	“Escrow
    Period”	Clause
    2.6.1
	“VAT
    Prepayment”	Clause
    2.6.1
	“Receivables
    on Benchmark Date”	Clause
    2.6.1
	“VAT
    Refund”	Clause
    2.6.2(i)
	“Bad
    Receivables on Benchmark Date”	Clause
    2.6.3(i)
	“Post-Closing
    Adjustment”	Clause
    2.6.5
	“BEST
    Network Loans”	Clause
    2.7.1
	“Outstanding
    Amount of BEST Network Affiliated Transactions”	Clause
    2.7.2
	“Assigned
    Claims”	Clause
    2.7.3
	“Escrow
    Agent”	Clause
    2.8.1
	“Escrow
    Account”	Clause
    2.8.1
	“Initial
    Deposit”	Clause
    2.9.1
	“Second
    Deposit”	Clause
    2.9.2
	“Deposit”	Clause
    2.9.2
	“Initial
    Closing Purchase Price”	Clause
    2.9.4
	“Completion
    Date of Bank Account Signatory Change”	Clause
    2.9.5
	“Second
    Closing Purchase Price”	Clause
    2.9.5
	“Integration
    Department”	Clause
    2.10.1(iii)
	“Recipients”	Clause
    2.10.2
	“Leakage”	Clause
    2.10.2(ix)
	“Leakage
    Amount”	Clause
    2.10.4
	“Leakage
    Claim”	Clause
    2.10.5
	“Specialist”	Clause
    2.10.7
	“Closing
    Date”	Clause
    2.11.1(ii)
	“Closing”	Clause
    2.11.1(ii)
	“Enforceability
    Exceptions”	Clause
    3.1.1(iii)
	“Assets”	Clause
    3.1.19
	“Material
    Agreements”	Clause
    3.1.20(i)
	“Leased
    Real Property”	Clause
    3.1.21(ii)
	“Seller
    Transferred Funds”	Clause
    4.3.1
	“Functional
    Real Property”	Clause
    4.4.1
	“Anti-monopoly
    Review Period”	Clause
    4.5.6
	“Long-Stop
    Date”	Clause
    4.9.2
	“BEST
    Joint Fleet”	Clause
    5.1.1
	“Cross-border
    Business”	Clause
    5.1.3

 

    12

     

    

 

	“Cainiao”	Clause
    6.1.8
	“Buyer
    Termination Fee”	Clause
    8.2.2(i)
	“Seller
    Termination Fee”	Clause
    8.2.3(ii)
	“Termination
    Fee”	Clause
    8.2.3(ii)
	“Fundamental
    Warranty”	Clause
    9.1.1(i)
	“Duration
    of Validity”	Clause
    9.1.1(ii)
	“Indemnifying
    Party”	Clause
    9.2.1
	“Indemnified
    Party”	Clause
    9.2.1
	“Loss”	Clause
    9.2.1
	“Third
    Party Claims”	Clause
    9.5.1
	“Dispute”	Clause
    10.1.1
	“Arbitration
    Institution”	Clause
    10.2.1
	“Core
    Employee”	Clause
    11.6.1(i)
	“Confidential
    Information”	Clause
    11.7.1(iv)
	“Short
    Form Agreements”	Clause
    11.11.3

 

		1.3	Interpretation

 

		1.3.1	Reference

 

Unless the context otherwise indicates,
references to clauses and exhibits herein refer to the clauses of or exhibits to this Agreement. Reference to any document (including
this Agreement itself) herein refer to that document as amended, consolidated, supplemented, novated or replaced from time to
time.

 

		1.3.2	“directly or indirectly”

 

The expression “directly or indirectly”
means “directly or indirectly through one or more intermediaries or by deed or other lawful arrangements”, and the expression
 “direct or indirect” shall be construed accordingly.

 

		1.3.3	Headings

 

Headings in this Agreement are
for convenience only and shall not affect the interpretation or construction of the terms hereof.

 

		1.3.4	“including, without limitation”

 

The words “include”, “includes”,
 “including”, and other words of similar import are no expressions of limitation and shall be construed as if followed by
the words “without limitation”.

 

		1.3.5	Time

 

If a given period of time is expressed
to commence from a particular date or from the date of occurrence of a particular act or event, then such period of time shall be exclusive
of said date. If a matter is required to be done on or no later than a date which is not Business Day, then it must be done on
or prior to the Business Day immediately following such date. Reference to a day and date herein means the corresponding date
in the PRC (unless otherwise stated).

 

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		1.3.6	“in writing” or “written”

 

References to “in writing”
or “written” herein shall include all means intended for reproducing words in a readable and storable form, including letter,
e-mail and facsimile.

 

Section 2     Transaction

 

		2.1	Share Transfer

 

Subject to the terms and conditions
of the Transaction Documents, the Seller and related Seller Parties agree to sell, and the Buyer and related
Buyer Parties agree to purchase, 100% of the shares in BEST Network (corresponding to the registered capital of RMB13,779,800
of BEST Network, the “BEST Network Shares”) on the specific terms set out in Exhibit I hereto.

 

		2.2	Intellectual Property Transfer and
                                            License

 

		2.2.1	Subject to the terms and conditions
                                            of the Transaction Documents, the Seller and related Seller Parties
                                            agree to sell and license, and the Buyer and related Buyer Parties agree to
                                            purchase, all separate intellectual properties and technologies (collectively, “BEST
                                            Express Technologies and Intellectual Properties”) listed in Schedule A
                                            hereto.

 

		2.2.2	Subject to the terms and conditions
                                            of the Transaction Documents, the Seller and related Seller Parties
                                            shall grant one or more Entities designated by the Buyer a royalty-free license
                                            under each shared intellectual property and technology (collectively, “BEST Express
                                            Shared Technologies and Intellectual Properties”) listed in Schedule A hereto
                                            for their use in agreed term. Said license shall take effect concurrently with the transfer
                                            of BEST Express Technologies and Intellectual Properties. The Seller confirms
                                            and warrants that BEST Express Technologies and Intellectual Properties and BEST
                                            Express Shared Technologies and Intellectual Properties constitute all Intellectual
                                            Properties owned by the Seller and its Affiliates (other than any Group
                                            Company) which are necessary for their express business (including operations of Linli
                                            service stations).

 

		2.2.3	The specific terms of the aforesaid
                                            arrangements are set out in Exhibit IV hereto.

 

		2.3	Employee Matters

 

		2.3.1	The Buyer and related Buyer
                                            Parties agree to properly take over and place all employees (collectively, “BEST
                                            Express Employees”) employed by BEST Technology and BEST China for
                                            the conduct of express business, as listed in Part III of Schedule A hereto,
                                            provided, however, that BEST Network, as well as the Seller Parties shall cooperate
                                            with the Buyer Parties in completing the placement of BEST Express Employees
                                            by taking such acts and executing such documents as may be required for that purpose.

 

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		2.3.2	The Buyer shall procure that
                                            the Buyer Parties and BEST Network complete the placement of BEST Express
                                            Employees in accordance with the provisions of the applicable Laws and treat such
                                            employees equally in terms of wages, benefits, employee incentives, etc., including
                                            recognizing their previous length of service in BEST Technology or BEST China
                                            following the Closing.

 

		2.3.3	The Seller and related Seller
                                            Parties shall bear any and all costs, expenses or fees incurred in connection with the
                                            followings (for the avoidance of doubt, whether such costs, expenses or fees are incurred
                                            before or after the completion date of the Corporate Change Registration):

 

		(i)	termination or change of the stock incentive
                                            or option agreements with BEST Express Employees;

 

		(ii)	change of the employment agreements with
                                            BEST Express Employees before the completion date of the Corporate Change Registration;

 

		(iii)	any extra compensation payable to any
                                            BEST Express Employees which arise out of or result from the commitments made by the
                                            Seller Parties and their Affiliates to BEST Express Employees before
                                            the completion date of the Corporate Change Registration (unless such commitments
                                            have been made with prior written consent of the Buyer or other Buyer Parties);
                                            or

 

		(iv)	any claims, arbitration or litigation brought
                                            by any BEST Express Employee against the Group Companies, the Seller Parties
                                            or the Buyer Parties in respect of the Transaction before the completion
                                            date of the Corporate Change Registration, provided, however, that if any such claim,
                                            arbitration or litigation has been caused by any actual or attempted breach by the Buyer
                                            Parties of Clause 2.3.2, then the Buyer Parties shall be liable for all consequences,
                                            liabilities or obligations arising under such claim, arbitration or litigation.

 

		2.3.4	The Buyer and related Buyer
                                            Parties shall bear any and all costs, expenses or fees incurred in connection with the
                                            followings:

 

		(i)	change of the employment agreements with
                                            BEST Express Employees on or following the completion date of the Corporate Change
                                            Registration; or

 

		(ii)	any claims, arbitration or litigation brought
                                            by any BEST Express Employee against the Group Companies or the Buyer Parties
                                            in respect of the Transaction on or following the completion date of the Corporate
                                            Change Registration.

 

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		2.3.5	Without the Buyer’s prior
                                            written consent, neither BEST Technology nor BEST China shall terminate the
                                            employment agreement with the head of any Integration Department or with any BEST
                                            Express Employee at similar level following execution of this Agreement (except
                                            that BEST Technology or BEST China may terminate the employment relationship
                                            with any such employee pursuant to the provisions of the service or employment agreement
                                            with such employee or that such employee may voluntarily resign).

 

		2.4	Trademark License

 

Following the completion date of the
Corporate Change Registration, the Seller and related Seller Parties grants BEST Network and the Target
Business a royalty-free license under the trademark/brand “BEST Express” in the PRC on the specific terms set
out in Exhibit V hereto to continue to use it in a term mutually agreed upon by the Buyer and the Seller.

 

		2.5	Purchase Price

 

		2.5.1	Base Purchase Value

 

The purchase value of the Target Business
is RMB6,800,000,000 (“Base Purchase Value”).

 

		2.5.2	Closing Purchase Price

 

Subject to the provisions hereof, at
the Closing, the Buyer Parties shall deliver an aggregate amount (“Closing Purchase Price”) equal to:

 

		(i)	the Base Purchase Value, minus

 

		(ii)	the amount of assets/liabilities items
                                            agreed upon by the Buyer and the Seller as at the Benchmark Date in
                                            the Locked Box Financial Statements, which is RMB2,941,649,796 (which has excluded
                                            RMB950,000,000 of operating liabilities that the Buyer agrees to assume), minus

 

		(iii)	the Deposits, plus

 

		(iv)	the Seller Transferred Funds.

 

The amount of the Seller Transferred
Funds shall be determined in accordance with the mechanism described in Clause 4.3 (Seller Transferred Funds) prior to the
Closing.

 

		2.6	Application of Escrow Funds

 

		2.6.1	Overview

 

On or prior to the Closing Date,
the Buyer and the Seller shall open an account (“Escrow Fund Account”) with a bank jointly designated
by the Buyer and Seller, which shall be under the name of a Person designated by the Buyer and under the
joint control of the Buyer designated Person and the Seller designated Person, for the purposes of, within
24 months (“Escrow Period”) following the Closing, (i) holding the VAT prepayment of RMB200,000,000
(“VAT Prepayment”) for the Buyer; (ii) securing the recoverability of the accounts receivable and other
receivables (“Receivables on Benchmark Date”) of the Group Companies as at the Benchmark Date, totaling
RMB688,534,980.49; and (iii) securing the payment or discharge of the payment obligations incurred by the Seller’s
related Affiliates due to the guarantee obligations under any lease agreements executed by the Group Companies.

 

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		2.6.2	Application for and Payment of VAT
                                            Refund

 

		(i)	During the Escrow Period, the Buyer
                                            Parties shall use their commercially reasonable efforts to apply to and obtain approval
                                            from the relevant Governmental Authority for VAT refund (“VAT Refund”)
                                            in relation to the business operations of the Target Business before the Benchmark
                                            Date and shall receive such approved amount of VAT Refund.

 

		(ii)	In order to ensure that the Buyer
                                            and related Buyer Parties orderly and reasonably complete the procedures to receive
                                            the refund of any return period-end VAT overpayment not claimed by the Seller and
                                            related Seller Parties before the Benchmark Date:

 

		(a)	No later than five (5) Business
                                            Days prior to the end of the VAT return period in each month, the Buyer shall
                                            send a draft VAT return and the schedules thereto to a contact person designated by the Seller,
                                            who shall confirm such VAT return and the schedules thereto within two (2) Business
                                            Days following the receipt thereof (for the avoidance of doubt, the Buyer shall
                                            only be obliged to submit returns and the schedules thereto in respect of the value-added
                                            tax incurred in connection with the business operations of the Target Business before
                                            the Benchmark Date).

 

		(b)	Upon confirmation and approval by the
                                            contact person designated by the Seller, the Buyer and related Buyer Parties
                                            may submit said VAT return and the schedules thereto to the relevant Governmental
                                            Authority.

 

		(c)	For the avoidance of doubt, the contact
                                            person designated by the Seller shall be deemed to have confirmed said draft VAT return
                                            and the schedules thereto if he/she neither confirms nor raises any objection within said
                                            time period of two (2) Business Days.

 

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		2.6.3	Application of Funds in Escrow Fund
                                            Account

 

		(i)	If, during the Escrow Period: (A) the
                                            debtor of any Receivables on Benchmark Date is still in default on such Receivables
                                            on Benchmark Date when withdraws from the network or declares bankrupt; or (B) the
                                            debtor of such Receivables on Benchmark Date has no active business dealings with
                                            any of the Group Companies (including not depositing any funds into its account with
                                            any of the Group Companies) within six (6) months prior to the expiration of
                                            one year following the Benchmark Date and is still in default on such Receivables
                                            on Benchmark Date as at the expiration date of said time period of one year (such outstanding
                                            Receivables on Benchmark Date under the above (A) and (B) is referred to
                                            as “Bad Receivables on Benchmark Date”), then:

 

		(a)	the Buyer shall send a written
                                            notice of the particulars of such Receivables on Benchmark Date and provide relevant
                                            materials to the Seller, which, following the receipt of such written notice and materials,
                                            shall take all necessary measures to remediate or address the circumstance with necessary
                                            assistance from the Buyer and its related Affiliates; and

 

		(b)	if the Seller fails to resolve
                                            and recover such Bad Receivables on Benchmark Date within thirty (30) Business
                                            Days from the date of receipt of the Buyer’s written notice and the aggregate
                                            amount of such Bad Receivables on Benchmark Date exceeds the amount (i.e. RMB127,801,418.17)
                                            of the provisions for bad receivables set aside on the Benchmark Date, then the Seller
                                            shall pay a sum equal to the amount of the excess of such Bad Receivables on Benchmark
                                            Date over said provisions for bad receivables out of the funds in the Escrow Fund
                                            Account into an account designated by the Buyer until the VAT Prepayment
                                            in the Escrow Fund Account has been exhausted.

 

		(c)	In the circumstance described in Clause
                                            2.6.3(i)(b) above, the Buyer’s related parties shall enter into agreements
                                            on assignment of claims with the Seller’s related parties, whereby relevant
                                            Bad Receivables on Benchmark Date shall be freely assigned to the Seller’s
                                            related parties in whole so that the Seller’s related parties retain the right
                                            to continue to recover and pursue remedies in respect of such Bad Receivables on Benchmark
                                            Date.

 

		(d)	No Receivables on Benchmark Date
                                            which have become unrecoverable due to any acts (including terminating any franchisee partner)
                                            of the Buyer and its related Affiliates shall be debited to the Escrow Fund
                                            Account pursuant to this Clause 2.6.

 

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		(ii)	If, on the earlier of (x) the date
                                            when the Buyer releases the Seller’s related parties from all guarantee
                                            provided for the obligations of the Group Companies under any sortation center lease
                                            agreement and (y) the end date of the Escrow Period, any Group Company
                                            fails to perform the obligations under any sortation center lease agreement, as a result
                                            of which the Seller or its Affiliates (other than any Group Company)
                                            shall undertake payment obligations arising out of any guarantee obligations, then:

 

		(a)	the Seller shall send a written
                                            notice of the particulars of the payment obligations arising out of such guarantee obligations
                                            and provide relevant materials to the Buyer, which, following the receipt of such
                                            written notice and materials, shall take all necessary measures to remediate or address the
                                            circumstance with necessary assistance from the Seller and its related Affiliates;
                                            and

 

		(b)	if the Buyer fails to resolve and
                                            perform its obligations under the concerned lease agreement within thirty (30) Business
                                            Days from the date of receipt of the Seller’s written notice and the Seller
                                            or its Affiliates (other than any Group Company) have actually performed
                                            the payment obligations arising out of their corresponding guarantee obligations, then the
                                            Seller shall have the right to pay a sum equal to the amount of the payment obligations
                                            so incurred and performed out of the funds in the Escrow Fund Account into an account
                                            designated by the Seller until the VAT Prepayment in the Escrow Fund Account
                                            has been exhausted.

 

		(iii)	If, during the Escrow Period, the
                                            relevant Governmental Authority approves any VAT Refund, then once such VAT
                                            Refund has actually been received, the Buyer shall immediately notify the Seller
                                            and within ten (10) Business Days upon receipt of such VAT Refund,
                                            shall pay a sum equal to the amount of such VAT Refund out of the funds in the Escrow
                                            Fund Account into an account designated by the Seller.

 

		(iv)	If, as at the end of the Escrow Period,
                                            no VAT Refund has been approved or actually received, then the VAT Prepayment,
                                            as well as any other balance in the Escrow Fund Account shall be refunded to the Buyer’s
                                            account within ten (10) Business Days following the end of the Escrow Period.

 

		(v)	If there is still any balance in the Escrow
                                            Fund Account as at the end of the Escrow Period, then such balance shall be refunded
                                            to the Buyer’s account within ten (10) Business Days following the
                                            end of the Escrow Period.

 

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		2.6.4	If the aggregate amount of VAT Refund
                                            approved by the relevant Governmental Authority and actually received within the
                                            Escrow Period exceeds the difference of (i) the VAT Prepayment minus (ii) the
                                            accumulated amount of Bad Receivables on Benchmark Date (if any), neither the Buyer
                                            nor any related Buyer Parties shall be under obligation to pay the amount of any
                                            such excess to the Seller and related Seller Parties. For the avoidance of
                                            doubt, the interest and other proceeds derived from the funds in the Escrow Fund Account
                                            shall be vested in a Person designated by the Buyer.

