Document:

EX-10.37

 Exhibit 10.37 

Dated the 30th day of December 2016 

Qudian Inc. 

(“Company”) 

and 
 ARK Trust (Hong
Kong) Limited 
 (“Trustee”) 
  

 
 TRUST DEED 

CONSTITUTING 
 QUDIAN
INC. 
 EQUITY INCENTIVE TRUST 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	1	 
			
	2.	  	PRINCIPAL TRUSTS	  	 	4	 
			
	3.	  	PAYMENTS TO THE TRUSTEE	  	 	6	 
			
	4.	  	INVESTMENT POWERS	  	 	6	 
			
	5.	  	DIRECTIONS AND ADDITIONAL POWERS	  	 	6	 
			
	6.	  	TRUSTEE	  	 	7	 
			
	7.	  	REMUNERATION OF TRUSTEE	  	 	8	 
			
	8.	  	PERSONAL INTERESTS OF TRUSTEE	  	 	9	 
			
	9.	  	PROTECTION OF TRUSTEE	  	 	9	 
			
	10.	  	 INFORMATION SUPPLIED
	  	 	10	 
			
	11.	  	 POWER OF MODIFICATION AND PERPETUITY RESTRICTION
	  	 	10	 
			
	12.	  	 PROPER LAW
	  	 	11	 
			
	13.	  	 EXCLUSIONS FROM BENEFIT
	  	 	11	 
			
	14.	  	 NATURE OF THE TRUST
	  	 	11	 
			
	15.	  	 IRREVOCABILITY OF TRUSTS
	  	 	11	 
			
	16.	  	 SEVERABILITY
	  	 	12	 
			
	17.	  	 COUNTERPARTS
	  	 	12	 
		
	SCHEDULE	  	 	14	 
		
	ADDITIONAL POWERS OF THE TRUSTEE	  	 	14	 

  
 i 

 THIS TRUST DEED is made the 30th day of December Two Thousand and Six 

BETWEEN 
  

	(1)	Qudian Inc., a company incorporated in the Cayman Islands whose registered office is at the offices of Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands (the “Company”) of the one part; and 

  

	(2)	ARK Trust (Hong Kong) Limited, a company incorporated in Hong Kong whose registered office is at Room 01-04, 15/F, One Exchange Square, 8 Connaught Place, Central, Hong
Kong (the “Trustee”) of the other part. 

 WHEREAS: 
  

	(A)	The parties hereto establish, by the execution of this Trust Deed, and by the adoption by the Company of the Plan (as defined herein) and thereby facilitate the acquisition or transferring or holding of Shares or Awards
for the benefit of such of the Participants of the Group Member according to the terms and conditions of the Plan and in such manner as the Administrator may determine from time to time; 

 

	(B)	It is contemplated that the Company will allot and / or transfer the Shares, cash and may pay further sums or allot further Shares to the Trustee from time to time to enable the Trustee in the exercise of its powers to
acquire the Shares and / or receive the Awards to be held upon the trust hereof or to pay expenses in relation to the administration of the Trust; and 

  

	(C)	The Trustee has agreed to act as the first trustee of the Trust 

 NOW THIS DEED WITNESSETH as follows:

  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Trust Deed, unless the context otherwise requires, each of the following words and expressions shall have the meanings respectively shown opposite to it below: 

 

			
	“Administrator”	  	the Committee as defined in the Plan or in the absence of such Committee, the Board; provided that, as applied to determinations related to Awards granted to the chief executive officer of the Company, the Board, or a committee
hereof, shall be the Administrator;
		
	“Authorised Representative(s)”	  	Authorised representative(s) appointed by the Administrator to give instructions or notices to the Trustee on all matters in connection with the Plan and other matters in the routine administration of the Trust;
		
	“Award(s)”	  	a Dividend Equivalent, Option, Restricted Share, Restricted Share Unit, Share Appreciation Right or Share Payment award granted to a Participant pursuant to the Plan;

  
 1 

			
	“Board”	  	the board of directors of the Company;
		
	“Business Day”	  	a day (other than Saturday) on which the relevant stock exchange is open for trading and on which banks are open for business in Hong Kong;
		
	“Director”	  	a member of the board of directors of a Group Member;
		
	“Dividend Equivalent”	  	a right to receive (in cash or other property or, subject to Section 11 of the Plan, a reduction in exercise price or base price of the relevant outstanding Award) dividends paid on Shares underlying the Award (or an amount
equal to the dividends which would have been paid on such Shares, as if such Shares had been issued and outstanding during the relevant period) as provided under Section 11 of the Plan;
		
	“Employee(s)”	  	any person who has an employment relationship with the Group Member and as defined in the Plan;
		
	“Group Member”	  	the Company, any Subsidiary or any related entity as defined in the Plan;
		
	“Option(s)”	  	an option / options to purchase Shares granted pursuant to the Plan;
		
	“Participant(s)”	  	the holder(s) of an outstanding Award granted under the Plan;
		
	“Plan”	  	2016 Equity Incentive Plan or such other share plan(s) adopted / to be adopted by the Company in its present form or as amended from time to time;
		
	“Restricted Share”	  	a Share subject to restrictions and repurchase rights granted pursuant to the Plan;
		
	“Restricted Share Unit”	  	the right to receive the Share at a future date granted pursuant to the Plan;
		
	“ Share(s)”	  	ordinary share(s) of the Company, par value US$0.0001 per share or as adjusted in accordance with the terms of the Plan;
		
	“Share Appreciation Right”	  	a right to receive a payment equal to the excess of the fair market value as defined in the Plan of a specified number of Shares on the date the Share Appreciation Right is exercised over the base price as set forth in the
applicable award agreement, granted pursuant to the Plan;
		
	“Share Payment”	  	a payment in the form of Shares, as part of any bonus, deferred compensation or other cash compensation arrangement, made in lieu of all or any portion of such bonus, deferred compensation or other cash compensation arrangement,
granted pursuant to the Plan;

  
 2 

			
		
	“Subsidiary”	  	any person controlled by the Company as defined in accordance with the terms of the Plan;
		
	“Trust”	  	the trust constituted by this Trust Deed;
		
	“Trustee”	  	the Trustee and any additional or replacement trustees, being the trustee or trustees for the time being declared in this Trust Deed;
		
	“Trust Deed”	  	the provisions of this deed as restated, supplemented and amended from time to time pursuant to and in accordance with Clause 11;
		
	“Trust Fund”	  	 (a)    all Awards granted by the Company pursuant to the Plan and/or
transferred to the Trustee for the purpose of the Trust;

		
		  	 (b)    all Shares allotted to / acquired by the Trustee for the purpose of
the Trust out of (i) cash paid to the Trustee by way of settlement or otherwise contributed by the Company and such other person, and (ii) cash income or net proceeds of sale of non-cash and non-scrip distribution in respect of the Shares so held under the Trust, related income, residual cash and such other scrip income (including but not limited to bonus Shares and scrip dividends declared by the
Company) derived from the Shares held upon the Trust; and

		
		  	 (c)    all other properties from time to time representing (a) and (b)
above;

		
	“Trust Period”	  	the period beginning with the date of this deed and ending upon the first to happen of the following, namely:
		
		  	 (a)    the date the Plan is terminated according to the terms of the
Plan;

		
		  	 (b)    the date when an order for the
winding-up of the Company is made or a resolution is passed for the voluntary winding-up of the Company (otherwise than for the purposes of, and followed by, an
amalgamation or reconstruction in such circumstances that substantially the whole of the undertaking, assets and liabilities of the Company pass to a successor company); or

		
		  	 (c)    such date of early termination as determined by the
Board.

		
	“US$”	  	United States dollar, the lawful currency of United States;

  
 3 

	1.2	For the purposes of the interpretation of this Trust Deed: 

  

	 	(a)	the headings are inserted for convenience only and shall not limit, vary, extend or otherwise affect the construction of any provision of this Trust Deed; 

 

	 	(b)	references to Clauses and Schedules are references to clauses and schedules of this Trust Deed; 

  

	 	(c)	references to any statute or statutory provision shall be construed as references to such statute or statutory provision as respectively amended, consolidated or re-enacted, or as
its operation is modified by any other statute or statutory provision (whether with or without modification), and shall include any subsidiary legislation enacted under the relevant statute; 

 

	 	(d)	expressions in the singular shall include the plural and vice versa; 

  

	 	(e)	expressions in any gender shall include other genders; and 

  

	 	(f)	references to persons shall include bodies corporate, corporations, partnerships, sole proprietorships, organizations, associations, enterprises, branches and entities of any other kind. 

