Document:

EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of October 12, 2017 by and between PPDAI Group Inc., an
exempted company with limited liability incorporated and existing under the laws of the Cayman Islands (the “Company”), and A* (Passport/ID Number:             )
(the “Indemnitee”). 
 WHEREAS, the Indemnitee has agreed to serve as a director or officer of the Company and in such
capacity will render valuable services to the Company; and 
 WHEREAS, in order to induce and encourage highly experienced and capable
persons such as the Indemnitee to render valuable services to the Company, the board of directors of the Company (the “Board”) has determined that this Agreement is not only reasonable and prudent, but necessary to promote and
ensure the best interests of the Company and its shareholders; 
 NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to render valuable services the
Company, the Company and the Indemnitee hereby agree as follows: 
 1.    Definitions. As used in this Agreement:

 (a)    “Change in Control” shall mean a change in control of the Company of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar or successor schedule or form) promulgated under the United States Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder (collectively, the “Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be
deemed to have occurred (irrespective of the applicability of the initial clause of this definition) if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act, but excluding any trustee or other fiduciary
holding securities pursuant to an employee benefit or welfare plan or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity organized, appointed, established or holding securities of the Company with voting
power for or pursuant to the terms of any such plan) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 30% or
more of the combined voting power of the Company’s then outstanding securities without the prior approval of at least two-thirds of the Continuing Directors in office immediately prior to such
person’s attaining such interest; (ii) the Company is a party to a merger, consolidation, scheme of arrangement, sale of assets or other reorganization, or a proxy contest, as a consequence of which Continuing Directors in office
immediately prior to such transaction or event constitute less than a majority of the Board (or any successor entity) thereafter; or (iii) within any period of two consecutive years, Continuing Directors cease for any reason to constitute at
least a majority of the Board. 

  
 Note: * please refer to Annex A
for the name of each officer or director who has signed the indemnification agreement. 

 (b)    “Continuing Director” shall mean an individual who at
the beginning of any period of two consecutive years serves on the Board, and shall for the purpose of this definition include any new director whose election or nomination for election by the Company’s shareholders was approved by a vote of at
least two-thirds of the directors then still in office who were directors at the beginning of such period. 

(c)    “Disinterested Director” with respect to any request by the Indemnitee for indemnification or
advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee. 

(d)    The term “Expenses” shall mean, without limitation, expenses of Proceedings, including
attorneys’ fees, disbursements and retainers, accounting and witness fees, expenses related to preparation for service as a witness and to service as a witness, travel and deposition costs, expenses of investigations, judicial or administrative
proceedings and appeals, amounts paid in settlement of a Proceeding by or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to establish or establishing a right to indemnification or advancement of
expenses, under this Agreement, the Company’s Memorandum of Association and Articles of Association as currently in effect (the “Articles”), applicable law or otherwise, and reasonable compensation for time spent by the
Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action for indemnification for which the Indemnitee is not otherwise compensated by the Company or any third party. The term “Expenses” shall not include
the amount of judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually levied against or sustained by the Indemnitee to the extent sustained after final adjudication.

 (e)    The term “Independent Legal Counsel” shall mean any firm of attorneys reasonably selected by
the Board, so long as such firm has not represented the Company, the Company’s subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company, within the preceding five (5) years.
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or the Indemnitee in an action to determine the Indemnitee’s right to indemnification or advancement of expenses under this Agreement, the Company’s Articles, applicable law or otherwise. 

(f)    The term “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, or other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or
investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board), by reason of (i) the fact that the
Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, whether or not the Indemnitee is serving in such capacity at the time any liability or expense is
incurred for which indemnification or reimbursement is to be provided under this Agreement, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or
misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement,
the Company’s Articles, applicable law or otherwise. 

  
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 (g)    The phrase “serving at the request of the Company as an agent
of another enterprise” or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited
liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase “serving at the request of the Company” shall include, without limitation, any service as a director/an executive officer of
the Company which imposes duties on, or involves services by, such director/executive officer with respect to the Company or any of the Company’s subsidiaries, affiliates, employee benefit or welfare plans, such plan’s participants or
beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or
welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively
that the Indemnitee is so acting at the request of the Company. 
 2.    Services by the Indemnitee. The
Indemnitee agrees to serve as a director or officer of the Company under the terms of the Indemnitee’s agreement with the Company for so long as the Indemnitee is duly elected or appointed or until such time as the Indemnitee tenders a
resignation in writing or is removed from the Indemnitee’s position; provided, however, that the Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or other obligation imposed by
operation of law). 
 3.    Proceedings by or in the Right of the Company. The Company shall indemnify the
Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a
director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit
or welfare plan, which are actually and reasonably incurred by the Indemnitee in connection with the defense or settlement of such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or
not opposed to, the best interests of the Company; except that no indemnification under this section shall be made in respect of any claim, issue or matter as to which such person shall have been adjudicated by final judgment by a court of competent
jurisdiction to be liable to the Company for willful misconduct in the performance of his/her duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such amounts which such other court shall deem proper. 