 

		2.6.5	The accumulated amount of VAT Refund
                                            actually received and paid to the Seller and related Seller Parties pursuant
                                            to this Clause 2.6 (Application of Funds in Escrow Fund Account), as well as the accumulated
                                            amount paid to the Buyer against excess Bad Receivables on Benchmark Date constitute
                                            post-closing adjustment (“Post-Closing Adjustment”), the amount of which
                                            shall not exceed the amount of the VAT Prepayment. The adjusted Closing Purchase
                                            Price shall be the final purchase price hereunder.

 

		2.7	Performance and Discharge of Intercompany
                                            Loans

 

		2.7.1	Since its establishment, BEST Network
                                            has borrowed loans from the Seller’s related Affiliates for the purpose
                                            of meeting the needs of its daily operations. The total amount of the outstanding loans borrowed
                                            by BEST Network from the Seller’s related Affiliates (as listed
                                            in Part (I) of Attachment I to Exhibit II hereto) as at the Benchmark
                                            Date is RMB5,122,715,319 (“BEST Network Loans”).

 

		2.7.2	Since its establishment, BEST Network
                                            has purchased various services from the Seller and its related Affiliates,
                                            and has not paid off all prices due under such affiliated transactions. The outstanding amount
                                            of BEST Network’s affiliated transactions with the Seller and its related
                                            Affiliates (as listed in Part (II) of Attachment I to Exhibit II
                                            hereto) is RMB472,236,861 (“Outstanding Amount of BEST Network Affiliated
                                            Transactions”).

 

		2.7.3	From the execution date hereof, the
                                            Seller shall procure that BEST Network shall not pay any BEST Network Loans
                                            or Outstanding Amount of BEST Network Affiliated Transactions in advance without
                                            the Buyer’s prior written consent. On the completion date of the Corporate
                                            Change Registration, all of the Seller and its related Affiliates agree
                                            to assign to an Entity designated by the Buyer the BEST Network Loans,
                                            Outstanding Amount of BEST Network Affiliated Transactions and Seller Transferred
                                            Funds (subject to VAT Prepayment related adjustment) (“Assigned Claims”)
                                            to which they are entitled from the Group Companies in whole at such price and on
                                            such terms as set out in Exhibit II hereto, and the Buyer agrees to cause
                                            such designated Entity to take over the Assigned Claims on the same date.

 

		2.7.4	The specific terms of the aforesaid
                                            arrangements are set out in Exhibit II hereto.

 

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		2.8	Escrow Arrangement

 

		2.8.1	Upon execution of this Agreement,
                                            the Buyer designated Person and the Seller designated Person
                                            shall, as soon as reasonably practical, but in no event later than five (5) Business
                                            Days prior to the Closing Date, enter into a Transaction Fund Escrow Agreement
                                            or similar fund escrow agreement with the Industrial and Commercial Bank of China or such
                                            other bank (“Escrow Agent”) as may be jointly designated by the Buyer
                                            and the Seller, pursuant to which the Seller shall open an Escrow Account
                                            (“Escrow Account”) with the Escrow Agent in the name of an
                                            Entity designated by the Buyer.

 

		2.8.2	For the avoidance of doubt, the costs
                                            and expenses incurred in connection with the opening and maintenance of the Escrow Account,
                                            including but not limited to the Escrow Agent charges, notary fees, fund transfer
                                            charges or other handling charges (if any), shall be equally split between the Buyer
                                            designated Person and the Seller designated Person.

 

		2.8.3	The ownership of the interest and other
                                            proceeds derived from the funds in the Escrow Account shall be determined according
                                            to the recipient of such funds upon the final release thereof. Specifically:

 

		(i)	If any portion of such funds should be refunded
                                            to the Buyer or an Entity designated by it upon the final release thereof,
                                            then the interest and other proceeds derived from such portion shall be vested in the Buyer
                                            or such designated Entity; or

 

		(ii)	If any portion of such funds should be
                                            paid to the Seller or an Entity designated by it upon the final release thereof,
                                            then the interest and other proceeds derived from such portion shall be vested in the Seller
                                            or such designated Entity.

 

		2.9	Payment Arrangement

 

		2.9.1	On September 24, 2021, JITU Express
                                            Co., Ltd. has remitted RMB340,000,000 (equivalent to 5% of the Base Purchase
                                            Value) (“Initial Deposit”) into the bank account designated by the
                                            Seller.

 

		2.9.2	Within three (3) Business Days
                                            upon execution of this Agreement, the Buyer Parties shall remit RMB680,000,000
                                            (equivalent to 10% of the Base Purchase Value) (“Second Deposit”,
                                            collectively with the Initial Deposit, “Deposits”) into the bank
                                            account designated by BEST Network by wire transfer of immediately available funds.
                                            The Second Deposit will be paid to the BEST Network designated bank account
                                            by the Buyer for the account of the Seller as the Seller Transferred Funds.
                                            Within one (1) Business Day following receipt of the full amount of the Second
                                            Deposit from the Buyer Parties, the Seller will issue a payment receipt
                                            to the Buyer.

 

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		2.9.3	On the Closing Date,

 

		(i)	the Buyer Parties shall transfer
                                            the Closing Purchase Price (as calculated according to Clause 2.5.2 (Closing Purchase
                                            Price)) into the Escrow Account by wire transfer of immediately available funds, provided,
                                            however, that (a) the Buyer shall have received all closing documents to be delivered
                                            by the Seller Parties pursuant to Clause 2.12 and that (b) the Representatives
                                            of the Buyer and the Seller shall have been preparing for filing an application
                                            for Corporate Change Registration in the office of the Administration for Industry
                                            and Commerce;

 

		(ii)	provided that (a) the Closing Purchase
                                            Price has been received into the Escrow Account and that (b) the Seller
                                            has received all closing documents to be delivered by the Buyer Parties pursuant
                                            to Clause 2.13, as well as all materials required for completing Corporate Change Registration,
                                            the Seller Parties shall immediately file an application for Corporate Change Registration
                                            with the Administration for Industry and Commerce and shall deliver to the Buyer
                                            the written receipt issued by the Administration for Industry and Commerce certifying
                                            that all materials required for completing Corporate Change Registration have been
                                            submitted to and accepted by it.

 

The Buyer and the Seller
shall procure and ensure that (i) and (ii) above shall take place successively in the aforesaid order at nearly the same time
on the Closing Date.

 

		2.9.4	Subject to the provisions of Clause
                                            2.9.6 and Clause 2.15, on the date of completion of Corporate Change Registration
                                            and upon satisfaction of all conditions set out in Clause 6.4, the Buyer and related
                                            Buyer Parties, as well as the Seller and related Seller Parties shall
                                            instruct the Escrow Agent to release 95% (“Initial Closing Purchase Price”)
                                            of the total amount of the Closing Purchase Price from the Escrow Account,
                                            which shall be transferred into the bank account designated by the Seller (by prior
                                            written notice given to the Buyer) within two (2) Business Days from the
                                            date of completion of Corporate Change Registration.

 

		2.9.5	Within one (1) Business Day
                                            from the date of satisfaction (“Completion Date of Bank Account Signatory Change”)
                                            of the conditions set out in Clause 6.5, the Buyer and related Buyer Parties,
                                            as well as the Seller and related Seller Parties shall instruct the Escrow
                                            Agent to release the remaining 5% (“Second Closing Purchase Price”)
                                            of the total amount of the Closing Purchase Price from the Escrow Account,
                                            which shall be transferred into the bank account designated by the Seller (by prior
                                            written notice given to the Buyer) within two (2) Business Days from the
                                            date of the release instruction given to the Escrow Agent.

 

		2.9.6	Notwithstanding anything contained herein
                                            to the contrary, unless the Seller or its Affiliates (other than any Group
                                            Company) have provided the Buyer with a bank guarantee of the same amount as the
                                            Guarantee from Group Companies and reasonably satisfactory to the Buyer by
                                            the completion date of the Corporate Change Registration, upon the Seller’s
                                            instruction, the portion of the Initial Closing Purchase Price that is equal to the
                                            Guarantee from Group Companies shall be transferred into:

 

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		(i)	the account of relevant creditors in favor
                                            of which the Guarantee from Group Companies has been provided so as to pay the corresponding
                                            Liabilities or Contingent Liabilities; or

 

		(ii)	a bank account under the name of a Person
                                            designated by the Seller and under the joint control of the Buyer designated
                                            Person and the Seller designated Person, and immediately upon the Seller
                                            having released the Group Companies from any guarantee obligations with respect
                                            to the Guarantee from Group Companies, a sum equal to the amount of such released
                                            guarantee obligations shall be paid from such bank account to an account designated by the
                                            Seller.

 

		(iii)	For the avoidance of doubt, the Seller’s
                                            obligations under this Clause 2.9.6 and the Buyer’s obligations under Clause
                                            4.7.3 are conditional on each other. The Seller’s performance of its obligations
                                            under this Clause 2.9.6 is subject to the Buyer’s performance of its obligations
                                            under Clause 4.7.3.

 

		2.9.7	The aggregate amount of the Deposits
                                            and the Closing Purchase Price shall be allocated as follows:

 

		(i)	transfer of RMB13,779,800 into the
                                            accounts designated by the shareholders of BEST Network as the consideration for the
                                            sale of BEST Network Shares;

 

		(ii)	transfer of RMB120,000,000 (subject
                                            to adjustment made based on the valuation of BEST Express Technologies and Intellectual
                                            Properties by a valuer jointly designated by the Buyer and the Seller following
                                            the execution of this Agreement) into the account designated by BEST Technology
                                            as the consideration for the sale of BEST Express Technologies and Intellectual Properties;
                                            and

 

		(iii)	payment of the Closing Purchase Price
                                            plus the Deposits minus RMB133,779,800 as the consideration
                                            for the assignment of the Assigned Claims pursuant to Clause 2.7 (Performance and
                                            Discharge of Intercompany Loans).

 

		2.10	Locked Box Mechanism

 

		2.10.1	Integration Working Group

 

		(i)	Subject to the provisions of the applicable
                                            anti-monopoly Laws, as well as the considerations about the business competition between
                                            the Buyer Parties and the Seller Parties, upon execution of this Agreement,
                                            the Buyer and the Seller shall jointly form an integration working group which
                                            shall be responsible for ensuring that the Target Business remains operating normally
                                            before the Corporate Change Registration and that the Closing successfully
                                            takes place.

 

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		(ii)	The Parties acknowledge that normal
                                            communications regarding the Target Business made between the members assigned by
                                            the Buyer Parties to the integration working group and the Core Employees for
                                            the purpose of integration shall not constitute a breach by the Buyer Parties of the
                                            obligations under Clause 11.6 (Non-solicitation).

 

		(iii)	The integration working group shall only
                                            be involved in the work of the following functions/work lines: network management, operations,
                                            monitoring, major account, administration, risk control, transportation capacity, R&D,
                                            general manager’s office, legal, financial and HR (collectively, “Integration
                                            Departments”).

 

		(iv)	The Buyer and the Seller
                                            shall respectively assign 1 to 3 Persons to each of the aforesaid Integration Department.
                                            The Locked Box Integration Agreement specifically provides for the organizational
                                            structure and operating mechanism of the integration working group, etc.

 

		(v)	Within
                                            three (3) Business Days upon execution of this Agreement, the Seller
                                            shall incorporate the member(s) assigned by the Buyer to the integration
                                            working group into the approval processes for use of the common seals of and for disbursement
                                            by the Group Companies pursuant to the provisions of Sections 2.1(2) and 4.2(1) of
                                            the Locked Box Integration Agreement.

 

		(vi)	From the execution date hereof through
                                            the completion date of the Corporate Change Registration, the Seller shall,
                                            and shall through reasonable efforts procure that its Affiliates shall, operate the
                                            Target Business consistently with their customary practices, maintain the current
                                            organization of the Target Business complete, maintain the current state (other than
                                            normal wear and tear) of all assets and properties owned or used by the Target Business,
                                            retain and maintain the services of the employees of the Target Business, and maintain
                                            their relationships with customers, suppliers, licensors, licensees, contractors, distributors
                                            and other Persons which have business dealings with them.

 

		(vii)	From the execution date hereof through
                                            the completion date of the Corporate Change Registration, the Seller Parties
                                            shall procure that the Group Companies act in accordance with the provisions of the
                                            Locked Box Integration Agreement.

 

		2.10.2	From the Benchmark Date (exclusive)
                                            through the completion date (inclusive) of the Corporate Change Registration, the
                                            Seller warrants to and undertakes with the Buyer that, save and except for
                                            the Permitted Leakage(s) agreed in Schedule C hereto (for the avoidance
                                            of doubt, the Leakage(s) and Permitted Leakage(s) agreed in this
                                            Clause 2.10 are applicable only between the Group Companies and the Seller
                                            and/or its Affiliates (other than any Group Company) (collectively, “Recipients”)
                                            and/or Network Franchisees):

 

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		(i)	no Group Company has or will declare
                                            or pay any dividend or other profit distributions to the Recipients or distribute
                                            any Assets among the Recipients;

 

		(ii)	no Group Company has or will create,
                                            issue, redeem, repurchase or repay any of its Equity Securities or debt capital, thus
                                            resulting in any payment made to or any payment obligations to the Recipients;

 

		(iii)	no
                                            Group Company has or will transfer any Assets, rights or other interests to
                                            the Recipients, nor has or will it transfer or otherwise encumber any Assets,
                                            rights or other interests for the benefit of the Recipients;

 

		(iv)	no Group Company has or will assume
                                            or incur (or provide any indemnity, security or guarantee in respect of), discount, defer,
                                            waive, release or otherwise modify (whether or not conditionally) any borrowings, Liabilities
                                            or obligations for the benefit of the Recipients;

 

		(v)	no Group Company has or will commit
                                            to Network Franchisees or incur any Liabilities or obligations occurring prior
                                            to the execution date hereof but not reflected in the Locked Box Financial Statements
                                            (other than those incurred in the same way as the Liabilities or obligations related
                                            to Network Franchisees as recognized in the Locked Box Financial Statements),
                                            nor will it commit to Network Franchisees any Liabilities or obligations without
                                            prior written consent of the panel of the integration working group following the execution
                                            date hereof;

 

		(vi)	no Group Company has or will, whether
                                            directly or through its Representatives, make any payments to or for the benefit of
                                            the Recipients, including payment of management costs, service fees and other fees
                                            and bonuses payable to shareholders or directors or amounts of similar nature;

 

		(vii)	no Group Company has or will, whether
                                            for its own account or for the account of the Recipients, pay any fees or costs incurred
                                            in connection with the Transaction or any conduct contemplated hereunder, including
                                            any professional consultant fees and expenses, bonuses arising out of the consummation of
                                            the Transaction or other payments;

 

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		(viii)	the Seller has not and will not,
                                            whether directly or through any Recipients, agree or undertake to engage in any matters
                                            described in (i) through (vii) above; and

 

		(ix)	there is no Tax payable arising
                                            out of the matters described in (i) through (vii) above (the matters described
                                            in (i) through (viii) above, “Leakages”).

 

		2.10.3	If the Seller be aware of any
                                            Leakage at any time during the period from the Benchmark Date (exclusive) through
                                            the completion date (inclusive) of the Corporate Change Registration, the Seller
                                            shall notify the Buyer of such Leakage in writing within one (1) Business
                                            Day; all Leakages occurring during the period from Benchmark Date (exclusive)
                                            through the execution date (inclusive) of this Agreement are disclosed in Schedule
                                            D hereto.

 

		2.10.4	Subject to Clause 2.10.6, if the Seller
                                            should breach the provisions of Clause 2.10.2, the Seller undertakes that upon
                                            demand by the Buyer, the Seller will make indemnification to the Buyer
                                            in the amount calculated at the value (as determined on a “RMB1 for RMB1”
                                            basis, “Leakage Amount”) of the cash or cash equivalents obtained by the
                                            Recipients from such breach plus the interest accrued on the Leakage Amount
                                            (calculated on a daily basis at the interest rate applicable to bank deposits of the same
                                            term) from the date of occurrence (inclusive) thereof through the actual date of payment
                                            (exclusive) of such indemnification.

 

		2.10.5	The claim (“Leakage Claim”)
                                            set out in Clause 2.10.4 is the sole remedy available to the Buyer Parties in respect
                                            of the Seller’s breach of the provisions of Clause 2.10.2. The Buyer’s
                                            claim under this Clause 2.10 is not subject to any limitations on the Seller’s
                                            indemnification set out in Section 9 below.

 

		2.10.6	The
                                            Seller shall be under no obligation to make indemnification to the Buyer pursuant
                                            to the provisions of Clause 2.10.4, unless within six (6) months from the completion
                                            date of the Corporate Change Registration, it receives from the Buyer a written
                                            notice of Leakage Claim, stating the cause of the asserted Leakage Claim and
                                            specifying the amount payable by the Seller in respect thereof to the extent reasonably
                                            practical, as well as sufficient evidentiary materials and evidences proving the occurrence
                                            of the asserted Leakage Claim.

 

		2.10.7	Any
                                            dispute arising between the Buyer and the Seller over the Leakage Amount
                                            in any Leakage Claim shall, upon mutual agreement by the Buyer and the
                                            Seller, be submitted to Deloitte or KPMG (“Specialist”) for determination
                                            within fifteen (15) days (or such longer period as may be agreed upon by the Buyer
                                            and the Seller). The Buyer and the Seller shall provide the Specialist
                                            with all information as may be reasonably requested in connection with the determination
                                            of such dispute, and to the extent deemed appropriate by it, the Specialist is authorized
                                            to render a decision about such dispute based on such information, as well as the accounting
                                            and other records of the Group Companies. The fees and expenses in connection with
                                            the Specialist shall be equally split between the Buyer and the Seller.

 

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		2.10.8	For
                                            the avoidance of doubt, in case that the Closing of the Transaction does not
                                            complete, the Seller shall not be liable to the Buyer for any Leakage Claim.

 

		2.11	Closing

 

		2.11.1	Closing Date

 

		(i)	Upon satisfaction of all Closing Conditions
                                            (or waiver thereof by written notice by the relevant Party which is entitled to
                                            waive such condition(s)), the Parties shall commence the Closing hereunder.

