Document:

Exhibit 4.4

 

CIMAREX ENERGY CO.

Amended and Restated 2019 EQUITY INCENTIVE PLAN

 

Adopted by the Board on February 17, 2021 

Approved by the Company’s stockholders
on May 12, 2021 

8,720,723 shares total, consisting of 6,900,000
plus 1,820,723 available 

On May 12, 2021 under 2019 Equity Incentive
Plan

 

		1.	ESTABLISHMENT AND PURPOSE OF PLAN

 

Cimarex Energy Co., a Delaware
corporation (the “Company”), hereby establishes the Cimarex Energy Co. Amended and Restated 2019 Equity Incentive Plan
(the “Amended 2019 Plan”) as set forth in this document. The purpose of the Amended 2019 Plan is to promote the success
of the Company and to increase stockholder value by providing an additional means to attract, motivate, retain and reward selected employees,
non-employee directors, and other eligible persons through the grant of equity and cash Awards that align the interests of Amended 2019
Plan participants with the interests of the Company’s stockholders.

 

		2.	DEFINITIONS

 

2.1          Defined
Terms. Whenever used in the Amended 2019 Plan, the following capitalized terms shall have the meanings set forth below:

 

(a)            “Administrator”
shall mean the Board or one or more committees appointed by the Board (or appointed by another committee within that committee’s
delegated authority) to administer all or certain aspects of this Amended 2019 Plan, as set forth in Section 3 hereof.

 

(b)            “Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act.

 

(c)            “Amended
2019 Plan” shall have the meaning set forth in Section 1 hereof.

 

(d)            “Award”
shall mean a grant under the Amended 2019 Plan of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance
Stock Unit, cash Award, or Other Stock-Based Award.

 

(e)            “Award
Agreement” shall mean a written or electronic Award agreement or document evidencing the grant of an Award under the Amended
2019 Plan and containing the terms and conditions of such Award, as determined by the Administrator.

 

(f)            “Board”
shall mean the board of directors of the Company.

 

(g)            “Cause”
shall mean, with respect to any Participant, as determined by the Administrator and unless otherwise provided in an applicable agreement
between the Participant and the Company or an Affiliate, (i) gross negligence or willful misconduct in connection with performance
of duties; (ii) conviction of a criminal offense (other than minor traffic offenses); or (iii) material breach of any
term of any employment, consulting or other services, confidentiality, intellectual property or non-competition agreement, if any, between
the Participant and the Company or an Affiliate. Any determination by the Administrator whether an event constituting Cause has occurred
will be final, binding and conclusive.

 

(h)            “Change
in Control” shall mean and shall be deemed to have occurred upon the occurrence of any one of the following:

 

 1.            the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
(a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
30% or more of either (i) the then outstanding shares of Common Stock (the “Outstanding Company Common Stock”)
or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company,
(B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction that
described in clauses (i) and (ii) of subsection 3. below; or

 

     

     

    

 

 2.            during
any period of twelve months beginning after the Effective Date, individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual
becoming a director at the beginning of such twelve-month period, whose election, appointment or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

 3.            the
closing of a reorganization, share exchange or merger (a “Business Combination”), in each case, unless, following such
Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively,
of the Outstanding Company Common Stock and Outstanding Voting Securities immediately prior to such Business Combination will beneficially
own, directly or indirectly, more than 40% of, respectively, the then outstanding shares of common stock and the combined voting power
of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction will own
the Company through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business
Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be and (ii) at least
a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination or
were elected, appointed or nominated by the Board; or

 

 4.            the
closing of (i) a complete liquidation or dissolution of the Company or, (ii) the sale or other disposition of all or substantially
all of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more
than 40% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding
voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the
same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities, as the case may be, and (B) at least a majority of the members of the board of directors of such corporation
were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for
such sale or other disposition of assets of the Company or were elected, appointed or nominated by the Board.

 

If required for compliance
with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if the transaction is not also a “change
in ownership or effective control of” the Company or a “change in the ownership of a substantial portion of the assets of”
the Company as determined under Treasury Regulation Section 1.409A-3(i)(5).

 

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(i)             “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(j)             “Common
Stock” shall mean the common stock of the Company, par value $0.01 per share, and such other securities or property as may become
the subject of Awards under this Amended 2019 Plan pursuant to an adjustment made under Section 8.1.