4.    Proceeding Other Than a Proceeding by or in the Right of the Company. The Company shall indemnify the
Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company), by reason of the fact that the Indemnitee is or was a director or
officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare
plan, which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, to the fullest extent permitted by applicable law; provided, however, that any settlement of a Proceeding must be approved in advance in writing
by the Company (which approval shall not be unreasonably withheld). 

  
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 5.    Indemnification for Costs, Charges and Expenses of Witness or
Successful Party. Notwithstanding any other provision of this Agreement (except as set forth in subparagraph 9(a) hereof), and without a requirement for determination as required by Paragraph 8 hereof, to the extent that the Indemnitee
(a) has prepared to serve or has served as a witness in any Proceeding in any way relating to (i) the Company or any of the Company’s subsidiaries, affiliates, employee benefit or welfare plans or such plan’s participants or
beneficiaries or (ii) anything done or not done by the Indemnitee as a director or officer of the Company or in connection with serving at the request of the Company as an agent of another enterprise, or (b) has been successful in defense
of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise, including the dismissal of a Proceeding without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the fullest extent permitted by applicable law. 

6.    Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for a portion of the Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee in the
investigation, defense, appeal or settlement of any Proceeding, but not, however, for the total amount of the Indemnitee’s Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or
welfare plan, then the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, fines, interest or penalties or excise taxes to which the Indemnitee is entitled. 

7.    Advancement of Expenses. The Expenses incurred by the Indemnitee in any Proceeding shall be paid promptly by
the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the Indemnitee shall set forth in such request reasonable evidence
that such Expenses have been incurred by the Indemnitee in connection with such Proceeding, a statement that such Expenses do not relate to any matter described in subparagraph 9(a) of this Agreement, and an undertaking in writing to repay any
advances if it is ultimately determined as provided in subparagraph 8(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement. 

8.    Indemnification Procedure; Determination of Right to Indemnification. 

(a)    Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a
claim for indemnification or advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in writing. The omission to so notify the Company will not relieve the
Company from any liability which the Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission
to so notify. 

  
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 (b)    The Indemnitee shall be conclusively presumed to have met the relevant
standards of conduct, if any, as defined by applicable law, for indemnification pursuant to this Agreement and shall be absolutely entitled to such indemnification, unless a determination is made that the Indemnitee has not met such standards by
(i) the Board by a majority vote of a quorum thereof consisting of Disinterested Directors, (ii) the shareholders of the Company by majority vote of a quorum thereof consisting of shareholders who are not parties to the Proceeding due to
which a claim for indemnification is made under this Agreement, (iii) Independent Legal Counsel as set forth in a written opinion (it being understood that such Independent Legal Counsel shall make such determination only if the quorum of
Disinterested Directors referred to in clause (i) of this subparagraph 8(b) is not obtainable or if the Board by a majority vote of a quorum thereof consisting of Disinterested Directors so directs), or (iv) a court of competent
jurisdiction; provided, however, that if a Change in Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by a court of competent jurisdiction. 

(c)    If a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within
thirty (30) days after receipt by the Company of written notice thereof, the rights provided by this Agreement shall be enforceable by the Indemnitee in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The
burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure of the directors or shareholders of the Company or Independent Legal Counsel to have made a determination prior to the commencement
of such action that indemnification or advancement of Expenses is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors or shareholders of the Company or
Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable
standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in
good faith and in a manner which he reasonably believed to be in the best interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was
unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses under this Agreement, except as may be provided herein. 

(d)    If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or
advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings). 

  
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 (e)    With respect to any Proceeding for which indemnification or
advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably
satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by
the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written
consent. The Indemnitee shall have the right to employ his/her own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense
of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the
Indemnitee in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be
advanced by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the
Company and the Indemnitee. 
 9.    Limitations on Indemnification. No payments pursuant to this Agreement shall
be made by the Company: 
 (a)    To indemnify or advance funds to the Indemnitee for Expenses with respect to
(i) Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or
otherwise as required under applicable law or (ii) Expenses incurred by the Indemnitee in connection with preparing to serve or serving, prior to a Change in Control, as a witness in cooperation with any party or entity who or which has
threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification or advancement of Expenses
in each such case may be provided by the Company if the Board finds it to be appropriate; 
 (b)    To indemnify the
Indemnitee for any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, sustained in any Proceeding for which payment is actually made to the Indemnitee under a valid and
collectible insurance policy, except in respect of any excess beyond the amount of payment under such insurance; 