 

		(ii)	The closing of the Transaction shall
                                            take place on or prior to the fifth (5th) Business Day following satisfaction
                                            of all Closing Conditions (or waiver thereof by written notice by the relevant Party
                                            which is entitled to waive such condition(s)) or on such other date (“Closing
                                            Date”) as may be agreed upon by the Seller and the Buyer in writing
                                            (“Closing”).

 

		2.11.2	Closing

 

		(i)	On the Closing Date, the Buyer
                                            Parties and the Seller Parties shall perform and complete all actions set out
                                            in Clause 2.9.3 (Payment Arrangement on Closing Date).

 

		(ii)	On the Closing Date, provided that
                                            the Buyer Parties and the Seller Parties have completed all actions set out
                                            in Clause 2.9.3 (Payment Arrangement on Closing Date), the Seller Parties and BEST
                                            Network shall file an application for change of the value-added telecommunications services
                                            license of BEST Network (reflecting the shareholder(s) of BEST Network
                                            following consummation of the Transaction, as well as the appointment of a Person
                                            designated by the Buyer as new legal representative of BEST Network) through
                                            the Telecom Service Market Integrated Administration Information System (https://tsm.miit.gov.cn).

 

		(iii)	On the completion date of the Corporate
                                            Change Registration, (a) the Seller Parties and the Buyer Parties
                                            shall instruct the Escrow Agent to release the Initial Closing Purchase Price
                                            from the Escrow Account pursuant to the provisions of Clause 2.9.4 (Release of Initial
                                            Closing Purchase Price); and (b) the Buyer Parties shall deliver to the Seller
                                            a copy of the bank remittance receipt evidencing that the full amount of the Initial
                                            Closing Purchase Price has been transferred into the account designated by the Seller.

 

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		(iv)	Within one (1) Business Day
                                            upon receipt by the Seller Parties and their related Persons of the full amount
                                            of the Initial Closing Purchase Price from the Buyer Parties, the Seller
                                            shall issue a payment receipt to the Buyer.

 

		(v)	Within one (1) Business Day
                                            from the Completion Date of Bank Account Signatory Change, (a) the Seller
                                            Parties and the Buyer Parties shall instruct the Escrow Agent to release
                                            the Second Closing Purchase Price from the Escrow Account pursuant to the provisions
                                            of Clause 2.9.5 (Release of Second Closing Purchase Price); and (b) the Buyer Parties
                                            shall deliver to the Seller a copy of the bank remittance receipt evidencing that
                                            the full amount of the Second Closing Purchase Price has been transferred into the
                                            account designated by the Seller.

 

		(vi)	Within one (1) Business Day
                                            upon receipt by the Seller Parties and their related Affiliates of the full
                                            amount of the Second Closing Purchase Price from the Buyer Parties, the Seller
                                            shall issue a payment receipt to the Buyer.

 

		2.12	Closing Documents Delivered by the
                                            Seller

 

At the Closing, the Seller
shall deliver, or cause to be delivered, the following documents to the Buyer:

 

		2.12.1	a certificate signed by the chairman
                                            or authorized representative of the Seller and affixed with the Seller’s
                                            common seal, certifying that all matters set out in Clause 6.1 (Conditions to Obligations
                                            of the Buyer Parties) have been satisfied;

 

		2.12.2	all other approvals, certificates
                                            and other documents required to be delivered to certify that Clause 6.1 (Conditions to Obligations
                                            of the Buyer Parties) has been satisfied;

 

		2.12.3	all closing deliverables listed in
                                            the Closing Handover Checklist attached hereto as Exhibit VIII shall have been
                                            verified and confirmed to be complete by the Buyer and the Seller and stored
                                            in a location designated by the Seller in a way acceptable to both the Buyer
                                            and the Seller;

 

		2.12.4	all documents required for completing
                                            the Corporate Change Registration;

 

		2.12.5	copies of all materials described
                                            in Clause 6.1.5; and

 

		2.12.6	Transaction Documents as duly
                                            executed by the Seller Parties and other related parties (other than any Buyer
                                            Parties).

 

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		2.13	Closing Documents Delivered by the
                                            Buyer

 

At the Closing, the Buyer
shall deliver, or cause to be delivered, the following documents to the Seller:

 

		2.13.1	a copy of the bank receipt certifying
                                            that the Buyer Parties have deposited a sum equal to the amount of the Closing
                                            Purchase Price into the Escrow Account;

 

		2.13.2	a certificate signed by the chairman
                                            or authorized representative of the Buyer and affixed with the Buyer’s
                                            common seal, certifying that all matters set out in Clause 6.2 (Conditions to Obligations
                                            of the Seller Parties) have been satisfied;

 

		2.13.3	all other approvals, certificates
                                            and other documents required to be delivered to certify that Clause 6.2 (Conditions to Obligations
                                            of the Seller Parties) has been satisfied; and

 

		2.13.4	Transaction Documents as duly
                                            executed by the Buyer Parties and made effective.

 

		2.14	Corporate Change Registration

 

Each Party shall, and shall
procure that its related Affiliates, make best reasonable efforts to complete the Corporate Change Registration as soon
as reasonably practical, including executing necessary documents and providing necessary information.

 

		2.15	Commencement of Rights and Obligations

 

		2.15.1	From the completion date of the Corporate
                                            Change Registration, JITU Express Co., Ltd. shall have the ownership of the shares
                                            it acquires in the Group Companies through the Transaction.

 

		2.15.2	In the event of any inconsistency
                                            between any provisions of or relationship involving rights and obligations set out in Exhibit I
                                            hereto and this Agreement, the provisions in this Agreement shall prevail.

 

		2.15.3	The Seller shall bear any
                                            and all liabilities owing to the Group Companies which arise out of any acts of the
                                            Seller Parties and their Affiliates during the period from the Closing Date
                                            through the completion date of the Corporate Change Registration.

 

		2.15.4	The commencement date of the rights
                                            and obligations related to the transfer of BEST Express Technologies and Intellectual
                                            Properties is set out in Exhibit IV hereto.

 

Section 3     Representations
and Warranties

 

		3.1	Representations and Warranties of the
                                            Seller Parties

 

Except as disclosed in Schedule
D hereto (the disclosure letter attached hereto as Schedule D shall explain all exceptions in reasonable detail and provide
reasonable details about the relevant facts. Its structure shall correspond to the letter and number assigned to each paragraph in this
Clause 3.1. For the avoidance of doubt, notwithstanding anything contained herein to the contrary, any disclosures made by the Seller
and related Seller Parties to the Buyer Parties following the execution date hereof and agreed by the Buyer
(the Buyer shall not unreasonably withhold) also constitute exceptions to the representations, warranties and covenants made by
the Seller and related Seller Parties hereunder), the Seller and related Seller Parties severally and jointly
represent and warrant to the Buyer Parties that as of the execution date hereof, as well as the Closing Date (except for
such representations and warranties which by their express provisions are made as of a specified date or in relation to a specified period,
in which case, as of such date or in relation to such period):

 

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		3.1.1	Incorporation and Authorization

 

		(i)	Each of the Seller Parties and BEST
                                            Network has been duly incorporated and validly exists under the applicable Laws
                                            and has all necessary rights and authority to own, operate and lease its assets and to conduct
                                            its business in all material aspects.

 

		(ii)	Each of the Seller Parties and BEST
                                            Network has the requisite power and authority and has taken all actions necessary to
                                            execute, deliver and perform all Transaction Documents to which it is a party, and
                                            the Person(s) signing such Transaction Documents on its behalf have obtained
                                            all necessary authorizations required for him/them to do so.

 

		(iii)	This Agreement and all other Transaction
                                            Documents to which the Seller Parties and BEST Network are parties when
                                            duly executed will each constitute valid and legally binding obligation of the Seller
                                            Parties and BEST Network, be enforceable against them in accordance with their
                                            respective terms, except as enforceability may be affected by bankruptcy, fraudulent transfer,
                                            bankruptcy reorganization, moratorium and other similar Laws of general applicability
                                            relating to or affecting creditors’ rights (“Enforceability Exceptions”).

 

		3.1.2	Structures of the Seller Parties
                                            and BEST Network

 

The shareholding relationship and VIE
structure among the Seller Parties and BEST Network as at the execution date hereof are set out in Schedule E attached
hereto.

 

		3.1.3	Ownership Structure of BEST Network

 

		(i)	Paragraph 3.1.3(i) of the disclosure
                                            letter attached hereto as Schedule D presents a complete organizational structure
                                            chart of each Group Company, which is a limited liability company duly incorporated
                                            and validly existing under the PRC Laws. BEST Network is the legal owner of
                                            one hundred percent (100%) of the shares in each of its Subsidiaries.

 

		(ii)	Except as set out in Paragraph 3.1.3(ii) of
                                            the disclosure letter attached hereto as Schedule D, each Group Company has
                                            lawfully obtained, and will maintain valid throughout the term hereof, all necessary Permits
                                            required for (a) owning, using, operating, leasing, licensing or disposing of its
                                            properties and assets (tangible or intangible); and (b) lawfully carrying on its business
                                            as currently conducted, except where the failure to obtain or renew/extend any such Permit
                                            would not (a) have any substantial adverse effect on its ability to perform the
                                            Transaction Documents to which it is a party or (b) have a Material Adverse
                                            Effect.

 

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		(iii)	Except for the Group Companies
                                            listed in Paragraph 3.1.3(iii) of the disclosure letter attached hereto as Schedule
                                            D, as well as Hangzhou BEST Linli Business Management Consulting Co., Ltd., (a) BEST
                                            Network does not directly or indirectly hold, or have any right to acquire, any shares
                                            or other investment interests in any Person, whether as holder of record or beneficial
                                            owner thereof; and (b) no Group Company has agreed to acquire any interests in,
                                            or merge or combine with, any other Entity.

 

		3.1.4	Target Business

 

The Target Business will continue
to operate consistently with past custom and practice. The Group Companies, BEST Express Technologies and Intellectual Properties,
BEST Express Shared Technologies and Intellectual Properties and BEST Express Employees constitute all Entities,
assets and staff used by the Seller for conducting express business (including operations of Linli service stations) in the PRC.

 

		3.1.5	Transferred Shares

 

		(i)	Lili He, Wei Chen and Hangzhou Ali Venture
                                            Capital Co., Ltd. lawfully hold 36.285%, 36.285% and 27.43% of the shares in BEST
                                            Network respectively as nominee shareholder. The Seller and BEST Technology
                                            Control BEST Network through BEST Network VIE Agreements.

 

		(ii)	(a) The registered capital of each
                                            Group Company has been fully paid-up, and to the Knowledge of the Seller Parties,
                                            no shareholder of any Group Company has fraudulently made capital contribution to
                                            or illegally withdrawn its capital contribution from or evaded its obligation to make capital
                                            contribution to such Group Company in any ways; (b) no Group Company has
                                            promised its employees in writing or orally any rights to subscribe its shares, stock options,
                                            dividend rights or other similar rights; and (c) no Group Company has the obligation
                                            to repurchase, redeem or otherwise acquire any shares.

 

		(iii)	Except BEST Network VIE Agreements
                                            and agreement in the Transaction Documents, the shares in each Group Company
                                            are free and clear of any Encumbrance, and there is no trust, nominee shareholding
                                            arrangement, priority, option, warrant, convertible securities or other contract, arrangement
                                            or commitment which would result in any obligation of any Group Company to issue,
                                            assign or transfer any Equity Securities.

 

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		(iv)	All previous changes in ownership structure
                                            (including share transfers and capital increases) of each Group Company are legal
                                            and valid, in connection with which all required approval, registration, filing and other
                                            procedures have been performed in all material aspects, and in the case of any share transfer
                                            or capital increase, the share transfer price or increased capital contribution has been
                                            fully paid in accordance with the provisions of the applicable contract.

 

		(v)	There is no contract concerning the corporate
                                            governance of or shareholder’s rights (including exercise of voting right and sharing
                                            of financial interests) in any Group Company.

 

		3.1.6	Financial Information

 

		(i)	The Financial Statements have been
                                            prepared based on the books of accounts and other financial records of the Group Companies,
                                            and the Financial Statements furnished by the Seller to the Buyer give
                                            a true and fair view of the financial conditions and operating results of the Group Companies
                                            in the corresponding accounting periods.

 

		(ii)	The Locked Box Financial Statements
                                            listed in Schedule B hereto have been prepared based on the books of accounts
                                            and other financial records of the Group Companies. The Locked Box Financial Statements
                                            give a true and fair view of the financial condition and operating result of BEST
                                            Network as at the Benchmark Date, include all Liabilities and Contingent
                                            Liabilities of BEST Network, contain no omission or inaccuracy as to revenue,
                                            disbursement, asset, Liability or Contingent Liability in any material aspects,
                                            and contain no non-recurring, one-time or abnormal item which might result in the financial
                                            condition and operating results of BEST Network as reflected therein being fraudulent
                                            or misleading in any material aspects.

 

		3.1.7	Undisclosed Liabilities and Contingent
                                            Liabilities

 

The Group Companies have no Liabilities
or Contingent Liabilities except for (i) any Liabilities which have been disclosed, or for which provisions have
been made, in the Locked Box Financial Statements as at the Benchmark Date; (ii) any Liabilities incurred within
the monthly budgets approved by the panel of the integration working group following the Benchmark Date; (iii) any Contingent
Liabilities disclosed in Paragraph 3.1.7 of the disclosure letter attached hereto as Schedule D; and (iv) any Liabilities
incurred hereunder or with prior written consent of the panel of the integration working group, other than those described in (ii) above.

 

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		3.1.8	Approvals and Consents

 

		(i)	Except for approval of change of the value-added
                                            telecommunications services license and the courier service operation permit of BEST Network,
                                            as well as the Corporate Change Registration, no consent, approval of, or exemption
                                            from any Governmental Authority or any third party, or filing with any Governmental
                                            Authority, or notice to any third party is required in connection with the execution,
                                            delivery and performance of the Transaction Documents by the Seller Parties
                                            and BEST Network, except where the failure to obtain or make any such consent, approval,
                                            filing or exemption or to give any such notice would not have any substantial adverse effect
                                            on the ability of the Seller Parties and BEST Network to perform the Transaction
                                            Documents to which they are parties.

 

		(ii)	The Seller Parties have obtained
                                            all internal approvals required in connection with the Transaction and have provided
                                            the Buyer with the copies thereof.

 

		3.1.9	No Conflict

 

The execution, delivery and performance
of the Transaction Documents by the Seller Parties and BEST Network do not and will not:

 

		(i)	contravene or conflict with any provisions
                                            of their Constitutional Documents; or

 

		(ii)	contravene or conflict with any PRC
                                            Laws or Governmental Decrees; or

 

		(iii)	contravene or conflict with any legally
                                            binding contracts or agreements to which the Seller Parties and BEST Network
                                            are parties (other than any breach by the Seller Parties of the obligations under
                                            the currently effective agreements to which they are parties due to any breach by the Buyer
                                            Parties of any representations, warranties and covenants hereunder);

 

		(iv)	except where any contravention or conflict
                                            described in (ii) or (iii) above would not, individually or in the aggregate, have
                                            (a) any substantial adverse effect on the ability of the Seller Parties and BEST
                                            Network to perform the Transaction Documents to which they are parties or (b) a
                                            Material Adverse Effect.

 

		3.1.10	Intellectual Properties

 

		(i)	Paragraph 3.1.10(i) of the disclosure
                                            letter attached hereto as Schedule D and Exhibit IV hereto contain lists
                                            of all Intellectual Properties the Group Companies own or have been licensed
                                            to use by their respective owners, BEST Express Technologies and Intellectual Properties,
                                            as well as BEST Express Shared Technologies and Intellectual Properties. At the Closing,
                                            said Intellectual Properties will enable the Target Business to operate normally
                                            in a way consistent with past customary practice.

 

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		(ii)	With regard to the Intellectual Properties
                                            owned by any Group Company, or BEST Express Technologies and Intellectual Properties
                                            or BEST Express Shared Technologies and Intellectual Properties owned by any of
                                            the Seller Parties, the respective Group Company or as the case may be, the
                                            respective Seller Party is the legal and sole owner of such Intellectual Properties,
                                            free and clear of any Encumbrance. With regard to the Intellectual Properties
                                            that the Group Company has been licensed to use by their respective owners, the respective
                                            Group Company has the legal right to use such Intellectual Properties.

 

		(iii)	There exists no Action pending
                                            or to the Knowledge of the Seller Parties, threatened in all material aspects that
                                            challenges the validity, enforceability, scope of or any other aspects of any BEST Express
                                            Technologies and Intellectual Properties and BEST Express Shared Technologies and
                                            Intellectual Properties or the Intellectual Properties used by the Group Companies,
                                            and none of BEST Express Technologies and Intellectual Properties and BEST Express
                                            Shared Technologies and Intellectual Properties and/or the Intellectual Properties
                                            used by the Group Companies has ever been held invalid or unenforceable in whole
                                            or in part for any reason whatsoever in any Actions.

 

		(iv)	No Group Company has infringed upon
                                            the Intellectual Properties of any third party in the course of business, nor does
                                            there exist any pending or to the Knowledge of the Seller Parties, prospective Action
                                            instituted against any Group Company by any Governmental Authority alleging
                                            such infringement. To the Knowledge of the Seller Parties, no infringement by any
                                            Person upon the Intellectual Properties owned by the Group Companies
                                            or upon BEST Express Technologies and Intellectual Properties and BEST Express
                                            Shared Technologies and Intellectual Properties in any material aspects.

 

		(v)	The Group Companies and the Seller
                                            Parties have taken commercially reasonable actions to protect and maintain (i) all
                                            material Intellectual Properties owned and/or used by the Group Companies and
                                            BEST Express Technologies and Intellectual Properties and BEST Express Shared Technologies
                                            and Intellectual Properties and (ii) the integrity and security of their respective
                                            important software, systems, network and databases, and to the Knowledge of the Seller
                                            Parties, there exists no material infringement upon or breach in relation to the foregoing
                                            items.