 

(k)            “Company”
shall mean Cimarex Energy Co., a Delaware corporation.

 

(l)             “Disability”
shall mean, unless otherwise provided in an employment, consulting or other services agreement, if any, or Award Agreement between the
Participant and the Company or an Affiliate, the Participant (i) is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement
benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company.

 

(m)           “Effective
Date” shall mean the date on which this Amended 2019 Plan is approved by the stockholders of the Company.

 

(n)            “Eligible
Person” shall have the meaning set forth in Section 5 hereof.

 

(o)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(p)            “Fair
Market Value” shall mean, unless otherwise determined by the Committee, the fair market value of a share of Common Stock as
of a particular date, determined as follows: (i) the closing sale price reported for such share of Common Stock on the national securities
exchange or national market system on which such stock is principally traded, or if no sale of shares of Common Stock is reported for
such trading day, on the next preceding day on which a sale was reported, or (ii) if the shares of Common Stock are not then listed
on a national securities exchange or national market system, or the value of such shares is not otherwise determinable, such value as
determined by the Committee in good faith in its sole discretion consistent with the requirements under Section 409A of the Code.

 

(q)            “Incentive
Stock Option” or “ISO” shall mean an incentive stock option within the meaning of Section 422 of the
Code.

 

(r)             “Non-Qualified
Stock Option” or “NSO” shall mean an Option other than an Incentive Stock Option.

 

(s)            “Option”
shall mean a compensatory stock option granted pursuant to Section 6.1.1.

 

(t)             “Other-Stock
Based Award” shall mean a stock-based Award issued pursuant to Section 6.1.7.

 

(u)            “Participant”
shall mean any Eligible Person that has been issued an Award under the Amended 2019 Plan.

 

(v)            “Performance
Stock Unit” or “PSU” shall mean a performance stock unit Award issued pursuant to Section 6.1.5.

 

(w)           “Prior
Plan” shall mean the Cimarex Energy Co. 2014 Equity Incentive Plan, as amended.

 

(x)             “Restricted
Stock” shall mean shares of forfeitable Common Stock issued pursuant to Section 6.1.3.

 

(y)            “Restricted
Stock Unit” or “RSU” shall mean a restricted stock unit issued pursuant to Section 6.1.4.

 

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(z)             “Section 409A”
shall mean section 409A of the Code and related Treasury regulations and pronouncements thereunder.

 

(aa)          “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(bb)          “Share
Limit” shall have the meaning set forth in Section 4.1.

 

(cc)          “Stock
Appreciation Right” or “SAR” shall mean a stock appreciation right granted pursuant to Section 6.1.2.

 

(dd)          “Subsidiary”
shall mean any corporation or other entity controlled by the Company directly or indirectly though one or more intermediaries.

 

2.2          Construction.
Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include
the singular, and the singular shall include the plural.

 

		3.	AMENDED 2019 PLAN ADMINISTRATION

 

3.1          Amended
2019 Plan Administrator. This Amended 2019 Plan shall be administered by, and all Awards under this Amended 2019 Plan shall be
authorized by, the Administrator. Any committee appointed by the Board to act as the Administrator shall be comprised solely of one or
more directors or such other number of directors as may be required under applicable law. A committee may delegate some or all of its
authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate, to the extent
permitted by applicable law, to one or more officers of the Company, its powers under this Amended 2019 Plan (a) to determine the
Eligible Persons who will receive grants of Awards under this Amended 2019 Plan, and (b) to determine the number of shares subject
to, and the other terms and conditions of, such Awards. The Board may delegate different levels of authority to different committees with
administrative and grant authority under this Amended 2019 Plan. Unless otherwise provided in the bylaws of the Company or the applicable
charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the
affirmative vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members
of the Administrator shall constitute due authorization of an action by the acting Administrator.

 

Award grants, and transactions
in or involving Awards, intended to be exempt under Rule 16b-3 under the Exchange Act, must be duly and timely authorized by the
Board or a committee consisting solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3 promulgated
under the Exchange Act). To the extent required by any applicable stock exchange, this Amended 2019 Plan shall be administered by a committee
composed entirely of independent directors (as defined by the rules of the applicable stock exchange). Awards granted to non-employee
directors shall not be subject to the discretion of any officer or employee of the Company and shall be administered exclusively by the
Board or a committee consisting solely of independent directors.