 

	2.	PRINCIPAL TRUSTS 

  

	2.1	The Administrator shall, subject to and in accordance with the provisions of the Plan, be entitled (but shall not be bound) to, at any time during the continuation of the Plan, select any Participants and the number of
Awards in such manner as the Administrator shall determine pursuant to the terms of the Plan. 

  

	2.2	After the selection of Participant(s) and the determination of the number of Awards and any condition(s) that must be attained by the relevant Participant(s) before any of the Award may vested in and exercised by such
Participants under such Award, the Administrator or Authorised Representative shall notify the Trustee in writing upon the making of an Award under the Plan. Each Participant will be notified by the Administrator or Authorised Representative after
an Award has been made to such Participant. 

  

	2.3	Subject to the provisions of Clause 13, the Trustee shall during the Trust Period hold the Awards UPON TRUST exclusively for all or such one or more of the Participants, being the beneficiaries of the Trust subject to
the terms and conditions set out herein and in the Plan. In particular, 

  
 4 

	 	(a)	the Trustee shall, subject to the receipt of (a) written exercise notice and such other requisite transfer documentation duly signed by the Participant and (b) a confirmation from the Administrator or
Authorised Representative that all vesting conditions having been fulfilled, exercise the Award and transfer the relevant Shares, dividends, cash, sales proceeds, payment or such other rights and interests under the Award to the relevant
Participant; 

  

	 	(b)	if exercise date shall fall on any day on which the Company is restricted from allowing the exercise of an Award as provided in the Plan, the exercise of the Award shall be postponed. The Administrator or the Authorised
Representative shall notify the Trustee in writing at least three (3) Business Days in advance if such exercise of the Award has to be postponed to a date as specified in such written notice; 

 

	 	(c)	in the event of the dismissal for cause, termination of employment or relationship, disability or death of a Participant, the Trustee shall hold the Award according to the terms and conditions as specified in the Plan.

 Where the Awards which are set aside for the Participants pursuant to the Plan do not vest by reason of a lapse of such
Awards according to the Plan, the Trustee shall hold such Awards and all other income thereto exclusively for the benefit of all or more of the Participants as the Administrator shall in its absolute discretion at any time determine. 

 

	2.4	The Trustee shall, during the Trust Period, apply the trust fund including residual cash and proceeds (if any) towards (i) the payment of the fees, costs and expenses in connection with the adoption, administration
and/or termination of the Trust and the Plan in accordance with Clause 7.3 and (ii) the remainder, if any, to be returned to the Company. For the purpose of this Clause 2.4, cash income shall include net proceeds of sale of non-cash or non-scrip distribution in respect of a Share held upon the Trust. 

  

	2.5	The Trustee shall hold the capital and income of the Trust Fund at the expiry of the Trust Period in accordance with the provisions of this Clause 2.5. If, at the expiry of the Trust Period the Trustee holds any Award,
Share, Dividend, cash or such interests and payment which has not been set aside in favour of any Participant or such other income attributable thereto, then the Trustee shall within twenty-one
(21) Business Days from the expiration of the Trust Period or after receiving notice of termination of the Plan, return such Award to the Company or sell such Shares and remit the proceeds of the sale (after making appropriate deductions in
respect of stamp duty and other costs, liabilities and expenses in accordance with this Trust Deed) together with such other distribution, income and residual cash to the Company. 

 

	2.6	Notwithstanding anything hereinbefore contained but subject always to the provisions of Clause 13, it shall be lawful for the Trustee in exercise of its foregoing powers, duties and discretions to pay or apply the
capital of the Trust Fund for the benefit of all or any one or more of the Participants: 

  

	 	(a)	by acquisition of Shares to be held upon the trust hereof; and 

  

	 	(b)	by transferring legal and/or beneficial interest in the Award and / or Shares to a Participant, in each case in accordance with the Plan. 

  
 5 

	2.7	In the exercise of their powers and discretions the Trustee shall at all times have regard to the purpose for which the Trust is established (as set out in Recital (A) above) and shall act in accordance with the
Plan. 

  

	2.8	The Trustee shall not deal in Awards and / or Shares at any time if the Trustee is aware or has received notice in writing from the Administrator or Authorised Representative that any such dealing at that time would
cause the Company or any Subsidiary or any director, officer or employee of the Company or any Subsidiary to be in breach of any provisions of the any applicable listing rules, law, rules or regulations, from time to time. 

 

	2.9	The discretions conferred upon the Trustee by this Trust Deed or by law shall be absolute and unfettered discretions and the Trustee shall not be obliged to give any person beneficially interested hereunder any reason
or justification for any exercise or non-exercise of such discretions. 

  

	3.	PAYMENTS TO THE TRUSTEE 

  

	3.1	Any of the Group Member may from time to time at its sole discretion to transfer, pay or credit sums of money to the Trustee for the acquisition of Shares to be held on trust in accordance with this Trust Deed.

  

	3.2	It being the intention that any transfers, payments or credits made to the Trustee in accordance with this Trust Deed shall be entirely at the discretion of any of the Group Member making such transfer, payment or
credit, nothing in this Trust Deed shall confer on the Trustee any right to have any such transfer, payment or credit made or create any trust in regard to the money intended to be transferred, paid or credited unless and until the same shall have
been actually transferred, paid or credited to the Trustee. 

  

	4.	INVESTMENT POWERS 

 The Trust Fund or any part of it shall be applied in acquisition of Shares or
exercising Awards as provided in the Plan and insofar as the Trust Fund or any part of it is not so applied, it may be placed on current or deposit account with any bank and the Trustee shall not be required to invest, or to invest at interest, the
Trust Fund or any part of it. 
  

	5.	DIRECTIONS AND ADDITIONAL POWERS 

  

	5.1	In addition to all the powers vested in trustees by law or statute, the Trustee shall have the powers regarding the Trust Fund set out in this Trust Deed and the Schedule to this Trust Deed insofar as the exercise of
the same shall not be inconsistent with the trusts of this Trust Deed. 

  

	5.2	Each such power shall be a separate power in addition and without prejudice to the generality of all other powers vested in the Trustee, and the Trustee may exercise all or any of the same from time to time, without the
intervention of any Participant, in such manner and to such extent as it shall in its absolute discretion think fit. 

  

	5.3	Notwithstanding that the Trustee is the legal registered holder of the Award and / or Shares held upon trust pursuant to this Trust Deed, the Trustee shall not exercise the voting rights attached to such Awards and / or
Shares unless directed by the Administrator or the Authorised Representative otherwise. 

  
 6 

	5.4	In the event the Company undertakes an open offer of new securities in respect of any Shares which are held by the Trustee under the Plan, the Trustee shall not subscribe for any new Shares unless directed by the
Administrator or the Authorised Representative otherwise. In the event of a rights issue, the Trustee shall sell such amount of the nil-paid rights allotted to it as is appropriate and the net proceeds of sale
of such rights shall be held as income of the Trust Fund and applied in the subscription of rights shares under the rights issue unless directed by the Administrator or the Authorised Representative otherwise. 

 

	5.5	In the event the Company issues bonus warrants in respect of any Shares which are held upon trust, the Trustee shall not subscribe for any new Shares by exercising any of the subscription rights attached to the bonus
warrants and shall sell the bonus warrants created and granted to it, the net proceeds of sale of such bonus warrants shall be held as income of the Trust Fund and shall be applied in accordance with Clause 2.4 unless directed by the Administrator
or the Authorised Representative otherwise. 

  

	5.6	In the event the Company undertakes a scrip dividend plan, the Trustee shall elect to receive scrip Shares unless directed by the Administrator or the Authorised Representative otherwise. 

 

	5.7	In the event of other non-cash and non-scrip distribution made by the Company in respect of Shares held upon the Trust, the Trustee shall
dispose of such distribution and the net sale proceeds thereof shall be deemed as the cash income of a Share held upon the Trust and shall be applied in accordance with Clause 2.4 unless directed by the Administrator or the Authorised Representative
otherwise. 

  

	6.	TRUSTEE 

  

	6.1	Subject to Clause 6.5, the Company shall have the power to appoint a new Trustee and to remove any person as a Trustee of the Trust on giving not less than one month’s notice in writing to such Trustee PROVIDED
ALWAYS that the power conferred by this Clause 6.1 shall only be operative and capable of taking effect from the date on which the first mentioned Trustee receives notice in writing of such removal and the new trustee accepts office as such.