 

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		3.1.11	Bankruptcy & Liquidation

 

		(i)	There exists no action taken against any
                                            Group Company with a view to liquidating or instituting bankruptcy proceedings against
                                            it, or declaring it insolvent, or appointing a liquidation committee for its Assets
                                            or business.

 

		(ii)	No creditors’ meeting has been held
                                            or is expected to be held in any Group Company, and no Governmental Authority
                                            has rendered a decision or made a public statement declaring any Group Company bankrupt.

 

		3.1.12	Compliance with Laws

 

		(i)	In at least five years prior to the execution
                                            date of this Agreement, each Group Company has complied with all applicable
                                            Laws in all material aspects; and the Target Business has been carried out
                                            in compliance with the Laws of the jurisdiction where such business are incorporated,
                                            as well as where such business are operated;

 

		(ii)	Except as disclosed in Paragraph 3.1.12(ii) of
                                            the disclosure letter attached hereto as Schedule D, each Group Company has
                                            obtained and complied with all Permits required for it to conduct business in the
                                            jurisdiction where it is incorporated, as well as where it operates in all material aspects,
                                            and all such Permits are in the term of validity and of full legal effect;

 

		(iii)	To the Knowledge of the Seller Parties,
                                            there is no pending investigation, review or judicial process that might result in any such
                                            Permit being suspended, revoked, modified or annulled;

 

		(iv)	Paragraph 3.1.12(iv) of the disclosure
                                            letter attached hereto as Schedule D discloses the information on all Permits,
                                            to the Knowledge of the Seller Parties, which have been obtained by Network Franchisees
                                            in connection with their business dealings with the Group Companies as at October 25,
                                            2021, and all such Permits obtained by Network Franchisees in their own names
                                            are in the term of validity and of full legal effect.

 

		3.1.13	Litigation

 

Except as disclosed in Paragraph 3.1.13
of the disclosure letter attached hereto as Schedule D, there exist no claims, recourse, litigation, arbitration, enforcement
procedures, administrative proceedings, queries, governmental investigation or other proceedings outstanding, pending or to the Knowledge
of the Seller Parties, threatened which are against any Group Company or affect any Assets of the Group Companies
or the Target Business, or affect the legality or enforceability of this Agreement and the transactions contemplated
hereunder and involve an amount exceeding RMB1,000,000 individually or which arise out of the disputes between the Group Companies
and Network Franchisees and involve an amount exceeding RMB10,000,000 in the aggregate or which may have Material
Adverse Effect.

 

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		3.1.14	Tax Matters

 

		(i)	No Group Company has violated any
                                            applicable Tax Laws in any material aspects.

 

		(ii)	Each Group Company has performed
                                            its Tax payment obligations according to Laws in all material aspects.

 

		(iii)	Each Group Company has submitted
                                            to the relevant taxation authority all material tax returns, reports and notices required
                                            in connection with its Tax obligations in accordance with the applicable Laws.

 

		(iv)	There exists no pending dispute, tax settlement,
                                            claim or investigation made or raised by any Governmental Authority in respect of
                                            any material Tax obligations of any Group Company, nor to the Knowledge
                                            of the Seller Parties does there exist any material dispute, tax settlement, claim or
                                            investigation.

 

		(v)	Each Group Company will continue
                                            to be entitled to all tax credits and concessions, as well as fiscal refunds, subsidies and
                                            incentives to which it is entitled as at July 31, 2021, and to the Knowledge of the
                                            Seller Parties, no such tax credit or concession, or fiscal refund, subsidy or incentive
                                            will be terminated, suspended, withdrawn or reduced as a result of the Transaction.

 

		3.1.15	Affiliated Transactions

 

		(i)	Except for the Liabilities disclosed
                                            in the Locked Box Financial Statements, there exists no Liability owed to any
                                            Group Company by any current shareholder, director or officer of any Group Company
                                            or by any Family Member of any such shareholder, director or officer or by any
                                            other Affiliate of the Seller or any Group Company.

 

		(ii)	Except for the affiliated transactions
                                            disclosed in Exhibit II hereto, no Group Company has entered into any
                                            transactions with any of said Persons.

 

		(iii)	All outstanding affiliated transactions
                                            between the Group Companies and their Affiliates have been entered into on
                                            customary commercial terms and fair and reasonable conditions, and no Group Company
                                            has suffered from Material Adverse Effect resulting from such affiliated transactions.

 

		(iv)	For the avoidance of doubt, reference to
                                            material affiliated transactions in this Clause 3.1.15 does not include the transactions
                                            between BEST Network and its Subsidiaries or among the Subsidiaries
                                            of BEST Network.

 

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		3.1.16	Receivables and Payables

 

		(i)	All receivables and payables generated from
                                            the business of the Group Companies have been truthfully and fairly recorded in the
                                            Locked Box Financial Statements.

 

		(ii)	Excluding those for which provisions for
                                            bad debts have been set aside, all accounts receivable and notes receivable of the Group
                                            Companies as shown in the Locked Box Financial Statements constitute the legal
                                            payment obligations of the corresponding debtors, and based on the reasonable accounting
                                            estimate made by the Seller Parties, no accounts receivable and notes receivable shown
                                            in the Locked Box Financial Statements is materially unrecoverable in the aggregate.

 

		3.1.17	Employees

 

Except as would not, individually or
in the aggregate, have a Material Adverse Effect,

 

		(i)	Each Group Company has entered into
                                            written employment agreements with all of its employees in accordance with the PRC Laws,
                                            and BEST Technology and BEST China have entered into written employment agreements
                                            with the employees employed by them within the scope of the Target Business in accordance
                                            with the PRC Laws.

 

		(ii)	The Group Companies have paid social
                                            insurance and housing provident fund contributions for their employees in accordance with
                                            the Laws concerning social insurance and housing provident fund and have received
                                            no penalties imposed by Governmental Authorities for violation of such Laws
                                            concerning social insurance and housing provident fund.

 

		(iii)	There exists no outstanding or potential
                                            strike or collective labor dispute between the Group Companies and all of their employees
                                            or between BEST Technology and BEST China and the employees employed by them
                                            within the scope of the Target Business.

 

		(iv)	The Group Companies, BEST Technology
                                            and BEST China have complied with the applicable Laws concerning employment
                                            or labor relationship.

 

		3.1.18	Normal Course of Business

 

Since July 31, 2021, the Group
Companies have been carrying out their business consistently with past customary practice and have incurred no circumstance which
has a Material Adverse Effect, and except as disclosed in Paragraph 3.1.18 of the disclosure letter attached hereto as Schedule
D, no action set out in Section 4.2 of the Locked Box Integration Agreement during the period from the Benchmark Date
through the execution date of this Agreement has been taken.

 

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For the avoidance of doubt, the Parties
acknowledge that Paragraph 3.1.18 of the disclosure letter attached hereto as Schedule D adopts a consolidated disclosure
approach toward disclosure under Section 4.2(1), (8) and (14) of the Locked Box Integration Agreement, where only the
aggregate total amount under the said sections is disclosed.

 

		3.1.19	Assets

 

		(i)	Each Group Company owns or has the
                                            legal right to use all assets required in the course of business (“Assets”,
                                            and for the avoidance of doubt, excluding any Leased Real Properties) in all material
                                            aspects.

 

		(ii)	Each
                                            Group Company has the legal ownership of all of its owned Assets in all material
                                            aspects and has acquired such Assets in compliance with the applicable Laws
                                            in all material aspects, and except as disclosed in Paragraph 3.1.19(ii) of the disclosure
                                            letter attached hereto as Schedule D, such Assets are free and clear of any
                                            Encumbrance.

 

		(iii)	The Group Companies maintain their
                                            Assets in accordance with the common practice prevailing in the industry, which are
                                            in good working status in all material aspects (not counting wear and tear generated in the
                                            normal course of use) and fit for the usages for which they are being used or are planned
                                            to be used. The construction in progress of the Group Companies are in the normal
                                            process of erection and construction and are expected to be used and generate economic benefits
                                            as planned in all material aspects, except that any such construction in progress may be
                                            unable to be used and generate economic benefits as planned due to Force Majeure.

 

		(iv)	Neither Governmental Authority nor
                                            any other third party has ever commenced any litigation or legal proceeding or lodged any
                                            claim of legal basis in respect of the ownership, possession or use of any occupied Assets
                                            in any material aspects.

 

		3.1.20	Material Agreements

 

		(i)	The
                                            Seller has provided a list of all of the following contracts (including any and all
                                            relevant supplements and amendments) existing as at the execution date of this Agreement
                                            in Paragraph 3.1.20 of the disclosure letter attached hereto as Schedule D (“Material
                                            Agreements”):

 

		(a)	all business cooperation agreements between
                                            the Group Companies and Alibaba Group, Pinduoduo and other major e-commerce platforms
                                            (if any) and their respective Affiliates;

 

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		(b)	any outstanding contracts under which
                                            any Group Company shall directly or indirectly borrow money from or lend money to
                                            any other Persons or shall provide guarantee for the debts, liabilities or obligations
                                            of any third party (other than those provided for the Group Companies’s debts,
                                            liabilities or obligations) and the transaction amount of which exceeds RMB15,000,000
                                            individually, other than any arrangements made for the benefit of the Group Companies
                                            in connection with the Transaction;

 

		(c)	outstanding contracts which have created
                                            Encumbrance over the shares of any Group Company or over their Assets
                                            with an amount exceeding RMB10,000,000;

 

		(d)	any technical cooperation, technical service
                                            or technology license contracts to which any Group Company is a party, or any contracts
                                            by which the Intellectual Properties of the Group Company or BEST Express
                                            Technologies and Intellectual Properties and BEST Express Shared Technologies and
                                            Intellectual Properties (including licenses-in/out thereunder) are bound;

 

		(e)	any outstanding contracts which remain
                                            effective as at the execution date hereof and under which the transaction amount exceeds
                                            RMB10,000,000 individually;

 

		(f)	commercial contracts with top 10 customers
                                            and suppliers (including logistics service providers) of each main business of the Group
                                            Companies;

 

		(g)	contracts providing for the sale or acquisition
                                            of shares, investment, financing, joint venture, merger, reorganization, arrangement for
                                            exercise of voting right, profit sharing, or transfer of right of control concerning the
                                            Group Companies; and

 

		(h)	contracts under which the operation by
                                            any Group Company of all or part of their business or the use or utilization by any
                                            Group Company of any material Assets are substantially restricted and the amount
                                            of which exceeds RMB10,000,000.

 

		(ii)	The
                                            Seller Parties have provided the Buyer with the authentic and complete copies
                                            of all Material Agreements. Save and except for the Material Agreements disclosed
                                            in Paragraph 3.1.20 of the disclosure letter, there is no Material Agreement which
                                            has not been disclosed or provided.

 

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		(iii)	(a) The Material Agreements
                                            have been lawfully concluded and are binding on all parties thereto and of legal effect;
                                            and (b) no breach or Material Adverse Effect will occur under any Material
                                            Agreement as a result of the transactions contemplated hereunder.

 

		(iv)	No Group Company has committed any
                                            material breach under any Material Agreement to which it is a party, and to the Knowledge
                                            of the Seller Parties, none of the other party(ies) to such Material Agreement
                                            has committed any material breach thereunder, either.

 

		3.1.21	Real Property and Lease Contract

 

		(i)	No
                                            Group Company has the ownership of any Real Property.

 

		(ii)	The
                                            Seller Parties have disclosed all leased Real Properties currently used by
                                            the Group Companies (“Leased Real Properties”) and provided the
                                            currently effective lease contracts related to such Leased Real Properties to the
                                            Buyer Parties.

 

		(iii)	Paragraph
                                            3.1.21(iii) of the disclosure letter attached hereto as Schedule D contains all
                                            information on each of such Leased Real Properties, including the followings: the
                                            lease contract number, the lessor, the commencement date and expiration date and usage of
                                            the lease, the district, the name of the site, full address, the area used for express business,
                                            and the total amount of the lease contract.

 

		(iv)	With
                                            regard to the sortation centers of the Group Companies, Paragraph 3.1.21(iv) of
                                            the disclosure letter attached hereto as Schedule D specifies the name of the Group
                                            Company’s branch corresponding to each such sortation center, status on provision
                                            of the certificate of land use right, status on provision of the certificate of building’s
                                            ownership, the nature and usage of the land, status on provision of the qualification on
                                            fire control acceptance, status on provision of environmental impact assessment materials,
                                            as well as whether any sublet is involved and whether the consent has been obtained for such
                                            sublet.

 

		(v)	All lease contracts executed by the Group
                                            Companies in respect of the Leased Real Properties are legal, valid and binding
                                            on the lessors under such lease contracts.

 

		(vi)	No
                                            Group Company has committed any material breach under any lease contract executed
                                            by it in respect of any Leased Real Property. And to the Knowledge of the Seller
                                            Parties, none of the other signatory(ies) to said lease contract has committed any material
                                            breach thereunder, nor has such Group Companies received any written notice terminating
                                            or cancelling said lease contract.

 

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		3.1.22	Anti-corruption

 

To the Knowledge of the Seller Parties,
neither the Group Companies nor their respective related persons (referring to the Group Companies and their Affiliates,
as well as their respective shareholders, directors, supervisors, officers, employees, agents or any other persons acting on behalf of
or for any of said persons) has violated any applicable anti-corruption Laws in any material aspects.

 

		3.1.23	Data Protection

 

		(i)	The Group Companies have complied
                                            with the applicable personal data protection Laws in all material aspects and have
                                            taken necessary measures on protection of the confidentiality and secrecy of personal data
                                            while storing, using and transmitting the same.

 

		(ii)	When
                                            using the personal data received from customers, the Group Companies have in all material
                                            aspects required the providers of such personal data to ensure that the source and the purpose
                                            for which it was used comply with the applicable Laws.

 

		(iii)	No Group Company has committed
                                            any leaking of personal data or has made any use of personal data outside specified scope
                                            of use or authorization in any material aspects.

 

		(iv)	The Group Companies have properly
                                            recorded and kept the Operational Data in all material aspects, and at the Closing,
                                            with such Operational Data, the Group Companies are able to analyze their express
                                            business in the way consistent with past customary practice, unless being under the circumstances
                                            caused by Force Majeure or any downtime, interruption, obstruction, or attack by viruses
                                            or hackers.

 

		3.1.24	Books and Records

 

Each Group Company has properly
maintained the originals of all material corporate documents, as well as of originals of all material documents related to it or the
Assets owned or controlled by it (including all orders and Permits issued by Governmental Authorities, the minutes
of the meetings of board of shareholders or board of directors, common seal, as well as contracts, agreements, vouchers, invoices and
books of accounts).

 

		3.1.25	Environment, Health, Safety and
                                            Fire Protection Matters

 

		(i)	Except
                                            as disclosed in Paragraph 3.1.25(i) of the disclosure letter attached hereto as Schedule
                                            D, no Group Company has violated any Laws concerning public security, fire
                                            protection or environment protection,

 

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		(ii)	no
                                            Group Company has received any written notice, report or other information from any
                                            Governmental Authority alleging that it has violated any Laws concerning environment
                                            protection, public health and security, employee health and safety, or fire protection,

 

		(iii)	except where any above violation would
                                            not, individually or in the aggregate, have (a) any substantial adverse effect on its
                                            ability to perform the Transaction Documents to which it is a Party or (b) a
                                            Material Adverse Effect.

 

		3.1.26	Broker’s Fee or Commission

 

No Person is entitled to any finder’s
fee, broker’s fee or commission in connection with the transactions contemplated hereunder from any Group Company or other
Buyer Parties.

 

		3.1.27	Disclosure

 

As at the execution date hereof, the
Seller has furnished to the Buyer such documents, data and information as requested by the Buyer Parties and their
Representatives in all material aspects, and all such documents, data and information furnished by the Seller to the Buyer
have been provided in good faith and are true, accurate and not misleading in all material aspects.

 

		3.1.28	No Other Representations and Warranties

 

The Seller Parties hereby recognize and agree that,

 

		(i)	save and except for the representations
                                            and warranties set out in Clause 3.2 (Representations and Warranties of Buyer Parties), neither
                                            the Buyer Parties or their Affiliates nor their respective Representatives
                                            makes or has made any express or implied representation or warranty concerning the Buyer
                                            Parties;

 

		(ii)	save and except for the Buyer’s
                                            indemnification obligations under Clause 7 (Deposits), Clause 8 (Termination) and Clause
                                            9 (Indemnification), neither the Buyer Parties or their Affiliates nor their
                                            respective Representatives shall undertake any liabilities or indemnification obligations
                                            to the Seller Parties or any other Persons for any information on the Buyer
                                            Parties they furnish to the Seller Parties or their Affiliates or Representatives
                                            (including all such oral or written information, documents or materials to which the
                                            Seller Parties have access).

 

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		3.2	Representations and Warranties of Buyer
                                            Parties

 

The Buyer and related Buyer
Parties severally and jointly represent and warrant to the Seller Parties that as of the execution date hereof:

 

		3.2.1	Incorporation and Authorization

 

		(i)	The Buyer Parties have been duly
                                            incorporated and validly exist under the applicable Laws and have all necessary rights
                                            and authority to own, operate and lease their assets and to conduct their business in all
                                            material aspects.

 

		(ii)	The Buyer Parties has the requisite
                                            power and authority and has taken all actions necessary to execute, deliver and perform the
                                            Transaction Documents, and the Persons signing the Transaction Documents
                                            on their behalf have obtained all necessary authorizations required for them to do so.

 

		(iii)	This Agreement and all other Transaction
                                            Documents to which the Buyer Parties are parties when duly executed will each
                                            constitute a valid and legally binding obligation of the Buyer Parties, enforceable
                                            against them in accordance with their respective terms, subject to Enforceability Exceptions.

 

		3.2.2	Approvals and Consents

 

		(i)	Except for approval of change of the value-added
                                            telecommunications services license and the courier service operation permit of BEST Network,
                                            anti-monopoly review, as well as the Corporate Change Registration, no consent, approval
                                            of, or exemption from any Governmental Authority or any third party, or filing with
                                            any Governmental Authority, or notice to any third party is required in connection
                                            with the execution, delivery and performance of the Transaction Documents by the Buyer
                                            Parties, except where the failure to obtain or make any such consent, approval, filing
                                            or exemption or to give any such notice would not have any substantial adverse effect on
                                            the ability of the Buyer Parties to perform the Transaction Documents to which
                                            they are parties.