 

3.2          Powers
of the Administrator. Subject to the express provisions of this Amended 2019 Plan, the Administrator is authorized and empowered
to do all things necessary or desirable in connection with the authorization of Awards and the administration of this Amended 2019 Plan
(in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including,
without limitation, the authority to:

 

(a)            determine
eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive Awards under this
Amended 2019 Plan;

 

(b)            grant
Awards to Eligible Persons, determine the price at which securities will be offered or Awarded and the number of securities to be offered
or Awarded to any of such persons, determine the other specific terms and conditions of such Awards consistent with the express limits
of this Amended 2019 Plan, establish the installments (if any) in which such Awards shall become exercisable or shall vest (which may
include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required,
establish any applicable performance targets, and establish the events of termination or reversion of such Awards;

 

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(c)            approve
the forms of Award agreements (which need not be identical either as to type of Award or among Participants);

 

(d)            construe
and interpret this Amended 2019 Plan and any Award Agreements defining the rights and obligations of the Company, its Subsidiaries, and
Participants under this Amended 2019 Plan, further define the terms used in this Amended 2019 Plan, and prescribe, amend and rescind rules and
regulations relating to the administration of this Amended 2019 Plan or the Awards granted under this Amended 2019 Plan;

 

(e)            cancel,
modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding Awards,
subject to any required consent under Section 10.5.5;

 

(f)             accelerate
or extend the vesting or exercisability or extend the term of any or all such outstanding Awards (in the case of Options or Stock Appreciation
Rights, within the maximum seven-year term of such Awards) in such circumstances as the Administrator may deem appropriate (including,
without limitation, in connection with a termination of employment or services or other events of a personal nature) subject to any required
consent under Section 10.5.5;

 

(g)            adjust
the number of shares of Common Stock subject to any Award, adjust the price of any or all outstanding Awards or otherwise change previously
imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to compliance with
applicable stock exchange requirements, Sections 4 and 10.5.5, and provided that in no case (except due to an adjustment contemplated
by Section 8) shall the terms of any outstanding Awards be amended (by amendment, cancellation and regrant, or other means) to reduce
the per share exercise or base price of any outstanding Option or Stock Appreciation Right or other Award granted under this Amended 2019
Plan, or be exchanged for cash, other Awards or Option or Stock Appreciation Rights with an exercise price that is less than the per share
exercise price of the original Option or Stock Appreciation Rights, without stockholder approval, and further provided that any adjustment
or change in terms made pursuant to this Section 3.2(g) shall be made in a manner that, in the good faith determination of the
Administrator will not likely result in the imposition of additional taxes or interest under Section 409A of the Code;

 

(h)            determine
the date of grant of an Award, which may be a designated date after but not before the date of the Administrator’s action (unless
otherwise designated by the Administrator, the date of grant of an Award shall be the date upon which the Administrator took the action
granting an Award);

 

(i)             determine
whether, and the extent to which, adjustments are required pursuant to Section 8 hereof and authorize the termination, conversion,
substitution, acceleration or succession of Awards upon the occurrence of an event of the type described in Section 8;

 

(j)             acquire
or settle rights under Awards in cash, stock of equivalent value, or other consideration, subject to the provision of the Amended 2019
Plan; and

 

(k)            determine
the Fair Market Value of the Common Stock or Awards under this Amended 2019 Plan from time to time and/or the manner in which such value
will be determined.

 

3.3          Binding
Determinations. Any action taken by, or inaction of, the Company, any Subsidiary, or the Administrator relating or pursuant to
this Amended 2019 Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity
or body and shall be conclusive and binding upon all persons. Neither the Board, the Administrator, nor any Board committee, nor any member
thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination
made in good faith in connection with this Amended 2019 Plan (or any Award made under this Amended 2019 Plan), and all such persons shall
be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation,
legal fees) arising or resulting therefrom to the fullest extent permitted by law. The foregoing right of indemnification shall be in
addition to any right of indemnification set forth in the Company’s certificate of incorporation and bylaws, as the same may be
amended from time to time, or under any directors and officers liability insurance coverage or written indemnification agreement with
the Company that may be in effect from time to time.

 

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3.4          Reliance
on Experts. In making any determination or in taking or not taking any action under this Amended 2019 Plan, the Administrator
may obtain and may rely upon the advice of experts, including professional advisors to the Company. The Administrator shall not be liable
for any such action or determination taken or made or omitted in good faith based upon such advice.