  

	6.2	Where a new Trustee is appointed for the whole or any part or parts of the Trust Fund, the Company may appoint any person or persons as Trustee notwithstanding that such person or persons may be resident, domiciled,
carrying on business or (if a body corporate) incorporated outside Hong Kong and so that (notwithstanding that thereafter there may be only one Trustee of the Trust Fund or the part or parts thereof) the receipt of such person or persons for the
whole or such part or parts of the Trust Fund as may be paid or transferred to such person or persons pursuant to such appointment shall be a good discharge to any other Trustee accordingly. 

 

	6.3	A Trustee may, at any time, by written notice given to the Company, retire from his office at the expiry of one month from the date when such notice is received by the Company or any shorter period agreed in writing by
the Company PROVIDED THAT such retirement shall not take effect unless there is a remaining Trustee or until immediately after a replacement Trustee is appointed (if there is no remaining Trustee). 

  
 7 

	6.4	An outgoing Trustee shall execute and do or make all such transfers or other documents, acts or things as may be necessary for vesting the Trust Fund in the new or continuing Trustee or placing it under its control and
shall be bound and entitled to assume that any new Trustee is a proper person to have been appointed and the new or continuing Trustee shall cause the endorsement of a memorandum hereof as to the trusteeship in accordance with Clause 6.5 PROVIDED
ALWAYS that where an outgoing Trustee is liable as a trustee hereof for any duties or taxes or fiscal impositions (including without prejudice to the generality of the foregoing words, capital gains, wealth, gifts, probate, succession, death or any
other duties or taxes on capital or income) wheresoever arising and whether or not enforceable through the courts of the place where such Trustee is resident or where the Trust is for the time being administered then that Trustee shall not be bound
to transfer the Trust Fund as aforesaid unless reasonable security is provided for indemnifying the Trustee against such liability. 

  

	6.5	On every change in the trusteeship a memorandum shall be endorsed on or permanently annexed to this Trust Deed stating the names of the person or persons who is or are the Trustee or Trustees for the time being and
shall be signed by the persons so named and any person dealing with the affairs of the Trust shall be entitled to rely upon any such memorandum (or the latest of such memoranda if more than one) as sufficient evidence that the persons named therein
are duly constituted Trustees. 

  

	7.	REMUNERATION OF TRUSTEE 

  

	7.1	A Trustee or any director or other officer of a body corporate acting as a Trustee being an individual engaged in any profession or business, shall be entitled to be paid all usual professional or proper charges for
work done by him, his firm or his company in connection with the Trust, on such terms and conditions as may have been agreed by the Company and the Trustee from time to time, including the right to remuneration and the incidence thereof whether such
work is in the ordinary course of his profession or business or not, including acts which a trustee, not being in any profession or business, could have done personally. 

 

	7.2	Any corporate body acting as a trustee: 

  

	 	(a)	may carry out, in its own office, in connection with the trusts declared in this Trust Deed, any business which by its constitution it is authorized to undertake and in which it is then, in fact, ordinarily engaged,
upon the same terms as would for the time being be made with an ordinary customer and if it is a bank, it shall be entitled to act as a banker to and make advances to the Trustee in connection with the Trust, without accounting for any profit
thereby made and in all respects as if it were not a Trustee; 

  

	 	(b)	may employ as a banker or investment adviser or other agent, on behalf of the Trust, any company, firm or enterprise associated with it PROVIDED THAT such agent is authorized by its constitution to undertake such
business and that it is, in fact, ordinarily so engaged and that all charges made by it for work done or services provided in connection with the Trust are reasonable and proper. 

  
 8 

	7.3	All reasonable fees, costs and expenses referred to in this Clause 7 properly incurred by the Trustee shall be funded to the extent possible from any cash income of the Trust Fund as provided under Clause 2.4. To the
extent the cash income from the Trust Fund is not sufficient to fund all such fees, costs and expenses, the Company will provide the Trustee with additional funds to settle such fees, costs and expenses. For the avoidance of doubt, in the event the
Trustee has to incur expenses (including fees charged by other professional advisors to the Trustee), no such expenditure shall be incurred without the prior written consent of the Administrator or the Authorised Representative. 

 

	8.	PERSONAL INTERESTS OF TRUSTEE 

  

	8.1	No decision of or exercise of a power by the Trustee shall be invalidated or questioned on the grounds that the Trustee had an interest in a personal or fiduciary capacity in the result of any decision or in the
exercising of any power and any such person may vote in respect thereof and be taken into account for the purposes of a quorum notwithstanding his interest. 

  

	8.2	A Trustee shall not be precluded from purchasing, holding or dealing with any debentures, debenture stock, shares or other securities whatsoever of the Group Member or from entering into any contract or other
transaction with the Group Member or being interested in any such contract or transaction and none of them shall be in any manner whatsoever liable to account to the Group Member or the Participants for any profits made or benefits obtained by him
or it thereby or in connection therewith. 

  

	8.3	Any Trustee or any associate or person or body connected with the Trustee to be employed and remunerated in any way connected with the Trust Fund may keep as his property (and without being liable to account therefor)
any remuneration, fees or profits received by him in any such capacity, notwithstanding that his situation or office may have been obtained, held or retained by means or by reason of his position as a Trustee or of any shares, stock, property,
rights or powers whatever belonging to or connected with the Trust Fund. 

  

	9.	PROTECTION OF TRUSTEE 

  

	9.1	In the execution of the trusts and powers contained in this Trust Deed, no Trustee shall be liable for any loss arising by reason of any mistake or omission made in good faith by him except fraud, willful misconduct,
negligence or default on the part of the Trustee who is sought to be made liable. 

  

	9.2	The Company HEREBY COVENANTS with the Trustee that it will at all times hereafter keep the Trustee fully indemnified and harmless both before as well as after any removal or retirement of a trustee pursuant to Clause 6
hereof against all claims, losses, demands, actions, proceedings, charges, expenses, costs, damages, taxes, duties and other liabilities that may be suffered or properly incurred by them or by any of them in connection with the execution of the
trusts and powers of this Trust Deed other than liabilities arising as a consequence of fraud, willful misconduct, negligence or default of the Trustee. 

  
 9 

	10.	INFORMATION SUPPLIED 

 The Trustee shall be entitled to rely, without further enquiry, on all information
supplied to it by the Company and/or the Administrator and/or the Authorised Representative and/or any Subsidiary and/or any director or duly authorized officer of such company with regard to its duties as trustee of the Trust and in
particular, but without prejudice to the generality of the foregoing, any notice given by the Company and/or the Administrator and/or the Authorised Representative and/or any Subsidiary and/or any director or duly authorized officer of the Company
to the Trustee in respect of the vesting and exercising of an Award, the eligibility of any person to become or remain a Participant shall be conclusive. 
  

	11.	POWER OF MODIFICATION AND PERPETUITY RESTRICTION 

  

	11.1	During the Trust Period, the Company shall have power, so as to bind the Trustee, to vary, amend, modify, alter or extend the trusts, powers and provisions of this Trust Deed in any manner and in any particular
whatsoever by deed delivered to the Trustee revocable (during the Trust Period) or irrevocable, which shall be expressed to be supplemental to this Trust Deed, and this Trust Deed shall then and construed and take effect as if the provisions of such
deed were incorporated in this Trust Deed PROVIDED THAT 

  

	 	(a)	no exercise of these powers may: 

  

	 	i)	confer on any person other than a Participant any eligibility or entitlement to benefit; or 

  

	 	ii)	extend the power conferred by this Clause 11 or remove the restrictions contained in this proviso without the prior consent of the Trustee in writing (such consent not to be unreasonably withheld or delayed); or

  

	 	iii)	be effective to amend Clauses 5 (in respect of the powers of the Trustee), 6.4, 7, 8 or 9, or otherwise to impose on the Trustee any obligations more onerous than their obligations under the Trust prior to such
purported amendment without the prior consent of the Trustee in writing (such consent not to be unreasonably withheld or delayed); 

  

	 	(b)	any such changes shall not have retrospective effect; 

  

	 	(c)	any such changes shall only take effect upon the Trustee being notified in writing thereof; and 

  

	 	(d)	any such changes will not affect any previous appointments made by the Trustee pursuant to this Trust. 

  

	11.2	Every power, authority or discretion conferred upon the Trustee or any other person and not expressly made, which is exercisable only during a period allowed by law, shall (notwithstanding anything to the contrary
herein expressed or implied) only be exercisable during the Trust Period and during such further period if any (whether definite or indefinite) as in the case of the particular power, authority or discretion the law may allow. 