 

		(ii)	The Buyer Parties have obtained
                                            all internal approvals required in connection with the Transaction and have provided
                                            the Seller with the copies thereof.

 

		3.2.3	No Conflict

 

The execution, delivery and performance
of the Transaction Documents by the Buyer Parties do not and will not:

 

		(i)	contravene or conflict with any provisions
                                            of their Constitutional Documents; or

 

		(ii)	contravene or conflict with any PRC
                                            Laws or Governmental Decrees; or

 

		(iii)	contravene or conflict with any legally
                                            binding contracts or agreements to which the Buyer Parties are parties (other than
                                            any breach by the Buyer Parties of the obligations under the currently effective agreements
                                            to which they are parties due to any breach by the Seller Parties of any representations,
                                            warranties and covenants hereunder);

 

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		(iv)	except where any contravention or conflict
                                            described in (ii) or (iii) above would not, individually or in the aggregate, have
                                            any substantial adverse effect on the ability of the Buyer Parties to perform the
                                            Transaction Documents to which they are parties.

 

		3.2.4	Bankruptcy & Liquidation

 

		(i)	There exists no actual or anticipated action
                                            taken against any of the Buyer Parties with a view to liquidating it, or declaring
                                            it bankrupt or insolvent, or appointing a liquidation committee for its assets or business.

 

		(ii)	None of the Buyer Parties will become
                                            insolvent or enter into liquidation or bankruptcy proceedings following completion of the
                                            Transaction.

 

		3.2.5	Litigation and Other Material Proceedings

 

There exists no litigation, investigation
or administrative proceedings instituted or expected to be instituted against any of the Buyer Parties or its assets by any Governmental
Authority of competent jurisdiction, which in turn might have substantial adverse effect on the ability of the Buyer Parties
to perform the Transaction Documents.

 

		3.2.6	Source of Funds

 

The Buyer has adequate and lawful
sources of funds to complete the Transaction and is able to pay the Deposits and Closing Purchase Price on schedule
in accordance with the terms and conditions hereof.

 

		3.2.7	Independent Decision

 

		(i)	The Buyer Parties have independently
                                            consulted and obtained expert opinions satisfactory to them from their Tax, financial,
                                            legal and other consultants in respect of all matters concerning this Agreement and
                                            the Transaction;

 

		(ii)	The Buyer Parties have conducted
                                            such due diligence investigation as deemed necessary by them, upon which they have made an
                                            independent decision to proceed with the Transaction.

 

		3.2.8	No Other Representations and Warranties

 

The Buyer Parties hereby recognize
and agree that,

 

		(i)	save and except for the representations
                                            and warranties set out in Clause 3.1 (Representations and Warranties of Seller Parties),
                                            neither the Seller Parties or their Affiliates nor their respective Representatives
                                            makes or has made any express or implied representation or warranty concerning the Seller
                                            Parties;

 

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		(ii)	save and except for the Seller’s
                                            indemnification obligations under Clause 2.10 (Locked Box Mechanism), Clause 8.2 (Termination
                                            Fee and Liquidated Damages) and Clause 9 (Indemnification), neither the Seller Parties
                                            or their Affiliates nor their respective Representatives shall undertake
                                            any liabilities or indemnification obligations to the Buyer Parties or any other Persons
                                            for any information on the Seller Parties they furnish to the Buyer Parties
                                            or their Affiliates or Representatives (including all such oral or written
                                            information, documents or materials to which the Buyer Parties have access).

 

Section 4     Pre-Closing
Matters

 

		4.1	Conduct of Business

 

From the execution date hereof through
the completion date of the Corporate Change Registration, the Seller undertakes and agrees to procure that the Group
Companies shall:

 

		4.1.1	carry out their business in accordance
                                            with the applicable Laws and past customary and prudent commercial practices in the
                                            ordinary course of business and in all material aspects;

 

		4.1.2	comply with all applicable Laws;

 

		4.1.3	use
                                            commercially reasonable efforts to maintain the goodwill of the Target Business, including
                                            the relationships with their business partners;

 

		4.1.4	always maintain their books and records
                                            consistently with past customary practices.

 

		4.2	Funds of the Buyer Parties

 

		4.2.1	Prior to the Closing, the Buyer
                                            Parties shall provide the Seller with the materials proving that they have adequate
                                            and lawful sources of funds to complete the Transaction and are able to pay all sums
                                            due hereunder on schedule in accordance with the terms and conditions hereof.

 

		4.2.2	The Seller shall have the right
                                            to verify and investigate the financial position of the Buyer Parties when necessary
                                            and to require the Buyer Parties to provide additional materials proving the aforesaid
                                            matter to the extent reasonable.

 

		4.3	Seller Transferred Funds

 

		4.3.1	Subject to the provisions of the Locked
                                            Box Integration Agreement, the Seller and its Affiliates (other than any
                                            Group Company) may transfer funds to the Target Business to maintain its normal
                                            operation, and the funds transferred by the Seller and its Affiliates (other
                                            than any Group Company) to the Target Business net of BEST Network Loans
                                            and any other sums of the same nature recovered by them from the Target Business
                                            from the Benchmark Date through the Closing are the Seller’s transferred
                                            funds (“Seller Transferred Funds”). For the avoidance of doubt, the Seller
                                            Transferred Funds include the Second Deposit paid by the Buyer Parties
                                            pursuant to Clause 2.9.2.

 

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		4.3.2	The Seller and its Subsidiaries
                                            shall properly keep all documents evidencing each payment of Seller Transferred Funds,
                                            and the Parties shall check and confirm the aggregate amount of Seller Transferred
                                            Funds five (5) Business Days prior to the Closing.

 

		4.3.3	In such case, the Closing Purchase
                                            Price shall be adjusted accordingly, and the Buyer Parties shall pay the aggregate
                                            amount of Seller Transferred Funds to the Seller in accordance with the provisions
                                            of Clause 2.5 (Purchase Price).

 

		4.4	Classification and Allocation of Leased
                                            Real Properties

 

		4.4.1	Schedule F hereto contains
                                            a list of all office spaces, staff dormitories and canteens and other functional Leased
                                            Real Properties shared by the Target Business and the Seller’s other
                                            business (“Functional Real Properties”), and the Seller Parties
                                            shall determine the lessee of each Functional Real Property following the Closing
                                            in light of the actual use of such real property.

 

		4.4.2	For office spaces:

 

		(i)	If a particular office space is mainly used
                                            by a Group Company (as determined according to the area used by its employees in that
                                            office space on the execution date hereof), then such Group Company shall enter into
                                            a lease agreement with the lessor of such office space as lessee following the Closing;
                                            and meanwhile the Group Company shall sublet the space of such office space used by
                                            any of the Seller Parties or their Affiliates prior to the Closing (if
                                            any) to such Seller Parties or their Affiliates.

 

		(ii)	If a particular office space is mainly
                                            used by a Seller Party or its Affiliate (as determined according to the area
                                            used by its employees in that office space on the execution date hereof), then such Seller
                                            Party or its Affiliate shall enter into a lease agreement with the lessor of such
                                            office space as lessee following the Closing; and meanwhile the Seller Party
                                            or its Affiliate shall sublet the space of such office space used by any Group
                                            Company prior to the Closing (if any) to such Group Company.

 

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		4.4.3	For staff dormitories and canteens:

 

		(i)	If a particular staff dormitory or canteen
                                            is mainly used by a Group Company (as determined according to the number of its employees
                                            using such staff dormitory or canteen on the execution date hereof), then such Group Company
                                            shall enter into a lease agreement with the lessor of such staff dormitory or canteen
                                            as lessee following the Closing; and meanwhile the Group Company shall sublet
                                            the space of such staff dormitory or canteen used by any of the Seller Parties or
                                            their Affiliates prior to the Closing (if any) to such Seller Parties
                                            or their Affiliates.

 

		(ii)	If a particular staff dormitory or canteen
                                            is mainly used by a Seller Party or its Affiliate (as determined according
                                            to the number of its employees using that staff dormitory or canteen on the execution date
                                            hereof), then such Seller Party or its Affiliate shall enter into a lease agreement
                                            with the lessor of such staff dormitory or canteen as lessee following the Closing;
                                            and meanwhile the Seller Party or its Affiliate shall sublet the space of such
                                            staff dormitory or canteen used by any Group Company prior to the Closing (if
                                            any) to such Group Company.

 

		4.5	Anti-monopoly Review

 

		4.5.1	The PRC anti-monopoly declaration
                                            materials to be submitted by the Buyer and related Buyer Parties, as well as
                                            by the Seller and related Seller Parties in connection with the Transaction
                                            are listed in Exhibit VI hereto.

 

		4.5.2	Within three (3) Business
                                            Days upon execution of this Agreement, the Buyer and related Buyer Parties
                                            shall submit their anti-monopoly declarations to the relevant PRC Governmental Authority
                                            in connection with the Transaction, provided that the Seller and related
                                            Seller Parties shall have provided all necessary information and materials, as well
                                            as final confirmations as may be required for making anti-monopoly declaration in respect
                                            of the Transaction.

 

		4.5.3	The Buyer and related Buyer
                                            Parties shall through their best efforts timely receive and respond to any questions
                                            posed by the relevant PRC Governmental Authority from time to time in conducting anti-monopoly
                                            review towards the Transaction. Within one (1) Business Day following
                                            receipt of any question or response from the relevant PRC Governmental Authority,
                                            the Buyer and related Buyer Parties shall truthfully provide all relevant information
                                            on such question or response to the Seller Parties, provided that the provision of
                                            such information shall not violate the applicable Laws or the customary practices
                                            in anti-monopoly declaration.

 

		4.5.4	The Seller and related Seller
                                            Parties shall through their best efforts cooperate and assist in responding any questions
                                            posed by the relevant PRC Governmental Authority. The Buyer and related Buyer
                                            Parties shall provide the responses to such questions to the relevant PRC Governmental
                                            Authority within five (5) Business Days from the date when the Seller
                                            and related Seller Parties have provided them with all necessary information and
                                            materials as may be required for responding to such questions (or no later than the deadline
                                            required by the relevant PRC Governmental Authority for responding to such questions).

 

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		4.5.5	In case that the relevant PRC Governmental
                                            Authority imposed any requirement or condition in respect of the anti-monopoly review
                                            of the Transaction, the Buyer and related Buyer Parties, as well as
                                            the Seller and related Seller Parties shall use their best endeavors to take
                                            corresponding action upon such requirement or condition as soon as reasonably practical.
                                            Corresponding action to meet such requirement or condition may not be taken only upon mutual
                                            agreement by the Seller and the Buyer. For the avoidance of doubt, if the relevant
                                            PRC Governmental Authority makes non-substantial requirements to the Buyer Parties,
                                            including requiring the Buyer Parties to provide additional materials, supplement
                                            and clarify the relevant facts, withdraw and re-submit declaration or provide new data, etc.,
                                            the Buyer Parties shall cooperate and meet such requirements; provided, however, that
                                            if the relevant PRC Governmental Authority intends to impose any restrictive conditions
                                            or other substantial requirements pursuant to the provisions of the applicable anti-monopoly
                                            Laws, then the Buyer and the Seller shall discuss in good faith whether
                                            or not such requirements should be accepted.

 

		4.5.6	The Buyer and related Buyer
                                            Parties, as well as the Seller and related Seller Parties shall use their
                                            best endeavors to successfully complete anti-monopoly review in respect of the Transaction
                                            in the PRC within one hundred and twenty (120) days (“Anti-monopoly Review
                                            Period”) from the execution date hereof (provided, however, that the completion
                                            of such PRC anti-monopoly review is not subject to any additional restrictive conditions
                                            (other than those accepted by the Buyer) imposed by the relevant PRC Governmental
                                            Authority pursuant to the applicable anti-monopoly Laws). If no conclusion has
                                            been drawn from the anti-monopoly review of the Transaction in the PRC upon
                                            expiration of the Anti-monopoly Review Period, then the Buyer and the Seller
                                            shall discuss in good faith whether or not the period should be extended.

 

		4.5.7	Within one (1) Business Day
                                            from the date when receiving any decision or notice from the relevant PRC Governmental
                                            Authority regarding the anti-monopoly review of the Transaction, the Buyer
                                            and related Buyer Parties shall truthfully forward all relevant documents and
                                            materials to and inform the Seller.

 

		4.5.8	Any material or response that the
                                            Buyer and related Buyer Parties plan to submit to the PRC Governmental Authority
                                            shall be reviewed and confirmed (regarding the portion of such material or response concerning
                                            the Seller) by the Seller prior to the submission, provided that such arrangements
                                            does not violate the applicable Laws or the customary practices in anti-monopoly declaration.
                                            Whenever practical, the Buyer and related Buyer Parties shall invite the Seller
                                            to participate in any forms of communication and engagement between them and the relevant
                                            PRC Governmental Authority in connection with the Transaction.

 

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		4.6	Reserved Matters

 

Without prejudice to the provisions
of Clause 4.1 (Conduct of Business) above, from the execution date hereof through the completion date of the Corporate Change Registration,
the Seller undertakes that it shall procure that the Group Companies shall comply with all provisions of the Locked
Box Integration Agreement.

 

		4.7	Other Matters

 

		4.7.1	Prior to the completion date of the
                                            Corporate Change Registration, the Seller Parties shall procure that the pre-existing
                                            employment agreements with BEST Express Employees (other than those with whom the
                                            service agreements or employment agreements have been terminated pursuant to the provisions
                                            thereof or who have voluntarily resigned) shall be changed so that their employment relationship
                                            with BEST Network will be established. The Seller Parties warrant that the
                                            employees employed by BEST Network, as well as the technicians among BEST Express
                                            Employees can provide the technical support required by the Target Business. For
                                            the avoidance of doubt, the obligations of the Seller Parties under this Clause 4.7.1
                                            are not agreements or covenants referred to in the conditions to obligations of the Buyer
                                            Parties set out in Clause 6.1 or in the prerequisites for release of the Closing Purchase
                                            Price set out in Clauses 6.4 and 6.5.

 

		4.7.2	On or prior to the completion date
                                            of the Corporate Change Registration, the Seller Parties shall procure that
                                            BEST Network apply to the State Post Bureau of the PRC for issuing new courier
                                            service operation permits (including permits required respectively for domestic and international
                                            express business) to it, reflecting its ownership structure following consummation of the
                                            Transaction, as well as the appointment of a Person designated by the Buyer
                                            as BEST Network’s new legal representative, and that each Group Company
                                            (other than BEST Network) shall apply to the competent post bureau for issuing
                                            a new courier service operation permit to it, reflecting the appointment of a Person
                                            designated by the Buyer as its new legal representative. For the avoidance of doubt,
                                            the obligations of the Seller Parties under this Clause 4.7.2 are not agreements or
                                            covenants referred to in the conditions to obligations of the Buyer Parties set out
                                            in Clause 6.1 or in the prerequisites for release of the Closing Purchase Price set
                                            out in Clauses 6.4 and 6.5.

 

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		4.7.3	On the completion date of the Corporate
                                            Change Registration,

 

		(i)	Unless the Buyer or its Affiliates
                                            have provided the Seller with a bank guarantee of the same amount as the Seller’s
                                            Guarantee and reasonably satisfactory to the Seller by the completion date of
                                            the Corporate Change Registration, the Buyer shall transfer a sum equal to
                                            the amount of the Seller’s Guarantee into (a) the account of relevant creditors
                                            in favor of which the Seller’s Guarantee has been provided so as to pay the
                                            corresponding Liabilities or Contingent Liabilities; or (b) a bank account
                                            under the name of a Person designated by the Buyer and under the joint control
                                            of the Buyer designated Person and the Seller designated Person,
                                            and immediately upon the Buyer having released the Seller or its Affiliates
                                            (other than any Group Company) from any guarantee obligations with respect to
                                            the Seller’s Guarantee, a sum equal to the amount of such released guarantee
                                            obligations shall be paid from such bank account to an account designated by the Buyer;

 

		(ii)	For the avoidance of doubt, the Buyer’s
                                            obligations under this Clause 4.7.3 and the Seller’s obligations under Clause
                                            2.9.6 are conditional on each other. The Buyer’s performance of its obligations
                                            under this Clause 4.7.3 is subject to the Seller’s performance of its obligations
                                            under Clause 2.9.6.

 

		4.7.4	As soon as reasonably practical following
                                            the execution of this Agreement, the Seller Parties shall transfer all Intellectual
                                            Properties and social media accounts of the Group Companies that are totally irrelevant
                                            to the Target Business as agreed by the Buyer and the Seller to a Person
                                            (other than any Group Company) designated by the Seller. If said transfer
                                            procedures could not be fully completed by the completion date of the Corporate Change
                                            Registration, the Seller and the Buyer shall separately negotiate about
                                            and determine another reasonable time limit to complete such transfer. For the avoidance
                                            of doubt, the obligations of the Seller Parties under this Clause 4.7.4 are not agreements
                                            or covenants referred to in the conditions to obligations of the Buyer Parties set
                                            out in Clause 6.1 or in the prerequisites for release of the Closing Purchase Price
                                            set out in Clauses 6.4 and 6.5.

 

		4.7.5	Prior to the completion date of the
                                            Corporate Change Registration, the Seller Parties shall obtain waivers as to
                                            all contractual obligations which are triggered by the Transaction from the relevant
                                            third parties, as specifically set out in Parts III and IV of Schedule I hereto. For
                                            the avoidance of doubt, the obligations of the Seller Parties under this Clause 4.7.5
                                            are not agreements or covenants referred to in the conditions to obligations of the Buyer
                                            Parties set out in Clause 6.1 or in the prerequisites for release of the Closing Purchase
                                            Price set out in Clauses 6.4 and 6.5.

 

		4.8	Timely Notification

 

		4.8.1	From the execution date hereof through
                                            the Closing Date, each Party shall notify the Cayman Islands party (which means the
                                            Buyer or the Seller, as the case may be) of the other Party of any change
                                            or circumstance which has resulted or may be reasonably expected to result in any Closing
                                            Condition being unable to be satisfied in writing immediately upon becoming aware of
                                            the same, provided, however, that the giving of such written notice does not affect or limit
                                            any remedies available to the receiving Party hereunder.