(c)    To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties sustained in any Proceeding
for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local
statute or regulation; 
 (d)    To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties,
or excise taxes assessed with respect to any employee benefit or welfare plan, for which the Indemnitee is indemnified by the Company otherwise than pursuant to this Agreement; 

  
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 (e)    To indemnify the Indemnitee for any Expenses (including without
limitation any Expenses relating to a Proceeding attempting to enforce this Agreement), judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, on account of the Indemnitee’s
conduct if such conduct shall be finally adjudged to have been knowingly fraudulent, deliberately dishonest or to have constituted willful misconduct, including, without limitation, breach of the duty of loyalty; 

(f)    If a court of competent jurisdiction finally determines that any indemnification hereunder is unlawful. In this
respect, the Company and the Indemnitee have been advised that the Securities and Exchange Commission takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore, unenforceable;

 (g)    To indemnify the Indemnitee in connection with Indemnitee’s personal tax matter; or 

(h)    To indemnify the Indemnitee with respect to any claim related to any dispute or breach arising under any contract
or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee. 

10.    Continuation of Indemnification. All agreements and obligations of the Company contained herein shall
continue during the period that the Indemnitee is a director or officer of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter so long as the
Indemnitee shall be subject to any possible Proceeding by reason of the fact that the Indemnitee was a director or officer of the Company or serving in any other capacity referred to in this Paragraph 10. 

11.    Indemnification Hereunder Not Exclusive. The indemnification provided by this Agreement shall not be deemed
to be exclusive of any other rights to which the Indemnitee may be entitled under the Company’s Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or
omission in the Indemnitee’s official capacity and as to action or omission in another capacity on behalf of the Company while holding such office. 

12.    Successors and Assigns. 

(a)    This Agreement shall be binding upon the Indemnitee, and shall inure to the benefit of, the Indemnitee and the
Indemnitee’s heirs, executors, administrators and assigns, whether or not the Indemnitee has ceased to be a director or officer, and the Company and its successors and assigns. Upon the sale of all or substantially all of the business, assets
or share capital of the Company to, or upon the merger of the Company into or with, any corporation, partnership, joint venture, trust or other person, this Agreement shall inure to the benefit of and be binding upon both the Indemnitee and such
purchaser or successor person. Subject to the foregoing, this Agreement may not be assigned by either party without the prior written consent of the other party hereto. 

  
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 (b)    If the Indemnitee is deceased and is entitled to indemnification under
any provision of this Agreement, the Company shall indemnify the Indemnitee’s estate and the Indemnitee’s spouse, heirs, executors, administrators and assigns against, and the Company shall, and does hereby agree to assume, any and all
Expenses actually and reasonably incurred by or for the Indemnitee or the Indemnitee’s estate, in connection with the investigation, defense, appeal or settlement of any Proceeding. Further, when requested in writing by the spouse of the
Indemnitee, and/or the Indemnitee’s heirs, executors, administrators and assigns, the Company shall provide appropriate evidence of the Company’s agreement set out herein to indemnify the Indemnitee against and to itself assume such
Expenses. 
 13.    Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce
such rights. 
 14.    Severability. Each and every paragraph, sentence, term and provision of this Agreement is
separate and distinct so that if any paragraph, sentence, term or provision thereof shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity, unlawfulness
or enforceability of any other paragraph, sentence, term or provision hereof. To the extent required, any paragraph, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to
provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company’s inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of
this Agreement. 
 15.    Savings Clause. If this Agreement or any paragraph, sentence, term or provision hereof
is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit
or welfare plan, which are incurred with respect to any Proceeding to the fullest extent permitted by any (a) applicable paragraph, sentence, term or provision of this Agreement that has not been invalidated or (b) applicable law. 

16.    Interpretation; Governing Law. This Agreement shall be construed as a whole and in accordance with its fair
meaning and any ambiguities shall not be construed for or against either party. Headings are for convenience only and shall not be used in construing meaning. This Agreement shall be governed and interpreted in accordance with the laws of the State
of New York. 
 17.    Amendments. No amendment, waiver, modification, termination or cancellation of this
Agreement shall be effective unless in writing signed by the party against whom enforcement is sought. The indemnification rights afforded to the Indemnitee hereby are contract rights and may not be diminished, eliminated or otherwise affected by
amendments to the Company’s Articles, or by other agreements, including directors’ and officers’ liability insurance policies, of the Company. 

18.    Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other. 

  
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 19.    Notices. Any notice required to be given under this Agreement
shall be directed to the Chief Financial Officer of the Company at Building G1, No.999 Dangui Road, Pudong New District, Shanghai 201203, People’s Republic of China, and to the Indemnitee at or to such other address as either shall designate to
the other in writing. 
 [The remainder of this page is intentionally left blank.] 

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

  

			
	PPDAI GROUP INC.
		