  
 10 

	12.	PROPER LAW 

 The trust(s) hereby created is/are established under the laws of Hong Kong and subject as
hereinafter provided the rights of the Participants and the rights, powers and duties of the Trustee under this Trust Deed and the construction of every provision of this Trust Deed shall be determined according to the laws of Hong Kong. 

 

	13.	EXCLUSIONS FROM BENEFIT 

 Notwithstanding anything to the contrary herein expressed or implied: 

 

	13.1	no part of the Trust Fund or the income thereof shall at any time be paid or lent or otherwise applied nor shall any power or discretion in this Trust Deed or by law conferred on the Trustee or on any other person in
any circumstances be exercisable or exercised in any manner which causes the Company or any Subsidiary to be in breach of any applicable law; 

  

	13.2	none of the powers, authorities or discretions hereby or by law conferred on the Trustee or on any person shall at any time or in any circumstances whatsoever be exercisable in any manner which may benefit the Company
or any Subsidiary and no part of the capital or income of the Trust Fund shall at any time, or in any circumstances whatsoever, be paid to or applied for the benefit of the Company or any Subsidiary and any implied trust in favour of the Company
arising by operation of law is hereby expressly excluded, provided that nothing in this Clause 13.2 shall operate to limit the power of the Trustee referred to in paragraph 3 of the Schedule to this Trust Deed; and 

 

	13.3	the right of a Participant to receive the Award held by the Trustee hereunder, shall be subject to such Award having vested in that Participant (and such vesting not having lapsed) in accordance with the Plan.

  

	14.	NATURE OF THE TRUST 

 Notwithstanding any provision of this Trust Deed 

 

	14.1	neither the provisions of this Trust Deed nor the Trust shall form part of any contract of employment between any Participant and any Group Member nor (save as specifically provided) shall they confer on any person,
employees or former employees of any Group Member any legal or equitable rights whatsoever against any Group Member (save as objects of the Trust), the Trustee; and 

 

	14.2	a Participant ceasing to hold the office or employment by virtue of which he / she is or may be a Participant and eligible to participate in the Trust shall not be entitled to any compensation for any loss of any right
or benefit or prospective right or benefit under this Trust Deed which he / she might otherwise have enjoyed. 

  

	15.	IRREVOCABILITY OF TRUSTS 

 The trusts hereby declared are irrevocable. 

  
 11 

	16.	SEVERABILITY 

 Each and every provision of this Trust Deed shall be treated as a separate provision and
shall be severally enforceable as such and in the event of any provision or provisions being or becoming unenforceable in whole or in part. To the extent that any provision or provisions of this Trust Deed are unenforceable they shall be deemed to
be deleted from this deed, and any such deletion shall not affect the enforceability of this deed as remain not so deleted. 
  

	17.	COUNTERPARTS 

 This Trust Deed may have executed in any number of counterparts and by different parties
on separate counterparts, each of which is an original but, together, they constitute one and the same agreement. 

  
 12 

 IN WITNESS whereof the parties have executed this Deed on the day hereinbefore written. 

 

					
	THE COMMON SEAL of	  	)	  	
	Qudian Inc.	  	)	  	
	was hereunto affixed	  	)	  	(Seal of Qudian Inc.)
	in the presence of	  	)	  	/s/ Min Luo
	/s/ Cark Yeung	  		  	
			
	THE COMMON SEAL of	  	)	  	
	Ark Trust (Hong Kong) Limited	  	)	  	
	was hereunto affixed	  	)	  	(Seal of Ark Trust (Hong Kong) Limited)
	in the presence of	  	)	  	/s/ WOO Pui Man                    /s/ LAM Hau Man
	/s/ Ivy Shao	  		  	

  
 13 

 SCHEDULE 

ADDITIONAL POWERS OF THE TRUSTEE 

(AS MENTIONED IN CLAUSE 5) 
  

	1.	Power to accept additions to the Trust Fund and if it thinks fit to administer the same as one fund therewith for all purposes. 

  

	2.	Subject to the relevant Plan, power to hold or allow to remain in the name or under the control of some or one only of the Trustee or of any person as nominee of the Trustee the whole or such part of the Trust Fund as
the Trustee shall in its absolute discretion think fit and the Trustee shall not be liable for any loss to the Trust Fund or the income thereof occasioned by the exercise of this Power, except in the case of fraud, willful misconduct, negligence or
default. 

  

	3.	Power to apply the Trust Fund or any part of it or the whole or any part of the income of the Trust Fund in paying any stamp duty payable in respect of, and other costs, liabilities or expenses which may arise as a
result of, any transfer of or agreement to transfer Shares to a Participant or which may otherwise arise out of the administration of the Trust Fund. 

  

	4.	Power to pay any existing, future and contingent liabilities which may include any duties or taxes or other fiscal impositions (together with any related interest or penalties or surcharges) for which the Trustee may
become liable in any part of the world and to have entire discretion as to the time and manner in which such existing, future and contingent liabilities which shall include any duties, taxes and fiscal impositions shall be paid and no person
interested under this Trust Deed shall be entitled to make any claim whatsoever against the Trustee by reason of its making such payment, except in the case of fraud, willful misconduct, negligence or default. 

 

	5.	Power to deduct or withhold from the sums of money credited to the Trustee by the Group Member or from any remittance from the Trustee to the Company or from or in respect of any amounts paid or property transferred by
the Trustee to Participants any amounts for which the Trustee may as trustee be accountable to any third party related to the Plan. 

  

	6.	Power to delegate to any other person or persons (including any one or more of themselves) all or any of the administrative and management functions and powers (including investment powers) invested in it either by
virtue of this Trust Deed or by virtue of its office as trustee without being liable for the acts or defaults of any such delegate or for any loss to the Trust Fund resulting there from, except in the case of fraud, willful misconduct, negligence or
default PROVIDED THAT the Trustee shall not be entitled to delegate the exercise of discretionary trusts and powers in relation to the Trust Fund which require or empower the determination of beneficial interests in the Trust. 

 

	7.	If any transfer of property under this Trust Deed is to be made to a Participant who has not attained the age of 18 years, the Trustee may make such transfer direct to such Participant and the Trustee shall be
discharged from obtaining a receipt or seeing to the application of such payment. 

  
 14 

	8.	Power to make any payment to any Participant into such Participant’s bank account and in such case the Trustee shall be discharged from obtaining a receipt or seeing to the application of such payment.

  

	9.	Power to employ and pay at the expense of the capital or income (as may be proper) of the Trust Fund any agent in any part of the world and whether a lawyer, banker, accountant, stockbroker or other agent to transact
any business or do any act required to be transacted or done in the execution of the trusts hereof including the receipt and payment of money and the execution of documents. 

 

	10.	Power in its absolute discretion to enter into any transaction with any other person or persons whether that person or persons is or are acting in a fiduciary capacity or not notwithstanding that the Trustee (or where
there is more than one Trustee, any of them) may also be or be interested in such other person or persons and in like manner in all respects as if the Trustee (or where there is more than one Trustee, any of them) were not, or were not interested
in, such other person or persons. 

  

	11.	Power to take the opinion of legal counsel locally or where necessary or appropriate elsewhere concerning any matter in any way relating to this Trust or to their duties in connection with the trusts hereof and in all
matters to act in accordance with the opinion of such counsel. The professional fees commissions and disbursements of all such legal advisers shall be payable in accordance with such engagement letter between the Company and the Trustee in relation
to the appointment of such Trustee for the purpose of this Trust. 

  
 15EX-10.38

 Exhibit 10.38 

[English Transalation] 
 EQUITY
INTEREST PLEDGE AGREEMENT 
 This Equity Interest Pledge Agreement (this “Agreement”) is entered into in Beijing, the People’s
Republic of China (the “PRC” or “China”) on June 20, 2017 by and among: 
  

	Party A:	Qufenqi (Ganzhou) Information Technology Co., Ltd., a wholly foreign-owned limited liability company established and existing under the laws of the PRC, with its registered address at Room 402,
Building B6, Ganzhou International Enterprise Center, West Side of Huajian North Road and North Side of Xiangjiang Avenue, Ganzhou Economic Development Zone, Ganzhou City, Jiangxi Province (the “Pledgee”). 

 

	Party B:	Min Luo, a PRC citizen, with his identity card number of 362527198302280018 (the “Pledger”). 