 

3.5          Delegation
of Non-Discretionary Functions. In addition to the ability to delegate certain grant authority to officers of the Company as set
forth in Section 3.1, the Administrator may also delegate ministerial, non-discretionary functions to individuals who are officers
or employees of the Company or any of its Subsidiaries or to third parties.

 

		4.	SHARES OF COMMON STOCK SUBJECT TO THE AMENDED 2019 PLAN;
SHARE LIMIT

 

4.1          Shares
of Common Stock Subject to the Amended 2019 Plan; Share Limit. Subject to the adjustment as provided in Sections 8.1 and 10.9,
the maximum number of shares of Common Stock available for issuance under the Amended 2019 Plan (the “Share Limit”)
will be equal to the sum of (a) 6,900,000 shares of Common Stock plus (b) the number of shares of Common Stock available for
future Awards under the Prior Plan as of the Effective Date of this Amended 2019 Plan plus (c) such additional shares of Common Stock
that become available under the Prior Plan pursuant to Section 4.3 thereof. Subject to adjustment as provided in Section 8.1,
6,900,000 shares of Common Stock shall be available under the Amended 2019 Plan for issuance as Incentive Stock Options. Common Stock
issue under the Amended 2019 Plan shall be either authorized but unissued shares or, to the extent permitted by applicable, shares of
Common Stock that have been reacquired by the Company or any Subsidiary.

 

4.2          Counting
of Shares. The Administrator may adopt reasonable counting procedures to ensure appropriate counting and to avoid double counting
(as, for example, in the case of tandem or substitute Awards) as it may deem necessary or desirable in its sole discretion. For each Share
delivered pursuant to an Option or a Stock Appreciation Right, the number of shares available for issuance under the Amended 2019 Plan
shall be reduced by one share. For each share delivered pursuant to an Award other than an Option or Stock Appreciation Right, the number
of shares available for issuance under the Amended 2019 Plan shall be reduced by 2.38 shares. Shares shall be counted against those reserved
to the extent shares have been delivered pursuant to an Award and are no longer subject to a substantial risk of forfeiture. Accordingly,
to the extent that an Award under the Amended 2019 Plan, in whole or in part, is canceled, expired, forfeited, settled in cash, or otherwise
terminated without delivery of shares to the Participant, the shares retained by or returned to the Company will not be deemed to have
been delivered under the Amended 2019 Plan, as applicable, and will be deemed to remain available under this Amended 2019 Plan in the
same amount as they otherwise would have counted against the limit Section forth in Section 4.1. Notwithstanding the foregoing,
shares that are withheld from such an Award or separately surrendered by the Participant in payment of the exercise price or taxes relating
to such an Award, and the total number of shares subject to the exercised portion of a stock-settled SAR (regardless of the actual lesser
of number shares delivered to the Participant), shall be deemed to have been issued hereunder and shall reduce the number of shares remaining
available for issuance under the Amended 2019 Plan.

 

4.3          Reservation
of Shares; No Fractional Shares. The Company shall at all times reserve a number of shares of Common Stock sufficient to cover
the Company’s obligations and contingent obligations to deliver shares with respect to Awards then outstanding under this Amended
2019 Plan (exclusive of any dividend equivalent obligations to the extent the Company has the right to settle such rights in cash). No
fractional shares shall be delivered under this Amended 2019 Plan. The Administrator may pay cash in lieu of any fractional shares in
settlements of Awards under this Amended 2019 Plan.

 

		5.	ELIGIBILITY

 

5.1          Eligible
Persons. The Administrator may grant Awards under this Amended 2019 Plan only to those persons that the Administrator determines
to be Eligible Persons. An “Eligible Person” is any person who is either: (a) an officer (whether or not a director)
or employee of the Company or one of its Subsidiaries; (b) a non-employee director of the Company or one of its Subsidiaries; or
(c) an individual consultant who renders bona fide services (other than services in connection with the offering or sale of securities
of the Company or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Company
or one of its Subsidiaries) to the Company or one of its Subsidiaries and who is selected to participate in this Amended 2019 Plan by
the Administrator; provided, however, that a person who is otherwise an Eligible Person under clause (c) above may participate
in this Amended 2019 Plan only if such participation would not adversely affect either the Company’s eligibility to use Form S-8
to register under the Securities Act, the offering and sale of shares issuable under this Amended 2019 Plan by the Company, or the Company’s
compliance with any other applicable laws.

