Document:

EX-4.4

 Exhibit 4.4 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THIS SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is made and entered into as of December 27, 2016
by and among: 
 1. EHang Holdings Limited, an exempted company with limited liability incorporated and existing under the laws of the Cayman
Islands (the “Company”); 
 2. Xavier Rising Limited, a business company incorporated and existing under the laws of the
British Virgin Islands (“BVI 1”); 
 3. Genesis Rising Limited, a business company incorporated and existing under the laws
of the British Virgin Islands (“BVI 2”); 
 4. Ballman Inc., a business company incorporated and existing
under the laws of the British Virgin Islands (“BVI 3”, collectively with BVI 1 and BVI 2, the “BVI Companies”); 

5. Ehfly Technology Limited, a company organized and existing under the laws of Hong Kong (the “HK Co.”); 

6. Ehang Intelligent Equipment (Guangzhou) Co., Ltd.
(亿航智能设备(广州)有限公 司), a limited liability company organized and existing under the laws of the People’s Republic of China (the
“PRC”), as a wholly-owned subsidiary of the HK Co. (the “Guangzhou WFOE”); 
 7. Guangzhou
EHang Intelligence Technology Co., Ltd. (广州亿航智能技术有限公司), a limited liability company organized and existing under the laws of the PRC (the “Guangzhou Domestic Co.”); 

8. Beijing Chuangshi Intelligence Technology Co., Ltd.
(北京创世智慧科技有限公司), a limited liability company
organized and existing under the laws of the PRC, as a wholly-owned subsidiary of the HK Co. (the “Beijing WFOE”, together with the Guangzhou WFOE, the “WFOEs”); 

9. Beijing Ehang Tianchuang Intelligence Technology Co., Ltd.
(北京亿航天创智能科技有限公司), a limited
liability company organized and existing under the laws of the PRC (the “Beijing Domestic Co.”, and together with the Guangzhou Domestic Co., the “Domestic Companies”); 

10. EHANG, Inc., a corporation duly incorporated and validly existing under the laws of the State of Delaware of the United States (the
“US Co.”); 
 11. EHang GmbH, a corporation duly incorporated and validly existing under the laws of the Federal Republic of
Germany (the “German Co.”); 
 12. Each of the persons as set forth in Schedule
A-1 attached hereto (collectively, the “Founders” and each a “Founder”); 

13. Each of the Persons (as defined below) as set forth in Schedule A-2 attached hereto
(collectively, the “Series Seed Shareholders”); 
 14. Each of the Persons as set forth in Schedule A-3 attached hereto (collectively, the “Series A Shareholders”); 
 15. Each of
the Persons as set forth in Schedule A-4 attached hereto (collectively, the “Series B Shareholders”); and 

 16. Each of the Persons as set forth in Schedule
A-5 attached hereto (collectively, the “Series C Shareholders”; the Series A Shareholders, the Series B Shareholders, the Series C Shareholders and the Series Seed Shareholders are herein
collectively referred to as the “Investors” or “Preferred Shareholders”; and for the avoidance of any doubts, if a shareholder of the Company concurrently holds Series A Preferred Shares, Series B Preferred Shares,
Series C Preferred Shares and/or Series Seed Preferred Shares, such shareholder shall be deemed as a Series A Shareholder as to the Series A Preferred Shares it holds in the Company, a Series B Shareholder as to the Series B Preferred Shares it
holds in the Company, a Series C Shareholder as to the Series C Preferred Shares it holds in the Company, and a Series Seed Shareholder as to the Series Seed Preferred Shares it holds in the Company). 

The WFOEs and the Domestic Companies are referred to collectively herein as the “PRC Companies”, and each a
“PRC Company”. The Company, the HK Co., the PRC Companies, the US Co. and the German Co. are referred to collectively herein as the “Group Companies”, and each, a “Group Company”. The Investors and
the BVI Companies are referred to collectively herein as the “Shareholders”. Each Preferred Shareholder that, together with its Affiliates (as defined below), holds at least three percent (3%) of the Equity Securities (as defined
below) of the Company is referred to herein as a “Major Preferred Shareholder”, and collectively, the “Major Preferred Shareholders”. “Equity Securities” means any and all ordinary shares of
the Company (“Ordinary Shares”), securities of the Company convertible into, or exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares. All capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Restated Articles (as defined below). 
 RECITALS 

A. The Group Companies, the BVI Companies, certain of the Founders, the Series Seed Shareholders, the Series A Shareholders and the Series B
Shareholders are parties to an Amended and Restated Shareholders Agreement dated August 21, 2015, as amended from time to time (the “Original Shareholders Agreement”). 

B. The Company has entered into a Series C Preferred Share Purchase Agreement dated December 26, 2016 with the Series C Shareholders (the
“Series C Share Purchase Agreement”), under which, among other things, the Company shall issue and allot series C redeemable and convertible preferred shares, par value US$0.0001 per share (the “Series C Preferred
Shares”) to the Series C Shareholders. The Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares are herein collectively referred to as the “Special Preferred Shares”; the Series Seed-1 Preferred Shares, Series Seed-2 Preferred Shares and Series Seed-3 Preferred Shares of the Company are herein collectively
referred to as the “Series Seed Preferred Shares”; and the Special Preferred Shares and the Series Seed Preferred Shares are herein collectively referred to as the “Preferred Shares”. 

C. In connection with the consummation of the transactions contemplated by the Series C Share Purchase Agreement and other documents related
thereto, the parties hereto (collectively, the “Parties”, and each a “Party”) desire to enter into, among other things, this Agreement to replace the Original Shareholders Agreement in all respects for the
governance, management and operations of the Group Companies and for the rights and obligations among the Shareholders and the Company. 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 

INFORMATION RIGHTS; BOARD REPRESENTATION 

Section 1.1 Information and Inspection Rights. 

  
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 (a) Information Rights. Each of the Group Companies covenants and agrees that,
commencing on the date of this Agreement, for so long as any Preferred Share is outstanding, the Group Companies shall deliver, to the Preferred Shareholders: 

(i) unaudited annual consolidated financial statements, within one hundred twenty (120) days after the end of each fiscal
year, prepared in conformance with the U.S. generally accepted accounting principles (“US GAAP”) or such other accounting standards agreed by the board of directors of the Company (the “Board”) (including the Series
A Director (as defined below), the Series B Director (as defined below) and the Series C Director (as defined below)) and, upon request of the Series A Director, the Series B Director or the Series C Director, audited by an accounting firm
acceptable to the Board (including the Series A Director, the Series B Director and the Series C Director); 
 (ii)
unaudited quarterly consolidated financial statements, within forty-five (45) days after the end of each calendar quarter, prepared in conformance with the US GAAP (except that such financial statements may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in accordance with US GAAP); 

(iii) an annual capital expenditure, operation results and operations budget for the Group Companies for the following fiscal
year, no later than thirty (30) days prior to the end of each fiscal year; 
 (iv) copies of all Company documents or
other Company information sent to any shareholder; and 
 (v) promptly upon the written request by any Preferred
Shareholder, such other information as such Preferred Shareholder shall reasonably request from time to time, including, without limitation, the most recent version of the investment agreements, documents relating to subsequent financing or company
management, and a copy of the official articles of association or other constitutional documents of the Group Companies (the above rights, collectively, the “Information Rights”). All financial statements to be provided to the
Preferred Shareholders pursuant to this Section 1.1(a) shall be in English and shall include an income statement, a balance sheet, a cash flow statement for the relevant period as well as for the fiscal year to-date and the analysis comparing the actual fiscal results to the annual budget and shall be prepared in conformance with the US GAAP. 

(b) Inspection Rights. Each of the Group Companies further covenants and agrees that, commencing on the date of this Agreement, for so
long as any Preferred Share is outstanding, without material interruption of normal business of the Group Companies, each of the Preferred Shareholders shall have (i) the right to inspect facilities, records and books of the Group Companies at
any time during regular working hours upon reasonable prior notice to the Group Companies, (ii) the right to discuss the business, operations and conditions of the Group Companies with their respective directors, officers, employees,
accountants, legal counsel, financial advisors, and investment bankers, and (iii) the right to appoint independent auditor to examine the accounts of the Group Companies (the auditing expense of any Preferred Shareholder who reasonably requests

 to conduct such examination shall be borne by the requesting Preferred Shareholder, unless any non-compliance of
any Group Company in material aspects is found during such examination, in which case, the auditing expense shall be borne by the Group Companies) (the “Inspection Rights”). 

  
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 (c) Termination of Rights. The Information Rights and Inspection Rights shall
terminate upon the closing of a firm commitment underwritten public offering of the Ordinary Shares (or depositary receipts or depositary shares therefor) in the United States pursuant to an effective registration statement under the United States
Securities Act of 1933 (as amended and together with any successor statute, the “Securities Act”), with an offering price per share (net of underwriting commissions and expenses) that reflects the valuation of the Company
immediately prior to such offering of at least US$780,000,000 and that results in gross proceeds to the Company of at least US$120,000,000, or in a public offering of the Ordinary Shares in the Hong Kong SAR or any other jurisdiction which results
in the Ordinary Shares trading publicly on a recognized international securities exchange approved by the Board (including the approval of the Series A Director, the Series B Director and the Series C Director), so long as the offering price per
share (net of underwriting commissions and expenses) satisfies the foregoing pre-offering valuation and gross proceeds requirements, in each case, unless such requirements are waived by the Board (including
the affirmative vote of the Series A Director, the Series B Director and the Series C Director) (a “Qualified IPO”). 

Section 1.2 Board of Directors. The Third Amended and Restated Memorandum and Articles of Association of the Company (the
“Restated Articles”) shall provide that the Board shall consist of seven (7) members, which number of members shall not be changed except pursuant to an amendment to the Restated Articles. 

(a) Effective from the date hereof, 

(i) GGV Capital V L.P. and GGV Capital V Entrepreneurs Fund L.P. (collectively, “GGV”) (so long as
collectively they continue to hold at least 2.5% of the Company’s share capital on a fully diluted basis) shall be entitled to appoint one (1) director (the “Series A Director”); 

(ii) Zerotoone Holdings Limited and GP TMT Holdings Limited (collectively “GP Capital”) (so long as
collectively they continue to hold at least 2.5% of the Company’s share capital on a fully diluted basis) shall be entitled to appoint one (1) director (the “Series B Director”) (for the avoidance of doubt, the
appointment, removal or change of the Series B Director shall be agreed by the holder(s) of at least a majority of the aggregate Series B Preferred Shares then currently held by GP Capital); 

(iii) Dragon Chariot Limited (“DCL”) (so long as it continues to hold at least 2.5% of the Company’s
share capital on a fully diluted basis) shall be entitled to appoint one (1) director (the “Series C Director”); and 

(iv) the Founders shall be entitled to jointly appoint four (4) directors. 

(v) Each of CEF and Zhen Fund (in each case, so long as it continues to hold any share in the Company) shall be entitled to
designate one individual that is an employee or officer of it or any of its Affiliates (each, an “Observer”) to attend all meetings of the Board or any committee of the Board (whether in person, by telephone or otherwise) in a non-voting observer capacity. Consistent with this right, the Company shall provide each Observer notice of any such Board or committee meetings, as well as copies of all minutes, consents and other materials
provided to the directors of the Company. 
 (b) With respect to each election of directors of the Board, each holder of voting securities
of the Company shall vote at each meeting of shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the case may be, all of such holder’s voting securities of the Company as
may be necessary (i) to keep the authorized size of the Board at no more than seven (7) directors, (ii) to cause the election or re-election as members of the Board, and during such period to
continue in office, each of the individuals designated pursuant to Section 1.2(a), and (iii) against any nominees not designated pursuant to Section 1.2(a). Any director designated pursuant to Section 1.2(a)
may be removed from the Board, either for or without cause, only upon the vote or written consent of the Person or group of Persons then entitled to designate such director pursuant to Section 1.2(a), and the Parties agree not to seek,
vote for or otherwise effect the removal of any such director without such vote or written consent. Any Person or group of Persons then entitled to designate any individual to be elected as a director on the Board shall have the exclusive right at
any time or from time to time to remove any such director occupying such position and to fill any vacancy caused by the death, disability, retirement, resignation or removal of any director occupying such position or any other vacancy therein, and
each other Party agrees to cooperate with such Person or group of Persons in connection with the exercise of such right. Each holder of voting securities of the Company agrees to always vote such holder’s respective voting securities of the
Company at a meeting of the members of the Company (and give written consents in lieu thereof) in support of the foregoing. 

  
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 (c) Subject to the provisions of the Restated Articles, the directors may regulate their
proceedings as they think fit, provided however that board meetings shall be held at least once every three (3) months unless the Board otherwise approves (so long as such approval includes the approval of the Series A Director, the Series B
Director and the Series C Director) and that a written notice of each meeting, agenda of the business to be transacted at the meeting and all documents and materials to be circulated at or presented to the meeting shall be sent to all directors
entitled to receive notice of the meeting at least two (2) days before the meeting and a copy of the minutes of the meeting shall be sent to such Persons promptly following such meeting. A meeting of directors is duly constituted for all
purposes if at the commencement of the meeting there are present in person or by alternate not less than four (4) directors, which directors in each case shall include the Series A Director, the Series B Director and the Series C Director. The
Company shall reimburse the directors for all reasonable out-of-pocket (travel and lodging) expenses incurred in connection with attending any meetings of the Board and
any committee thereof. All Directors shall each have one (1) vote per Director on all matters that are presented to the Board for approval. 

(d) The provisions under this Section 1.2 shall terminate upon the earlier to occur of (i) the closing of a Qualified IPO, or
(ii) a Liquidation Event (as defined in the Restated Articles). 
 Section 1.3 The Group Companies. Upon reasonable request
by the Investors in writing, the PRC Companies, the US Co., the German Co. and the HK Co. shall have the same number of directors as the Company, and the Investors shall be entitled to appoint the same number of directors to each of the PRC
Companies, the US Co., the German Co. and the HK Co. as they are entitled to appoint to the Board. The provisions under this Section 1.3 shall terminate upon the earlier to occur of (i) the closing of a Qualified IPO, or (ii) a
Liquidation Event. 
 Section 1.4 D&O Insurance; Indemnification. At such time as may be requested by the Series A Director,
the Series B Director or the Series C Director, the Company shall purchase, and thereafter shall maintain, directors’ and officers’ liability insurance on terms and with policy amounts approved by the Board, including at least the Series A
Director, the Series B Director and the Series C Director, in relation to any Person who is or was a director or an officer of the Company, against any liability asserted against the Person and incurred by the Person in that capacity, except to the
extent otherwise agreed by the Board, including the Series A Director, the Series B Director and the Series C Director. To the maximum extent permitted by the law of the jurisdiction in which the Company is organized, the Company shall indemnify and
hold harmless the Series A Director, the Series B Director, the Series C Director and the Investors and shall comply with the terms of the indemnification agreements with the Series A Director, the Series B Director, the Series C Director and the
Investors. 