	By:	 	 /s/ B*

	Name:	 	B*
	Title:	 	C*
	
	INDEMNITEE
		
	By:	 	 /s/ A*

	Name:	 	A*

 Note: * please refer to Annex A for the name, title and conforming signature of the person who has signed the
indemnification agreement on behalf of the Company and the name and conforming signature of each officer or director who has signed the indemnification agreement. 

 Annex A 
  

							
	 Officer/Director
	    	 A
	    	 B
	    	 C

				
	Jun Zhang	    	Jun Zhang	    	Tiezheng Li	    	Director
				
	Tiezheng Li	    	Tiezheng Li	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Honghui Hu	    	Honghui Hu	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Shaofeng Gu	    	Shaofeng Gu	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer

							
	 Officer/Director
	    	 A
	    	 B
	    	 C

	Ronald Cao	    	Ronald Cao	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Congliang Li	    	Congliang Li	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Neil Nanpeng Shen	    	Neil Nanpeng Shen	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Zehui Liu	    	Zehui Liu	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Qiong Wang	    	Qiong Wang	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer

							
	 Officer/Director
	    	 A
	    	 B
	    	 C

	Simon Tak Leung Ho	    	Simon Tak Leung Ho	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Feng Zhang	    	Feng Zhang	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Hong Wang	    	Hong Wang	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Yuxiang Wang	    	Yuxiang Wang	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Ming Gu	    	Ming Gu	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Jiayuan Xu 	    	 Jiayuan Xu
	    	 Jun Zhang
	    	Chairman of the Board of Directors and Chief Executive Officer
				
	 Jimmy Y. Lai
	    	 Jimmy Y. Lai
	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive Officer
				
	Bing Xiang	    	Bing Xiang	    	Jun Zhang	    	Chairman of the Board of Directors and Chief Executive OfficerEX-10.5

 Exhibit 10.5 
  

 
 RESTATED EQUITY PLEDGE AGREEMENT

 This Restated Equity Pledge Agreement (this “Agreement”) is made on January 23, 2014 in Beijing, the People’s Republic of
China (the “PRC”) by and among the following parties (the “Parties”): 
 Party A: Beijing Prosper Investment
Consulting Co., Ltd. (the “Pledgee”) 
 Registered Address: Room 1622A, Building 3, 3 Xi Jing Road, Badachu High-tech Park, Shijingshan
District, Beijing 
 Legal Representative: GU Shaofeng 

Party B: (the “Pledgors”) 
 Name: GU
Shaofeng 
 ID Card No.: ****************** 
 Domicile: ***,
Pudong New Area, Shanghai 
 Name: HU Honghui 
 ID Card No.:
****************** 
 Domicile: ***, Zhabei District, Shanghai 

Name: LI Tiezheng 
 ID Card No.: ****************** 

Registered Address: ***, Minhang District, Shanghai 
 Name: LUO
Wei 
 ID Card No.: ****************** 
 Domicile: No. 2, A-14 Jiu Xian Qiao Road, Chaoyang District, Beijing 
 Name: ZHANG Jun 

ID Card No.: ****************** 
 Domicile: ***, Putuo District,
Shanghai 
 Party C: Beijing Paipairongxin Investment Consulting Co., Ltd. 

Registered Address: Room 6339, Floor 6, Haiyu Shangmao Building, 46 Fucheng Road, Haidian District, Beijing 

Legal Representative: GU Shaofeng 
 WHEREAS: 

 

	1.	The Pledgee is a wholly foreign-owned enterprise duly established and validly existing in the PRC; 

  

	2.	Party C is a limited liability company duly established and validly existing in the PRC; 

	3.	Each of the Pledgors is a shareholder of Party C, with GU Shaofeng, HU Honghui, LI Tiezheng, LUO Wei and ZHANG Jun holding 59.37%, 11.26%, 4.21%, 13.58% and 11.58%, respectively, of the equity interests of Party C;

  

	4.	The Pledgee, the Pledgors and Party C have entered into the Restated Exclusive Technology Consulting and Service Agreement, the Restated Option Agreement, and the Restated Business Operation Agreement on
January 23, 2014; 

  

	5.	In order to ensure the Pledgee can receive payment of the service fees from Party C under the Restated Exclusive Technology Consulting and Service Agreement and performance of the Agreements (defined below), the
Pledgors pledge, jointly and severally, all of their equity interests in Party C as security for the performance of the agreements aforesaid. Party A is the Pledgee; and 

 

	6.	The Parties have entered into the Equity Pledge Agreement on September 13, 2012. The Parties have agreed through negotiations to amend and restate the original agreement. The Agreement, upon execution by the
Parties, shall supersede the original agreement and apply to the matters stipulated thereunder. The original agreement shall cease to have effect thereunder. 

NOW, THEREFORE, based on amicable negotiations and the principles of equality and mutual benefits, the Parties hereby agree as follows: 

 

	1.	Definition 

 Unless otherwise provided in this Agreement: 

 

	 	1.1	“Pledge” refers to all contents in the provisions under Section 2 hereof. 