  

	Party C:	Xiamen Qudian Technology Co., Ltd., a limited liability company established and existing under the laws of the PRC, with its registered address at E
1st, third unit, building D, Xiamen international shipping center, No.97 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen. 

In this Agreement, the Pledgee, the Pledger and Party C may be hereinafter referred to individually as a “Party” and collectively as the
“Parties.” 
 WHEREAS: 
  

	 	1.	Party C is a limited liability company registered in Xiamen, Fujian Province, the PRC. The Pledger is the shareholder of Party C, and the total amount of his capital contribution is RMB 10,000,000. Party C acknowledges
the respective rights and obligations of the Pledger and the Pledgee hereunder and agrees to provide any necessary assistance to register the Pledge Right. 

  

	 	2.	The Pledgee is a wholly foreign-owned enterprise registered in Ganzhou, Jiangxi Province, the PRC. The Pledgee and Party C entered into the Exclusive Business Cooperation Agreement on June 20, 2017 (the
“Exclusive Business Cooperation Agreement”), the Pledgee, the Pledger and Party C entered into the Exclusive Call Option Agreement on June 20, 2017 (the “Exclusive Call Option Agreement”), and the Pledger
executed the Power of Attorney Agreement to authorize the Pledgee on June 20, 2017 (the “Power of Attorney Agreement”; together with the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement and this
Agreement, the “Control Agreements”). 

  

	 	3.	To guarantee the collection by the Pledgee from Party C of all amounts due and payable by Party C, including, without limitation, consulting and service fees, and guarantee the performance by Party C and the Pledger of
other obligations under the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement, the Power of Attorney Agreement and this Agreement, the Pledger pledge all of his Equity Interest in Party C as security for the obligations
under the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement, the Power of attorney agreement and this Agreement. 

  

  
 Equity Interest Pledge
Agreement 

 NOW, THEREFORE, through mutual consultation, the Parties agree as follows: 

 

	 	1.	Definitions 

 Unless otherwise provided by this Agreement, the
following terms shall have the following meanings: 
  

	 	1.1	“Pledge Right” means the security interest granted by the Pledger to the Pledgee in accordance with Article 2 hereof, i.e. the right of the Pledgee to be repaid in priority out of the proceeds from the
conversion, auction or sale of the Equity Interest. 

  

	 	1.2	“Equity” or “Equity Interest” means all equity interest in Party C lawfully held now and acquired hereafter by the Pledger as set forth in Article 2.1 hereof. 

 

	 	1.3	“Pledge Term” means the term set forth in Article 3 hereof. 

  

	 	1.4	“Contractual Obligations” shall mean all obligations of the Pledger and Party C under the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement, the Power of attorney agreement
and this Agreement (including, without limitation, the obligation to pay consulting and service fees to the Pledgee when they fall due and payable (whether on the specified due date, by early repayment or otherwise) in accordance with the Exclusive
Business Cooperation Agreement). 

  

	 	1.5	“Secured Indebtedness” shall mean all direct, indirect and consequential losses and loss of foreseeable profits suffered by the Pledgee due to any Event of Default of the Pledger and/or Party C. The
basis for the amounts of such losses includes, but is not limited to, reasonable business plans and profit forecasts of the Pledgee, and all costs incurred by the Pledgee in connection with its enforcement of the Contractual Obligations against the
Pledger and/or Party C. 

  

	 	1.6	“Event of Default” means any of the circumstances set forth in Article 7 hereof. 

  

	 	1.7	“Notice of Default” means the notice given by the Pledgee in accordance with this Agreement to declare an Event of Default. 

 

	 	2.	Pledge Right 

  

	 	2.1	As security for the prompt and full performance of the Contractual Obligations and the repayment of the Secured Indebtedness by the Pledger and Party C, the Pledger hereby pledge his Equity Interest in Party C
(including the registered capital of (amount of capital contribution to) Party C currently owned by the Pledger and all Equity Interest relating thereto, and other registered capital of (amount of capital contribution to) Party C likely to be
acquired by the Pledger hereafter and all Equity Interest relating thereto) (“Equity” or “Equity Interest”) to the Pledgee by means of first priority pledge. As of the date hereof, the Equity Interest used by Party
B for pledge is 100% Equity Interest in Party C held by Party B, representing 100% of the registered capital of Party C, i.e. RMB 10,000,000. 

  

	 	2.2	The Parties understand and agree that the monetary valuation arising from or relating to the Secured Indebtedness shall be a variable and floating valuation until the Settlement Date (as defined below).

  
 Equity Interest Pledge
Agreement 
 - 2 - 

	 	2.3	If any of the following events (each an “Event of Settlement”) occurs, the value of the Secured Indebtedness shall be determined based on the total amount of the Secured Indebtedness that are due,
outstanding and payable to the Pledgee immediately prior to or on the date of occurrence of the Event of Settlement (the “Determined Indebtedness”): 

 

	 	(a)	any other Control Agreement is terminated in accordance with its relevant provisions; 

  

	 	(b)	the Event of Default set forth in Article 7 hereof occurs and fails to be resolved, as a result of which the Pledgee gives a Notice of Default to the relevant Pledger in accordance with Article 7.3; 

 

	 	(c)	upon due inquiry, the Pledgee reasonably determines that the Pledger and/or Party C is insolvent or could potentially be made insolvent; or 

 

	 	(d)	any other event that requires the determination of the Secured Indebtedness in accordance with relevant laws of the PRC. 

  

	 	2.4	For the avoidance of doubt, the date on which an Event of Settlement occurs shall be the settlement date (the “Settlement Date”). The Pledgee shall have the right, at its option, to realize the Pledge
Right in accordance with Article 8 on or after the Settlement Date. 

  

	 	2.5	During the Pledge Term, the Pledgee shall have the right to receive dividends or bonuses with respect to the Equity Interest. The Pledger may receive dividends or bonuses with respect to the Equity Interest only with
the prior written consent of the Pledgee. After the deduction of individual income tax payable by the Pledger, dividends or bonuses received by the Pledger with respect to the Equity Interest shall be, as requested by the Pledgee, (1) deposited
into an account designated by the Pledgee, placed under the custody of the Pledgee, used to provide security for the Contractual Obligations and first applied towards the satisfaction of the Secured Indebtedness; or (2) unconditionally donated
to the Pledgee or the person designated by the Pledgee subject to the laws of the PRC. 

  

	 	2.6	The Pledger may increase the capital of Party C only with the prior written consent of the Pledgee. Any increase in the capital contributed by the Pledger to the registered capital of Party C as a result of any capital
increase shall also be deemed as the Equity Interest pledged hereunder. 

  

	 	2.7	If Party C is required to be dissolved or liquidated in accordance with the mandatory provisions of the laws of the PRC, after Party C completes dissolution or liquidation procedures in accordance with law, any
interests distributed to the Pledger by Party C in accordance with law shall be, as requested by the Pledgee, (1) deposited into an account designated by the Pledgee, placed under the custody of the Pledgee, used to provide security for the
Contractual Obligations and first applied towards the satisfaction of the Secured Indebtedness; or (2) unconditionally donated to the Pledgee or the person designated by the Pledgee subject to the laws of the PRC. 

 

  
 Equity Interest Pledge
Agreement 
 - 3 - 

	 	3.	Pledge Term 

  

	 	3.1	The Pledge Right shall become effective as of the date on which it is registered with the administrative authority for industry and commerce (the “Registration Authority”) in the locality of Party C,
and the term of the Pledge Right (the “Pledge Term”) shall terminate until the Contractual Obligations and the Secured Indebtedness, for which the Pledge Right provides security, have been fully performed or repaid. The Parties
agree that after the execution of this Agreement, the Pledger and Party A shall promptly submit an application for the creation and registration of Equity pledge to the Registration Authority in accordance with the Measures for the Registration
of Equity Pledge with the Administrative Authorities for Industry and Commerce. The Parties further agree to complete all Equity pledge registration formalities and obtain the registration notice issued by the Registration Authority within
fifteen (15) days from the date on which the Registration Authority formally accepts the application for registration of Equity pledge. The Parties jointly acknowledge that, for the purpose of completing Equity pledge registration formalities,
the Parties shall submit this Agreement or an Equity pledge contract which is executed in the form requested by the administrative authority for industry and commerce in the locality of Party C and truly reflects the information regarding the Pledge
Right hereunder (the “Pledge Contract for Industrial and Commercial Registration”) to the administrative authority for industry and commerce. This Agreement shall apply to the matters not mentioned in the Pledge Contract for
Industrial and Commercial Registration. The Pledger and Party C shall submit all necessary documents and complete all necessary formalities in accordance with the laws and regulations of the PRC and various requirements of the competent
administrative authority for industry and commerce to ensure the Pledge Right is registered as soon as practicable after the submission of application. 