  
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 Section 1.5 No Liability for Board Designees. No Shareholder, nor any Affiliate
of any Shareholder, shall have any liability as a result of designating a Person for election as a director for any act or omission by such designated Person in his or her capacity as a director of the Company, nor shall any Shareholder have any
liability as a result of voting for any such designee in accordance with the provisions of this Agreement. For purpose of this Agreement, “Affiliate” shall mean, in respect of a Person, any other Person that, directly or indirectly,
through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person, and (a) in the case of a natural Person, shall include, without limitation, such Person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, (b) in the case of an entity, shall include any Person who holds shares as a nominee for such entity, and (c) in respect of an entity, shall also include (i) any shareholder of
such entity, (ii) any entity or individual which has a direct and indirect interest in such entity (including, if applicable, any general partner or limited partner) or any fund manager thereof; (iii) any Person that directly or indirectly
Controls, is Controlled by, under common Control with, or is managed by such entity, its shareholder, the general partner or the fund manager of such entity or its shareholder, (iv) the relatives of any individual referred to in
(ii) above, and (v) any trust Controlled by or held for the benefit of such individuals. “Person” shall mean any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. “Control” shall mean the power or authority, whether exercised or not, to direct the business, management and policies of a Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the
votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The terms “Controlled” and
“Controlling” have meanings correlative to the foregoing. 
 ARTICLE II 

REGISTRATION RIGHTS. 

Section 2.1 Applicability of Rights. The terms of this Article II are drafted primarily in contemplation of an offering of
securities in the United States of America. The Parties recognize, however, the possibility that securities may be qualified or registered for offering to the public in a jurisdiction other than the United States of America where registration rights
have significance or that the Company might effect an offering in the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly: 

(a) it is their intention that, whenever this Agreement refers to a law, form, process or institution of the United States of America but the
parties wish to effectuate qualification or registration in a different jurisdiction where registration rights have significance, reference in this Agreement to the laws or institutions of the United States shall be read as referring, mutatis
mutandis, to the comparable laws or institutions of the jurisdiction in question; and 
 (b) if the Company intends to list its
securities outside the United States of America, it is agreed that the Company will not undertake any listing of American Depositary Receipts, American Depositary Shares or any other security derivative of the Ordinary Shares unless arrangements
have been made reasonably satisfactory to the Requisite Preferred Holders (as defined in the Restated Articles), to ensure that the spirit and intent of this Agreement will be realized and that the Company is committed to take such actions as are
necessary such that the Holders (as defined below) will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the United States of America as if the Company had listed Ordinary Shares in lieu
of such derivative securities. 
 Section 2.2 Definitions. For purposes of this Article II: 

(a) Registration. The terms “register,” “registered,” and “registration” refer to a
registration effected by filing a registration statement which is in a form which complies with, and is declared effective by the SEC (as defined below) in accordance with the Securities Act. 

  
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 (b) Registrable Securities. The term “Registrable Securities”
means: (1) any Ordinary Shares issued or issuable pursuant to conversion of any issued and outstanding Preferred Shares, (2) any Ordinary Shares issued (or issuable upon the conversion or exercise of any warrant, right or other security
which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Preferred Shares described in clause (1) of this subsection (b), and (3) any other Ordinary Shares owned or hereafter
acquired by the holders of Preferred Shares. Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a person in a transaction in which rights under this Article II are not
validly assigned in accordance with this Agreement, and any Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under
the Securities Act without volume restrictions or analogous rules of another jurisdiction. 
 (c) Registrable Securities Then
Outstanding. The number of shares of “Registrable Securities then Outstanding” shall mean the number of Ordinary Shares that are Registrable Securities and are then issued and outstanding, issuable upon conversion of Preferred
Shares then issued and outstanding, or issuable upon conversion or exercise of any warrant, right or other security then outstanding. 
 (d)
Holder. For purposes of this Article II, the term “Holder” means any Person owning or having the rights to acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom
rights under this Article II have been duly assigned in accordance with this Agreement. 
 (e) Form
F-3. The term “Form F-3” means such respective form under the Securities Act or any successor registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

(f) SEC. The term “SEC” or “Commission” means the U.S. Securities and Exchange Commission. 

(g) Registration Expenses. The term “Registration Expenses” shall mean all expenses incurred by the Company in
complying with Sections 2.3, 2.4 and 2.5 hereof, including, without limitation, all registration and filing fees, printing expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of one
counsel for all the Holders (not to exceed US$50,000), “blue sky” fees and expenses, fees and expenses charged by share registrar and depository agent and the expense of any special audits incident to or required by any such registration
(but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
 (h) Selling
Expenses. The term “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to Sections 2.3, 2.4 and 2.5 hereof. 

(i) Exchange Act. The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any
successor statute. 

  
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 Section 2.3 Demand Registration. 

(a) Request by Holders. If the Company shall, at any time after the earlier of (i) the third (3rd) anniversary of the date of this Agreement or (ii) six (6) months following the effectiveness of a registration statement for a Qualified IPO, receive a written request from the Holders of at
least twenty-five percent (25%) of the Registrable Securities then Outstanding that the Company file a registration statement under the Securities Act covering the registration of the Registrable Securities pursuant to this Section 2.3,
then the Company shall, within fifteen (15) business days of the receipt of such written request, give written notice of such request (“Request Notice”) to all Holders, and use its commercially reasonable efforts to effect, as
soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered and included in such registration by written notice given by such Holders to the Company within twenty
(20) days after receipt of the Request Notice, subject only to the limitations of this Section 2.3; provided that the Company shall not be obligated to effect any such registration if the Company has, within the six
(6) month period preceding the date of such request, already effected a registration under the Securities Act pursuant to this Section 2.3 or Section 2.5 or in which the Holders had an opportunity to participate pursuant
to the provisions of Section 2.4, other than a registration from which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in
such registration) pursuant to the provisions of Section 2.4(a). The Company shall be obligated to effect no more than two (2) registrations pursuant to this Section 2.3. For purposes of this Agreement, reference to
registration of securities under the Securities Act and the Exchange Act shall be deemed to mean the equivalent registration in a jurisdiction other than the United States as designated by such Holders, it being understood and agreed that in each
such case all references in this Agreement to the Securities Act, the Exchange Act and rules, forms of registration statements and registration of securities thereunder, U.S. law and the SEC, shall be deemed to refer, to the equivalent statutes,
rules, forms of registration statements, registration of securities and laws of and equivalent government authority in the applicable non-U.S. jurisdiction. In addition, “Form F-3” shall be deemed to refer to Form S-3 or any comparable form under the U.S. securities laws in the condition that the Company is not at that time eligible to use Form
F-3. 
 (b) Underwriting. If the Holders initiating the registration request under this
Section 2.3 (the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant
to this Section 2.3 and the Company shall include such information in the Request Notice. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided
herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a
majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.3, if the underwriter(s) advise(s) the Company in writing that marketing factors
require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable
Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then Outstanding
held by each Holder requesting registration (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other
securities are first entirely excluded from the underwriting and registration including, without limitation, all shares that are not Registrable Securities and are held by any other Person, including, without limitation, any Person who is an
employee, officer or director of the Company or any subsidiary of the Company; provided further, that at least fifty percent (50%) of Registrable Securities requested by the Holders to be included in such underwriting and registration shall
be so included. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business days prior to the
effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

  
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 (c) Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders
requesting registration pursuant to this Section 2.3, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company
and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders;
provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that the Company shall not register any other of its shares during such twelve (12) month period
(other than a registration relating solely to the sale of securities of participants in a Company share plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not
include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Ordinary Shares being registered are Ordinary Shares
issuable upon conversion of debt securities that are also being registered). A demand right shall not be deemed to have been exercised until such deferred registration shall have been effected. 

Section 2.4 Piggyback Registrations. 

(a) The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) days prior to filing any registration
statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding
registration statements relating to any employee benefit plan or a corporate reorganization), and shall afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such
Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall within twenty (20) days after receipt of the above-described notice from the Company, so notify the
Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any
registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the
Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. No Holder of Registrable Securities shall be granted piggyback registration rights superior to those of the Holders of Preferred Shares without
the consent in writing of the Holders of at least a majority of the Ordinary Shares issuable or issued upon conversion of the Preferred Shares, which majority shall include the Ordinary Shares issuable or issued upon conversion of the majority of
the Special Preferred Shares. 
 (b) Underwriting. If a registration statement under which the Company gives notice under this
Section 2.4 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to
this Section 2.4 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to
distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this
Agreement but subject to Section 2.13, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares
from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first, to the Company, second, to each of the Holders requesting inclusion of their
Registrable Securities in such registration statement on a pro rata basis based on the total number of shares of Registrable Securities then held by each such Holder, and third, to holders of other securities of the Company; provided,
however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included in
any such registration is not reduced below twenty-five percent (25%) of the aggregate number of shares of Registrable Securities for which inclusion has been requested; and (ii) all shares that are not Registrable Securities and are held by any
other Person, including, without limitation, any Person who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before any Registrable Securities are
so excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business days prior to the effective
date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

  
 9 

 (c) Not Demand Registration. Registration pursuant to this Section 2.4
shall not be deemed to be a demand registration as described in Section 2.3 above. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.4. 

(d) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.4 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance
with Section 2.6 hereof. 
 Section 2.5 Form F-3. In case the Company shall
receive from any Holder a written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by such Holder or Holders, then: 
 (a) Notice. The Company will promptly give written notice of the proposed registration and
the Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

(b) Registration. The Company shall use commercially reasonable efforts to effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after the Company provides the notice contemplated by Section 2.5(a); provided,
however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.5: 

(i) if Form F-3 is not available for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than US$2,000,000; 

(iii) if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the
Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such Form F-3 registration to be effected at such time, in which event
the Company shall have the right to defer the filing of the Form F-3 registration statement no more than once during any twelve (12) month period for a period of not more than ninety (90) days after
receipt of the request of the Holder or Holders under this Section 2.5; provided that the Company shall not register any of its other shares during such ninety (90) day period (other than a registration relating solely to the
sale of securities of participants in a Company share plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would
be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are
also being registered); 

  
 10 

 (iv) if the Company has, within the twelve (12) month period preceding
the date of such request, already effected two (2) registrations under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable
Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.3(b) and 2.4(a); or 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance. 
 Subject to the foregoing, the Company shall
file a Form F-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders.

 (c) Not Demand Registration. Form F-3 registrations shall not be deemed to be demand
registrations as described in Section 2.3 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.5. 

Section 2.6 Expenses. All Registration Expenses incurred in connection with any registration pursuant to Sections 2.3,
2.4 and 2.5 (but excluding Selling Expenses) shall be borne by the Company. Each Holder participating in a registration pursuant to Sections 2.3, 2.4 and 2.5 shall bear such Holder’s proportionate share (based
on the total number of shares sold in such registration other than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in connection with such offering by the Holders. Notwithstanding the
foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.3 or Section 2.5 if the registration request is subsequently withdrawn at the request of the
Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the Registrable Securities then Outstanding agree that such registration constitutes the use by the Holders of one (1) demand registration
pursuant to Section 2.3; provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the
time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and such
registration shall not constitute the use of a demand registration pursuant to Section 2.3. 
 Section 2.7 Obligations
of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible: 

(a) Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use
its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a
period of up to ninety (90) days or, in the case of Registrable Securities registered under Form F-3 in accordance with Rule 415 under the Securities Act or a successor rule, until the distribution
contemplated in the registration statement has been completed; provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in
such registration at the request of the underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form F-3 which are intended to be offered on a continuous or delayed basis,
such ninety (90) day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold. 

  
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 (b) Amendments and Supplements. Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by
such registration statement. 
 (c) Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such
registration. 
 (d) Blue Sky. Use its commercially reasonable efforts to register and qualify the securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

(e) Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

(f) Notification. Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing. 
 (g) Opinion and Comfort Letter. Furnish, at the request of any Holder requesting registration of
Registrable Securities, on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date
that the registration statement with respect to such securities becomes effective, (i) a copy of the opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of
Registrable Securities and (ii) letters dated as of (x) the effective date of the registration statement covering such Registrable Securities and (y) the closing date of the offering, from the independent certified public accountants
of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting
registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 

Section 2.8 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant
to Sections 2.3, 2.4 and 2.5 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall
be required to timely effect the Registration of their Registrable Securities. 

  
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 Section 2.9 Indemnification. In the event any Registrable Securities are
included in a registration statement under Sections 2.3, 2.4 and 2.5: 
 (a) By the Company. To the extent
permitted by law and its memorandum and articles of association, the Company will indemnify and hold harmless each Holder, its partners, officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each
Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act,
the Exchange Act, or other United States federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations
(collectively a “Violation”): 
 (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 

(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the
statements therein not misleading; or 
 (iii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any United States federal or state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state securities law in connection with the offering covered by such
registration statement; 
 and the Company will reimburse each such Holder, its partner, officer, director, legal counsel, underwriter or
controlling Person for any legal or other expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim, damage, liability or action. 

(b) By Selling Holders. To the extent permitted by law, each selling Holder will, if Registrable Securities held by Holder are included
in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each Person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors, officers, legal counsel or any Person
who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, legal counsel, controlling Person,
underwriter or other such Holder, partner or director, officer or controlling Person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished
by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling Person, underwriter or other Holder,
partner, officer, director or controlling Person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this
subsection 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and
provided, further, that in no event shall any indemnity under this Section 2.9(b) exceed the net proceeds received by such Holder in the registered offering out of which the applicable Violation arises. 

  
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 (c) Notice. Promptly after receipt by an indemnified party under this
Section 2.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under
this Section 2.9 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 2.9. 
 (d) Contribution. In order to provide for just and equitable contribution
to joint liability under the Securities Act in any case in which either (i) any indemnified party makes a claim for indemnification pursuant to this Section 2.9 but it is judicially determined (by the entry of a final judgment or
decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.9
provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any indemnified party in circumstances for which indemnification is provided under this Section 2.9; then, and
in each such case, the indemnified party and the indemnifying party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that a Holder (together
with its related Persons) is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all
securities offered by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion. The relative fault of the indemnifying party and of the indemnified party shall be determined by a
court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount in
excess of the net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no Person or entity guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person or entity who was not guilty of such fraudulent misrepresentation. 

(e) Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this Section 2.9
shall survive the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or
litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation. 

  
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 Section 2.10 No Registration Rights to Third Parties. Without the prior written
consent of the Requisite Preferred Holders, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any Person or entity any registration rights of any kind (whether similar to the demand,
“piggyback” or Form F-3 registration rights described in this Article II, or otherwise) relating to any securities of the Company which are senior to, or on a parity with, those granted to the
Holders of Registrable Securities. 
 Section 2.11 Rule 144 Reporting. With a view to making available to the Holders the
benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without registration or pursuant to a registration on Form F-3, after such
time as a public market exists for the Ordinary Shares, the Company agrees to: 
 (a) Make and keep public information available, as those
terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
(at any time after it has become subject to such reporting requirements); and 
 (c) So long as a Holder owns any Registrable Securities, to
furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the Company’s
initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company as a Holder may reasonably request in
availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3. 