 

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		4.8.2	Prior to the Closing Date,

 

		(i)	a Party shall timely notify the Cayman
                                            Islands party (which means the Buyer or the Seller, as the case may be) of
                                            the other Party when any one Closing Condition for which it is responsible
                                            has been satisfied;

 

		(ii)	upon satisfaction of all Closing Conditions
                                            for which the Buyer Parties are responsible, the Buyer is obligated to
                                            timely submit to the Seller a written notice confirming that all such Closing Conditions
                                            it is responsible for have been satisfied; and

 

		(iii)	similarly, upon satisfaction of all Closing
                                            Conditions for which Seller Parties are responsible, the Seller is obligated
                                            to timely submit to the Buyer a written notice confirming that all such Closing
                                            Conditions it is responsible for have been satisfied.

 

		4.8.3	After submitting to the other Party
                                            a written notice confirming that all Closing Conditions for which it is responsible
                                            have been satisfied, each Party shall timely notify the other Party when the
                                            circumstance where any such Closing Condition is applicable changes.

 

		4.9	Further Actions

 

Each Party hereto undertakes
that it shall work closely with the other Parties and use its reasonable best endeavors to assist with the consummation of the
transactions contemplated under the Transaction Documents as quickly as possible, and to this end, it shall:

 

		4.9.1	execute
                                            or cause to be executed, and take or cause to be taken, such further documents and actions
                                            as may be reasonably necessary or desirable for effectively performing the terms of the Transaction
                                            Documents and the transactions contemplated hereunder and thereunder;

 

		4.9.2	use
                                            its reasonable best endeavors to procure that the Closing Conditions (within its responsibility)
                                            set out in Section 6 (Conditions Precedent) are satisfied as soon as reasonably practical;
                                            provided, however, that notwithstanding the foregoing, the Parties agree that in no
                                            event shall the Closing of the Transaction take place later than March 15,
                                            2022 or such other date as may be agreed upon by the Parties in writing (the “Long-Stop
                                            Date”); and

 

		4.9.3	prepare, provide and submit all necessary
                                            documents as soon as possible, and use its reasonable best endeavors to obtain all such Governmental
                                            Authorizations and third party approvals as promptly as reasonably practical, in each
                                            case as may be required for the consummation of the transactions contemplated under the Transaction
                                            Documents.

 

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		4.10	Waiver of Claims

 

The Seller Parties undertake
that the Seller Parties shall and shall procure that all former directors, supervisors, officers, legal representatives of or
staff holding positions of same level in the Group Companies waive all claims and rights of claim they may have against the Group
Companies from the Closing Date, unless otherwise agreed by the Buyer and the Seller.

 

Section 5     Post-Closing
Undertakings

 

		5.1	Post-Closing Undertakings of the Buyer
                                            Parties

 

The Buyer Parties agree that
they shall use best efforts to perform all obligations to ensure smooth transition of Target Business to the Buyer Parties
upon completion date of Corporate Change Registration, including completing (or causing the completion of) the following:

 

		5.1.1	The
                                            Buyer and related Buyer Parties undertake that (a) within twelve (12)
                                            months from the Closing Date, or (b) until December 31, 2022, whichever
                                            is later, they shall continue using the existing transport service providers on certain routes
                                            as listed in Schedule G, which are still used for Target Business as of the
                                            execution date of this Agreement (collectively as “BEST Joint Fleets”);
                                            provided that BEST Joint Fleets must participate in the tender of related party of
                                            the Buyer, and that:

 

		(i)	if
                                            a BEST Joint Fleet provides the lowest quote for a route, then the related party of
                                            the Buyer shall make it the tender winner for such route, and execute with it a template
                                            service agreement that applies to all other partner fleets cooperating with related party
                                            of the Buyer;

 

		(ii)	if a BEST Joint Fleet provides a
                                            quote for a route higher than the lowest quote for that tender, and the Seller agrees
                                            to undertake the payment of the excess amount over such lowest quote (provided that, related
                                            party of the Buyer provide related party of the Seller with necessary materials
                                            for the tender, and that related party of the Seller have the right to verify the
                                            authenticity of such lowest quote), related party of the Buyer shall make that BEST
                                            Joint Fleet the tender winner for such route, and execute with it a template service
                                            agreement that applies to all other partner fleets cooperating with related party of the
                                            Buyer.

 

		5.1.2	The Buyer and related Buyer
                                            Parties shall maintain operation of both Buyer’s brand and the brand “BEST
                                            Express”, and shall use commercially reasonable efforts to keep stability of the network
                                            of Target Business, during the period where the Buyer continues to use the
                                            brand “BEST Express”.

 

		5.1.3	Where the Seller and its related
                                            parties select the Buyer and its related parties as service provider providing service
                                            for cross-border related business operation of the Seller and its related parties
                                            (“Cross-border Business”), on condition that there is not violation of
                                            Laws, the Seller and its related parties shall pay service fees to the Buyer
                                            and its related parties at a price agreed upon between both parties, and the Buyer
                                            and its related parties shall provide the Seller and its related parties with
                                            all documentary assistance necessary for free, including provision of their PRC courier
                                            service operation permit or other documents for custom declaration and clearance, to ensure
                                            successful operation of the Cross-border Business.

 

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		5.1.4	The Buyer Parties shall ensure
                                            that BEST Network continues performing any outstanding obligations under all factoring
                                            agreements listed in Schedule H attached hereto.

 

		5.1.5	Within twelve (12) months from the
                                            completion date of Corporate Change Registration, with regard to provisions of Clause
                                            4.4 (Classification and Allocation of Leased Real Properties), the Buyer Parties shall
                                            provide necessary assistance for involved relevant matters such as classification and allocation
                                            of sites, transfer of staff, relocation of facilities, and share associated costs and expenses
                                            (other than rentals) based on the specific nature of the Functional Real Properties
                                            and upon mutual agreement between the Buyer and the Seller (which is, in the
                                            case of office spaces, to be shared according to the area used by employees; in the case
                                            of staff dormitories and canteens, to be shared according to the number of users thereof).

 

		5.1.6	Within three (3) months from
                                            the completion date of Corporate Change Registration, with regard to guarantees made
                                            by relevant Affiliates of the Seller with respect to obligation of the Group
                                            Company under any sortation center lease agreement, the Buyer shall communicate
                                            with, and shall cause its relevant Affiliates to communicate with the relevant lessor
                                            about discharging such guarantees or substituting the guarantor with Persons other
                                            than the Seller or its Affiliates (excluding the Group Companies). If
                                            such arrangements are not be completed within the said three (3) months, the Buyer
                                            shall otherwise negotiate with Seller for another reasonable period to complete.

 

		5.2	Post-Closing Undertakings of the Seller
                                            Parties

 

The Seller Parties agree that
they shall use best efforts to perform all obligations to ensure smooth transition of Target Business to the Buyer Parties
upon completion date of Corporate Change Registration, including completing (or causing the completion of) the following:

 

		5.2.1	The Seller Parties shall cooperate
                                            with the Buyer Parties and the Group Companies in dealing with the aftermath
                                            of any matters in relation to the Target Business and occurring prior to completion
                                            date of Corporate Change Registration, including that the Seller Parties shall
                                            (or cause related parties to), as soon as possible after Closing:

 

		(i)	take necessary actions within one (1) month
                                            upon the completion date of Corporate Change Registration to assist and cooperate
                                            with the Buyer Parties in applying for and completing corporate change registration
                                            of the Group Companies (excluding BEST Network), and in changing legal representative,
                                            director, general manager, and supervisors of the Group Companies to Persons
                                            designated by the Buyer.

 

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		(ii)	take necessary actions within three (3) months
                                            upon the completion date of Corporate Change Registration to assist and cooperate
                                            with the Buyer Parties in applying for and completing corporate change registration
                                            of branches of the Group Companies, and in changing the heads of Group Company
                                            branches to Persons designated by the Buyer.

 

		(iii)	take necessary actions within three (3) months
                                            upon the completion date of Corporate Change Registration to assist and cooperate
                                            with the Buyer Parties in changing the value-added telecommunications services license
                                            of BEST Network so as to reflect its shareholder and legal representative change to
                                            Persons designated by the Buyer.

 

		(iv)	take necessary actions within three (3) months
                                            upon the completion date of Corporate Change Registration to assist and cooperate
                                            with the Buyer Parties in applying for and completing corporate change registration
                                            of Urumqi BEST Huitong Express Service Co., Ltd. and Hainan Jitong Express Co., Ltd.
                                            (by which 100% shares of Urumqi BEST Huitong Express Service Co., Ltd. and Hainan Jitong
                                            Express Co., Ltd. shall be transferred to Persons designated by the Buyer),
                                            and in change registration of the courier service operation permit (so as to reflect shareholders
                                            and legal representatives change to Persons designated by the Buyer).

 

		(v)	with the full cooperation among the Buyer
                                            Parties, take necessary actions (a) within two (2) months upon the completion
                                            date of Corporate Change Registration to assist and cooperate with the Buyer Parties
                                            in applying for and obtaining new courier service operation permits of BEST Network
                                            issued by the State Post Bureau of PRC (including permits required respectively
                                            for domestic and international express business) so as to reflect shareholder and legal representative
                                            change to Persons designated by Buyer, and (b) within five (5) months
                                            upon the completion date of Corporate Change Registration to assist and cooperate
                                            with the Buyer Parties in applying for and obtaining new courier service operation
                                            permits of the Group Companies (excluding BEST Network) issued by the competent
                                            post bureau so as to reflect the legal representatives change to Persons designated
                                            by the Buyer. If BEST Network fails to obtain the said licenses within the
                                            said period, the Seller Parties and the Buyer Parties shall negotiate in good
                                            faith about remedies allowing the Target Business to operate normally in a way consistent
                                            with the customary practice.

 

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The Seller Parties shall assume
any liability of the Group Companies or the Buyer Parties and their Affiliates arising from acts of relevant personnel
appointed by the Seller Parties and their Affiliates until all of personnel changes above are completed.

 

		5.2.2	Within twelve (12) months from the
                                            completion date of Corporate Change Registration, the Seller Parties shall
                                            share with the Buyer Parties any associated service/system of the Target Business
                                            to ensure the smooth operation and transition of the Target Business. The Buyer
                                            Parties shall pay fees in consistent with those standard and mechanism agreed with the
                                            Seller Parties, if they need to keep using any relevant service/system of the Seller
                                            Parties upon expiration of the said twelve (12) month period, details of which are provided
                                            in Exhibit VII.

 

		5.2.3	The Seller Parties and Mr. Shao-Ning
                                            Johnny Chou shall not directly conduct express business in any form, or jointly conduct with
                                            any other express business related partners any business which has competitive relationship
                                            with express business, inside the PRC within three (3) years from the completion
                                            date of Corporate Change Registration.

 

		(i)	customary collaboration, however, between
                                            the Seller Parties or Mr. Shao-Ning Johnny Chou and any express business service
                                            provider in connection with any business other than express business inside the PRC,
                                            shall not be governed by the above undertaking.

 

		(ii)	for the avoidance of doubt, non-express
                                            business of the Seller Parties or Mr. Shao-Ning Johnny Chou as of the execution
                                            date of this Agreement, including freight, supply chain and international business,
                                            shall not be governed by the above undertaking.

 

		5.2.4	Within twelve (12) months from the
                                            completion date of Corporate Change Registration, with regard to provisions of Clause
                                            4.4 (Classification and Allocation of Leased Real Properties), the Seller Parties
                                            shall provide necessary assistance for involved relevant matters such as classification and
                                            allocation of sites, transfer of staff, relocation of facilities, and share associated costs
                                            and expenses (other than rentals) based on the specific nature of the Functional Real
                                            Properties and upon mutual agreement between the Buyer and the Seller (which
                                            is, in the case of office spaces, to be shared according to the area used by employees; in
                                            the case of staff dormitories and canteens, to be shared according to the number of users
                                            thereof).

 

		5.2.5	Within three (3) months from
                                            the completion date of Corporate Change Registration, with regard to guarantees made
                                            by the Group Companies with respect to obligation of the Seller or Seller’s
                                            Affiliates under any sortation center lease agreement, the Seller shall communicate
                                            with, and shall cause its relevant Affiliates to communicate with the relevant lessor
                                            about discharging such guarantees or substituting the guarantor with Persons other
                                            than the Group Companies. If such arrangements are not be completed within the said
                                            three (3) months, the Seller shall otherwise negotiate with the Buyer
                                            for another reasonable period to complete. Meanwhile, the Seller Parties shall pay,
                                            and shall cause its relevant Affiliates to pay any rental due, and failure to pay
                                            such rental in due time shall entitle the Buyer Parties or the Group Companies
                                            to the right of claims against the Seller Parties.

 

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		5.2.6	On or prior to December 31, 2021,
                                            the Seller Parties shall cooperate with the Buyer Parties and the Group
                                            Companies in transferring or assigning to the Group Companies (i) all sortation
                                            centers related to the Targeted Business, lease agreements of which are not under
                                            the name of the Group Companies, as listed in Paragraph 3.1.21(iv) of the disclosure
                                            letter attached hereto as Schedule D, and (ii) all office spaces (other than
                                            those classified and allocated pursuant to the provisions of Clause 4.4) listed in Schedule
                                            F hereof which are determined by the Seller Parties as office spaces independently
                                            used by the Group Companies; prior to completion of the transfer or assignment of
                                            the said lease agreements, the Seller Parties undertake that relevant sortation centers
                                            and office spaces shall be subleased to an Entity designated by the Buyer at
                                            the price respectively equal to the “Contract Amount Payable by Express” for
                                            each sortation center set forth in Paragraph 3.1.21(iv) of the disclosure letter attached
                                            hereto as Schedule D, and the “Contract Amount Payable by Express” for
                                            each office space set forth in Schedule F hereof. For the avoidance of doubt, the
                                            obligations of the Seller Parties under this Clause 5.2.6 are not agreements or covenants
                                            referred to in conditions to obligations of the Buyer Parties as set out in Clause
                                            6.1 or in the prerequisites for release of the Closing Purchase Price as set out in
                                            Clauses 6.4 and 6.5.

 

Section 6     Conditions
Precedent

 

		6.1	Conditions to Obligations of the Buyer
                                            Parties

 

Closing
under this Agreement by the Buyer Parties on the Closing Date shall be conditioned upon the satisfaction
of the following conditions precedent, or those conditions precedent being waived by the Buyer in writing, as applicable (however,
unless the Buyer Parties explicitly expressed such waiver in writing, waiver of any of the following conditions precedent by the
Buyer Parties shall not be deemed as a waiver of any claim of rights the Buyer Parties entitled to as a result of breach
by the Seller Parties of any representation, warranty or undertaking, or any misrepresentation made by the Seller Parties):

 

		6.1.1	The Seller Parties shall have
                                            executed and delivered to Buyer, and caused the parties to the Transaction Documents
                                            (other than the Buyer Parties) to execute and deliver to the Buyer each
                                            Transaction Document, which shall remain in full force on the Closing Date
                                            (other than those shall be effective at or after Closing);

 

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		6.1.2	At the execution date hereof and the
                                            Closing Date, all representations and warranties made by Seller Parties herein:

 

		(i)	in the case of all representations and
                                            warranties (other than Fundamental Warranties) not qualified by materiality, shall
                                            be true, correct and not misleading in all material aspects; and

 

		(ii)	in the case of all representations, warranties
                                            and Fundamental Warranties qualified by materiality, shall be true, correct and not
                                            misleading in all aspects, except for those representations and warranties which refer to
                                            or are made only as of a particular date; provided that, any representation and warranty
                                            (other than Fundamental Warranties) qualified by materiality (including by “material”
                                            or “material aspect”, but not including by “Material Adverse Effect”)
                                            shall be deemed as qualified by “Material Adverse Effect” on the Closing
                                            Date;

 

		6.1.3	The Seller Parties and BEST
                                            Network shall have performed and complied with in all material aspects all covenants
                                            and undertakings required by the Transaction Documents to be performed or complied
                                            with on or prior to the Closing Date;

 

		6.1.4	Board of shareholders and board of
                                            directors, as applicable, of the Seller Parties shall have approved the Transaction
                                            to be performed and completed pursuant to the Transaction Documents, and such
                                            approvals shall remain in full force on the Closing Date;

 

		6.1.5	(i) All materials required by
                                            BEST Network to apply for change of the courier service operation permits (including
                                            permits required respectively for domestic and international express business) and the value-added
                                            telecommunications services license (reflecting shareholder and legal representative change
                                            to Persons designated by Buyer); (ii) all materials required by the Group
                                            Companies (excluding BEST Network) to apply for new courier service operation
                                            permits issued by the competent post bureau (reflecting legal representatives of the Group
                                            Companies change to Persons designated by the Buyer); (iii) all materials
                                            required for corporate change registration of Urumqi BEST Huitong Express Service Co., Ltd.
                                            and Hainan Jitong Express Co., Ltd. (by which 100% of their shares shall be transferred
                                            to Persons designated by the Buyer) and for change of the courier service operation
                                            permits; and (iv) all materials required for corporate change registration of the Group
                                            Companies (excluding BEST Network) and their branches, shall be complete and ready
                                            for use;

 

		6.1.6	The Group Companies shall have
                                            obtained the third party’s consent as specified in part one of the Schedule I;

 

		6.1.7	Mr. Shao-Ning Johnny Chou shall
                                            have executed with BEST Network a non-competition agreement reflecting provisions
                                            of Clause 5.2.3 hereof, which shall become effective as of the completion date of Corporate
                                            Change Registration;

 

		6.1.8	The Logistics Service Cooperation
                                            Agreement entered into by JITU Express Co., Ltd., BEST Network and Zhejiang Cainiao
                                            Supply Chain Management Co., Ltd. (“Cainiao”) on the execution date
                                            of this Agreement shall remain in full force as of the Closing Date, and no
                                            parties thereto shall have any breach thereunder, and the connectivity provided by Cainiao
                                            to BEST Network thereunder shall remain in normal use; and

 

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		6.1.9	The Seller shall have executed
                                            and issued to the Buyer a written certificate, confirming that all Closing Conditions
                                            above have been satisfied.