 

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5.2          Participation.
The Administrator shall, in its sole and absolute discretion, select from among the Eligible Employees those individuals who shall receive
Awards and become Participants under the Amended 2019 Plan. There is no right of any Eligible Person to receive an Award under the Amended
2019 Plan, and the Administrator has absolute discretion to treat Eligible Employees differently from one another under the Amended 2019
Plan. Receipt of an Award by a Participant shall not create the right to receive future Awards under the Amended 2019 Plan, but a Participant
who has been granted an Award may, if otherwise eligible, be granted additional Awards if the Administrator shall so determine.

 

		6.	AWARDS

 

6.1          Type
and Form of Awards. The Administrator shall determine the type or types of Award(s) to be made to each selected Eligible
Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement
of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Company or one
of its Subsidiaries. The types of Awards that may be granted under this Amended 2019 Plan are:

 

6.1.1       Stock
Options. An Option is the grant of a right to purchase a specified number of shares of Common Stock during a specified period
at a fixed exercise price as determined by the Administrator.

 

(a)            General
Option Provisions. Options may only be granted to Eligible Persons for whom the Company would be deemed to be an “eligible issuer
of service recipient stock,” as defined in Treasury Regulation 1.409A-1(b)(5)(iii)(E). An Option may be intended to be an Incentive
Stock Option or a Nonqualified Stock Option. The Award agreement for an Option will indicate if the Option is intended as an ISO; otherwise
it will be deemed to be a Nonqualified Stock Option. The maximum term of each Option (ISO or NSO) shall be seven (7) years.
The per share exercise price for each Option shall be not less than 100% of the Fair Market Value of a share of Common Stock on the date
of grant of the Option. Each Option shall become exercisable at such times and under such conditions and shall be subject to such other
terms as may be determined by the Administrator in its discretion. When an Option is exercised, the exercise price for the shares to be
purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 6.4.

 

(b)            Additional
Rules Applicable to ISOs. Notwithstanding the general option rules set forth in subsection (a), above, the following
rules shall apply to options intended to qualify as ISOs. ISOs may only be granted to employees of the Company or one of its subsidiaries
(for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires
an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain
beginning with the Company and ending with the subsidiary in question). To the extent that the aggregate Fair Market Value (determined
at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a Participant in any calendar
year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Amended 2019 Plan and stock subject to ISOs under
all other plans of the Company or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within
the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as Nonqualified
Stock Options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be
reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator
may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant
to the exercise of an ISO. There shall be imposed in any Award agreement relating to ISOs such other terms and conditions as from time
to time are required in order that the option be an “incentive stock option” as that term is defined in Section 422 of
the Code. No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of
the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the
Company, unless the exercise price of such option is at least 110% of the Fair Market Value of the stock subject to the option and such
option by its terms is not exercisable after the expiration of five years from the date such option is granted.

 

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6.1.2       Stock
Appreciation Rights. A Stock Appreciation Right or “SAR” is an Award that entitles the Participant to receive, upon
exercise of the SAR, a payment in cash and/or Common Stock or a combination of the two, equal to (or having a Fair Market Value equal
to) the product of (x) number of SARs being exercised multiplied by (y) the excess of (i) the Fair Market Value of a share
of Common Stock on the date the SAR is exercised, over (ii) the “base price” applicable to the SAR. SARs may only be
granted to Eligible Persons for whom the Company would be deemed to be an “eligible issuer of service recipient stock,” as
defined in Treasury Regulation 1.409A-1(b)(5)(iii)(E). The base price of the SAR shall be determined by the Administrator but shall
be not less than the Fair Market Value of the Company’s Common Stock on the date of grant. The maximum term of a SAR shall be seven
(7) years. SARs shall become exercisable at such times and under such conditions and shall be subject to such other terms as may
be determined by the Administrator in its discretion consistent with the terms and conditions of the Amended 2019 Plan.

 

6.1.3       Restricted
Stock.

 

(a)            General
Restricted Stock Provisions. Restricted Stock is Common Stock subject to such restrictions on transferability, risk of forfeiture
and other restrictions, if any, as the Administrator may impose, which restrictions may lapse separately or in combination at such times,
under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments
or otherwise, as the Administrator may determine at the date of grant or thereafter. Except to the extent restricted under the terms of
this Amended 2019 Plan and the applicable Award Agreement relating to the Restricted Stock, a Participant granted Restricted Stock shall
have all of the rights of a stockholder of the Company, including the right to vote the Restricted Stock and the right to receive dividends
thereon (subject to the provisions of Section 6.1.3(c), below).