Section 2.12 Market Stand-Off. Each party agrees that, so long as it holds any voting
securities of the Company, without the consent of the Company or the underwriters managing the initial public offering of the Company’s securities, it will not (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for
Ordinary Shares (whether such shares or any such securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Ordinary Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash or otherwise without the prior written consent of
the Company or such underwriters, as the case may be, for a period of time specified by the representative of the underwriters not to exceed 180 days from the effective date of the registration statement covering such initial public offering or the
pricing date of such initial public offering as may be requested by the underwriters, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution
of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto. The Company shall
use its best efforts to take all reasonable steps to shorten such lock-up period. The foregoing provision of this Section 2.12 shall not apply to the sale of any securities of the Company to an
underwriter pursuant to any underwriting agreement, and shall only be applicable to the Holders if all other officers, directors and greater than one percent (1%) shareholders of the Company enter into similar agreements, and if the Company or any
underwriter releases any other shareholder from his, her or its sale restrictions so undertaken, then each Holder shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent. The Company shall
require all future acquirers of the Company’s securities to execute prior to a Qualified IPO a market stand-off agreement containing substantially similar provisions as those contained in this
Section 2.12. 

  
 15 

 Section 2.13 Termination. The registration rights in this Article II
shall terminate upon the earlier of (i) the fifth (5th) anniversary of a Qualified IPO, (ii) with respect to shares held by a Holder when such Holder together with its Affiliates can sell all of its Registrable Securities in reliance of
Rule 144 without transfer restrictions, and (iii) after the consummation of a Liquidation Event. 
 ARTICLE III 

RIGHT OF PARTICIPATION. 

Section 3.1 General. Each holder of Special Preferred Shares and Zhen Partners Fund II, L.P. (“Zhen Fund”),
including each holder of Special Preferred Shares or Series Seed Preferred Shares to which rights under this Article III have been duly assigned in accordance with Article V (hereinafter referred to as a “Participation Rights
Holder”), shall have the right of first refusal to purchase such Participation Rights Holder’s Pro Rata Share (as defined below), of all (or any part) of any New Securities (as defined in Section 3.3) that the Company may
from time to time issue after the date of this Agreement (the “Right of Participation”). 
 Section 3.2 Pro Rata
Share. A Participation Rights Holder’s “Pro Rata Share” for purposes of the Right of Participation is the ratio of (a) the number of Ordinary Shares (calculated on a fully-diluted and
as-converted basis) held by such Participation Rights Holder, to (b) the total number of Ordinary Shares then outstanding (calculated on a fully-diluted and
as-converted basis) immediately prior to the issuance of the New Securities giving rise to the Right of Participation. 

Section 3.3 New Securities. “New Securities” shall mean any preferred shares, Ordinary Shares or other voting
shares of the Company and rights, options or warrants to purchase such preferred shares, Ordinary Shares and securities of any type whatsoever that are, or may become, convertible or exchangeable into such preferred shares, Ordinary Shares or other
voting shares, 
 provided, however, that the term “New Securities” shall not include securities exempted from the definition of “New
Shares” in Article 39 of the Restated Articles. 
 Section 3.4 Procedures. 

(a) First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a single
transaction or a series of related transactions), it shall give to each Participation Rights Holder written notice of its intention to issue New Securities (the “First Participation Notice”), describing the amount and type of New
Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Participation Rights Holder shall have twenty (20) days from the date of receipt of any such First Participation Notice (the
“First Participation Period”) to agree in writing to purchase such Participation Rights Holder’s Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice
by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Participation Rights Holder’s Pro Rata Share). If any Participation Rights Holder fails to so agree in writing within
such twenty (20) day period to purchase such Participation Rights Holder’s full Pro Rata Share of an offering of New Securities, then such Participation Rights Holder shall forfeit the right hereunder to purchase that part of its Pro Rata
Share of such New Securities that it did not agree to purchase. 

  
 16 

 (b) Second Participation Notice; Oversubscription. If any Participating Rights
Holder fails or declines to exercise its Right of Participation in accordance with subsection (a) above, the Company shall promptly give notice (the “Second Participation Notice”) to other Participating Rights Holders who
exercised their Right of Participation (the “Right Participants”) in accordance with subsection (a) above. Each Right Participant, other than a Participating Rights Holder who fails or declines to exercise its Right of
Participation in accordance with subsection (a) above, shall have five (5) business days from the date of receipt of the Second Participation Notice (the “Second Participation Period”) to notify the Company of its
desire to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to buy (the “Additional Number”). Such notice may be made by telephone if confirmed in writing
within two (2) business days. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available for purchase, each oversubscribing Right Participant will be cut back by the Company with respect to
its oversubscription to that number of remaining New Securities equal to the lesser of (x) the Additional Number and (y) the product obtained by multiplying (i) the number of the remaining New Securities available for subscription by
(ii) a fraction, the numerator of which is the number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by such oversubscribing Right Participant and the denominator of which
is the total number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by all the oversubscribing Right Participants. 

(c) Each Right Participant shall be obligated to buy such number of New Securities in accordance with the terms of Section 3.4 and
the Company shall so notify the Right Participants within twenty (20) business days following the date of the Second Participation Notice. The transaction in connection with the New Securities shall be consummated within forty-five
(45) days after the expiration of the Second Participation Period. 
 Section 3.5 Failure to Exercise. Upon the expiration
of the Second Participation Period, the Company shall have one hundred and twenty days (120) days thereafter to sell the New Securities described in the First Participation Notice (with respect to any remaining New Securities) at the same or
higher price and upon non-price terms not materially more favorable to the purchasers thereof than specified in the First Participation Notice, provided that the prospective purchaser of such New Securities
shall comply with this Agreement and the Restated Articles, as may be amended from time to time, to the fullest extent. In the event that the Company has not issued and sold such New Securities within such one hundred and twenty days (120) day
period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Participation Rights Holders pursuant to this Article III. 

Section 3.6 Termination. The Right of Participation for each Participation Rights Holder shall terminate upon (i) the closing
of a Qualified IPO or (ii) a Liquidation Event. 
 ARTICLE IV 

TRANSFER RESTRICTIONS; RIGHT OF FIRST REFUSAL; CO-SALE RIGHTS. 

Section 4.1 Certain Definitions. For purposes of this Article IV, “ROFR Shares” means (i) the
Company’s outstanding Ordinary Shares, (ii) the Ordinary Shares issued or issuable upon exercise of outstanding options or warrants, and (iii) the Ordinary Shares issued or issuable upon conversion of any outstanding convertible
securities (other than the Preferred Shares); “Special Preferred Shareholder” means each holder of Special Preferred Shares and its permitted assignees to whom its rights under this Article IV have been duly assigned in
accordance with this Agreement; and “ROFR Shareholder” means any holder of Ordinary Shares, other than the holder of Ordinary Shares issued or issuable upon conversion of the Company’s outstanding Preferred Shares. 

Section 4.2 Right of First Refusal. Subject to Section 4.5 of this Agreement, if any ROFR Shareholder of the Company
proposes to directly or indirectly sell, assign, pledge, hypothecate, transfer, or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to all or any part of any interest (“Transfer”) in
any ROFR Shares held by or issuable to it (the “Selling Shareholder”), then such Selling Shareholder shall promptly give written notice (the “Transfer Notice”) to the Company and each Special Preferred Shareholder
prior to such Transfer. The Transfer Notice shall describe in reasonable detail the proposed Transfer including, without limitation, the number of ROFR Shares (or securities convertible into or exercisable for ROFR Shares) to be sold or transferred
(the “Offered Shares”), the nature of such Transfer, the consideration to be paid, and the name and address of each prospective purchaser or transferee. For the avoidance of doubt, the Special Preferred Shares and any Ordinary
Shares issuable upon conversion thereof shall not be subject to the restrictions on Transfer set forth in this Article IV. 

  
 17 

 (a) Option of the Special Preferred Shareholders. 

(i) Each Special Preferred Shareholder shall have an option for a period of thirty (30) days following receipt of the
Transfer Notice (the “First Refusal Period”) to elect to purchase all or a portion of the Offered Shares, at the same price and subject to the same terms and conditions as described in the Transfer Notice (the “Right of
First Refusal”). Each Special Preferred Shareholder may exercise the Right of First Refusal and purchase all or any portion of the Offered Shares by notifying the Selling Shareholder, the Company and each other Special Preferred Shareholder
in writing (the “First Refusal Notice”) before expiration of the First Refusal Period as to the number of shares that it wishes to purchase. The First Refusal Notice shall set forth the number of Offered Shares that such Special
Preferred Shareholder wishes to purchase, which amount shall not exceed the First Refusal Allotment (as defined below) of such Special Preferred Shareholder. 

(ii) In the event any Special Preferred Shareholder elects not to purchase its First Refusal Allotment of the Offered Shares
available under Section 4.2(a)(i) within the First Refusal Period, then the Selling Shareholder shall promptly give written notice (the “Overallotment Notice”) to each Special Preferred Shareholder that has elected to
purchase all of its First Refusal Allotment of the Offered Shares (each a “Fully Participating Special Preferred Shareholder”), which notice shall set forth the number of remaining Offered Shares not purchased by 

the other Special Preferred Shareholders (“Overallotment Shares”), and shall offer the Fully Participating Special Preferred
Shareholders the right to acquire its First Refusal Allotment of the Overallotment Shares. Each Fully Participating Special Preferred Shareholder shall have ten (10) days after delivery of the Overallotment Notice (the “Overallotment
Period”) to deliver a written notice to the Selling Shareholder (the “Participating Overallotment Notice”) of its election to purchase its First Refusal Allotment of the Overallotment Shares on the same terms and conditions
as set forth in the Transfer Notice, and such Participating Overallotment Notice shall also indicate the maximum number of the Overallotment Shares that such Fully Participating Special Preferred Shareholder will purchase in the event that any other
Fully Participating Special Preferred Shareholder elects not to purchase its First Refusal Allotment of the Overallotment Shares. 
 (b)
First Refusal Allotment. Each Special Preferred Shareholder shall have the right to purchase that number of the Offered Shares or Overallotment Shares, as the case may be (the “First Refusal Allotment”), equivalent to the product
obtained by multiplying the aggregate number of the Offered Shares or Overallotment Shares, as the case may be, by a fraction, the numerator of which is the number of Ordinary Shares (on an as-converted basis)
held by such Special Preferred Shareholder at the time of the transaction and the denominator of which is the total number of Ordinary Shares (on an as-converted basis) owned by all Special Preferred
Shareholders at the time of the transaction who have the right of first refusal to purchase the applicable shares and have elected to participate in such right of first refusal purchase. A Special Preferred Shareholder shall not have a right to
purchase any of Overallotment Shares, unless it exercises its right of first refusal within the First Refusal Period, to purchase up to all of its First Refusal Allotment of the Offered Shares. To the extent that any Special Preferred Shareholder
does not exercise its right of first refusal to the full extent of its First Refusal Allotment, the Selling Shareholder and the exercising Special Preferred Shareholders shall, at the exercising Special Preferred Shareholders’ sole discretion,
within five (5) days after the end of the First Refusal Period, make such adjustment to the First Refusal Allotment of each exercising Special Preferred Shareholder so that any remaining Offered Shares may be allocated to those Special
Preferred Shareholders exercising their rights of first refusal on a pro rata basis. 

  
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 (c) Purchase Price and Payment. The purchase price for the Offered Shares to be
purchased by the Special Preferred Shareholders exercising their right of first refusal will be the price set forth in the Transfer Notice, but will be payable as set forth below. If the purchase price in the Transfer Notice includes consideration
other than cash, the cash equivalent value of the non-cash consideration will be as previously determined by the Board in good faith, which determination will be binding upon the Company, the Selling
Shareholder and the Special Preferred Shareholders, absent fraud or error. The transaction shall be closed within forty-five (45) days following the date of the Transfer Notice and the payment of the purchase price shall be made by wire
transfer or check as directed by the Selling Shareholder. 
 (d) Expiration Notice. Within ten (10) days after the expiration of
the Overallotment Period, the Company will give written notice (the “First Refusal Expiration Notice”) to the Selling Shareholder and the Special Preferred Shareholders specifying either (i) that all of the Offered Shares were
subscribed by the Special Preferred Shareholders exercising their rights of first refusal, or (ii) that the Special Preferred Shareholders have not subscribed for any or all of the Offered Shares in which case the First Refusal Expiration
Notice will specify the Co-Sale Pro Rata Portion (as defined below) of the remaining Offered Shares for the purpose of the co-sale right of the holders of the Special
Preferred Shares described in the Section 4.3 below. 
 (e) Rights of a Selling Shareholder. If any Special Preferred
Shareholder exercises its right of first refusal to purchase the Offered Shares, then, upon the date the notice of such exercise is given by the Special Preferred Shareholder, the Selling Shareholder will have no further rights as a holder of such
Offered Shares except the right to receive payment for such Offered Shares from such Special Preferred Shareholder in accordance with the terms of this Agreement, and the Selling Shareholder will forthwith cause all certificate(s) evidencing such
Offered Shares to be surrendered to the Company for transfer to such Special Preferred Shareholder together with an executed instrument of transfer. 

Section 4.3 Special Preferred Shareholder’s Co-Sale Right. In the event that the Special Preferred Shareholders have not
exercised their right of first refusal with respect to any or all of the Offered Shares, then the remaining Offered Shares not subscribed for under the right of first refusal pursuant to Section 4.2 above shall be subject to co-sale rights under this Section 4.3 and each Special Preferred Shareholder who has not exercised any of its right of first refusal with respect to the Offered Shares shall have the right, exercisable
upon written notice to the Selling Shareholder, the Company and each other Special Preferred Shareholder (the “Co-Sale Notice”) within thirty (30) days after receipt of First Refusal
Expiration Notice (the “Co-Sale Right Period”), to participate in such sale of the Offered Shares on the same terms and conditions as set forth in the Transfer Notice. The Co-Sale Notice shall set forth the number of Ordinary Shares or Preferred Shares (on both an absolute and as-converted to Ordinary Shares basis) that such participating
Special Preferred Shareholder wishes to include in such sale or transfer, which amount shall not exceed the Co-Sale Pro Rata Portion (as defined below) of such Special Preferred Shareholder. To the extent one
or more of the Special Preferred Shareholder exercise such right of participation in accordance with the terms and conditions set forth below, the number of Ordinary Shares or Preferred Shares that such Selling Shareholder may sell in the
transaction shall be correspondingly reduced. The co-sale right of each Special Preferred Shareholder shall be subject to the following terms and conditions: 

(a) Co-Sale Pro Rata Portion. Each Special Preferred Shareholder may sell all or any part of
that number of Ordinary Shares (on an as-converted basis) held by it that is equal to the product obtained by multiplying (x) the aggregate number of the Offered Shares subject to the co-sale right
hereunder by (y) a fraction, the numerator of which is the number of Ordinary Shares (on an as-converted basis) owned by such Special Preferred Shareholder at the time of the sale or transfer and the
denominator of which is the combined number of Ordinary Shares (on an as-converted basis) at the time owned by all Special Preferred Shareholders who elect to exercise their
co-sale rights (if any Special Preferred Shareholder does not elect to exercise the co-sale right to the full extent then its Ordinary Shares (on as-converted basis) for calculation in the denominator shall be proportionately reduced) and the Selling Shareholder (“Co-Sale Pro Rata Portion”). 