  

	 	3.2	During the Pledge Term, if Party C fails to perform the Contractual Obligations or repay the Secured Indebtedness in accordance with provisions, the Pledgee shall have the right, but not the obligation, to dispose of
the Pledge Right in accordance with this Agreement. 

  

	 	4.	Custody of Equity Records subject to the Pledge Right 

  

	 	4.1	During the Pledge Term set forth herein, the Pledger shall deliver the original investment certificate and the original shareholder register recording the Pledge Right (and other documents reasonably requested by the
Pledgee, including, without limitation, the Pledge Right registration notice issued by the administrative authority for industry and commerce) to the Pledgee for custody within one week from the date on which the Pledge Right is registered and
created. The Pledgee shall keep custody of such documents during the entire Pledge Term set forth herein. 

  

	 	5.	Representations and Warranties of the Pledger and Party C 

The Pledger represent and warrant to the Pledgee as follows: 

 

	 	5.1	The Pledger is the sole legal and beneficial owners of the Equity Interest and shall have lawful, good and full ownership of the Equity Interest, unless subject to the agreements otherwise entered into by the Pledger
and the Pledgee. 

  

	 	5.2	The Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with this Agreement. 

  
 Equity Interest Pledge
Agreement 
 - 4 - 

	 	5.3	Except for the Pledge Right, the Pledger has created no security interest or other encumbrance on the Equity Interest, there is no dispute with respect to the ownership of the Equity Interest, the Equity Interest is not
subject to attachment or other legal proceedings, and no similar action is threatened. The Equity Interest may be used for pledge and transfer in accordance with applicable laws. 

 

	 	5.4	The Pledger’ execution of this Agreement and exercise of his rights hereunder or performance of his obligations hereunder will not violate any laws or regulations, any agreements or contracts to which the Pledger
is a party, or any covenants made by the Pledger to any third party. 

  

	 	5.5	All documents, information, statements and certificates provided by the Pledger to the Pledgee are accurate, true, complete and valid. 

Party C represents and warrants to the Pledgee as follows: 

 

	 	5.6	Party C is a limited liability company registered, incorporated and lawfully existing under the laws of the PRC with independent legal person status; it has full and independent legal status and capacity to execute,
deliver and perform this Agreement. 

  

	 	5.7	Upon due execution by Party C, this Agreement constitutes its legal, valid and binding obligations. 

  

	 	5.8	Party C has full internal right and authority to execute and deliver this Agreement and all other documents relating to the transactions contemplated hereby, and has full right and authority to consummate the
transactions contemplated hereby. 

  

	 	5.9	There is no material security interest or other encumbrance (including, without limitation, transfer of any intellectual property of Party C or any assets of Party C with value of more than RMB100,000, or encumbrance on
any property right or use right of such assets) on the assets owned by Party C, which may affect the rights and interests of the Pledgee in the Equity Interest. 

  

	 	5.10	There are no pending or, to the knowledge of Party C, threatened litigation, arbitration or other legal proceedings before any court or arbitral tribunal with respect to the Equity Interest, Party C or its assets, nor
are there pending or, to the knowledge of Party C, threatened administrative procedures or penalty before any governmental or administrative authority with respect to the Equity Interest, Party C or its assets, which will have material or adverse
effect on the economic condition of Party C or the Pledger’ ability to perform his obligations and guarantee liability hereunder. 

  

	 	5.11	Party C hereby agrees to bear joint and several liability to the Pledgee for the representations and warranties made by the Pledger hereunder. 

 

	 	5.12	Party C hereby warrants to the Pledgee that the foregoing representations and warranties will remain true and correct and be fully complied with under any circumstances at any time prior to full performance of the
Contractual Obligations or full satisfaction of the Secured Indebtedness. 

  
 Equity Interest Pledge
Agreement 
 - 5 - 

	 	6.	Covenants and Further Agreements of the Pledger and Party C 

The Pledger covenant and further agree as follows: 

 

	 	6.1	During the validity term hereof, the Pledger hereby covenant to the Pledgee that: 

  

	 	6.1.1	except for the performance of the Exclusive Call Option Agreement entered into by the Pledger, the Pledgee and Party C on June 20, 2017, without the prior written consent of the Pledgee, the Pledger shall not
transfer, or agree to others’ transfer of, all or any part of the Equity Interest, create or permit to be created any security interest or other encumbrance which may affect the rights and interests of the Pledgee in the Equity Interest;

  

	 	6.1.2	the Pledger shall comply with all laws and regulations applicable to the pledge of rights, show any notice, order or recommendation issued or prepared by relevant competent authorities (or any other relevant authority)
in connection with the Pledge Right to the Pledgee within 5 days after the receipt of the same, and observe such notice, order or recommendation or make objections and statements with respect to such matters as reasonably requested by the Pledgee or
upon approval of the Pledgee; 

  

	 	6.1.3	the Pledger shall promptly notify the Pledgee of any event or notice received by the Pledger which may have effect on the Pledgee’s rights in the Equity Interest or any part thereof, together with any event or
notice received by the Pledger which may have effect on any warranty and other obligations of the Pledger arising out of this Agreement. 

  

	 	6.2	The Pledger agrees that the Pledge Right acquired by the Pledgee in accordance with this Agreement shall not be suspended or prejudiced by the Pledger or any of his successors or representatives or any other person
through legal proceedings. 

  

	 	6.3	To protect or perfect the security interest granted hereunder, the Pledger hereby covenants to execute in good faith and cause other parties who have interest in the Pledge Right to execute all certificates, agreements,
deeds and/or covenants requested by the Pledgee. The Pledger also covenants to do and cause other parties who have interest in the Pledge Right to do acts requested by the Pledgee, facilitate the exercise by the Pledgee of the rights and authority
granted to it by this Agreement, and enter into all relevant documents regarding the ownership of the Equity Interest with the Pledgee or its designees (natural persons/legal persons). The Pledger covenants to provide the Pledgee with all notices,
orders and decisions requested by the Pledgee in connection with the Pledge Right during a reasonable period. 

  

	 	6.4	The Pledger hereby covenants to the Pledgee that they will comply with and perform all warranties, covenants, agreements, representations and conditions hereunder. In the event of failure to perform or partial
performance of his warranties, covenants, agreements, representations and conditions, the Pledger shall indemnify the Pledgee for all losses caused thereby. 

  

	 	6.5	If any compulsory measures are imposed on the Equity Interest pledged hereunder by court or other governmental authorities due to any reason, the Pledger shall use all endeavors, including, without limitation, provision
of other warranties to the court or adoption of other measures, to release such compulsory measures taken by court or other authorities with respect to the Equity Interest. 

  
 Equity Interest Pledge
Agreement 
 - 6 - 

	 	6.6	If any possible decrease in the value of the Equity Interest is enough to prejudice the rights of the Pledgee, the Pledgee may request the Pledger to provide additional mortgage or security; if the Pledger fail to
provide the same, the Pledgee may auction or sell the Equity Interest at any time and use the proceeds from such auction or sale for early satisfaction of the Secured Indebtedness or deposit; any costs arising therefrom shall be fully borne by the
Pledger. 

  

	 	6.7	Without the prior written consent of the Pledgee, the Pledger and/or Party C shall not (or assist others to) increase, decrease or transfer the registered capital of Party C (or amount of capital contribution to Party
C) or create any encumbrance thereon (including the Equity Interest). Subject to the foregoing, the Equity Interest in Party C registered and acquired by the Pledger after the date hereof shall be referred to as the “Additional Equity.”
Immediately after the Pledger acquire the Additional Equity, the Pledger and Party C shall enter into a supplementary Equity pledge agreement with the Pledgee with respect to the Additional Equity, cause the board of directors and the
shareholders’ meeting of Party C to approve such supplementary Equity pledge agreement and deliver to the Pledgee all documents required by the supplementary Equity pledge agreement, including, without limitation, (a) the original
investment certificate issued by Party C in connection with the Additional Equity; and (b) a certified copy of the capital verification report on the Additional Equity issued by a certified public accountant of the PRC. The Pledger and Party C
shall create and register the pledge of the Additional Equity in accordance with Article 3.1 hereof. 