 

(b)            Certificates
for Shares. Shares of Restricted Stock granted under this Amended 2019 Plan may be evidenced in such manner as the Administrator shall
determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Administrator may require
that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock,
that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed
in blank, relating to the Restricted Stock. The Administrator may require that shares of Restricted Stock are held in escrow until all
restrictions lapse.

 

(c)            Dividends
and Splits. As a condition to the grant of an Award of Restricted Stock, any stock distributed in connection with a stock split or
stock dividend, and any other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same
extent as the Restricted Stock with respect to which such dividend or distribution was made. In addition, any cash dividends paid on shares
of Restricted Stock may be paid out on a current basis or may be subject to restrictions and a risk of forfeiture to the same extent as
the Restricted Stock with respect to which such cash dividend relates, and, subject to applicable law, the Administrator may require or
permit a Participant to elect that any cash dividends paid on Restricted Stock be automatically reinvested in additional shares of Restricted
Stock or applied to the purchase of additional Awards under this Amended 2019 Plan.

 

6.1.4       Restricted
Stock Units.

 

(a)            Grant
of Restricted Stock Units. A restricted stock unit, or “RSU”, represents the right to receive from the Company on the
respective scheduled vesting or payment date for such RSU, one share of Common Stock or, if specified in the applicable Award agreement,
the Fair Market Value of one share of Common Stock paid in cash. The vesting or payment of an Award of RSUs may be subject to the attainment
of specified performance goals or targets, forfeitability provisions and such other terms and conditions as the Administrator may determine,
subject to the provisions of this Amended 2019 Plan.

 

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(b)            Dividend
Equivalent Accounts. If (and only if) required by the applicable Award Agreement, prior to the expiration of the applicable vesting
period of an RSU, the Administrator shall pay dividend equivalent rights with respect to RSUs, in which case the Company shall establish
an account for the Participant and reflect in that account any securities, cash or other property comprising any dividend or property
distribution with respect to the shares of Common Stock underlying each RSU. Each amount or other property credited to any such account
may be immediately vested or may be subject to the same vesting conditions as the RSU to which it relates, as determined by the Administrator.
In addition, subject to applicable law, the Administrator may require or permit a Participant to elect that any such dividend equivalent
amounts credited to the Participant’s account be automatically deemed reinvested in additional RSUs or applied to the purchase of
additional Awards under the Amended 2019 Plan. The Participant shall be paid the amounts or other property credited to such dividend equivalent
account at the time set forth in the Award Agreement.

 

(c)            Rights
as a Stockholder. Subject to the restrictions imposed under the terms and conditions of this Amended 2019 Plan and the applicable
Award Agreement, each Participant receiving RSUs shall have no rights as a stockholder of the Company with respect to such RSUs until
such time as shares of Common Stock are issued to the Participant. In the event an RSU is settled in cash, the Participant receiving RSUs
shall never receive stockholder rights with respect to such Award. No shares of Common Stock shall be issued at the time a RSU is granted,
and the Company will not be required to set aside a fund for the payment of any such Award.

 

6.1.5       Performance
Stock Units.

 

(a)            Grant
of Performance Stock Units. A Performance Stock Unit, or “PSU,” is a performance-based Award that entitles the Participant
to receive shares of Common Stock or, if specified in the Award Agreement, the Fair Market Value of such shares of Common Stock paid in
cash, based on the attainment of one or more performance goals. Each Award of PSUs shall designate a target number of PSUs covered by
the Award, with the actual number of shares of Common Stock earned (if any) to be based on a formula set forth in the Award Agreement
related to the attainment of one or more performance goals set forth in the Award Agreement.

 

(b)            Dividend
Equivalent Accounts. If (and only if) required by the applicable Award Agreement, the Administrator shall pay dividend equivalent
rights with respect to PSUs, in which case the Participant shall be entitled to a cash payment with respect to each PSU earned and payable
in an amount based on the ordinary cash dividends that would have been payable to Participant had Participant been the owner of a number
of actual shares of Common Stock equal to the number of PSUs earned, from the date of grant of the PSU Award through the date the PSU
is paid. If so determined by the Administrator and set forth in the applicable Award Agreement, such cash amount may be credited with
earnings or losses as if deemed reinvested in Company Common Stock or as if used to purchase additional Awards under the Amended 2019
Plan. The amount payable shall be made in a single lump sum on the date on which payment is made in respect of the related PSUs.