 

		6.2	Conditions to Obligations of the Seller
                                            Parties

 

Closing
under this Agreement by the Seller Parties on the Closing Date shall be conditioned upon the satisfaction
of the following conditions precedent, or those conditions precedent being waived by the Seller in writing, as applicable (however,
unless the Seller Parties explicitly express such waiver in writing, waiver of any of the following conditions precedents by the
Seller Parties shall not be deemed as a waiver of any claim of rights the Seller Parties entitled to as a result of breach
by the Buyer Parties of any representation, warranty or undertaking, or any misrepresentation made by the Buyer Parties):

 

		6.2.1	The Buyer Parties shall have
                                            executed and delivered to the Seller each Transaction Document, which shall
                                            remain in full force on the Closing Date (other than those shall be effective at or
                                            after Closing);

 

		6.2.2	Board of shareholders and board of
                                            directors, as applicable, of the Buyer Parties shall have approved the Transaction
                                            to be performed and completed pursuant to the Transaction Documents, and such
                                            approvals shall remain in full force on the Closing Date;

 

		6.2.3	As of the Closing Date, all
                                            representations and warranties made by the Buyer Parties herein:

 

		(i)	in the case of all representations and
                                            warranties not qualified by materiality, shall be true, correct and not misleading in all
                                            material aspects; and

 

		(ii)	in the case of all representations and
                                            warranties qualified by materiality, shall be true, correct and not misleading in all aspects,
                                            except for those representations and warranties which refer to or are made only as of a particular
                                            date; for the avoidance of doubt, among others, the representations and warranties of the
                                            Buyer Parties under Clause 3.2.6 (Source of Funds) herein shall be true and correct
                                            in all aspects;

 

		6.2.4	The Buyer Parties shall have
                                            performed and complied with in all material aspects all covenants and undertakings required
                                            by the Transaction Documents to be performed or complied with on or prior to the Closing
                                            Date; and

 

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		6.2.5	The Seller shall have received
                                            a written certificate issued by the Buyer, which confirms that all Closing Conditions
                                            above have been satisfied.

 

		6.3	General Closing Conditions

 

		6.3.1	The Transaction shall have
                                            been approved upon anti-monopoly review in the PRC.

 

		6.4	Conditions for Release of Initial Closing
                                            Purchase Price

 

On the completion date of Corporate
Change Registration, the Seller shall deliver to the Buyer the following documents or cause them to be delivered to
the Buyer, before the Buyer would become obligated to instruct the Escrow Agent to release the Closing Purchase
Price:

 

		6.4.1	All closing deliverables listed on
                                            the Closing Handover Checklist attached hereto as Exhibit VII; and

 

		6.4.2	The written certificate issued by
                                            Administration for Industry and Commerce certifying the completion of Corporate
                                            Change Registration.

 

		6.5	Conditions for Release of Second Closing
                                            Purchase Price

 

		6.5.1	The signatories of the Group Companies’
                                            bank accounts with balance more than RMB10,000 as of the Closing Date as indicated
                                            on the Closing Handover Checklist attached hereto as Exhibit VII shall have been
                                            removed, and new signatories nominated by the Buyer shall have been duly appointed
                                            with respect to such bank accounts.

 

Section 7     Deposits

 

		7.1	Forfeiture of the Deposits

 

		7.1.1	The Initial Deposit shall be
                                            all vested in the Seller, if:

 

		(i)	Any of the Buyer Parties breaches
                                            the obligations under Clause 11.6 (Non-Solicitation) during the period from the execution
                                            date hereof to the Closing Date or termination date of the Transaction, whichever
                                            is earlier.

 

		7.1.2	The Deposit shall be all vested
                                            in the Seller, if:

 

		(i)	The Buyer and related Buyer Parties
                                            fail to file the application for anti-monopoly review of the Transaction in the
                                            PRC within the time limit under Clause 4.5.2 after the Seller Parties have
                                            given full cooperation and presented to the Buyer and related Buyer Parties
                                            all necessary information and materials for such application;

 

		(ii)	With full cooperation of the Seller
                                            Parties, the Buyer and related Buyer Parties fail to timely receive and
                                            reply any question raised by any PRC Governmental Authority from time to time during
                                            the Transaction, resulting in the Transaction not approved upon anti-monopoly
                                            review in the PRC within Anti-monopoly Review Period or an extension agreed
                                            upon between the Buyer and the Seller. For the avoidance of doubt, this Clause
                                            7.1.2(ii) shall not apply when any of the Buyer Parties and any of the Seller
                                            Parties resolve any concern raised by PRC Governmental Authority in respect of
                                            substantive competition or other concerns that could have substantial effect on the Transaction,
                                            if any;

 

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		(iii)	Any of the Buyer Parties refuses
                                            to close within five (5) Business Days upon the approval of anti-monopoly review
                                            of the Transaction in the PRC, without occurrence of circumstances described
                                            in Clause 8.1.6 (Injunctive Order of Security Review), when the conditions precedent for
                                            the Closing by the Buyer Parties (or have been waived in writing by the Party
                                            entitled to do so) provided in Clause 6.1 (Conditions to Obligations of the Buyer Parties)
                                            and Clause 6.3 (General Closing Conditions) are all satisfied; or

 

		(iv)	Any of the Buyer Parties breached
                                            any representation, warrant, covenant or undertaking it makes herein, resulting that Closing
                                            Conditions could not be satisfied, and such breach is unable to be corrected or remedied
                                            (a) prior to the Long-Stop Date, or (b) within fifteen (15) Business
                                            Days upon delivery of a written notice from the Seller to the Buyer for
                                            such breach, whichever is earlier.

 

		7.1.3	In the case of termination of the
                                            Transaction for causes other than those set forth in Clauses 7.1.1 and 7.1.2, the
                                            Seller Parties or any designated person shall return all Deposits to an account
                                            designated by the Buyer as instructed by the Buyer, with any interests and
                                            other proceeds accrued on the Deposits vested in the Buyer or an Entity
                                            designated by the Buyer.

 

		7.1.4	The Seller Parties agree that
                                            notwithstanding any contrary provisions herein, forfeiture of the Deposits under this
                                            Clause 7.1 shall be the sole and exclusive remedy of the Seller Parties hereunder,
                                            if the Transaction fails to close and the Seller confiscates all Deposits
                                            according to this Clause 7.1.

 

		7.2	Offset at Closing

 

If the Transaction closes, a
part of cash considerations payable by the Buyer shall be offset at the Closing by the Deposits according to Clause
2.9 (Payment Arrangement) and Clause 2.11.2 (Closing).

 

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Section 8     Termination

 

		8.1	Termination of Agreement

 

This Agreement may be terminated
at any time prior to the Closing as follows:

 

		8.1.1	The Parties terminate this
                                            Agreement in writing.

  

		8.1.2	Any Party may terminate this
                                            Agreement by giving a written notice to other Parties if the Transaction
                                            is not approved upon anti-monopoly review in the PRC within Anti-monopoly Review
                                            Period or an extension agreed upon by and between the Buyer and the Seller.

 

		8.1.3	The Buyer shall be entitled
                                            to terminate this Agreement by sending a written notice to the Seller, if:

 

		(i)	any of the Seller Parties breaches
                                            any of its representations, warranties, undertakings or covenants hereunder, resulting that
                                            Closing Conditions could not be satisfied, and such breaching is unable to be corrected
                                            or remedied (a) prior to the Long-Stop Date, or (b) within fifteen (15)
                                            Business Days upon delivery of a written notice from the Buyer to the Seller
                                            for such breach, whichever is earlier; or

 

		(ii)	any of the Seller Parties refuses
                                            to complete the Closing, when all conditions precedent provided set for in Clause
                                            6.2 (Conditions to Obligations of the Seller Parties) and Clause 6.3 (General Closing Conditions)
                                            for the Seller Parties to complete the Closing have been satisfied (or have
                                            been waived in writing by a Party entitled to do so).

 

		8.1.4	The Seller shall be entitled
                                            to terminate this Agreement by sending a written notice to the Buyer Parties,
                                            if:

 

		(i)	any of the Buyer Parties incurs
                                            any circumstance specified in Clause 7.1.1(i) (Breach of Non-solicitation); or

 

		(ii)	any of the Buyer Parties incurs
                                            any circumstance specified in Clause 7.1.2(i) through Clause 7.1.2(iv) (Other Causes
                                            for Forfeiture of the Deposits).

 

		8.1.5	Upon expiry of the Long-Stop Date,
                                            any Party shall have the right to terminate this Agreement by giving a written
                                            notice to other Parties if Closing does not take place; but should Closing
                                            not be completed before Long-Stop Date due to breach by any Party, such
                                            Party shall not terminate this Agreement.

 

		8.1.6	Before the Long-Stop Date,
                                            the PRC security review institution on foreign investment or other PRC central
                                            Governmental Authorities makes a final decision to stop or ban a Party from
                                            completing the Transaction, except for provisions in Clause 8.1.2.

 

		8.2	Termination Fee and Liquidated Damages

 

		8.2.1	When this Agreement is terminated
                                            according to Clause 8.1.1 (Termination by Written Agreement among Parties), Clause 8.1.5
                                            (Expiry of Long-Stop Date) or Clause 8.1.6 (Injunctive Order of Security Review), no Party
                                            shall be required to pay other Parties any Termination Fee or any form
                                            of liquidated damage or indemnification, but should the Closing not be completed before
                                            the Long-Stop Date due to breach by any Party, the relevant Party shall
                                            be entitled to claim for corresponding liabilities under this Agreement against the
                                            breaching Party.

 

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		8.2.2	Buyer Parties Termination Fee and
                                            Liability

 

		(i)	In the occurrence of termination event specified
                                            in Clause 8.1.2 (Not Approved by Anti-monopoly Review) (which is not caused by any of circumstances
                                            under Clause 7.1.2 (Causes for Forfeiture of the Deposits)), the Buyer Parties shall
                                            pay RMB102,000,000 to the Seller as Termination Fee (equivalent to 1.5%
                                            of Base Purchase Value) (“Buyer Termination Fee”).

 

		(ii)	If this Agreement is terminated
                                            pursuant to Clause 8.1.4(i), the Initial Deposit shall be fully vested in the Seller
                                            according to Clause 7.1 (Forfeiture of the Deposits), in which case the Buyer Parties
                                            shall assume liability of RMB340,000,000 (equivalent to 5% of Base Purchase
                                            Value) to the Seller.

 

		(iii)	If this Agreement is terminated
                                            pursuant to Clause 8.1.4(ii), the Deposits shall be fully vested in the Seller
                                            according to Clause 7.1 (Forfeiture of the Deposits), in which case the Buyer Parties
                                            shall assume liability of RMB1,020,000,000 (equivalent to 15% of Base Purchase
                                            Value) to the Seller.

 

		8.2.3	Seller Termination Fee and Liability

 

		(i)	When this Agreement is terminated
                                            pursuant to Clause 8.1.3(i) (Breach by any of the Seller Parties of Representations,
                                            Warranties, Undertakings or Covenants), the Seller shall assume liability of RMB510,000,000
                                            (equivalent to 7.5% of Base Purchase Value) to the Buyer Parties.

 

		(ii)	In the occurrence of termination event
                                            specified in Clause 8.1.3(ii) (Closing Refused by the Seller), the Seller Parties
                                            shall pay RMB510,000,000 (equivalent to 7.5% of Base Purchase Value) to
                                            the Buyer as termination fee (“Seller Termination Fee”, together
                                            with Buyer Termination Fee, the “Termination Fee”).

 

		8.2.4	Deposits, Termination Fees
                                            and any liquidated damages under Clause 8.2.2 (Buyer Party Termination Fee and Liability)
                                            and Clause 8.2.3 (Seller Termination Fee and Liability) shall be paid or released within
                                            thirty (30) days upon occurrence of relevant termination event.

 

		8.3	Termination Notice

 

A Party intending to terminate
this Agreement according to Clause 8.1 (Termination of Agreement) (except Clauses 8.1.1 and 8.1.5) shall give a notice in writing
to other Parties, stating the specific provision of Clause 8.1 (Termination of Agreement) as basis for such termination.

 

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		8.4	Effect of Termination

 

		8.4.1	If this Agreement is terminated
                                            pursuant to Clause 8.1 (Termination of Agreement), this Agreement (other than Clauses
                                            7.1 (Forfeiture of the Deposits), Clause 8.2 (Termination Fee and Liquidated Damages), Clause
                                            8.4 (Effect of Termination), Clause 9 (Indemnification) , Clause 10 (Dispute Resolution),
                                            Clause 11.1 (Governing Law), Clause 11.4 (Severability), Clause 11.7 (Confidentiality), Clause
                                            11.12 (Costs and Expenses), Clause 11.13 (Notice)) shall become invalid and no longer be
                                            binding or in force, and any Party (or any related parties) shall be discharged from
                                            its responsibilities and obligations under this Agreement.

 

		8.4.2	For the avoidance of doubt, notwithstanding
                                            the foregoing, any Party shall be liable for any Losses caused to other Parties
                                            by its breach of this Agreement prior to the termination hereof.

 

Section 9     Indemnification

 

		9.1	Survival

 

		9.1.1	Representations as well as warranties
                                            hereunder, and all claims as well as causes of action (whether arising from contract, tort
                                            or other reasons) related thereto, shall remain in force within twelve (12) months upon the
                                            Closing Date; provided that,

 

		(i)	Representations
as well as warranties in connection with Clauses 3.1.1 (Incorporation and Authorization), 3.1.5 (Transferred Shares) and 3.1.8
(Approvals and Consents) (“Fundamental Warranty”), and all claims as well causes of action (whether in contract, tort
or otherwise) related thereto, shall remain in force within three (3) years upon Closing Date; and

 

		(ii)	Representations
                                            as well as warranties in connection with Clauses 3.1.14 (Tax Matters), 3.1.17(ii) (Employee
                                            Matters) and 3.1.25 (Environment, Health, Safety and Fire Protection Matters), and
                                            all claims as well as causes of action (whether arising from contract, tort or other reasons)
                                            related thereto, shall remain in force until the statutory time-limit for prosecution or
                                            action against the foregoing expires (“Duration of Validity”).

 

		9.1.2	Notwithstanding the foregoing, a request
                                            made by a Party for settlement of a claim (if such request include reasonable and
                                            specific content of the claim) within the said duration shall remain in force until such
                                            claim is finally resolved.

 

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		9.2	Indemnification

 

		9.2.1	Each Party (“Indemnifying
                                            Party”) shall indemnify and hold harmless other damaged Parties and their
                                            directors, officers and Affiliates (“Indemnified Party”) from any
                                            damages, losses and reasonable costs and expenses (“Loss”) caused by (i) breach
                                            by the Indemnifying Party of its representations and warranties hereunder, or (ii) breach
                                            by the Indemnifying Party of its undertakings or covenants hereunder. For the avoidance
                                            of doubt, Losses caused as set forth in Clause 9.2.1(i) shall not include those
                                            valuing less than 0.1% of the Base Purchase Value.

 

		9.2.2	In case a Party becomes the
                                            Indemnified Party, the Indemnifying Party shall be liable only for any Loss
                                            caused as set forth in Clause 9.2.1(i) valuing higher than 0.5% of the Base Purchase
                                            Value, and only the part above 0.1% of the Base Purchase Value will be indemnified.

 

		9.2.3	Subject to other provisions herein,
                                            indemnifications that the Indemnified Party shall be entitled to from the Indemnifying
                                            Party in aggregate shall not be higher than 10% of the Base Purchase Value. For
                                            the avoidance of doubt, this Clause 9.2.3 shall not apply to the covenants under Clause 7.1.2.

 

		9.2.4	Notwithstanding
                                            any contrary provisions herein, limitation of indemnification under Clause 9.2 shall not
                                            apply to (i) any Loss caused by fraud, willful breach or misrepresentation by
                                            the Seller Parties, (ii) any indemnification claimed by the Buyer Parties
                                            as the Indemnified Party under Clause 9.3 (Special Indemnification), or (iii) any
                                            indemnification claimed by the Buyer Parties as the Indemnified Party in connection
                                            with breach by the Seller Parties of their undertakings under Clause 2.11.

 

		9.2.5	Notwithstanding
                                            any contrary provision in this Agreement, if Arbitration Institution identifies
                                            the standard of “material” under Clause 3 based on the amount of Losses,
                                            solely for the purpose of calculating the amount of Losses (but not for identifying
                                            if breach of any representation or warranty has occurred), representations and warranties
                                            under Clause 3 shall not take any “material” qualification into consideration,
                                            including “in all material aspects”, “Material Adverse Effect”
                                            or other similar standard of measurement.

 

		9.2.6	No Party shall be liable for
                                            any indirect, exemplary or punitive damages to other Parties.

 

		9.3	Special Indemnification

 

Notwithstanding any contrary provision
herein, the Seller Parties shall indemnify and hold harmless, severally and jointly, the Buyer Parties from any Loss
in connection with or caused by the following breaches (no matter whether such Loss occurs before or after the Closing,
whether such matter, issue or circumstance have been disclosed in any form to the Buyer Parties or the Buyer Parties have
been informed of such matter, issue or circumstance, or whether the Buyer Parties own controlling interests in Group Companies
upon the completion date of Corporate Change Registration):

 

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		9.3.1	the Seller Parties breach their
                                            representations and warranties under Clause 3.1.7 (Undisclosed Liabilities and Contingent
                                            Liabilities).

 

		9.4	Claim Notice

 

Any claim by the Indemnified Party
with respect to any Loss shall be made by a notice in writing under Clause 11.13 (Notice) to the Indemnifying Party
within thirty (30) days (and within the Duration of Validity) after the Indemnified Party becomes aware of any actual or
threatening Loss under Clause 9.2 (Indemnification). Such written notice shall specify nature of the claim, facts and circumstances
supporting the claim and calculation of corresponding Loss, if any, in reasonable details.

 

		9.5	Third Party Claims

 

		9.5.1	If the Indemnified Party is
                                            notified of a claim of right against itself and which may result in the claim in respect
                                            of Loss under this Clause 9 (Indemnification) (“Third Party Claim”),
                                            it shall notify the Indemnifying Party of such Third Party Claim within thirty
                                            (30) days upon receipt of such notice.