  

	 	1.2	“Equity Interest” means the 100% equity interests in Party C jointly and legally held by the Pledgors as well as all existing and potential rights and interests based on such equity interest.

  

	 	1.3	“Agreements” means the Restated Exclusive Technology Consulting and Service Agreement, the Restated Option Agreement, and the Restated Business Operation Agreement made by and among the Pledgee, Party C and
other parties thereto on January 23, 2014. 

  

	 	1.4	“Event of Default” means any of the events set forth in Section 7 hereof. 

  

	 	1.5	“Default Notice” means any notice given by the Pledgee announcing the Event of Default. 

  
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	2.	Pledge 

  

	 	2.1	The Pledgors shall pledge all their Equity Interests in Party C as well as any dividend and bonus accrued thereupon during the term of this Agreement to the Pledgee as security for the rights and interests of the
Pledgee under the Agreements. 

  

	 	2.2	The scope of security covered by pledging the Equity interest under this Agreement shall be all fees (including legal fees), costs and losses payable to the Pledgee by Party C and/or the Pledgors under the Agreements,
interests, damages, indemnities and costs for enforcement of creditor’s rights, as well as any liability of Party C and/or the Pledgors to the Pledgee in the event that the whole or any part of the Agreements is invalid due to any reason.

  

	 	2.3	The Pledge contemplated hereunder shall mean the right of preferential repayment entitled to the Pledgee from any amount derived from disposition, auction or sale of the Equity Interest pledged to the Pledgee by the
Pledgors. 

  

	 	2.4	Unless otherwise expressly agreed by the Pledgee in writing, after this Agreement comes into effect, the Pledge contemplated hereunder may not be released unless and until Party C and the Pledgors have duly performed
all of their obligations under the Agreements and the Pledgee recognizes such performance in writing. If Party C or the Pledgors fails to fully perform all or any part of their obligations under the Agreements by the end of the terms set out in the
Agreements, the Pledgee will remain entitled to the Pledge contemplated hereunder unless and until the obligations and duties referred to above have been fully performed in a way reasonably satisfactory to the Pledgee. 

 

	3.	Effectiveness 

  

	 	3.1	This Agreement shall be effective starting from the date on which it is signed and affixed with the seals by the Parties. The Pledge shall be created and come into effect on the date on which the registration of the
pledge of the Equity Interest with the administration for industry and commerce having jurisdiction over Party C is completed. 

  

	 	3.2	During the term of this Agreement, if Party C fails to pay the service fee or to perform any other obligations under the Restated Exclusive Technology Consulting and Service Agreement, the Pledgee, after giving
reasonable notice, shall have the right to exercise the Pledge in accordance with the provisions of this Agreement. 

  
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	4.	Possession and Custody of the Pledge Certificate; Registration of the Pledge 

  

	 	4.1	Within ten (10) business days from the date on which this Agreement is signed or at any other time mutually agreed by the Parties, the Pledgors shall deliver the original capital contribution certificate for its
Equity Interest in Party C into the Pledgee’s custody, provide the Pledgee with the proof evidencing that the Pledge contemplated hereunder has been duly registered in Party C’s register of members, and effect all approval and registration
procedures required by laws and regulations of the PRC (including without limitation the procedures for the registration of pledge of equity interest under laws of the PRC and required by the administration for industry and commerce having
jurisdiction over Party C). 

  

	 	4.2	In the event that change of registration is required by law as a result of the change of the Pledge, the Pledgee and the Pledgors shall effect such change of registration within five (5) business days from
occurrence of such change, and submit documents relating to such change of registration, and effect relevant change of registration procedures with the administration for industry and commerce having jurisdiction over Party C. 

 

	 	4.3	As long as the Equity Interest is under Pledge, the Pledgors shall instruct Party C not to distribute any dividend, bonus or adopt any profit distribution plan. If the Pledgors receive economic benefit of any type
derived from the pledged Equity Interest other than dividend, bonus or other profit distribution plan, the Pledgors shall instruct Party C to directly transfer any amount (after converting to cash) to the bank account designated by the Pledgee at
the request of the Pledgee. The Pledgors shall not use such amount without the Pledgee’s prior written consent. 

  

	 	4.4	As long as the Equity Interest is under Pledge, if the Pledgors subscribe for any new registered capital of Party C or acquire any Equity Interest in Party C held by any other Pledgor (the “Additional Equity
Interest”), such Additional Equity Interest shall automatically become the Equity Interest pledged hereunder, and the Pledgors shall complete all procedures required to create Pledge over the Additional Equity Interest within ten
(10) business days from their acquisition of the Additional Equity Interest. If the Pledgors fail to complete relevant procedures in accordance with the above, the Pledgee may immediately foreclose on the Pledge pursuant to Section 8 of
this Agreement. 