  
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 (b) Transferred Shares. Each participating Special Preferred Shareholder shall
effect its participation in the sale by promptly delivering to the Selling Shareholder for transfer to the prospective purchaser an executed instrument of transfer and one or more certificates which represent: 

(i) the number of Ordinary Shares (on an as-converted basis) which such Special
Preferred Shareholder elects to sell; 
 (ii) that number of Preferred Shares which is at such time convertible into the
number of Ordinary Shares that such Special Preferred Shareholder elects to sell; provided in such case that, if the prospective purchaser objects to the delivery of Preferred Shares in lieu of Ordinary Shares, such Special Preferred
Shareholder shall convert such Preferred Shares into Ordinary Shares and deliver Ordinary Shares as provided in Subsection 4.3(b)(i) above. The Company agrees to make any such conversion concurrent with the actual transfer of such shares to
the purchaser; or 
 (iii) a combination of the above. 

(c) Payment to Special Preferred Shareholder. The share certificate or certificates that the participating Special Preferred
Shareholder delivers to the Selling Shareholder pursuant to Section 4.3(b) shall be transferred to the prospective purchaser and the Company’s register of members shall be updated in consummation of the sale of the Offered Shares
pursuant to the terms and conditions specified in the Transfer Notice, and the Selling Shareholder shall concurrently therewith remit to such Special Preferred Shareholder that portion of the sale proceeds to which such Special Preferred Shareholder
is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase any shares or other securities from a Special Preferred Shareholder
exercising its co-sale right hereunder, the Selling Shareholder shall not sell to such prospective purchaser or purchasers any ROFR Shares unless and until, simultaneously with such sale, the Selling
Shareholder shall purchase such shares or other securities from such Special Preferred Shareholder. 
 (d) Right to Transfer. To the
extent the Special Preferred Shareholders do not elect to purchase, or to participate in the sale of, any or all of the Offered Shares subject to the Transfer Notice, the Selling Shareholder may, not later than ninety (90) days following
delivery to the Company and each of the Special Preferred Shareholders of the Transfer Notice, conclude a transfer of the remaining Offered Shares covered by the Transfer Notice and not elected to be purchased by the Special Preferred Shareholders,
which in each case shall be on substantially the same terms and conditions as those described in the Transfer Notice. The Selling Shareholders shall cause any prospective purchaser of such shares to comply with this Agreement and Restated Articles,
as may be amended from time to time, to the fullest extent. Any proposed transfer on terms and conditions which are materially different from those described in the Transfer Notice, as well as any subsequent proposed transfer of any ROFR Shares by
the Selling Shareholder, shall again be subject to the right of first refusal of the Special Preferred Shareholders and the co-sale right of the Special Preferred Shareholders and shall require compliance by
the Selling Shareholder with the procedures described in Sections 4.2 and 4.3 of this Agreement. 

  
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 Section 4.4 Permitted Transfers. Notwithstanding anything to the contrary
contained herein, the right of first refusal and co-sale rights of the Special Preferred Shareholders as set forth in the Section 4.2 and Section 4.3 above shall not apply to 

(i) any sale or transfer of ROFR Shares to the Company pursuant to a repurchase right or right of first refusal held by the
Company in the event of a termination (either voluntary or involuntary) of employment or consulting relationship, or 
 (ii)
any sale or transfer of Ordinary Shares by any of Huazhi Hu, Yifang Xiong and Shang-Wen Hsiao and/or such Founder’s BVI Company so long as, after such sale or transfer, such Founder and/or his BVI Company
will continue to hold 90% or more of the Ordinary Shares held by such Founder and/or his BVI Company as of August 21, 2015 (appropriately adjusted for any share split, dividend, combination or other recapitalization). 

Section 4.5 Prohibited Transfers. Except for transfers by a holder of ROFR Shares to its permitted transferees as provided in
Section 4.4 above, none of the holders of Ordinary Shares (other than the holder of Ordinary Shares issued or issuable upon conversion of the Company’s outstanding Preferred Shares) shall, without the prior written consent of the
holders of a majority of the then outstanding Special Preferred Shares, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions, directly or indirectly any Company securities held
by him, her or it to any Person on or prior to a Qualified IPO. Any attempt by a party to sell or transfer ROFR Shares in violation of this Article IV shall be void and the Company hereby agrees it will not effect such a transfer nor will it
treat any alleged transferee as the holder of such shares without the requisite written consent. 
 Section 4.6 Notwithstanding
anything to the contrary, Sections 4.2 and 4.3 and 4.5 shall not apply to any proposed transfer of Special Preferred Shares or Ordinary Shares issued or issuable upon conversion of the Special Preferred Shares by any holders of
Special Preferred Shares, without prejudice to the rights of the Special Preferred Shareholders to purchase any Offered Shares to be transferred by any other shareholders pursuant to Sections 4.2 and 4.3. 

Section 4.7 The Shareholders specifically agree that the restrictions with regard to the transfer of the ROFR Shareholders’ shares
in the Company as described under this Article IV shall apply equally to transfer of the shares of the BVI Companies, as if each of the provisions under this Article IV has been repeated under this Section 4.7 with regard
to transfer of the shares of the BVI Companies except that the reference to the shares in the Company has been revised to refer to the shares in the BVI Companies, as applicable, so that the result of such restrictions on the indirect transfer of
the shares in the Company by transferring the shares in the BVI Companies is the same as if the BVI Companies directly transfer the relevant shares in the Company. 

Section 4.8 Restriction on Indirect Transfers. Notwithstanding anything to the contrary contained herein, without the prior
written approval of the holders of a majority of the then outstanding Special Preferred Shares: 
 (a) None of the Founders shall, directly
or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest held, directly or indirectly, by him in the BVI Companies to any Person; and
(ii) none of the BVI Companies shall, and each Founder shall cause the BVI Companies not to, issue to any Person any equity securities of the BVI Companies or any options or warrants for, or any other securities exchangeable for or convertible
into, such equity securities of the BVI Companies. 

  
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 (b) None of the Founders and the BVI Companies shall, or shall cause or permit any other
Person to, directly or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest held or controlled by him or the BVI Companies respectively in the
Company to any Person. Any transfer in violation of this Section 4.8 shall be void and the Company hereby agrees it will not effect such a transfer nor will it treat any alleged transferee as the holder of such equity interest. 

(c) None of the Group Companies shall, and each Founder shall cause any Group Company not to, issue to any Person any equity securities of
such Group Company, or any options (except for any option issued under any employee and advisor stock option plan approved by the Board, including the affirmative votes of the Series A Director, the Series B Director and the Series C Director) or
warrants for, or any other securities exchangeable for or convertible into, such equity securities of such Group Company. 
 (d) None of the
Founders, the Company, the HK Co. and US Co. shall, or shall cause or permit any other Person to, directly or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions
any equity interest in any PRC Company held or controlled by them to any Person. Any transfer in violation of this Section 4.8 shall be void and the PRC Companies hereby agree they will not effect such a transfer nor will they treat any
alleged transferee as the holder of such equity interest. 
 Section 4.9 Guarantees by the Founders. The Founders hereby jointly
and severally guarantee and warrant the performance of the obligations of the BVI Companies under this Agreement. 
 Section 4.10
Legend. 
 (a) Each certificate representing the ROFR Shares (other than Ordinary Share issued upon conversion of the Special
Preferred Shares) shall be endorsed with the following legend: 
 “THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN A SHAREHOLDERS AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

(b) Each party agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares represented by
certificates bearing the legend referred to in Section 4.10(a) above to enforce the provisions of this Agreement and the Company agrees to promptly do so. The legend shall be removed upon termination of the provisions of this Article
IV. 
 Section 4.11 Term. The provisions under this Article IV shall terminate upon the earlier to occur of
(i) the closing of a Qualified IPO, or (ii) a Liquidation Event. 
 ARTICLE V 

ASSIGNMENT AND AMENDMENT. 

Section 5.1 Assignment and Amendment. Notwithstanding anything herein to the contrary: 

(a) Information Rights; Registration Rights. The Information and Inspection Rights under Section 1.1 may not be assigned by
any Investor provided, however, that an Investor that is a venture capital fund may assign or transfer such rights to its Affiliates. The registration rights of the Holders under Article II may be assigned (but only with all related
obligations) to any Holder or to any Person acquiring Registrable Securities from such Holder that (a) is an Affiliate, subsidiary, parent, partner, limited partner, retired partner, member or shareholder of a Holder, (b) is a
Holder’s family member or trust for the benefit of an individual Holder or any of such Holder’s family members, or (c) after such assignment or transfer, holds any share of Registrable Securities (appropriately adjusted for any share
split, dividend, combination or other recapitalization). Notwithstanding the foregoing, in either case no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning party stating the name and
address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; provided further, that any such assignee shall receive such assigned rights subject to all the terms and conditions
of this Agreement, including without limitation the provisions of this Article V. 

  
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 (b) Right of Participation; Right of First Refusal;
Co-Sale Right. The rights of the Special Preferred Shareholders under Article III and IV and the rights of Zhen Fund under Article III are fully assignable in connection with a
transfer of shares of the Company by such Special Preferred Shareholders or Zhen Fund, as the case may be; provided, however, that no party may be assigned any of the foregoing rights unless the Company is given written notice by the Special
Preferred Shareholders or Zhen Fund, as the case may be, stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; and provided further, that any such
assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement. 
 Section 5.2 Amendment of
Rights. Any provision in this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only by the written consent of (i) as to the Company,
only by the Company; (ii) as to the holders of Series A Preferred Shares, by Persons or entities holding a majority of the Series A Preferred Shares then outstanding and their permitted assigns; provided, however, that any holder of Series A
Preferred Shares may waive any of its rights hereunder without obtaining the consent of any other holders of Series A Preferred Shares or their assigns; (iii) as to the holders of Series B Preferred Shares, by Persons or entities holding a
majority of the Series B Preferred Shares then outstanding and their permitted assigns; provided, however, that any holder of Series B Preferred Shares may waive any of its rights hereunder without obtaining the consent of any other holders of
Series B Preferred Shares or their assigns; (iv) as to the holders of Series C Preferred Shares, by Persons or entities holding a majority of the Series C Preferred Shares then outstanding and their permitted assigns; provided, however, that
any holder of Series C Preferred Shares may waive any of its rights hereunder without obtaining the consent of any other holders of Series C Preferred Shares or their assigns; (v) as to the holders of Series Seed Preferred Shares, by Persons or
entities holding a majority of the Series Seed Preferred Shares then outstanding and their permitted assigns; provided, however, that any holder of Series Seed Preferred Shares may waive any of its rights hereunder without obtaining the consent of
any other holders of Series Seed Preferred Shares or their assigns; and (vi) as to the holders of Ordinary Shares, by Persons or entities holding a majority of the Ordinary Shares then outstanding and their assigns; provided, however, that any
holder of Ordinary Shares may waive any of its rights hereunder without obtaining the consent of any other holders of Ordinary Shares or their assigns. Any amendment or waiver effected in accordance with this Section 5.2 shall be binding
upon the Company, the holders of Series A Preferred Shares, the holders of Series B Preferred Shares, the holders of Series C Preferred Shares, the holders of Series Seed Preferred Shares, the holders of Ordinary Shares and their respective assigns;
provided, however, that any amendment to this Agreement which adversely affects any holder of Preferred Shares in a manner disproportionally different than the other holders of Preferred Shares will not be effected against such holder of Preferred
Shares without such holder’s consent. Notwithstanding the foregoing, (i) the rights under Section 1.2(a) or any section that require the approval of the Series A Director shall not be amended or waived without the prior written
consent of GGV, (ii) the rights under Section 1.2(a) or any section that require the approval of the Series B Director shall not be amended or waived without the prior written consent of GP Capital, and (iii) the rights under
Section 1.2(a) or any section that require the approval of the Series C Director shall not be amended or waived without the prior written consent of DCL. 

  
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 ARTICLE VI 

CONFIDENTIALITY AND NON-DISCLOSURE. 

Section 6.1 Disclosure of Terms. The terms and conditions of this Agreement, the Original Shareholders Agreement, the Series A
Share Purchase Agreements, the Series B Share Purchase Agreements and the Series C Share Purchase Agreement, and all exhibits attached to such agreements (collectively, the “Financing Terms”), including their existence, shall be
considered confidential information and shall not be disclosed by any party hereto to any third party except in accordance with the provisions set forth below; provided that such confidential information shall not include any information that is in
the public domain other than caused by the breach of the confidentiality obligations hereunder. 
 Section 6.2 Press Releases,
Etc. Any press release issued by the Company shall not disclose any of the Financing Terms unless the final form of such press release is approved in advance in writing by the Investors. No other announcement regarding any of the Financing Terms
in a press release, conference, advertisement, announcement, professional or trade publication, mass marketing materials or otherwise to the general public may be made without the Investors’ prior written consent. 

Section 6.3 Permitted Disclosures. Notwithstanding the foregoing, any party may disclose any of the Financing Terms to its current
or bona fide prospective investors, employees, investment bankers, lenders, partners, accountants and attorneys, in each case only where such Persons or entities have the need to know such information and are subject to appropriate nondisclosure
obligations. Without limiting the generality of the foregoing, the Investors shall be entitled to disclose the Financing Terms for the purposes of fund reporting or inter-fund reporting or to their fund manager, other funds managed by their fund
manager and their respective auditors, counsel, directors, officers, employees, shareholders or investors. 
 Section 6.4 Legally
Compelled Disclosure. In the event that any party is requested or becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to disclose the existence of this Agreement, the Original Shareholders
Agreement, the Series A Share Purchase Agreements, the Series B Share Purchase Agreements and the Series C Share Purchase Agreement, any of the exhibits attached to such agreements, or any of the Financing Terms hereof in contravention of the
provisions of this Article VI, such party (the “Disclosing Party”) shall provide the other parties (the “Non-Disclosing Parties”) with prompt written notice of that
fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy, provided, however, that any Investor will only be required to
provide such prompt written notice and use reasonable efforts to seek a protective order if such request is specifically directed at and solely related to this Agreement or the other transaction documents or the Financing Terms (and not a general
request or general order that is broader in scope). In such event, the Disclosing Party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such
information to the extent reasonably requested by any Non-Disclosing Party. 
 Section 6.5
Other Information. The provisions of this Article VI shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties with respect to the transactions
contemplated hereby. 
 Section 6.6 Notices. All notices required under this section shall be made pursuant to
Section 10.1 of this Agreement. 

  
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 ARTICLE VII 

PROTECTIVE PROVISIONS. 