 

(c)            Rights
as a Stockholder. Subject to the restrictions imposed under the terms and conditions of this Amended 2019 Plan and the applicable
Award Agreement, each Participant receiving PSUs shall have no rights as a stockholder of the Company with respect to such PSUs until
such time as shares of Common Stock are issued to the Participant. In the event a PSU is settled in cash, the Participant receiving PSUs
shall never receive stockholder rights with respect to such Award. No shares of Common Stock shall be issued at the time a PSU is granted,
and the Company will not be required to set aside a fund for the payment of any such Award.

 

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6.1.6       Cash
Awards. The Administrator may, from time to time, subject to the provisions of the Amended 2019 Plan and such other terms
and conditions as it may determine, grant cash bonuses (including without limitation, discretionary Awards, Awards based on objective
or subjective performance criteria, Awards subject to other vesting criteria or Awards granted consistent with Section 6.1.7 below).
Cash Awards shall be Awarded in such amount and at such times during the term of the Amended 2019 Plan as the Administrator shall determine.

 

6.1.7       Other
Awards. The other types of Awards that may be granted under this Amended 2019 Plan include: (a) stock bonuses or similar
rights to purchase or acquire shares, whether at a fixed or variable price or ratio related to the Common Stock (subject to compliance
with applicable laws), upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or
other conditions, or any combination thereof; or (b) any similar securities or rights with a value derived from the value of or related
to the Common Stock and/or returns thereon.

 

6.2          Award
Agreements. Each Award (other than cash Awards described in Section 6.1.6) shall be evidenced by a written or electronic
Award Agreement in the form approved by the Administrator and, if required by the Administrator, executed or accepted by the recipient
of the Award. The Administrator may authorize any officer of the Company (other than the particular Award recipient) to execute any or
all Award Agreements on behalf of the Company (electronically or otherwise). The Award agreement shall set forth the material terms and
conditions of the Award as established by the Administrator consistent with the express limitations of this Amended 2019 Plan.

 

6.3          Deferrals
and Settlements. Except as otherwise set forth herein, payment of Awards may be in the form of cash, Common Stock, other Awards
or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may also
require or permit Participants to elect to defer the issuance of shares of Common Stock or the settlement of Awards in cash under such
rules and procedures as it may establish under this Amended 2019 Plan. The Administrator may also provide that deferred settlements
include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents
where the deferred amounts are denominated in shares. All mandatory or elective deferrals of the issuance of shares of Common Stock or
the settlement of cash Awards shall be structured in a manner that is intended to comply with the requirements of Section 409A of
the Code.

 

6.4          Consideration
for Common Stock or Awards. The purchase price for any Award granted under this Amended 2019 Plan or the Common Stock to be delivered
pursuant to an Award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator and subject to
compliance with applicable laws, including, without limitation, one or a combination of the following methods:

 

(a)            services
rendered by the recipient of such Award;

 

(b)            cash,
check payable to the order of the Company, or electronic funds transfer;

 

(c)            notice
and third-party payment in such manner as may be authorized by the Administrator;

 

(d)            the
delivery of previously owned shares of Common Stock that are fully vested and unencumbered;

 

(e)            by
a reduction in the number of shares otherwise deliverable pursuant to the Award; or

 

(f)             subject
to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides financing
for the purposes of (or who otherwise facilitates) the purchase or exercise of Awards.

 

In the event that the Administrator
allows a Participant to exercise an Award by delivering shares of Common Stock previously owned by such Participant and unless otherwise
expressly provided by the Administrator, any shares delivered which were initially acquired by the Participant from the Company (upon
exercise of an Option or otherwise) must have been owned by the Participant at least six months as of the date of delivery (or such other
period as may be required by the Administrator in order to avoid adverse accounting treatment). Shares of Common Stock used to satisfy
the exercise price of an Option shall be valued at their Fair Market Value on the date of exercise. The Company will not be obligated
to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding
obligations under Section 9.1, and any other conditions to exercise or purchase, as established from time to time by the Administrator
have been satisfied. Unless otherwise expressly provided in the applicable Award Agreement, the Administrator may at any time eliminate
or limit a Participant’s ability to pay the purchase or exercise price of any Award by any method other than cash payment to the
Company.