  

	5.	Representations and Warranties of the Pledgors 

 The Pledgors represent and warrant to
the Pledgee the following when executing this Agreement and acknowledge that the Pledgee executes this Agreement and performs the obligations hereunder in reliance on such representations and warranties: 

 

	 	5.1	The Pledgors are legal holders of the Equity Interest contemplated hereunder and have the right to pledge such Equity Interest to the Pledgee as security. 

  
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	 	5.2	At any time between the execution date of Agreement and the date on which the Pledgee is entitled to the rights of the Pledge in accordance with Section 2.4 hereof, no legal claim or proper intervention shall be
made by any other party once the Pledgee exercises its rights or forecloses on the Pledge in accordance with this Agreement. 

  

	 	5.3	The Pledgee is entitled to exercise its rights under the Pledge in compliance with the laws and regulations and this Agreement. 

  

	 	5.4	All necessary corporate authorizations have been obtained and no laws and regulations are violated for the execution of this Agreement by the Pledgors and their performance of obligations hereunder, and the authorized
signatories hereof have been legally and duly authorized. 

  

	 	5.5	The Equity Interest held by the Pledgors, other than the Pledge contemplated hereunder, is not subject to any other encumbrance or any third party security interest (including but not limited to pledge).

  

	 	5.6	There is no pending or potential civil, administrative or criminal lawsuit, administrative penalty or arbitration in respect of the Equity Interest. 

 

	 	5.7	There is no unpaid tax or fees payable or any uncompleted legal or non-legal procedures which should have been completed in respect of the Equity Interest. 

 

	 	5.8	The terms and conditions hereunder are a true expression of the Pledgors’ intent and are legally binding on them. 

  

	6.	Pledgors’ Undertaking 

  

	 	6.1	During the term of this Agreement, the Pledgors undertake to the Pledgee that the Pledgors shall: 

  

	 	6.1.1	other than transfer the Equity Interest to the Pledgee or its designated person at the request of the Pledgee, not, without the Pledgee’s prior written consent and before the full performance of the Pledgors’
obligation under the Agreements, transfer the Equity Interest or create or allow the existence of any pledge or other encumbrance or any type of third party security interest which may affect the rights and interests of the Pledgee. Without the
Pledgee’s prior written consent, the Pledgors shall not take any action which will or may give rise to any change to the Equity Interest or the right attached thereto and such change would or could have material adverse effect upon the
Pledgee’s right under this Agreement. 

  
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	 	6.1.2	comply with and implement all applicable laws and regulations and upon receipt of any notice, instruction or recommendation from any competent authority in respect of the Pledge, produce such notice, instruction or
recommendation to the Pledgee within five (5) business days and act in accordance with the reasonable instructions of the Pledgee. 

  

	 	6.1.3	promptly notify the Pledgee of occurrence of any event or receipt of any notice which may affect the Equity Interest of the Pledgors or any other right under this Agreement, or may change any of the Pledgors’
obligations hereunder or affect the Pledgors’ performance of their obligations hereunder, and shall act in accordance with the reasonable instructions of the Pledgee. 

 

	 	6.2	The Pledgors agree that they shall ensure that the Pledgee’s exercise of its rights in accordance with terms of this Agreement will not be interrupted or interfered with by the Pledgors, their successors,
assignees, or any other person. 

  

	 	6.3	The Pledgors guarantee the Pledgee that in order to protect or improve the security of the Pledgors’ and/or Party C’s performance of the obligations under the Agreements, the Pledgors shall make all necessary
amendments (if applicable) to the articles of association of Party C, execute in good faith and procure any other party interested in the Pledge to execute all certificates and deeds required by the Pledgee, and/or take and procure such other
interested party to take all actions reasonably required by the Pledgee, and facilitate the Pledgee’s exercise of its rights under the Pledge, and execute all documents relating to change of the Equity Interest with the Pledgee or any third
party designated by the Pledgee, and provide the Pledgee with all documents in respect of the Pledge required by the Pledgee within a reasonable period of time. 

  

	 	6.4	The Pledgors guarantee to the Pledgee that, for the benefits of the Pledgee, the Pledgors shall comply with and perform all of their warranties, undertakings, agreements and representations. If the Pledgors fail to
perform or to fully perform their warranties, undertakings, agreements and representations, the Pledgors shall compensate the Pledgee for all losses incurred by the Pledgee as a result of such nonperformance. 