 

		9.5.2	The Indemnifying Party shall
                                            be entitled to notify the Indemnified Party within fifteen (15) days upon receipt
                                            of notice from the Indemnified Party that it prepares to elect the attorneys, and
                                            shall undertake and control the defense against Third Party Claim at its own cost.

 

		9.5.3	If the Indemnifying Party opts
                                            to defend against Third Party Claim, the Indemnified Party may participate
                                            in such defense at its own cost.

 

		9.5.4	The Indemnified Party shall
                                            cooperate with the Indemnifying Party, and provide, at the reasonable request of the
                                            Indemnifying Party, any witness, record, material and information the Indemnified
                                            Party holds or controls, at the cost of the Indemnifying Party.

 

		9.5.5	If the Indemnifying Party opts
                                            to lead the defense against such claim or proceeding, the Indemnified Party shall
                                            not pay for any part of such Third Party Claims, unless such payment is approved by
                                            the Indemnifying Party in writing, or the Indemnifying Party quits the defense
                                            against such Third Party Claims, or a final and non-appealable judgment has been made
                                            against the Indemnified Party with respect to such Third Party Claims.

 

		9.6	Sole and Exclusive Remedy

 

		9.6.1	The Parties acknowledge and
                                            agree that subject to Clause 2.10 (Locked Box Mechanism) and Clause 7.1 (Forfeiture of the
                                            Deposits), indemnification under Clause 9.2 (Indemnification) shall be the sole and exclusive
                                            remedy of a Party for breach of any representation and warranty hereunder by other
                                            Parties or for default on and incompliance with any undertaking or covenant hereunder,
                                            upon Closing, unless any Loss is caused by fraud, willful breach or misrepresentation
                                            by that Party. Notwithstanding the provisions preceding this Clause 9.6.1, any Party
                                            may request specific performance before any court with jurisdiction.

 

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		9.6.2	For the avoidance of doubt, rights
                                            and obligations of each Party under Clause 7 (Deposit) and Clause 8 (Termination)
                                            shall not be restricted from the said limitations. Each Party shall take all reasonable
                                            actions to reduce Loss at the time of and after awareness of any event reasonably
                                            expected to cause Loss.

 

Section 10     Dispute
Resolution

 

		10.1	Negotiation

 

		10.1.1	Any dispute, controversy, disagreement
                                            or claim (collectively as “Dispute”) arising from or in connection with
                                            this Agreement shall be resolved by the Parties through friendly negotiation.

 

		10.1.2	If the Parties fail to resolve
                                            the Dispute within thirty (30) days after a Party notifies in writing the other
                                            parties of the Dispute or of request for negotiation, any Party may refer the
                                            Dispute to the Arbitration Institution according to Clause 10.2 (Arbitration).

 

		10.2	Arbitration

 

		10.2.1	The Dispute arising from performance
                                            of this Agreement or in connection with this Agreement shall be submitted to
                                            Shanghai International Economic and Trade Arbitration Commission (Shanghai International
                                            Arbitration Center) (“Arbitration Institution”) and shall be arbitrated
                                            in Shanghai according to the arbitration rules then valid of the Arbitration Institution.

 

		10.2.2	The arbitration shall be conducted
                                            in the Chinese language.

 

		10.2.3	The tribunal shall consist of three
                                            (3) arbitrators. The Seller and the Buyer shall select one (1) arbitrator
                                            respectively, and the Arbitration Institution shall select the third arbitrator as
                                            the presiding arbitrator. The Parties agree that each Party may select arbitrators
                                            not listed in the arbitrator list given by the Arbitration Institution.

 

		10.3	Effect of Arbitration Award

 

The arbitration award shall be final
and binding upon each party involved in the arbitration.

 

		10.4	Arbitration Fee

 

The arbitration fee shall be paid or
shared by a party or parties as awarded.

 

		10.5	Continuing Rights and Obligations

 

In the event of any Dispute
and during the arbitration of any Dispute, each Party shall continue exercising their rights and performing their obligations
hereunder, except those concerning the disputed issue.

 

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Section 11     Miscellaneous

 

		11.1	Governing Law

 

Conclusion, effect, interpretation,
performance, amendment and termination of this Agreement as well as resolution of any Dispute shall be governed by PRC
Laws.

 

		11.2	Effect

 

This Agreement is concluded
and comes into effect as of the date when the authorized representative of each Party signs and affixes the company seal hereto.

 

		11.3	Amendment

 

No amendment to this Agreement
shall be valid unless made in writing and executed by each Party.

 

		11.4	Severability

 

		11.4.1	Where one or more provisions of this
                                            Agreement are or become invalid, illegal or unenforceable in any respect under any
                                            applicable Laws, such provision shall not affect or impair the validity, legality
                                            or enforceability of the remaining provisions hereof in any respect.

 

		11.4.2	The Parties shall negotiate
                                            in good faith and make all reasonable efforts to replace such invalid, illegal or unenforceable
                                            provisions with valid provisions, the economic effect of which is as close as possible to
                                            the intended economic effect of such invalid, illegal or unenforceable provisions.

 

		11.5	Language

 

This Agreement shall be written
in Chinese and made in eighteen (18) counterparts, three (3) for each Party, all of which shall have the same legal force.

 

		11.6	Non-Solicitation

 

		11.6.1	The Buyer Parties agree that
                                            from the execution date hereof to (i) Closing Date or (ii) termination date
                                            of the Transaction, whichever is earlier, the Buyer Parties shall not, and
                                            shall use commercially reasonable efforts to cause Affiliates under their Control
                                            not to, directly or indirectly:

 

		(i)	entice, encourage or solicit any employee
                                            of Target Business above director level who work at headquarters in Hangzhou, or any
                                            general manager of regional business unit/branch, regional manager of network administration,
                                            regional operation manager, or any other officers at the same or above level (“Core
                                            Employee”) to (a) resign from their current positions or (b) accept any
                                            other positions or employment provided by the Buyer Parties or Buyer’s Affiliates;
                                            or

 

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		(ii)	employ or assist any other Persons
                                            in employing any Core Employee.

 

		11.6.2	Notwithstanding the foregoing, Clause
                                            11.6.1 shall not apply when the Buyer Parties or any of the Buyer’s Affiliates
                                            employ a Core Employee who has resigned from the Seller Parties or Seller’s
                                            Affiliates for more than six (6) months.

 

		11.7	Confidentiality

 

		11.7.1	The Parties agree that they
                                            shall, and shall cause their Affiliates, their and their Affiliates’
                                            respective officers, directors, employees, agents, Representatives, accountants, consultants
                                            and financiers to, strictly keep confidential the following documents and information (and
                                            not disclose to any other Persons or provide any other Persons with access
                                            to such documents and information) unless required by judicial or administrative procedures
                                            or other Laws;

 

		(i)	this Agreement and the Transaction;

 

		(ii)	any and all materials provided by any
                                            Party in respect of the Transaction;

 

		(iii)	any and all materials involving trade
                                            secrets, patents and trademark applications, product development, prices, lists of clients
                                            and suppliers, pricing and marketing plans, policies and strategies, detail of contracts
                                            executed with clients and consultants, way of operating, product development technology,
                                            business acquisition plans and recruitment plans of each Party; and

 

		(iv)	any other confidential or proprietary
                                            materials provided by the Seller Parties in respect of their companies or businesses
                                            (with materials above, collectively as “Confidential Information”).

 

For the avoidance of doubt, a Party
may disclose the said Confidential Information to its Affiliates and their respective officers, directors, employees,
agents, Representatives, accountants and financiers for the purpose of the Transaction; provided that such party shall
ensure each of the said recipients understand and perform the same confidentiality obligation as those hereunder, and shall be liable
for any breach of confidentiality obligation by any of such recipients severally and jointly.

 

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		11.7.2	Clause 11.7.1 shall not apply to:

 

		(i)	any information disclosed by a Party
                                            allowed to do so according to this Agreement;

 

		(ii)	any information that has been available
                                            to the public at, or becomes available to the public after the disclosure for reasons not
                                            attributable to any breach of this Agreement by any Party, its Affiliates
                                            or their respective officers, directors, employees, agents, Representatives or
                                            consultants;

 

		(iii)	any information that has been known by
                                            a Party prior to disclosure by the disclosing party and imposes no confidentiality
                                            obligation on such Party; and

 

		(iv)	any information received by a Party
                                            from a third party disclosing in good faith and free from any confidentiality obligation.

 

		11.7.3	For the purpose of clarity, the Parties
                                            agree that each Party and its Affiliates (including their respective officers,
                                            directors, employees, agents, Representatives, accountants, consultants and financiers)
                                            may disclose relevant Confidential Information required by Governmental Authorities
                                            according to applicable Laws; provided that the disclosing Party and its
                                            Affiliates shall (within their capacities and to the fullest extent permitted by applicable
                                            Laws or regulations) consult with the Party providing the Confidential Information
                                            and use best efforts to take confidential treatment with respect to the disclosed information
                                            within a reasonable period prior to such disclosure.

 

		11.7.4	A Party (the Buyer Parties
                                            or the Seller Parties) shall not release, or cause the release of, any press release,
                                            announcement or information concerning the execution or performance of this Agreement,
                                            Transaction Documents or contemplated transactions hereunder or thereunder, without
                                            prior written consent of the Cayman Islands party of the other Party (which means
                                            the Buyer or the Seller, as the case may be).

 

		11.7.5	No Party shall use in public
                                            names of other Parties or any of their Affiliates in any way, context or form
                                            (including citing or hyperlinking any website or press release) without prior written consent
                                            of other Parties.

 

		11.7.6	This Clause 11.7 (Confidentiality)
                                            shall remain in force and binding upon each Party within two (2) years from the
                                            execution date of this Agreement.

 

		11.8	Waiver

 

No waiver by any Party of its
rights, powers or remedies under this Agreement shall be deemed valid unless a separate agreement in respect thereof is executed
by that Party.

 

No delay or failure of a Party
in exercising any right, power or remedy under this Agreement shall affect or operate as a waiver of such right, power or remedy;
nor shall any single or partial exercise of any of such right, power or remedy preclude further exercise thereof or exercise of any other
right, power or remedy. Without limiting the generality of the foregoing, the waiver by a Party of a breach of any provision of
this Agreement by other Parties shall not be construed as a waiver of any succeeding breach of the same or any other provision
of this Agreement.

 

    69

     

    

 

		11.9	Assignment

 

A Party shall not assign any
of its rights or obligations under this Agreement without prior written consent of other Parties.

 

		11.10	Binding Effect

 

This Agreement shall be binding
upon each Party hereto and their successors or assigns to whom an assignment is made according to this Agreement.

 

		11.11	Entire Agreement

 

		11.11.1	This Agreement and other
                                            Transaction Documents shall constitute the entire agreement among the Parties
                                            with respect to the subject matter of this Agreement, and supersede all prior agreements
                                            and arrangements relating to this Agreement, whether oral or written (including, without
                                            limitation, SUPEREAGLE Term Sheet dated September 18, 2021 between the Seller
                                            and the Buyer).

 

		11.11.2	All exhibits and schedules attached
                                            hereto shall be an integral part of this Agreement, and any breach of such exhibits
                                            or schedules by a Party shall be deemed as a breach hereof.

 

		11.11.3	The Parties agree that if
                                            required for any change registration (including but not limited to Corporate Change Registration)
                                            with the relevant Governmental Authority processing the Transaction, each Party
                                            shall execute a short form agreement in the form required by the Governmental Authority
                                            (“Short Form Agreements”) and submit such Short Form Agreements
                                            to the Governmental Authority for the necessary registration and procedure. Provisions
                                            of this Agreement shall prevail over any undertakings, rights and obligations of each
                                            Party in relation to the Transaction.

 

		11.12	Costs and Expenses

 

		11.12.1	Whether the Transaction under
                                            this Agreement is completed or not, any and all costs and expenses (including legal
                                            counsel’s fees, accountant’s fees, investment bank/financial advisor charges
                                            and fees and other consultants’ fees) in connection with this Agreement, other
                                            Transaction Documents and contemplated transaction hereunder and thereunder, shall
                                            be paid by the Party to whom such costs and expenses are incurred.

 

		11.12.2	Each Party shall pay stamp
                                            duties or other Taxes, if any, from execution, delivery and performance of Transaction
                                            Documents by them.

 

    70

     

    

 

		11.13	Notice

 

		11.13.1	All notices, demands or other communications
                                            hereunder shall be made in writing, and sent to the address or fax number of the relevant
                                            parties set forth below (or any other address or fax number the recipient notifies the relevant
                                            parties in writing within ten (10) Business Days).

 

		11.13.2	If to the Seller or any of
                                            the Seller Parties:

 

BEST Inc. 

 

Address: Legal Affairs
Department, Floor 5, Building A, Huaxing Industrial Park, No. 18, Tangmiao Road, Xihu District, Hangzhou City 

 

Attention: Dawei Bian 

 

Tel.: 13564405507 

 

Email: davidbian@best-inc.com

 

		11.13.3	If to the Buyer or any of
                                            the Buyer Parties:

 

J&T Global Express
Limited

 

Address: Building
A, E Link World Huaxin Garden, No. 1777, Hualong Road, Huaxin Town, Qingpu District, Shanghai

 

Attention: Investment
Department, JITU Express

 

Tel.: 021-6077-1717

 

Email: investment@jtexpress.com;
copy to legal@jtexpress.com

 

		11.13.4	Each notice, demand or other communication
                                            sent pursuant to this Clause 11.13 (Notice) shall be deemed to have been delivered:

 

		(i)	if delivered by registered or certified
                                            mail to an address at home, on the third (3rd) Business Day after it is
                                            mailed out by the post office and a return receipt is received;

 

		(ii)	if delivered by registered or certified
                                            mail to an address abroad, on the tenth (10th) Business Day after it is
                                            mailed out by the post office and a return receipt is received;

 

		(iii)	if delivered by a courier or by hand,
                                            when it has been delivered to the addresses above;

 

		(iv)	if sent by fax, when it has been transmitted
                                            to the fax number above and a delivery receipt has been received by the sender; or

 

		(v)	if sent by electronic mail, when the email
                                            has been transmitted to the mail box of the recipient.

 

    71

     

    

 

		11.14	No Duplicate Claims

 

The Indemnified Party shall
not be entitled to be indemnified or otherwise compensated for the same Loss more than once, whether directly or indirectly, and
whether individually or jointly with any of its Affiliates.

 

		11.15	Counterparts

 

This Agreement and any of its
amendments may be executed in one or more counterparts, each of which shall be deemed an original instrument and all of which shall have
the same legal effects.

 

(Remainder of Page Intentionally Left Blank)

 

    72

     

    

 

(Signature Page to Share and Asset Purchase
Agreement)

 

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

 

 

BEST
Inc. (seal)

 

 

Signature of Legal Representative or Authorized
Representative: /s/ Shao-Ning Johnny Chou

 

Signature Page to
Share and Asset Purchase Agreement

 

    

     

    

 

(Signature Page to Share and Asset Purchase
Agreement)

 

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

 

 

J&T Global Express Limited

 

 

Signature of Legal Representative or Authorized
Representative: /s/ Jie Li

 

Signature Page to
Share and Asset Purchase Agreement

 

    

     

    

 

(Signature Page to Share and Asset Purchase
Agreement)

 

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

 

 

Hangzhou
BEST Network Technology Co., Ltd. (seal)

 

 

Signature of Legal Representative or Authorized
Representative: /s/ Wei Chen

 

Signature Page to
Share and Asset Purchase Agreement

 

    

     

    

 

(Signature Page to Share and Asset Purchase
Agreement)

 

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

 

 

Zhejiang
BEST Technology Co., Ltd. (seal)

 

 

Signature of Legal Representative or Authorized
Representative: /s/ Shao-Ning Johnny Chou

 

Signature Page to
Share and Asset Purchase Agreement

 

    

     

    

 

(Signature Page to Share and Asset Purchase
Agreement)

 

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

 

 

BEST
Logistics Technologies (China) Co., Ltd. (seal)

 

 

Signature of Legal Representative or Authorized
Representative: /s/ Shao-Ning Johnny Chou

 

Signature Page to
Share and Asset Purchase Agreement

 

    

     

    

 

(Signature Page to Share and Asset Purchase
Agreement) 

 

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

 

 

JITU
Express Co., Ltd. (seal)

 

 

Signature of Legal Representative or Authorized
Representative: /s/ Suzhou Fan

 

Signature Page to Share and Asset Purchase
Agreement

 

    

     

    

 

Schedule A List of Target Business

 

[Provided separately]

 

Schedule A to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule B Locked Box Financial Statements

 

[Provided separately]

 

Schedule B to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule C Permitted Leakage(s)

 

[Provided separately]

 

Schedule C to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule D Disclosure Letter

 

[Provided separately]

 

Schedule D to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule E Shareholding Relationship and VIE
Structure among the Seller Parties and BEST Network

 

[Provided separately]

 

Schedule E to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule F List of Functional Real Properties

 

[Provided separately]

 

Schedule F to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule G List of BEST Joint Fleets

 

[Provided separately]

 

Schedule G to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule H List of Factoring Contracts

 

[Provided separately]

 

Schedule H to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule I Third Party Consents and Other Relevant
Obligations Required of Group Companies

 

[Provided separately]

 

Schedule I to Share and
Asset Purchase Agreement

 

    

     

    

 

Schedule J List of Guarantee from Group Companies
and Seller’s Guarantee

 

[Provided separately]

 

Schedule J to Share and
Asset Purchase Agreement

 

    

     

    

 

Exhibit I BEST Network Share Transfer
Agreement

 

[Provided separately]

  

    

     

    

 

Exhibit II Debt Transfer Agreement 

 

[Provided separately]

 

    

     

    

 

Exhibit III Agreement on Termination of
BEST Network VIE Agreements

 

[Provided separately]

 

    

     

    

 

Exhibit IV Intellectual Property and Technology
Transfer and License Agreement

 

[Provided separately]

 

    

     

    

 

Exhibit V Trademark License Agreement

 

[Provided separately]

 

    

     

    

 

Exhibit VI Anti-monopoly Declaration Materials

 

[Provided separately]

 

    

     

    

 

Exhibit VII Transition Services Agreement

 

[Provided separately]

 

    

     

    

 

Exhibit VIII Closing Handover Checklist

 

[Provided
separately]

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