  

	 	6.8	Unless the Pledgee gives prior written instructions to the contrary, the Pledger and/or Party C agrees that if all or any part of the shares are transferred (split or inherited) between the Pledger and any third Party
(the “Share Transferee”) in violation of this Agreement, the Pledger and/or Party C shall ensure that the Share Transferee shall unconditionally acknowledge the Pledge Right and complete necessary pledge change registration
formalities (including, without limitation, execution of relevant documents) to procure the existence of the Pledge Right. 

  

	 	6.9	If the Pledgee provides any loan to Party C, the Pledger and/or Party C agrees to pledge the Equity Interest to grant the Pledge Right to the Pledgee so as to provide security for such further loan and complete relevant
formalities as soon as practicable in accordance with requirements of laws, regulations or local practices (if any), including, without limitation, execution of relevant documents and completion of relevant pledge creation (or change) registration
formalities. 

 Party C covenants and further agrees as follows: 

 

	 	6.10	If the execution and performance of this Agreement and the Equity pledge hereunder require consent, permit, waiver or authorization of any third party or approval, permit or exemption of any governmental authority or
completion of registration or filing formalities with any governmental authority (if required by law), Party C will endeavor to assist in obtaining and keeping them fully valid during the validity term hereof. 

 

	 	6.11	Without the prior written consent of the Pledgee, Party C shall not assist or permit the Pledger to create any new pledge or grant any other security interest on the Equity Interest, nor shall it assist or permit the
Pledger to transfer the Equity Interest. 

  
 Equity Interest Pledge
Agreement 
 - 7 - 

	 	6.12	Party C agrees that it and the Pledger shall jointly and strictly comply with the obligations under Articles 6.7, 6.8 and 6.9 hereof. 

 

	 	6.13	Without the prior written consent of the Pledgee, Party C shall not transfer its assets, create or permit to be created any security interest or other encumbrance (including, without limitation, transfer of any
intellectual property of Party C or any assets of Party C with value of more than RMB100,000, or encumbrance on any property right or use right of such assets) on its assets which may affect the rights and interests of the Pledgee in the Equity
Interest. 

  

	 	6.14	If there is any lawsuit, arbitration or other claims likely to have adverse effect on Party C, the Equity Interest or the interests of the Pledgee under the Control Agreements, Party C warrants that it will notify the
Pledgee in writing as soon as possible without delay and take all necessary measures as reasonably requested by the Pledgee to ensure the Pledgee’s pledge interests in the Equity Interest. 

 

	 	6.15	Party C will not do or permit to be done any act or action likely to have adverse effect on the interests of the Pledgee under the Control Agreements or the Equity Interest. 

 

	 	6.16	During the first month of each calendar quarter, Party C will provide the Pledgee with the financial statements of Party C for the preceding calendar quarter, including, without limitation, balance sheet, income
statement and cash flow statement. 

  

	 	6.17	Party C warrants that it will take all necessary measures and execute all necessary documents as reasonably requested by the Pledgee to ensure the Pledgee’s pledge interests in the Equity Interest together with the
exercise and realization by the Pledgee of such interests. 

  

	 	6.18	If the exercise of the Pledge Right hereunder results in the transfer of any Equity Interest, Party C warrants that it will take all measures to complete such transfer. 

 

	 	6.19	Party B shall ensure and cause the other shareholders of Party C to ensure that Party C will complete the operation term extension registration formalities within three (3) months prior to the expiration of its
operation term so that the validity of this Agreement shall be maintained. 

  

	7.	Events of Default 

  

	7.1	The following circumstances shall be deemed as Events of Default: 

  

	 	7.1.1	Party C fails to fully pay consulting and service fees payable under the Exclusive Business Cooperation Agreement or fails to repay loan or violates any obligations of Party C under the Control Agreements;

  

	 	7.1.2	any representation or warranty made by the Pledger in Article 5 hereof contains material misrepresentations or errors, and/or the Pledger violate any warranty contained in Article 5 hereof; 

 

	 	7.1.3	the Pledger and Party C fail to complete Equity pledge registration with the Registration Authority in accordance with Article 3.1; 

  

	 	7.1.4	the Pledger and Party C violate any provision of this Agreement; 

  
 Equity Interest Pledge
Agreement 
 - 8 - 

	 	7.1.5	unless specified by Article 6.1.1, the Pledger transfers or intend to transfer or waive the pledged Equity or convey the pledged Equity without the written consent of the Pledgee; 

 

	 	7.1.6	loans, warranties, damages, covenants or other debts and liabilities owed by the Pledger to any third party (1) are required to be early repaid or performed due to breach by the Pledger; or (2) have become due
but cannot be repaid or performed on schedule; 

  

	 	7.1.7	any approval, license, permit or authorization of the governmental authority that makes this Agreement enforceable, legal and valid is revoked, suspended, invalid or materially changed; 

 

	 	7.1.8	the promulgation of applicable laws makes this Agreement illegal or the Pledger unable to continue the performance of his obligations hereunder; 

 

	 	7.1.9	adverse change in the property owned by the Pledger causes the Pledgee to determine that the ability of the Pledger to perform his obligations hereunder has been affected; 

 

	 	7.1.10	the successor or trustee of Party C can only perform the payment liability in part or refuses to perform the payment liability under the Exclusive Business Cooperation Agreement; and 

 

	 	7.1.11	any other circumstance under which the Pledgee cannot or may be unable to exercise the Pledge Right, including, without limitation, the circumstances under which the Pledger is dead or lose civil capacity.

  

	7.2	Upon knowledge or discovery of any circumstance set forth in Article 7.1 or the occurrence of any event that may lead to such circumstance, the Pledger shall promptly notify the Pledgee in writing accordingly.

  

	7.3	Unless the Events of Default set forth in Article 7.1 have been successfully resolved to the satisfaction of the Pledgee within thirty (30) days after the date of notice from the Pledgee, the Pledgee may give a
Notice of Default to the Pledger when an Event of Default occurs or at any time after the occurrence of an Event of Default, requesting the Pledger to promptly pay all outstanding amounts due and payable under the Control Agreements and all other
amounts due and payable to the Pledgee and/or repay loan and/or dispose of the Pledge Right in accordance with Article 8 hereof. 

  

	8.	Exercise of the Pledge Right 

  

	8.1	Without the written consent of the Pledgee, the Pledger shall not transfer his Equity Interest in Party C. 

  

	8.2	When the Pledgee exercises the Pledge Right, it may give a Notice of Default to the Pledger. 

  

	8.3	Subject to the provisions of Article 7.3, the Pledgee may exercise the right to enforce the Pledge Right when it gives a Notice of Default or at any time after it gives a Notice of Default in accordance with Article
7.2. Once the Pledgee elects to enforce the Pledge Right, the Pledger shall have no rights or interests in the Equity Interest. 

  
 Equity Interest Pledge
Agreement 
 - 9 - 

	 	8.4	In the event of default, to the extent permitted, and in accordance with applicable laws, the Pledgee shall have the right to dispose of the pledged Equity and exercise all of its remedies and rights for breach of
contract in accordance with law, including, without limitation, the right to be repaid in priority out of the proceeds from the conversion, auction or sale of the pledged Equity. After all proceeds received by the Pledgee from the exercise of the
Pledge Right are used to satisfy the Secured Indebtedness, any remaining amount shall be paid to the Pledger or the persons entitled to it (without any interest accrued thereon). The Pledgee shall not be liable for any loss caused by its reasonable
exercise of its remedies and rights for breach of contract. The Pledgee shall have the right, at its option, to exercise any of its remedies for breach of contract simultaneously or successively. The Pledgee shall not be required to exercise other
remedies for breach of contract before its exercise of the right to be repaid in priority out of the proceeds from the conversion, auction or sale of the pledged Equity hereunder. 

 

	 	8.5	When the Pledgee disposes of the Pledge Right in accordance with this Agreement, the Pledger and Party C shall provide necessary assistance so that the Pledgee can enforce the Pledge Right in accordance with this
Agreement. 

  

	 	8.6	All out-of-pocket expenses, taxes and all legal costs relating to the creation of the Equity pledge and the realization of the Pledgee’s rights hereunder shall be borne by the Pledger, except for those borne by the
Pledgee in accordance with laws. The Pledgee shall have the right to fully deduct reasonable costs incurred by it in connection with its exercise of any or all of its foregoing rights and powers from the proceeds obtained as a result of its exercise
of such rights and powers. 