 

	7.	Event of Default 

  

	 	7.1	An Event of Default shall be deemed to have occurred if: 

  

	 	7.1.1	Party C or its successor or assignee fails to make full payment for any amount due and payable under the Agreements, or the Pledgors or their successors or assignees fail to perform their obligations under the
Agreements; 

  
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	 	7.1.2	Any of the representations, warranties or undertakings made by the Pledgors under Sections 5 and 6 hereof is materially misleading or erroneous, and/or the Pledgors are in breach of their representations, warranties or
undertakings under Sections 5 and 6 hereof; 

  

	 	7.1.3	The Pledgors or Party C breaches any provision of this Agreement; 

  

	 	7.1.4	Other than provided under Section 6.1.1 hereof, the Pledgors transfer or dispose of the pledged Equity Interest without written consent of the Pledgee; 

 

	 	7.1.5	the Pledgors are required to repay or perform in advance or unable to repay or perform on time any of their loans, securities, indemnifications, undertakings or other debts or liabilities to any third party, which gives
rise to the Pledgee’s reasonable belief that the Pledgors’ ability to perform their obligations hereunder has been affected and as a result of which the Pledgee’s interests are affected; 

 

	 	7.1.6	The Pledgors are unable to repay ordinary debt or other indebtedness, and such inability to repay has affected the Pledgee’s interests; 

 

	 	7.1.7	This Agreement becomes illegal or the Pledgors are unable to continue to perform their obligations hereunder due to promulgation of any applicable law; 

 

	 	7.1.8	Any governmental consent, permit, approval or authorization required for the legality, effectiveness or enforceability of this Agreement is revoked, suspended, expired or materially changed; 

 

	 	7.1.9	The Pledgee is of the opinion that the Pledgors’ ability to perform their obligations hereunder has been affected as a result of the adverse change to the properties owned by the Pledgors; and 

 

	 	7.1.10	Other circumstances where the Pledgee is unable to exercise or dispose of its rights under the Pledge pursuant to applicable laws. 

  

	 	7.2	The Pledgors and/or Party C shall promptly notify the Pledgee in writing, if the Pledgors and/or Party C is or becomes aware of an occurrence or potential occurrence of any of the events described under Section 7.1
or any event which may give rise to the events described under Section 7.1. 

  
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	 	7.3	Unless any Event of Default set out in Section 7.1 has been resolved to the satisfaction of the Pledgee, the Pledgee may give a written Default Notice to the Pledgors and/or Party C upon or after occurrence of such
Event of Default requesting the Pledgors and/or Party C to pay immediately any amount due and payable under the Restated Exclusive Technology Consulting and Service Agreement or any other amount payable, or promptly perform their obligations under
the Agreements. If the Pledgors or Party C fails to promptly cure its breach or make any necessary remedy within ten (10) days from the date on which such written notice is given, the Pledgee may foreclose on the Pledge pursuant to
Section 8 hereof. 

  

	8.	Foreclosure of the Pledge 

  

	 	8.1	The Pledgee shall give Default Notice to the Pledgors pursuant to Section 7.3 hereof, when foreclosing on the Pledge. 

  

	 	8.2	Subject to Section 7.3, the Pledgee may foreclose on the Pledge at any time after giving the Default Notice under Section 7.3. 

 

	 	8.3	The Pledgee shall be entitled to preferential repayment from any amount derived from the disposal, auction or sale of all or any part of the Equity Interest pursuant to procedures under applicable law until the service
fees and any other amount due and payable under the Agreements have been fully repaid and any other obligations thereunder have been fully performed. 

  

	 	8.4	When the Pledgee forecloses on the Pledge pursuant to this Agreement, the Pledgors and/or Party C shall not impose any obstacles and shall provide support necessary for the Pledgee to foreclose on the Pledge.

  

	9.	Assignment 

  

	 	9.1	Unless with express prior written consent of the Pledgee, the Pledgors have no right to assign any of their rights and/or obligations hereunder to any third party. 

 

	 	9.2	This Agreement is binding upon the Pledgors and their successors, and is effective to the Pledgee and its successors or assignees. 

  

	 	9.3	The Pledgee may at any time assign all or any of its rights and obligations under the Agreements to any third party designated by it, under which circumstance the assignee shall have the Pledgee’s rights and
obligations hereunder. When the Pledgee assigns its rights and obligations under the Agreements, at the request of the Pledgee, the Pledgors shall execute relevant agreements and/or documents in connection with such assignment. 

 

	 	9.4	If the Pledgee is changed as a result of the assignment contemplated under Section 9.3, the parties to the new pledge shall enter into a new pledge agreement and the Pledgors shall be responsible to effect all
relevant registration procedures. 

  
 8 

	10.	Handling Fee and Other Expenses 

 All fees and out-of-pocket expenses relating to this Agreement, including but not limited to legal fees, printing costs, stamp tax and any other taxes and expenses, shall be borne equally by the Pledgee and Party C. 