Section 7.1 In addition to such other limitations as may be provided in the Restated Articles, for so long as any Special Preferred
Shares are outstanding, the following acts of the Group Companies, whether in a single transaction or series of related transactions, whether directly or indirectly and whether or not by amendment, merger, consolidation, scheme of arrangement,
amalgamation, or otherwise, shall require the prior written approval of the holders of a majority of the then outstanding Special Preferred Shares (if any), voting as a separate class: 

(a) any material change to the business scope, or nature of the business of any Group Company, engagement in or investment in any new line or
business or cessation of any existing business line of any Group Company; 
 (b) any liquidation, dissolution or winding up of any Group
Company, any consummation of a Liquidation Event or effecting any other merger or consolidation; 
 (c) any sale, transfer, license, pledge
or encumbering any technology or intellectual property, other than non-exclusive licenses granted in the ordinary course of business; 

(d) any increase, decrease or cancellation of any authorized or outstanding shares of any Group Company, or any issuance, distribution,
purchase or redemption of any shares, or securities convertible into or carrying a right of subscription in respect of any shares or any warrant or any grant or issuance of options (other than pursuant to an equity incentive plan approved by the
Board, including the Series A Director, the Series B Director and the Series C Director); 
 (e) any amendment of Restated Articles or other
charter documents of any Group Company which alters or adversely affects the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, the Special Preferred Shares; 

(f) any action that results in the payment or declaration of a dividend or other distribution on any Ordinary Shares or Preferred Shares; or

 (g) any merger, consolidation or amalgamation of any Group Company with any other entity or entities or any spin-off, sub-division, or any other transaction of a similar nature or having a similar economic effect as any of the foregoing, or other forms of restructuring of any Group
Company. 
 For the avoidance of doubt, if any of the foregoing matters requires the approval by way of a Special Resolution (as defined in
the Restated Articles), and if the Shareholders vote in favor of such act but the approval of the holders of a majority of the then outstanding Special Preferred Shares has not been obtained, then the holders of then outstanding Special Preferred
Shares who voted against such Special Resolution at a meeting of the shareholders shall together carry 34% of the votes on such Special Resolution with such votes being divided equally among such holders of the then outstanding Special Preferred
Shares. 
 Section 7.2 In addition to such other limitations as may be provided in the Restated Articles, the following acts of the
Group Companies, whether in a single transaction or series of related transactions, whether directly or indirectly and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, shall require the prior
written approval of the Board (which approval includes the approval of the Series A Director (for so long as any Series A Preferred Shares are outstanding), the Series B Director (for so long as any Series B Preferred Shares are outstanding) and the
Series C Director (for so long as any Series C Preferred Shares are outstanding), whose approval shall not be unreasonably withheld, delayed or conditioned): 

(a) any appointment or change of the auditors, accounting policies, internal controls over financial reporting or the financial year of any
Group Company; 

  
 25 

 (b) any appointment, removal, replacement of the chief executive officer, the president,
the chief financial officer (or financial vice president or financial controller), the chief technology officer and the chief operating officer of any Group Company, including approving any option plans; 

(c) any settlement or alteration of any employment agreement, salaries, bonuses or other incentive plans of any key management (including but
not limited to the Key Employees (as defined in the Series C Share Purchase Agreement)); 
 (d) any approval or material amendment to the
annual accounts or budget or business or operating plan of any of the Group Companies, including the capital expenditure plan; 
 (e) any
material change to the business scope, or nature of business of any Group Company, engagement in or investment in any new line or business or cessation of any existing business line of any Group Company; 

(f) any equity investment or entering into any joint venture with any person; 

(g) any approval of or adjustments or modification to the terms of any transaction involving the interest of any director, officer, management
member or shareholder of any of the Group Companies, including but not limited to the making of any loans or advances, whether directly or indirectly, or the provision of any guarantee, indemnity or security for or in connection with any
indebtedness or liabilities of any director, officer, management member or shareholder of the Group Companies; 
 (h) any sale, transfer,
license, pledge or encumbrance of any technology or intellectual property, other than non-exclusive licenses granted in the ordinary course of business; 

(i) any increase in compensation of any employee of any Group Company with monthly salary of at least RMB100,000 by more than forty percent
(40%) in a twelve (12) month period; 
 (j) the adoption, amendment or termination of, or change in the share reserve under, any equity
incentive, purchase or participation plan for the benefit of any employees, officers, directors, contractors, advisors or consultants of any of the Group Companies; 

(k) the determination of the exercise price for any share options or other equity incentives; 

(l) any initial public offering of any equity securities of any Group Company; determination of the listing venue, timing, valuation and other
terms of the initial public offering; 
 (m) any acquisition of or any investment in or making any capital commitment or expenditure in
excess of US$2,000,000 (or its equivalent in other currency or currencies) at any time in respect of one transaction or in excess of US$10,000,000 (or its equivalent in other currency or currencies) in a series of related transitions in any
financial year of any of the Group Companies, other than pursuant to the annual budget and business plan approved by the Board, including the Series A Director, the Series B Director and the Series C Director; 

  
 26 

 (n) any creation, authorization or issuance of any debenture constituting a pledge, lien or
charge (whether by way of fixed or floating charge, mortgage encumbrance or other security) on all or any of the assets or rights of any Group Company except for the purpose of securing borrowing from banks or other financial institutions in the
ordinary course of business not exceeding US$4,000,000 (or its equivalent in another currency or currencies) in a single transaction for any Group Company and not exceeding US$20,000,000 (or its equivalent in another currency or currencies) in the
aggregate in any financial year for any Group Company; or 
 (o) any action by a Group Company (if applicable) to authorize, approve or
enter into any agreement or obligation with respect to any of the actions listed above. 
 Section 7.3 In addition to such other
limitations as may be provided in the Restated Articles, for so long as Zhen Fund holds any Series Seed-1 Preferred Shares, the following act of the Group Companies, whether in a single transaction or series
of related transactions, whether directly or indirectly and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, shall require the prior written approval of Zhen Fund: any amendment of the Restated
Articles which adversely affects the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, the Series Seed-1 Preferred Shares in a manner disproportionally different
than the Series A Preferred Shares. 
 For the avoidance of doubt, if the foregoing matter requires the approval by way of a Special
Resolution (as defined in the Restated Articles), and if the Shareholders vote in favor of such act but the approval of Zhen Fund has not been obtained, then Zhen Fund shall carry 34% of the votes on such Special Resolution. 

Section 7.4 Term. The provisions under this Article VII shall terminate upon the earlier to occur of (i) the closing
of a Qualified IPO, or (ii) a Liquidation Event. 
 ARTICLE VIII 

DRAG ALONG 

Section 8.1 If prior to the closing of a Qualified IPO, the Approving Shareholders (as defined below) vote in favor of or otherwise
consent in writing to sell or transfer all or substantially all of the shares, assets or business of the Company in any transaction or a series of transactions that would qualify as a Liquidation Event (a “Change of Control”), then
the Company shall promptly notify each of the remaining shareholders of the Company (the “Remaining Shareholders”, including without limitation, each of the holders of Ordinary Shares and Preferred Shares who are not Approving
Shareholders) in writing of such vote, consent or agreement and the material terms and conditions of such Change of Control, whereupon each Remaining Shareholder shall, in accordance with instructions received from the Company (the “Drag
Along Instructions”), vote all of its voting securities of the Company in favor of, otherwise consent in writing to, or otherwise sell or transfer all of their shares in such Change of Control (including without limitation tendering
original share certificates for transfer, signing and delivering share transfer certificates, share sale or exchange agreements, and certificates of indemnity relating to any shares in the capital of the Company in the event that such Remaining
Shareholder has lost or misplaced the relevant share certificate) on the same terms and conditions as were agreed to by the Approving Shareholders, provided, however, that such terms and conditions, including with respect to price paid or received
per share, may differ between the Ordinary Shares and the Preferred Shares (including without any limitation, in order to reflect any liquidation preference of the Preferred Shares and participation rights of the Preferred Shares). For purpose of
this Article VIII, the “Approving Shareholders” shall mean (i) the holders of more than fifty percent (50%) of the then outstanding Ordinary Shares (excluding any Ordinary Shares converted from Preferred Shares) voting
as a separate class, (ii) holders of a majority of the then outstanding Series A Preferred Shares, voting as a separate class on an as converted basis, (iii) holders of a majority of the then outstanding Series B Preferred Shares, voting
as a separate class on an as converted basis, and (iv) holders of a majority of the then outstanding Series C Preferred Shares, voting as a separate class on an as converted basis. 

  
 27 

 Section 8.2 In furtherance of the foregoing, the Company is hereby expressly authorized
by each Remaining Shareholder to take any or all of the following actions on such Remaining Shareholder’s behalf (to be extent permitted by applicable laws, without receipt of any further consent by such Remaining Shareholder), provided
such Remaining Shareholder fails to take necessary actions as required under the Drag Along Instructions, to: (i) vote all of the voting securities of such Remaining Shareholder in favor of any such Change of Control; (ii) otherwise
consent on such Remaining Shareholder’s behalf to such Change of Control; (iii) sell all of such Remaining Shareholder’s shares in such Change of Control, in accordance with the terms and conditions of this Article VIII; and
(iv) act as the Remaining Shareholder’s attorney in fact in relation to any such Change of Control and have the full authority to sign and deliver, on behalf of such Remaining Shareholder, share transfer certificates, share sale or
exchange agreements and certificates of indemnity relating to any shares in the capital of the Company in the event that such Remaining Shareholder has lost or misplaced the relevant share certificate. Notwithstanding the foregoing provisions of
this Article VIII, the Remaining Shareholders shall not be obligated to vote, consent and/or sell their shares in connection with any such Change of Control to the extent that all of the Approving Shareholders do not also do so with respect
to all Company shares held by them. 
 Section 8.3 Term. The provisions under this Article VIII shall terminate upon the
earlier to occur of (i) the closing of a Qualified IPO, or (ii) a Liquidation Event. 
 ARTICLE IX 

COVENANTS; UNDERTAKINGS 

Section 9.1 Controlled Foreign Corporation. The Company will provide written notice to the Investors as soon as practicable if at
any time the Company becomes aware that it or any Group Company has become a “controlled foreign corporation” (“CFC”) within the meaning of Section 957 of the United States Internal Revenue Code of 1986 (the
“Code”). Upon written request of any Investor who is a United States shareholder within the meaning of Section 951(b) of the Code, the Company will (i) use commercially reasonable efforts to provide in writing such
information as is in its possession and reasonably available concerning its shareholders to assist such Investor in determining whether the Company is a CFC and (ii) provide such Investor with reasonable access to such other Company information
as is in the Company’s possession and reasonably available as may be required by such Investor (A) to determine the Company’s status as a CFC, (B) to determine whether such Investor is required to report its pro rata portion of
the Company’s “Subpart F income” (as defined in Section 952 of the Code) on its United States federal income tax return, or (C) to allow such Investor to otherwise comply with applicable United States federal income tax
laws; provided that the Company may require such Investor to enter into a confidentiality agreement in customary form. If the Company is, in the reasonable opinion of the Company’s tax advisors or the reasonable opinion of a holder of Special
Preferred Shares, a CFC, the Company shall to the extent permitted by law, pay to such holder of Special Preferred Shares (whether by way of distribution or otherwise) an amount equal to 50% of the undistributed earnings of the Company that are
included in the gross income of such holder of Special Preferred Shares pursuant to Section 951 of the Code. Payment hereunder shall be made to such holder of Special Preferred Shares not later than sixty (60) days following the end of
taxable years for such holder of Special Preferred Shares. 

  
 28 

 Section 9.2 Passive Foreign Investment Company. The Company shall use its
commercially reasonable efforts to avoid being a “passive foreign investment company” within the meaning of Section 1297 of the Code (“PFIC”) for the current and any future taxable year. The Company shall make due
inquiry with its tax advisors on at least an annual basis regarding its status as a PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or that there is a likelihood of the Company being classified as a PFIC for any
taxable year, the Company shall promptly notify each Investor of such status or risk, as the case may be, in each case no later than forty-five (45) days following the end of the Company’s taxable year. In connection with a “Qualified
Electing Fund” election (a “QEF Election”) made by an Investor pursuant to Section 1295 of the Code or a “Protective Statement” filed by an Investor pursuant to Treasury Regulation
Section 1.1295-3, as amended (or any successor thereto), the Company shall provide such Investor with annual financial information in the form to the satisfaction of such Investor as soon as reasonably
practicable following the end of each taxable year of such Investor (but in no event later than forty-five (45) days following the end of each such taxable year), and shall, upon the request in writing by any Investor, provide such Investor
with access to such other information, as is in the Company’s possession and reasonably available, as may be required for purposes of filing U.S. federal income tax returns in connection with such QEF Election or Protective Statement. In the
event that it is determined by the Company’s or such Investor’s tax advisors that the control documents in place between one or more of the Company’s wholly owned subsidiaries and/or the Company, on the one hand, and any of the Group
Companies organized in the PRC that is not a wholly foreign owned enterprise, on the other hand, does not allow the Company to look through the Group Companies to their assets and income for purposes of the PFIC rules and regulations under the Code,
the Company shall use its commercially reasonable efforts to take such actions as are reasonably necessary or advisable, including the amendment of such control documents, to qualify for such look-through treatment of the Group Companies under the
PFIC rules and regulations under the Code. The Company is currently and at all times will be classified as a corporation (and not as a partnership) for U.S. federal income tax purposes and will not take any action (including the making of any
election) inconsistent with such classification as a corporation. 
 Section 9.3 Subsidiary Covenants. The Company shall at any
time institute and shall keep in place arrangements satisfactory to the Board, including the approval of the Series A Director, the Series B Director and the Series C Director, such that the Company (i) will control the operations of any Group
Company and (ii) will be permitted to properly consolidate the financial results for such entity in consolidated financial statements for the Company prepared under the US GAAP. The Company shall, and shall cause each Group Company and use
its commercially reasonable efforts to cause such Group Company’s respective directors, officers, employees, agents and other Persons acting on its behalf or purporting to act on its behalf to, comply with the US Foreign Corrupt Practices Act,
as amended, in all material respects and the Company and each Group Company shall use their commercially reasonable efforts to ensure that it and their respective Affiliates and representatives shall not, directly or indirectly, (a) offer or
give anything of value to any Public Official (as defined below) with the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such Person, assisting any Group Company in obtaining or retaining business
for, or with, or directing business to, any Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or retaining business, (b) take any other action, in each case, in violation of the Foreign
Corrupt Practices Act of the United States of America, as amended (as if it were a US Person), or any other applicable similar anti-corruption, recordkeeping and internal controls laws, or (c) establish or maintain any fund or assets in which
any Group Company has rights that have not been recorded in its books and records of Group Company. “Public Official” means any executive, official, or employee of a governmental authority, political party or member of a political party,
political candidate; executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly owned or partially state-owned or controlled enterprise, including a PRC state-owned or controlled
enterprise. 
 Section 9.4 Additional Subsidiary Covenants. The Company shall take all necessary actions to maintain the PRC
Companies and other subsidiaries, whether now in existence or formed in the future (the “Subsidiaries”), as is necessary to conduct the Company’s business as conducted or as proposed to be conducted. The Company shall use its
commercially reasonable efforts to cause each Subsidiary to comply in all material respects with all applicable laws, rules, and regulations. All material aspects of such formation, maintenance and compliance of each Subsidiary shall be subject to
the review, approval and oversight by the Board, including the approval of the Series A Director, the Series B Director and the Series C Director. The Company shall cause each Subsidiary to have a board of directors (each, a “Subsidiary
Board”) as its governing and managing body and each member thereof shall serve at the pleasure of the Company and shall be reasonably acceptable to the Board, provided, however, the Subsidiary Board shall be constituted or re-constituted in a way so that each Subsidiary shall have the same number of directors as the Company, and the Investors shall be entitled to appoint the same number of directors to each Subsidiary as they are
entitled to appoint to the Company. 