  

	 	8.7	The Parties acknowledge that the Investor Shareholders shall be liable only for their own breach of contract and shall bear no joint and several liability for breach by any other Party hereto. 

 

	9.	Assignment 

  

	 	9.1	Without the prior written consent of the Pledgee, the Pledger shall have no right to assign or delegate his rights and obligations hereunder. 

 

	 	9.2	This Agreement shall be binding upon the Pledger and his successors and permitted assignees and shall be valid with respect to the Pledgee and each of its successors and assignees. 

 

	 	9.3	At any time, the Pledgee may assign any and all of its rights and obligations under the Exclusive Business Cooperation Agreement to its designees (natural persons/legal persons), in which case the assignees shall have
the rights and obligations of the Pledgee hereunder, as if they were the original Parties hereto. When the Pledgee assigns its rights and obligations under the Exclusive Business Cooperation Agreement, upon request by the Pledgee, the Pledger shall
execute relevant agreements or other documents in connection with such assignment. 

  

	 	9.4	In the event of change of the Pledgee due to assignment, upon request by the Pledgee, the Pledger shall enter into a new pledge contract with the new Pledgee on the same terms and conditions as those of this Agreement.

  
 Equity Interest Pledge
Agreement 
 - 10 - 

	 	9.5	The Pledger shall strictly comply with the provisions of this Agreement and other contracts jointly or severally executed by the Parties hereto or any of them, including the Exclusive Call Option Agreement and the Power
of attorney agreement to authorize the Pledgee, perform the obligations hereunder and thereunder and refrain from any act/omission that may affect the validity and enforceability hereof and thereof. The Pledger shall not exercise any remaining
rights in the Equity Interest pledged hereunder unless in accordance with the written instructions given by the Pledgee. 

  

	 	10.	Termination 

 After the Exclusive Business Cooperation Agreement has been fully
performed, the consulting and service fees thereunder have been fully paid and the obligations of Party C under the other Control Agreements have been terminated, this Agreement shall terminate and the Pledgee shall cancel or terminate this
Agreement as soon as reasonably practicable. 
 Unless otherwise provided by laws, in no event shall the Pledger or Party C have the right
to terminate or rescind this Agreement. 
  

	 	11.	Handling Fee and Other Expenses 

 All fees and out-of-pocket expenses relating to
this Agreement, including, without limitation, attorneys’ fee, costs of production, stamp duty and any other tax and fee, shall be borne by Party C. If the Pledgee is required to bear relevant taxes and fees by applicable laws, the Pledger
shall cause Party C to fully reimburse all taxes and fees already paid by the Pledgee. 
  

	 	12.	Confidentiality Liability 

 The Parties acknowledge that any oral or written
information exchanged in connection with this Agreement shall be considered as confidential information. Each Party shall keep all such information confidential and shall not disclose any relevant information to any third party without the written
consent of the other Parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s disclosure to the public); (b) is required to be disclosed in accordance with applicable
laws or rules or provisions of any stock exchange; or (c) is required to be disclosed by any Party to its legal counsels or financial advisors in connection with the transactions contemplated hereby, provided, however, that such legal counsels
or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this article. If the staff or agencies engaged by any Party disclose any confidential information, such Party shall be deemed to have disclosed
such confidential information and shall bear legal liability for breach of this Agreement. This article shall survive the termination of this Agreement for any reason. 
  

	 	13.	Governing Law and Dispute Resolution 

  

	 	13.1	The execution, effectiveness, interpretation and performance of this Agreement and resolution of disputes arising hereunder shall be governed by officially promulgated and publicly available laws of the PRC. Any
matters not covered by officially promulgated and publicly available laws of the PRC shall be governed by international legal principles and practices. 

  
 Equity Interest Pledge
Agreement 
 - 11 - 

	 	13.2	Any dispute arising from the interpretation and performance of the provisions of this Agreement shall be resolved by the Parties through consultation in good faith. If the Parties fail to agree upon the
resolution of a dispute within 30 days after any Party requests to resolve such dispute through consultation, any Party may submit the dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with
the Commission’s arbitration rules then in effect. The arbitration shall be held in Beijing and conducted in the Chinese language. The arbitral award shall be final and binding upon the Parties. 

 

	 	13.3	In the event of any dispute arising out of the interpretation and performance of this Agreement or during the pending arbitration of any dispute, except for the matters in dispute, the Parties hereto shall
continue to exercise their respective rights hereunder and perform their respective obligations hereunder. 

  

	 	14.	Notices 

  

	 	14.1	All notices and other communications required or permitted to be given in accordance with this Agreement shall be personally delivered or sent by registered mail, postage prepaid, commercial courier service or
facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which such notices shall be deemed to have been effectively given shall be determined as follows:

  

	 	14.1.1	Notices given by personal delivery, courier service or registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the mailing address specified for notices.

  

	 	14.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission). 

 

	 	14.2	For the purpose of notices, the addresses of the Parties are as follows: 

 Party A:

 Qufenqi (Ganzhou) Information Technology Co., Ltd. 

Address:      Qudian Group, 15/F, Tsinghua Design Mansion, 222 Huizhong Beili, Chaoyang District, Beijing 

Attention:    Min Luo 

Telephone:  86-1851-0412-085 

Party B: 
 Min Luo

 Address:      Qudian Group, 15/F, Tsinghua Design Mansion, 222 Huizhong Beili, Chaoyang District, Beijing

 Attention:    Min Luo 

Telephone:  86-1851-0412-085 

  
 Equity Interest Pledge
Agreement 
 - 12 - 

 Party C: 

Xiamen Qudian Technology Co., Ltd. 

Address:      Qudian Group, 15/F, Tsinghua Design Mansion, 222 Huizhong Beili, Chaoyang District, Beijing 

Attention:    Min Luo 

Telephone:  86-1851-0412-085 
  

	 	14.3	Any Party may change its mailing address for notices at any time by giving a notice to the other Parties in accordance with this article. 

 

	 	15.	Severability 

 If one or more provisions of this Agreement are held to be
invalid, illegal or unenforceable in any respect in accordance with any law or regulation, the validity, legality or enforceability of the remaining provisions hereof shall not be affected or prejudiced in any respect. The Parties shall strive
through consultation in good faith to replace such invalid, illegal or unenforceable provisions with valid provisions to the greatest extent permitted by laws and expected by the Parties, and the economic effect of such valid provisions shall be as
close as possible to the economic effect of such invalid, illegal or unenforceable provisions. 
  

	 	16.	Appendix 

 The appendix hereto shall constitute an integral part of this
Agreement. 
  

	 	17.	Effectiveness 

  

	 	17.1	Any amendment, modification and supplement to this Agreement shall be made in writing and become effective after the Parties affix their signatures or seals and complete governmental registration procedures, if
applicable. 

  

	 	17.2	This Agreement is made in four (4) counterparts. The Pledger, the Pledgee and Party C shall hold one (1) copy. One (1) copy shall be submitted to the Registration Authority. Each copy of this Agreement
shall have the same effect. 

 [The remainder of this page is intentionally left blank.] 

  
 Equity Interest Pledge
Agreement 
 - 13 - 

 IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Agreement as of the
date first written above. 
 Party A: Qufenqi (Ganzhou) Information Technology Co., Ltd. (Affix company seal) 

(Seal) 
  

			
	By:	 	 /s/ Min Luo

	Name:

  
 Equity Interest Pledge
Agreement - Signature Page 

 IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Agreement as of the
date first written above. 
 Party B: Min Luo 
  

			
	By:	 	 /s/ Min Luo

	Name: Min Luo

  
 Equity Interest Pledge
Agreement - Signature Page 

 IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Agreement as of the
date first written above. 
 Party C: Xiamen Qudian Technology Co., Ltd. (Affix company seal) 

(Seal) 
  

			
	By:	 	 /s/ Min Luo

	Name: Min Luo

  
 Equity Interest Pledge
Agreement - Signature Page 

 Appendix I 

Shareholder Register 
 of

 Xiamen Qudian Technology Co., Ltd. 
  

											
	 Name/ Designation
of the Shareholder
	  	 Registered Address / Address
	  	Subscribed
Capital (RMB
ten thousand)	 	  	Shareholding Percentage	 
	 Min Luo
	  	43 East Tujia Road, South Gate of the Suburbs, Fenggang Town, Yihuang County, Fuzhou City, Jiangxi Province	  	 	1000	 	  	 	100	% 
	 Total
	  		  	 	1000	 	  	 	100	% 

  
 Equity interest pledge
Contract – Appendix I

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]