 

	11.	Force Majeure 

  

	 	11.1	“Force Majeure Event” shall mean any event which is beyond the reasonable control of a Party and unavoidable even with reasonable care of the affected Party, including but not limited to any government act,
acts of God, fire, explosion, storm, flood, earthquake, tide, lightning or war; provided however that, deficiency of credit, fund or financing shall not be deemed as an event beyond the reasonable control of a Party. The Party affected by the Force
Majeure Event (the “Affected Party”) shall be relieved from all or any of its obligations under this Agreement taking into account of the impact of such event upon this Agreement, and the Affected Party seeking relief of its
obligations under this Agreement due to occurrence of such event shall notify the other Party of such event within ten (10) days upon occurrence thereof, and the Parties hereto shall amend this Agreement taking into account of the impact of
such event and relieve all or any of the obligations of the Affected Party under this Agreement. 

  

	 	11.2	The Affected Party shall take appropriate measures to mitigate the impact of such Force Majeure Event and make efforts to resume performing the obligation the performance of which has been delayed or prevented by such
event. Once the Force Majeure Event is eliminated, the Parties hereto agree to make their best endeavors to resume performance of the rights and obligations under this Agreement. 

 

	12.	Governing Law and Dispute Resolution 

  

	 	12.1	This Agreement shall be governed by and construed in accordance with the laws of the PRC. 

  

	 	12.2	In case of any dispute arising between the Parties hereto with respect to the interpretation and performance of the terms hereunder, the Parties shall resolve such dispute in good faith through negotiations. If such
negotiations fail, either Party may submit such dispute to Shanghai International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules then in effect. The place of arbitration shall be Shanghai and the
language to be used in the arbitration shall be Chinese. The arbitration award shall be final and binding on the Parties. This Article shall survive the termination or dissolution of this Agreement. 

 

	 	12.3	Except for those matters in dispute, the Parties shall continue to perform their respective obligations under this Agreement in good faith. 

  
 9 

	13.	Notice 

 Any notice sent by the Parties hereto for the performance of the rights and
obligations hereunder shall be made in writing and sent by person, registered post, pre-paid post, recognized courier service or facsimile to the following addresses of relevant party or parties. 

If to Party A: Beijing Prosper Investment Consulting Co., Ltd. 

Address: 1F Building 8, 498 Guo Shou Jing Road, Pudong New District, Shanghai 

Telephone: 021-51870819 

Attention: ZHANG Jun 
 If to
Party B: 
 GU Shaofeng, LI Tiezheng, HU Honghui, LUO Wei, ZHANG Jun 

Address: 1F Building 8, 498 Guo Shou Jing Road, Pudong New District, Shanghai 

Telephone: 021-51870819 

Attention: ZHANG Jun 
 If to
Party C: Beijing Paipairongxin Investment Consulting Co., Ltd. 
 Address: 1F Building 8, 498 Guo Shou Jing Road, Pudong New District,
Shanghai 
 Telephone: 021-51870819 

Attention: ZHANG Jun 
  

	14.	Exhibit 

 The exhibit attached hereto shall be an integral part of this Agreement. 

 

	15.	Waiver 

 Failure to exercise or delay in exercising any right, remedy, power or privilege
hereunder by the Pledgee shall not operate as waiver of such right, remedy, power or privilege. Any specific or partial exercise of any right, remedy, power or privilege by the Pledgee shall not preclude the Pledgee from exercising any other rights,
remedies, powers or privileges. The rights, remedies, powers and privileges set out hereunder are cumulative and shall not preclude applicability of any right, remedy, power and privilege provided under any law. 

  
 10 

	16.	Miscellaneous 

  

	 	16.1	Any amendment, supplement or change to this Agreement shall be made in writing and shall be effective only after it has been signed by the Parties and affixed with the seals of the Parties. 

 

	 	16.2	The Parties hereby acknowledge that this Agreement represents fair and reasonable agreements reached by the Parties on the basis of equality and mutual benefits. If any provision under this Agreement is invalid or
unenforceable due to any inconsistency with any applicable law, such provision shall be invalid or unenforceable only to such extent governed by the applicable law and the validity of the other provisions of this Agreement shall not be affected.

  

	 	16.3	This Agreement is written in Chinese in four (4) counterparts. 

 (No text below in this
page) 

  
 11 

 (This page contains no body text and is the signature page of the Restated Equity Pledge Agreement) 

Party A: Beijing Prosper Investment Consulting Co., Ltd. (seal) 

/s/ GU Shaofeng 
 Title: Legal or Authorized Representative 

/s/ Seal of Beijing Prosper Investment Consulting Co., Ltd. 

Party B: 
 /s/ GU Shaofeng 

/s/ LI Tiezheng 
 /s/ HU Honghui 

/s/ LUO Wei 
 /s/ ZHANG Jun 

Party C: Beijing Paipairongxin Investment Consulting Co., Ltd. (seal) 

/s/ GU Shaofeng 
 Title: Legal or Authorized Representative 

/s/ Seal of Beijing Paipairongxin Investment Consulting Co., Ltd. 

  
 12

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