  
 29 

 Section 9.5 Organization and Structuring of PRC Companies. The Company, each
Group Company and the holders of Ordinary Shares covenant and agree to take such actions, to enter into, amend and/or terminate such agreements, to obtain such governmental approvals and make such governmental filings, and to undertake such
additional initiatives, and to cause the Company’s shareholders and each Group Company and their respective shareholders to take such actions, to enter into, amend and/or terminate such agreements, to obtain such governmental approvals and make
such governmental filings, and to undertake such additional initiatives, to reform the organizational structure of any Group Company, as may be reasonably requested by the Board: (a) to secure, to the extent commercially beneficial to the
Company and permissible under PRC and Hong Kong law, the Company’s full ownership of and/or control over each Group Company, (b) to secure the Company’s ability to benefit and profit from the financial activities of each Group Company
without restriction under PRC and Hong Kong law, (c) to allow the Company to consolidate the financial results of all the Group Companies with its own financial results under the US GAAP, (d) to obtain any and all governmental
licenses, permits, authorizations, consents and approvals that may, in the reasonable judgment of the Investors, be required by any Group Company to carry on its business in compliance with the applicable laws as presently conducted or as proposed
to be conducted, (e) to cause a representative of each Investor to become a shareholder of each Domestic Company holding a percentage of ownership in the registered capital of such Domestic Company equals to the percentage of then outstanding
share capital of the Company (on an as-converted basis) that is owned by such Investor, at any time as requested by the Investors, and (f) to complete such other structural, control and organizational
matters and related documentation, and to obtain such other governmental approvals, related to the Group Companies and their operations as reasonably requested by the Board, including the approval of the Series A Director, the Series B Director and
the Series C Director. 
 Section 9.6 Full Time Commitment. Each Founder undertakes and covenants to the Investors that,
commencing from the date of this Agreement until the first (1st) anniversary of a Qualified IPO or a Change of Control, he shall commit all of his efforts to furthering the business of the Group Companies and shall not, without the prior written
consent of the Investors, either on his own account or through any of his Affiliates, or in conjunction with or on behalf of any other Person, (i) possess, directly or indirectly, the power to direct or cause the direction of the management and
business operation of any other entity whether (A) through the ownership of any equity interest in such entity, or (B) by occupying half or more of the board seats of the entity; or (C) by contract or otherwise; or (ii) devote
time to carry out the business operation of any other entity. 
 Section 9.7
Non-Compete. To the extent allowed by applicable law, each of the Founders hereof undertakes to the Investors that during his term of employment at a Group Company and within two (2) years
thereafter, neither he nor any of his Associates (as defined below) will directly or indirectly: 
 (a) until the consummation of a
Qualified IPO or the full redemption of all Special Preferred Shares held by the Investors pursuant to the Restated Articles of the Company, whichever is earlier (“Restriction Period”), participate, assist, be concerned with,
engaged or interested in, any business or entity in any manner, directly or indirectly, which is in competition with the business carried on by any Group Company at any time during the Restriction Period; 

(b) during the Restriction Period, solicit in any manner any Person who is or has been during the Restriction Period a customer or client of
any Group Company for the purpose of offering to such Person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the Restriction Period; 

  
 30 

 (c) during the Restriction Period, solicit or entice away, or endeavor to solicit or entice
away, any employee or officer of any Group Company; or 
 (d) at any time disclose to any Person, or use for any purpose, any information
concerning the business, accounts, finance, transactions or intellectual property rights of any Group Company or any trade secrets or confidential information of or relating to any of the Group Companies. 

For purpose of this Agreement, “Associate” means, in relation to an individual, his spouse, his child or step-child, his
parents, his grandparents, his brother and sisters, any Person acting under his instructions (pursuant to an agreement or arrangement, formal or otherwise) and any Person controlled by him. 

Section 9.8 No Avoidance; Voting Trust. The Company will not, by any voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be performed hereunder by the Company, and the Company will at all times in good faith assist and take action as appropriate in the carrying out of all of the provisions of this Agreement. Each holder of shares
agrees that it shall not enter into any other agreements or arrangements of any kind with respect to the voting of any shares or deposit any shares in a voting trust or other similar arrangement. 

Section 9.9 Term. Except as otherwise provided in Section 9.6, the provisions under this Article IX shall
terminate upon the earlier to occur of (i) the closing of a Qualified IPO, or (ii) a Liquidation Event. 
 ARTICLE X 

GENERAL PROVISIONS. 

Section 10.1 Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made
pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery; (b) when sent by facsimile at the number set forth in Exhibit A
hereto, upon receipt of confirmation of error-free transmission; (c) seven (7) business days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other party as set forth in Exhibit
A; or (d) three (3) business days after deposit with an international overnight delivery service, postage prepaid, addressed to the parties as set forth in Exhibit A with next-business day delivery guaranteed, provided that the
sending party receives a confirmation of delivery from the delivery service provider. Each Person making a communication hereunder by facsimile shall promptly confirm by telephone to the Person to whom such communication was addressed each
communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate additional addresses, for
purposes of this Section 10.1 by giving the other party written notice of the new address in the manner set forth above. 

Section 10.2 Entire Agreement. This Agreement, together with all the exhibits hereto constitutes and contains the entire agreement
and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof.

 Section 10.3 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the
Hong Kong SAR without regard to principles of conflicts of law thereunder. 

  
 31 

 Section 10.4 Severability. If any provision of this Agreement is found to be
invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as
originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights
or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this
Agreement. 
 Section 10.5 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Person,
other than the parties hereto and their permitted successors and assigns any rights or remedies under or by reason of this Agreement. Unless expressly provided to the contrary in this Agreement, a Person who is not a Party may not enforce any of its
terms under the Contracts (Rights of Third Parties) Ordinance of Hong Kong. 
 Section 10.6 Successors and Assigns. Subject to
the provisions of Section 5.1, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto whose rights or
obligations hereunder are affected by such provisions. Notwithstanding anything contrary in this Agreement, this Agreement and the rights and obligations herein may be assigned or transferred by any Investor to (A) its partners or former
partners in accordance with partnership interests, (B) a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of such Investor, (C) its members or former members in accordance with their interest in the
limited liability company, or (D) any of its Affiliates; provided that in each case the transferee will agree by executing a Deed of Adherence in the form attached hereto as Exhibit B to be subject to the terms of this Agreement to the
same extent as if it were an original Investor hereunder. 
 Section 10.7 Interpretation; Captions. This Agreement shall be
construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of this Agreement have
been inserted for identification and reference purposes only and shall not be used to construe or interpret this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of
this Agreement. 
 Section 10.8 Counterparts. This Agreement may be executed in one or more counterparts and may be delivered by
electronic or facsimile transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original. Facsimile, e-mail or other electronic signatures shall have the
same legal effect as original signatures. 
 Section 10.9 Adjustments for Share Splits, Etc. Wherever in this Agreement there is
a reference to a specific number of shares of Preferred Shares or Ordinary Shares, then, upon the occurrence of any subdivision, combination or share dividend of the Preferred Shares or Ordinary Shares, the specific number of shares so referenced in
this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 

Section 10.10 Aggregation of Shares. All Preferred Shares or Ordinary Shares held or acquired by affiliated entities or Persons
(as defined in Rule 144 under the Securities Act) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement, and such affiliated Persons may apportion such rights as among themselves in any
manner they deem appropriate. 
 Section 10.11 Shareholders Agreement to Control. If and to the extent that there are
inconsistencies between the provisions of this Agreement and those of the Restated Articles, the terms of this Agreement shall prevail between the Shareholders only. The Shareholders agree to take all actions necessary or advisable, as promptly as
practicable after the discovery of such inconsistency, to amend the Restated Articles so as to eliminate such inconsistency. 

  
 32 

 Section 10.12 Dispute Resolution. 

(a) Negotiation Between Parties. The parties agree to negotiate in good faith to resolve any dispute between them regarding this
Agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days, Section 10.12(b) shall apply. 

(b) Arbitration. In the event the parties are unable to settle a dispute between them regarding this Agreement in accordance with
subsection (a) above, such dispute shall be referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre (the “HKIAC”) for arbitration in Hong Kong. The arbitration shall be conducted in
accordance with the HKIAC Administered Arbitration Rules in force at the time of the initiation of the arbitration, which rules are deemed to be incorporated by reference into this subsection (b). There shall be one (1) arbitrator jointly
nominated by parties, who shall be qualified to practice the laws of the Hong Kong SAR. In the event that the parties cannot jointly agree on an arbitrator, the HKIAC shall appoint an arbitrator. The arbitral proceedings shall be conducted in
English. The award of the arbitral tribunal shall be final and binding upon the parties thereto. 
 Section 10.13 Further
Actions. Each shareholder of the Company agrees that it shall use its best effort to enhance and increase the value and principal business of the Group Companies. 

Section 10.14 Effective Date. This Agreement shall become effective (a) with respect to any of the Group Companies, the
Founders and the Persons that hold or are acquiring any Equity Securities as of the date hereof, upon such party’s due execution and delivery of this Agreement, and (b) with respect to any other Person that becomes a holder of any Equity
Securities pursuant to Section 10.16, upon its due execution and delivery of an additional counterpart signature page to this Agreement. 

Section 10.15 Waiver. The Company acknowledges that each of the Investors will likely have, from time to time, information that
may be of interest to the Company or its Subsidiaries (“Information”) regarding a wide variety of matters including (i) the technologies, plans and services, and plans and strategies relating thereto of such Investor,
(ii) current and future investments such Investor has made, may make, may consider or may become aware of with respect to other companies and other technologies, products and services, including technologies, products and services that may be
competitive with those of the Company or any of its Subsidiaries, and (iii) developments with respect to the technologies, products and services, and plans and strategies relating thereto, of other companies, including companies that may be
competitive with the Company or any of its Subsidiaries. The Company recognizes that a portion of such Information may be of interest to the Company or any of its Subsidiaries. Such Information may or may not be known by the Series A Director, the
Series B Director and/or the Series C Director. The Company, as a material part of the consideration for this Agreement, agrees that the Series A Director, the Series B Director and the Series C Director shall have no duty to disclose any
Information to the Company or any of its Subsidiaries, or permit the Company or any of its Subsidiaries to participate in any projects or investments based on any such Information, or otherwise to take advantage of any opportunity that may be of
interest to the Company or any of its Subsidiaries if it were aware of such Information, and hereby waives, to the extent permitted by law, any claim based on the corporate opportunity doctrine or otherwise that could limit the Investors’
ability to pursue opportunities based on such Information or that would require any of the Investors, the Series A Director, the Series B Director, the Series C Director or their representative(s), to disclose any such Information to the Company or
any of its Subsidiaries or offer any opportunity relating thereto to the Company or any of its Subsidiaries. 

  
 33 

 Section 10.16 Additional Investors. Notwithstanding anything to the contrary
contained herein, if the Company issues any additional Series C Preferred Shares after the date hereof, any purchaser of such Series C Preferred Shares may become a party to this Agreement by executing and delivering to the Company an additional
counterpart signature page to this Agreement and thereafter shall be deemed a “Series C Shareholder” and an “Investor” for all purposes hereunder. Schedule A Schedule A-5 and
Schedule A Schedule A-5 Exhibit A hereto shall be updated to reflect the issuance of such additional Series C Preferred Shares. No action or consent by any other Investor shall be required for such
joinder to this Agreement by such purchaser. 
 — REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK — 

  
 34 

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

			
	THE GROUP COMPANIES
	
	EHang Holdings Limited
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Director
	
	EHANG, Inc.
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Director
	
	Ehfly Technology Limited
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title: Director
	
	EHang GmbH
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title: Director

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

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

			
	THE GROUP COMPANIES
	
	 Beijing Chuangshi Intelligence Technology Co., Ltd.

(北京创世智慧科技有限公司)

		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Legal Representative
	
	Beijing Ehang Tianchuang Intelligence Technology Co., Ltd.
(北京亿航天创智能科技有限公司)
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Legal Representative
	
	 Ehang Intelligent Equipment (Guangzhou) Co., Ltd.

(亿航智能设备(广州)有限公司)

		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Legal Representative
	
	 Guangzhou EHang Intelligence Technology Co., Ltd.

(广州亿航智能技术有限公司)

		
	By:	 	 /s/ Shangjin Guo

	Name:	 	Shangjin Guo (郭尚进)
	Title:	 	Legal Representative

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

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

 

			
	THE BVI COMPANIES
	
	Genesis Rising Limited
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Director
	
	Xavier Rising Limited
		
	By:	 	 /s/ Yifang Xiong

	Name:	 	Yifang Xiong (熊逸放)
	Title:	 	Director
	
	Ballman Inc.
		
	By:	 	 /s/ Shang-Wen Hsiao

	Name:	 	Shang-Wen Hsiao
	Title:	 	Director

  

	
	THE FOUNDERS
	
	 /s/ Huazhi Hu

	Name: Huazhi Hu (胡华智)
	
	 /s/ Yifang Xiong

	Name: Yifang Xiong (熊逸放)
	
	 /s/ Shang-Wen Hsiao

	Name: Shang-Wen Hsiao
	
	 /s/ George Yan

	Name: George Yan

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

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

 

			
	SERIES SEED SHAREHOLDERS
	
	Zhen Partners Fund II, L.P.
	
	 By: Zhen Partners Management (MTGP) II, L.P.

its General Partner

	
	By: Zhen Partners Management (TTGP) II, Ltd.
	its General Partner
		
	By:	 	 /s/ Susan Park

		 	Susan Park, Authorized Signatory

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

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

 

			
	SERIES SEED SHAREHOLDERS
	
	Uranus Holding Group Limited
		
	By:	 	 /s/ Tianwei Jing

	Name:	 	Tianwei Jing
	Title:	 	Vice President

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

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

 

			
	SERIES SEED SHAREHOLDERS
	
	Partner Angel II Limited
		
	By:	 	 /s/ 孙真臻

	Name:	 	孙真臻
	Title:	 	基金合伙人

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

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

 

			
	SERIES A SHAREHOLDERS
	
	GGV Capital V L.P.
	By:	 	GGV Capital V L.L.C., its General Partner
		
	By:	 	 /s/ Stephen Hyndman

	Name:	 	Stephen Hyndman
	Title:	 	Attorney in Fact
	
	GGV Capital V Entrepreneurs Fund L.P.
	By:	 	GGV Capital V L.L.C., its General Partner
		
	By:	 	 /s/ Stephen Hyndman

	Name:	 	Stephen Hyndman
	Title:	 	Attorney in Fact

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

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

 

			
	SERIES A SHAREHOLDERS
	
	Ballman Inc.
		
	By:	 	 /s/ Shang-Wen Hsiao

	Name:	 	Shang-Wen Hsiao
	Title:	 	Director
	
	 /s/ Wei Qi

	Name:	 	Wei Qi
	
	Yijun Holdings Limited
		
	By:	 	 /s/ Yong Wang

	Name:	 	Yong Wang
	Title:	 	Director

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

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

 

			
	SERIES B SHAREHOLDERS
	
	 Zerotoone Holdings Limited

		
	 By:
	 	 /s/ Haoxiang Hou

	 Name:
	 	 Haoxiang Hou (侯昊翔)

	 Title:
	 	 Director

  

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

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

 

			
	SERIES B SHAREHOLDERS
	
	GP TMT Holdings Limited
		
	By:	 	 /s/ Fenglei Lu

	Name:	 	Fenglei Lu (陆风雷)
	Title:	 	Director

  

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

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

 

	
	SERIES B SHAREHOLDERS
	
	ORIENTAL FORTUNE (HONG KONG) CAPITAL CO., LIMITED 東方富海(香港)投資有限公司

  

			
	By:	 	 /s/ Qing Liu

	Name:	 	Qing Liu (刘青)
	Title:	 	Authorized Signatory (有权签署人)

  

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

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

 

			
	SERIES B SHAREHOLDERS
	
	GGV Capital V L.P.
	By:	 	GGV Capital V L.L.C., its General Partner
		
	By:	 	 /s/ Stephen Hyndman

	Name:	 	Stephen Hyndman
	Title:	 	Attorney in Fact
	
	GGV Capital V Entrepreneurs Fund L.P.
	By:	 	GGV Capital V L.L.C., its General Partner
		
	By:	 	 /s/ Stephen Hyndman

	Name:	 	Stephen Hyndman
	Title:	 	Attorney in Fact

  

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

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

 

	
	SERIES B SHAREHOLDERS
	
	Zhen Partners Fund II, L.P.
	
	 By: Zhen Partners Management (MTGP) II, L.P.

its General Partner

	
	 By: Zhen Partners Management (TTGP) II, Ltd.

its General Partner

  

			
	By:	 	 /s/ Susan Park

		 	Susan Park, Authorized Signatory

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

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

 

			
	SERIES B SHAREHOLDERS
	
	CEF View Holdings Limited
		
	By:	 	 /s/ Donald Chang YE

	Name:	 	Donald Chang YE
	Title:	 	Director

  

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

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

 

			
	SERIES B SHAREHOLDERS
	
	Genesis Rising Limited
		
	By:	 	 /s/ Huazhi Hu

	Name:	 	Huazhi Hu (胡华智)
	Title:	 	Director
	
	 /s/ George Yan

	Name:	 	George Yan
	
	 /s/ Zhao Li

	Name:	 	Zhao Li
	
	 /s/ Yan Mu

	Name:	 	Yan Mu

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

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

			
	SERIES C SHAREHOLDERS 
	
	Dragon Chariot Limited
		
		 	 For and on behalf of
 DRAGON CHARIOT
LIMITED

		
	By:	 	 /s/ Tony Zhang

	Name:	 	Tony Zhang
	Title:	 	Managing Director    Authorised Signature(s)
	
	26. Dec. 2016

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

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

			
	SERIES C SHAREHOLDERS
	
	Lung Biotechnology PBC
		
	By:	 	 /s/ Michael Benkowitz

	Name:	 	Michael Benkowitz
	Title:	 	President and Chief Operating Officer

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

 SCHEDULE A-1 

Founders 
  

					
	 NAME
	  	PRC ID/PASSPORT NO.	  	BVI COMPANY
	 Huazhi Hu (胡华智)
	  	420600197701083017	  	Genesis Rising Limited
	 Yifang Xiong (熊逸放)
	  	610202198905140053	  	Xavier Rising Limited
	 Shang-Wen Hsiao
	  	214399379	  	Ballman Inc.
	 George Yan
	  	545652002	  	N/A

 SCHEDULE A-2 

Series Seed Shareholders 
  

									
	 NAME OF SERIES SEED
	  	CLASS OF SHARES	 	  	NUMBER OF SHARES	 
	 Zhen Partners Fund II, L.P.
	  	 	Series Seed-1 Preferred Shares	 	  	 	7,281,000	 
	 Uranus Holding Group Limited
	  	 	Series Seed-2 Preferred Shares	 	  	 	7,281,000	 
	 Partner Angel II Limited
	  	 	Series Seed-3 Preferred Shares	 	  	 	1,456,200	 

  
 Sch-A-1 

 SCHEDULE A-3 

Series A Shareholders 
  

									
	 NAME
	  	CLASS OF SHARES	 	  	NUMBER OF SHARES	 
	 GGV Capital V L.P.
	  	 	Series A Preferred Shares	 	  	 	6,149,954	 
	 GGV Capital V Entrepreneurs Fund L.P.
	  	 	Series A Preferred Shares	 	  	 	225,703	 
	 Ballman Inc.
	  	 	Series A Preferred Shares	 	  	 	996,214	 
	 Wei Qi
	  	 	Series A Preferred Shares	 	  	 	249,054	 
	 Yijun Holdings Limited
	  	 	Series A Preferred Shares	 	  	 	498,107	 
		  				  	  
	  
	 
	 Total
	  				  	 	8,119,032	 
		  				  	  
	  
	 

 SCHEDULE A-4 

Series B Shareholders 
  

									
	 NAME
	  	CLASS OF SHARES	 	  	NUMBER OF SHARES	 
	 Zerotoone Holdings Limited
	  	 	Series B Preferred Shares	 	  	 	3,852,614	 
	 GP TMT Holdings Limited
	  	 	Series B Preferred Shares	 	  	 	2,063,901	 
	 GGV Capital V L.P.
	  	 	Series B Preferred Shares	 	  	 	1,327,225	 
	 GGV Capital V Entrepreneurs Fund L.P.
	  	 	Series B Preferred Shares	 	  	 	48,709	 
	 Genesis Rising Limited
	  	 	Series B Preferred Shares	 	  	 	1,375,934	 
	 ORIENTAL FORTUNE (HONG KONG) CAPITAL CO., LIMITED
東方富海(香港)投資有限公司 
	  	 	Series B Preferred Shares	 	  	 	550,373	 
	 CEF View Holdings Limited
	  	 	Series B Preferred Shares	 	  	 	1,375,934	 
	 Zhen Partners Fund II, L.P.
	  	 	Series B Preferred Shares	 	  	 	275,187	 
	 George Yan
	  	 	Series B Preferred Shares	 	  	 	206,390	 
	 Zhao Li
	  	 	Series B Preferred Shares	 	  	 	85,308	 
	 Yan Mu
	  	 	Series B Preferred Shares	 	  	 	990,672	 
		  				  	  
	  
	 
	 Total
	  				  	 	12,152,247	 
		  				  	  
	  
	 

  
 Sch-A-2 

 SCHEDULE A-5 

Series C Shareholders 
  

									
	 NAME
	  	CLASS OF SHARES	 	  	NUMBER OF SHARES	 
	 Dragon Chariot Limited
	  	 	Series C Preferred Shares	 	  	 	2,548,708	 
	 LUNG Biotechnology PBC
	  	 	Series C Preferred Shares	 	  	 	1,699,139	 
		  				  	  
	  
	 
	 Total
	  				  	 	4,247,847	 
		  				  	  
	  
	 

  
 Sch-A-3 

 EXHIBIT A 

Notices 
 If to the Group Companies, the
Founders, the BVI Companies, Wei Qi Yijun Holdings Limited, Zhao Li and Yan Mu: 
 Attn: Huazhi HU 

Email: h@ehang.com 
 Address: Building 3, Yi Xiang
Technology Park, No. 72, 2nd Nan Xiang Road, Science City, Huang Pu District, Guangzhou, Guangdong Province, PRC (510000) 
 (广州市黄埔开发区科学城南翔二路 72 号易翔科技园 3
号楼,邮编 510000) 
 If to GGV Capital V L.P. and GGV
Capital V Entrepreneurs Fund L.P.: 
 3000 Sand Hill Road, Building 4, Suite 230, Menlo Park, CA 94025, U.S.A. 

Attn: Stephen Hyndman 
 Fax No. : +1 650 475 2151 

Tel: +1 650 475 2150 
 with a copy to 

Address: Unit 3501, IFC II, 8 Century Avenue, Shanghai 200120, P. R. C 

Attn: Hongwei Jenny Lee 
 Fax No. : +86(21) 5403 5580 

Tel: +86(21) 6161 1750 
 If to GP Capital: 

Address: Unit 4901, 49/F, One Lujiazui, No. 68, Middle Yin Cheng Road, Pudong New Area, Shanghai, PRC (200120) 

(上海市浦东新区银城中路 68 号时代金融中心
4901 室,邮编 200120) 

Attn: Haoxiang Hou (侯昊翔) 
 Email: houhx@gpcapital.com.cn 

Fax No.: +86 21 2032 9222 
 Tel: +86 21 2032 9355 

with a copy to 
 Address: 5th Floor, The Center, 989 Changle
Road, Shanghai, PRC (200031) 
 (上海市长乐路 989 号世纪商贸广场
5 楼,邮编 200031) 

Attn: Alex Wang (王峰)

 Email: alex.wang@dentons.com 
 Fax No. : +86 21 6432
6691 
 Tel: +86 21 2315 6188 

  
 Exh-A-1 

 If to Zhen Partners Fund II, L.P.: 

Attn: Gina Shi 
 Address: Room 525, China World Trade Center 1,
No. 1 of Jianguomenwai Avenue, Chaoyang District, Beijing, China 
 Tel: 86 10 6505 7935 

Fax: 86 10 6505 4938 
 Email: gina@zhenfund.com 

If to Uranus Holding Group Limited: 
 Attn: Tianwei Jing 

Actual address: Unit 3617, China World Office 1, No. 1 Jian Guo Men Wai Ave., Beijing 100004, P. R. China 

Tel:+86 ****** 
 Fax: +86 10 6505 6299 

Email: jingtianwei@leboxcap.com 
 If to Partner Angel II
Limited: 
 Attn: GU Hao: guhao1114@qq.com 
 SUN
Zhenzhen: zhensunpreangel@gmail.com 
 Tel: +86 ****** 

Address: Floor 1, No. 1 Building, No. 546 Yu Yuan Road, Jing’an District, Shanghai 

If to ORIENTAL FORTUNE (HONG KONG) CAPITAL CO., LIMITED
東方富海(香港)投資有限公司: 

Attn: Guoqiang Huang (黄国强) 
 Tel: +86 ****** 

Fax: +86 (10) 65865660 
 Address: Unit 3611, 36/F, Jia Sheng Zhong
Xin, No. 19, Dong San Huan Road, Chaoyang District, 
 Beijing, PRC
(北京市东三环北路甲 19 号嘉盛中心 361 1室) 
 If to CEF View Holdings Limited: 

Attn: Yun Pun WongUnit 2301, 23/F, New World Tower 1 
 16 -18 Queen’s Road Central 
 Central, Hong Kong 

Fax: +8523753 1266 
 With a copy to: 

B23-B, Universal Business Park 

No. 10 Jiuxianqiao RD 
 Chaoyang District, Beijing 100015,
China 
 Attn: Sophie Zhang 
 Fax: +8610 5681 5788 

  
 Exh-A-2 

 If to Dragon Chariot Limited: 

44/F, Bank of Guangzhou Building, No. 30 Pearl River East Road, Guangzhou, China
(广州市珠江东路
30 号广州银行大厦 44 层) 
 If to LUNG
Biotechnology PBC: 
 United Therapeutics Corporation 1735 Connecticut Avenue, N.W., Washington, D.C., 20009, USA 

  
 Exh-A-3 

 EXHIBIT B 

Form of Deed of Adherence 
 To:
[            ] 
 Parties to the Shareholders Agreement (as defined below) 

From:
                                        

 Date:
                                         
 
 Dear Sirs, 
 Deed of Adherence 

The undersigned hereby agree and covenant with each of you pursuant to this Deed of Adherence that the undersigned will abide by all the
provisions of the Second Amended and Restated Shareholders Agreement entered into by and among the Company and each of the parties named therein, dated as of December [•], 2016, as amended from time to time (the “Shareholders
Agreement”), as the Investor under the terms of the Shareholders Agreement and a party to the 
 Shareholders Agreement. 

[_________________] 
  

			
	By:	 	  

	Name:
	Title:

 Address: 

  
 Exh-B-1EX-10.2

 Exhibit 10.2 

EHANG HOLDINGS LIMITED 

2019 SHARE INCENTIVE PLAN 

ARTICLE 1 
 PURPOSE

 The purpose of the EHang Holdings Limited Share Incentive Plan (the “Plan”) is to promote the success and
enhance the value of EHang Holdings Limited, a company formed under the laws of the Cayman Islands (the “Company”) by linking the personal interests of the members of the Board, Employees, and Consultants to those of the
Company’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its
ability to motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan, they shall have the meanings specified below unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates, and vice versa. 

2.1    “Applicable Laws” means the legal requirements relating to the Plan and the Awards
under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards. 

2.2    “Award” means an Option, Restricted Share or Restricted Share Units award granted to
a Participant pursuant to the Plan. 
 2.3    “Award Agreement” means any written
agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 

2.4    “Board” means the board of directors of the Company. 

2.5    “Change of Control” means a change in ownership or control of the Company under a
Liquidation Event as defined in the Company’s Second Amended and Restated Memorandum and Articles of Association as then in effect. 

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

 2.7    “Committee” means the committee of the Board described in Article 9. 

2.8    “Consultant” means any consultant or adviser if: (a) the consultant or adviser
renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

  
 1 

 2.9    “Corporate Transaction” means any
of the following transactions, provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 

(a)    an amalgamation, arrangement or consolidation or scheme of arrangement in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated; 

(b)    the sale, transfer or other disposition of all or substantially all of the assets of the Company; 

(c)    the complete liquidation or dissolution of the Company; 

(d)    any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not
limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the equity securities of the Company outstanding immediately prior to such takeover are converted or exchanged by virtue of the
takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are
transferred to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that
the Committee determines shall not be a Corporate Transaction; or 
 (e)    acquisition in a single or series of
related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange
Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not
be a Corporate Transaction. 
 2.10    “Disability” means that the Participant qualifies
to receive long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered
by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and
functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a
Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 

2.11    “Effective Date” shall have the meaning set forth in Section 10.1. 

2.12    “Employee” means any person, including an officer or member of the Board of the
Company or any Subsidiary of the Company, who is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a
director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 

2.13    “Exchange Act” means the Securities Exchange Act of 1934 of the United States, as
amended. 
 2.14    “Fair Market Value” means, as of any date, the value of Shares
determined as follows: 
 (a)    If the Shares are listed on one or more established stock exchanges or national
market systems, including without limitation, The New York Stock Exchange and The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal
exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price
or closing bid was reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

  
 2 

 (b)    If the Shares are regularly quoted on an automated
quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date of determination, but
if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such
prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

(c)    In the absence of an established market for the Shares of the type described in (a) and (b), above, the
Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company’s business operations
and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s business operation and the general economic and market
conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value and relevant. 

2.15    “Incentive Share Option” means an Option that is intended to meet the requirements
of Section 422 of the Code or any successor provision thereto. 
 2.16    “Independent
Director” means (i) before the Shares or other securities representing the Shares are listed on a stock exchange, a member of the Board who is not an Employee of the Company; and (ii) after the Shares or other securities
representing the Shares are listed on a stock exchange, a member of the Board who meets the independence standards under the applicable corporate governance rules of such stock exchange. 

2.17    “Non-Qualified Share Option” means an
Option that is not intended to be an Incentive Share Option. 
 2.18    “Option” means a
right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a
Non-Qualified Share Option. 

2.19    “Participant” means a person who, as a member of the Board, Consultant or Employee,
has been granted an Award pursuant to the Plan. 
 2.20    “Parent” means a parent
corporation under Section 424(e) of the Code. 
 2.21    “Plan” means this 2019
Share Incentive Plan, as it may be amended from time to time. 
 2.22    “Related Entity”
means any business, corporation, partnership, limited liability company or other entity in which the Company or a Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which the
Board designates as a Related Entity for purposes of the Plan. 
 2.23    “Restricted
Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture. 

  
 3 

 2.24    “Restricted Share Unit” means the
right granted to a Participant pursuant to Article 6 to receive a Share at a future date. 

2.25    “Securities Act” means the Securities Act of 1933 of the United States, as amended.

 2.26    “Service Recipient” means the Company, any Subsidiary of the Company and any
Related Entity to which a Participant provides services as an Employee, a Consultant or a Director. 

2.27    “Share” means the Ordinary Shares of the Company, par value 0.0001 per share, and
such other securities of the Company that may be substituted for Shares pursuant to Article 8. 

2.28    “Subsidiary” means any corporation or other entity of which a majority of the
outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. For purposes of this Plan, Subsidiary shall also include any consolidated variable interest entities of the Company. 

2.29    “Trading Date” means the closing of the first sale to the general public of the
Shares pursuant to an effective registration statement under applicable laws, which results in the Shares being publicly traded on one or more established stock exchanges or national market systems. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
 3.1    Number of Shares. 

(a)    Subject to the provisions of Article 8 and Section 3.1(b), the current aggregate number of Shares that
may be issued pursuant to all Awards (including Incentive Share Options) is 5,455,346 Shares as of the Effective Date and can be increased up to a number that is equal to 15% of the then total outstanding shares on a fully diluted basis at the
discretion of the Board (such number, the “Maximum Number”); provided, however, if, after the Effective Date, the Company issues any new Shares, such Maximum Number should be automatically increased by a number
that is equal to 15% of the number of new Shares on a fully diluted basis issued by the Company from time to time. 

(b)    To the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award
shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form or combination by
the Company or any Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in payment of
the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by the Company,
such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would
cause an Incentive Share Option to fail to qualify as an incentive share option under Section 422 of the Code. 

3.2    Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of
authorized and unissued Shares, treasury shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which
otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 

  
 4 

 ARTICLE 4 

ELIGIBILITY AND PARTICIPATION 

4.1    Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and all
members of the Board, as determined by the Committee. 
 4.2    Participation. Subject to the provisions
of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any automatic right to be granted
an Award pursuant to this Plan. 
 4.3    Jurisdictions. In order to assure the viability of Awards
granted to Participants employed in various jurisdictions, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in
which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby
affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of
the Plan. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws. 

ARTICLE 5 
 OPTIONS

 5.1    General. Subject to Article 9, the Committee is authorized to grant Options to Participants
on the following terms and conditions: 
 (a)    Exercise Price. The exercise price per Share
subject to an Option shall be determined by the Committee and set forth in the Award Agreement and may be a fixed or variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to an Option may be amended or
adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment of the exercise prices of
Options mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the affected Participants. 

(b)    Time and Conditions of Exercise. The Committee shall determine the time or times at which an
Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in Section 11.1. The Committee shall also
determine the conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

(c)    Payment. The Committee shall determine the methods by which the exercise price of an Option
may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check
denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the
date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then
issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is
then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, (vii) cashless exercise; or (viii) any combination of the foregoing.
Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay
the exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. 

  
 5 

 (d)    Evidence of Grant. All Options shall be
evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 

5.2    Incentive Share Options. Incentive Share Options may be granted to Employees of the Company or of a
Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements
of Section 5.1, must comply with the following additional provisions of this Section 5.2: 

(a)    Expiration of Option. An Incentive Share Option may not be exercised to any extent by anyone
after the first to occur of the following events: 
 (i)    Ten years from the date it is granted, unless an
earlier time is set in the Award Agreement; 
 (ii)    Three months after the Participant’s termination of
employment as an Employee; and 
 (iii)    Upon the Participant’s Disability or death, subject to Sections
7.2 and 7.3. 
 (b)    Individual Dollar Limitation. The aggregate Fair Market Value (determined as
of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the
Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options.

 (c)    Ten Percent Owners. An Incentive Share Option shall be granted to any individual who, at
the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant
and the Option is exercisable for no more than five years from the date of grant. 
 (d)    Transfer
Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one
year after the transfer of such Shares to the Participant. 
 (e)    Expiration of Incentive Share
Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date. 

(f)    Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be
exercised only by the Participant. 

  
 6 

 ARTICLE 6 

RESTRICTED SHARES 

6.1    Grant of Restricted Shares. Subject to Article 9, the Committee is authorized to make Awards of
Restricted Shares to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Shares shall be evidenced by an Award Agreement. 

6.2    Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability
and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in
combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

6.3    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of
the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement;
provided, however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of
terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 

6.4    Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced
in such manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

6.5    Restricted Share Units. The Committee is authorized to make Awards of Restricted Share Units to any
Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Restricted Share Units shall become fully
vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted Share Units which shall be no earlier than the
vesting date or dates of the Award and may be determined at the election of the grantee. On the maturity date, the Company shall, subject to Sections 7.4 and 7.5, transfer to the Participant one unrestricted, fully transferable Share for each
Restricted Share Unit scheduled to be paid out on such date and not previously forfeited. 
 ARTICLE 7 

PROVISIONS APPLICABLE TO AWARDS 

7.1    Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the
terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally
amend, modify, suspend, cancel or rescind an Award. 
 7.2    Limits on Transfer. No right or interest of
a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than
the Company or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution. The Committee by express
provision in the Award or an amendment thereto may permit an Award (other than an Incentive Share Option) to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of
the Participant’s family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be
expressly approved by the Committee, pursuant to such conditions and procedures as the Committee may establish. Any permitted transfer shall be subject to the following conditions: that (a) the Committee receive evidence satisfactory to it that
the transfer is being made for asset protection, estate and/or tax planning purposes (or to a “blind trust” in connection with the Participant’s termination of employment or service with the Company or a Subsidiary to assume a
position with a governmental, charitable, educational or similar non-profit institution) and on a basis consistent with the Company’s lawful issue of securities, and (b) after the transfer, the
Participant and the transferee comply with all of the original agreements and covenants granted by the Participant in favor of the Company. 

  
 7 

 7.3    Beneficiaries. If the Committee so determines, then
notwithstanding Sections 5.2(a) and 7.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the
Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except
to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person
other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no
beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee. 

7.4    Share Certificates. Notwithstanding anything herein to the contrary, the Company shall not be
required to issue or deliver any certificates evidencing the Share pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance
with all Applicable Laws, including, if applicable, the requirements of any exchange on which the Shares or securities representing the Shares are listed, quoted or traded. All Share certificates delivered pursuant to the Plan are subject to any
stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with all Applicable Laws, including, if applicable, the rules of any national securities exchange or automated quotation system on which the Shares
or securities representing the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Shares. In addition to the terms and conditions provided herein, the Committee
may require that a Participant make such reasonable covenants, agreements, and representations as the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the
right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 

7.5    Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide
applicable disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 

7.6    Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the
exercise price of any Award were acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is
paid in Chinese Renminbi or other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s Bank of China for Chinese Renminbi, or for
jurisdictions other than the Peoples Republic of China, the exchange rate as selected by the Committee on the date of exercise. 

  
 8 

 ARTICLE 8 

CHANGES IN CAPITAL STRUCTURE 

8.1    Adjustments. In the event of any share dividend, share split, combination or exchange of Shares,
amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the Shares
or the price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type of shares that may be
issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria
with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. 

8.2    Acceleration upon a Change of Control. Except as may otherwise be provided in any Award Agreement or
any other written agreement entered into by and between the Company and a Participant, if a Change of Control occurs and a Participant’s Awards are not converted, assumed, or replaced by a successor, such Awards shall become fully exercisable
and all forfeiture restrictions on such Awards shall lapse. Upon, or in anticipation of, a Change of Control, the Committee may in its sole discretion provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in
the future and shall give each Participant the right to exercise such Awards during a period of time as the Committee shall determine, (ii) either the purchase of any Award for an amount of cash equal to the amount that could have been attained
upon the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no
amount would have been attained upon the exercise of such Award or realization of the Participant’ s rights, then such Award may be terminated by the Company without payment), (iii) the replacement of such Award with other rights or
property selected by the Committee in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and
prices, or (iv) payment of Awards in cash based on the value of Shares on the date of the Change of Control plus reasonable interest on the Award through the date such Award would otherwise be vested or have been paid in accordance with its
original terms, if necessary to comply with Section 409A of the Code. 
 8.3    Outstanding Awards –
Corporate Transactions. In the event of a Corporate Transaction, each Award will terminate upon the consummation of the Corporate Transaction, unless the Award is assumed by the successor entity or Parent thereof in connection with the Corporate
Transaction. Except as provided otherwise in an individual Award Agreement, in the event of a Corporate Transaction and: 

(a)    the Award either is (x) assumed by the successor entity or Parent thereof or replaced with a comparable
Award (as determined by the Committee) with respect to shares of the capital stock of the successor entity or Parent thereof or (y) replaced with a cash incentive program of the successor entity which preserves the compensation element of such
Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, then such Award (if assumed), the replacement Award (if replaced), or the cash
incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon
termination of the Participant’s employment or service with all Service Recipient within twelve (12) months of the Corporate Transaction without cause; and 

(b)    For each Award that is neither assumed nor replaced, such portion of the Award shall automatically become
fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the Shares at the time represented by such portion of the Award, immediately prior to
the specified effective date of such Corporate Transaction, provided that the Participant remains an Employee, Consultant or Director on the effective date of the Corporate Transaction. 

  
 9 

 8.4    Outstanding Awards – Other Changes. In the
event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 8, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares
subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

8.5    No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by
reason of any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other
corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by
reason thereof shall be made with respect to, the number of shares subject to an Award or the grant or exercise price of any Award. 

ARTICLE 9 

ADMINISTRATION 

9.1    Committee. The Plan shall be administered by the Board or the Compensation Committee of the Board;
provided, however that the Board or the Compensation Committee may delegate to a committee of one or more members of the Board the authority to grant or amend Awards to Participants other than senior executives of the Company. The
Committee shall consist of at least two individuals, each of whom qualifies as an Independent Director. Reference to the Committee shall refer to the Board if the Compensation Committee has not been established or ceases to exist and the Board does
not appoint a successor Committee. Notwithstanding the foregoing, the full Board, acting by majority of its members in office, shall conduct the general administration of the Plan if required by Applicable Laws, and with respect to Awards granted to
Independent Directors and for purposes of such Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board. 

9.2    Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a
majority of the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in
good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any executive compensation
consultant or other professional retained by the Company to assist in the administration of the Plan. 

9.3    Authority of the Committee. Subject to any specific designation in the Plan, the Committee has the
exclusive power, authority and discretion to: 
 (a)    Designate Participants to receive Awards; 

(b)    Determine the type or types of Awards to be granted to each Participant; 

(c)    Determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d)    Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to,
the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any
provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

  
 10 

 (e)    Determine whether, to what extent, and pursuant to what
circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f)    Prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(g)    Decide all other matters that must be determined in connection with an Award; 

(h)    Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer
the Plan; 
 (i)    Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;
and 
 (j)    Make all other decisions and determinations that may be required pursuant to the Plan or as the
Committee deems necessary or advisable to administer the Plan. 
 9.4    Decisions Binding. The
Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE 10 
 EFFECTIVE
AND EXPIRATION DATE 
 10.1    Effective Date. The Plan is effective as of the date the Plan is
approved by the Company’s shareholders in accordance with the applicable provisions of the Company’s Memorandum of Association and Articles of Association (the “Effective Date”). 

10.2    Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after,
the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 11 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 11.1    Amendment, Modification, And Termination. With
the approval of the Board, at any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws, the Company
shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, unless the Company decides to follow home country practice as permitted under applicable stock exchange rules, and (b) unless the Company
decides to follow home country practice as permitted under applicable stock exchange rules, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any
adjustment as provided by Article 8), (ii) permits the Committee to extend the term of the Plan or the exercise period for an Option beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in
eligibility requirements. 
 11.2    Awards Previously Granted. Except with respect to amendments made
pursuant to Section 11.1, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

  
 11 

 ARTICLE 12 

GENERAL PROVISIONS 

12.1    No Rights to Awards. No Participant, employee, or other person shall have any claim to be granted
any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 

12.2    No Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the
Company unless and until Shares are in fact issued to such person in connection with such Award. 

12.3    Taxes. No Shares shall be delivered under the Plan to any Participant until such Participant has
made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require
a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by law to be withheld with respect to any taxable event concerning a
Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the
return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any
Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy the Participant’s income and payroll tax liabilities with respect to the issuance,
vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such
liabilities based on the minimum statutory withholding rates for income tax and payroll tax purposes that are applicable to such supplemental taxable income. 

12.4    No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with
or limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or service of any Service Recipient. 

12.5    Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the
Company or any Subsidiary. may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any
action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided that he or she gives the Company an
opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

12.6    Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in
determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or
an agreement thereunder. 

  
 12 

12.7    Non-competition & No Solicitation.
During the term of the employment of an Employee with the Company and within 2 years after the termination of the employment, the Employee shall not engage in any business that competes with or is similar to any of the Company’s business and
the employee shall not solicit any employee of the Company and its subsidiaries and affiliates after the termination of the employment with the Company. In case the employee violate the duty of non-compete and
no solicitation under this clause, the employee shall return all of his or her economic interest under any Award to the Company immediately including, but not limited to, that any Award that has been vested and unvested shall be revoked or voided
immediately. 
 12.8    Expenses. The expenses of administering the Plan shall be borne by the Company and
its Subsidiaries. 
 12.9    Titles and Headings. The titles and headings of the Sections in the Plan are
for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

12.10    Fractional Shares. No fractional shares of a Share shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 

12.11    Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Laws, the
Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

12.12    Government and Other Regulations. The obligation of the Company to make payment of awards in Shares
or otherwise shall be subject to all Applicable Laws and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any
other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such
shares in such manner as it deems advisable to ensure the availability of any such exemption. 

12.13    Governing Law; Dispute Resolution. The Plan and all Award Agreements shall be construed in
accordance with and governed by the laws of the Cayman Islands. Any dispute, controversy or claim arising out of or relating to the Plan and all Award Agreements, or the breach, termination or invalidity thereof, shall be settled by arbitration in
accordance with the UNCITRAL Arbitration Rules as at present in force and as may be amended by the rest of this Section 12.13. The appointing authority shall be Hong Kong International Arbitration Centre. The place of arbitration shall be in
Hong Kong at Hong Kong International Arbitration Centre. There shall be only one arbitrator. The language to be used in the arbitral proceedings shall be English. 

12.14    Section 409A of the Code. To the extent that the Committee determines that any Award granted under
the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award
Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance
that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and
related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and /or
preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance. 

  
 13 

 12.15    Appendices. The Committee may approve such
supplements, amendments or appendices to the Plan as it may consider necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan;
provided, however, that no such supplements shall increase the share limitations contained in Section 3.1 of the Plan. 

  
 14

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