 

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6.5          Minimum
Vesting Schedule. Except as provided below, all Awards granted under the Amended 2019 Plan shall have a minimum one year cliff
vesting schedule meaning that no portion of any Award may be scheduled to vest prior to one year after the date of grant of such Award.
Notwithstanding the foregoing, up to five percent (5%) of the total number of shares of Common Stock authorized by the Board and the stockholders
for issuance under the Amended 2019 Plan may be granted pursuant to Awards not subject to the minimum vesting schedule described above.
The Administrator may adopt reasonable counting procedures to determine whether the five percent (5%) limit in the preceding sentence
has been attained. The Administrator may also apply reasonable rules and rounding conventions to determine whether an Award complies
with the above-referenced minimum vesting schedule.

 

6.6          Transfer
Restrictions.

 

6.6.1       Limitations
on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 6.6, by applicable law and
by the Award agreement, as the same may be amended, (a) all Awards are non-transferable and shall not be subject in any manner to
sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) Awards shall be exercised only by the Participant;
and (c) amounts payable or shares issuable pursuant to any Award shall be delivered only to (or for the account of) the Participant.

 

6.6.2       Exceptions.
The Administrator may permit Awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to
such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish
in writing (provided that any such transfer of Awards are not for consideration and provided further that any such transfers of ISOs shall
be limited to the extent permitted under the federal tax laws governing ISOs). Any permitted transfer shall be subject to compliance with
applicable federal and state securities laws.

 

6.6.3       Further
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 6.6.1 shall not apply to:

 

(a)  transfers
to the Company,

 

(b)  the designation
of a beneficiary to receive benefits in the event of the Participant’s death or, if the Participant has died, transfers to or exercise
by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent
and distribution,

 

(c)  subject
to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations order if
approved or ratified by the Administrator,

 

(d)  subject
to any applicable limitations on ISOs, if the Participant has suffered a Disability, permitted transfers or exercises on behalf of the
Participant by his or her legal representative, or

 

(e)  the authorization
by the Administrator of “cashless exercise” procedures with third parties who provide financing for the purpose of (or who
otherwise facilitate) the exercise of Awards consistent with applicable laws and the express authorization of the Administrator.

 

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6.7          International
Awards. One or more Awards may be granted to Eligible Persons who provide services to the Company or one of its Subsidiaries outside
of the United States. Any Awards granted to such persons may, if deemed necessary or advisable by the Administrator, be granted pursuant
to the terms and conditions of any applicable sub-plans, if any, appended to this Amended 2019 Plan and approved by the Administrator.

 

6.8          Dividend
and Dividend Equivalents. Notwithstanding anything to the contrary herein, in no event may accrued dividends or dividend equivalents
with respect to any Award issued under the Amended 2019 Plan that is subject to performance-based vesting be paid prior to the vesting
of such Award.

 

		7.	EFFECT OF TERMINATION OF SERVICE ON AWARDS

 

7.1          Termination
of Employment.

 

7.1.1       Administrator
Determination. The Administrator shall establish the effect of a termination of employment or service on the rights and benefits
under each Award under this Amended 2019 Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and
type of Award. If the Participant is not an employee of the Company or one of its Subsidiaries and provides other services to the Company
or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Amended 2019 Plan (unless a contract or the
Award agreement otherwise provides) of whether the Participant continues to render services to the Company or one of its Subsidiaries
and the date, if any, upon which such services shall be deemed to have terminated.

 

7.1.2       Stock
Options and SARs. For Awards of Options or SARs, unless the Award Agreement provides otherwise, the exercise period of such Options
or SARs shall expire: (1) three months after the last day that the Participant is employed by or provides services to the Company
or a Subsidiary (provided however, that in the event of the Participant’s death during this period, those persons entitled
to exercise the Option or SAR pursuant to the laws of descent and distribution shall have one year following the date of death within
which to exercise such Option or SAR); (2) in the case of a Participant whose termination of employment is due to death or Disability
(as defined in the applicable Award agreement), 12 months after the last day that the Participant is employed by or provides services
to the Company or a Subsidiary; and (3) immediately upon a Participant’s termination for Cause. The Administrator will, in
its absolute discretion, determine the effect of all matters and questions relating to a termination of employment, including, but not
by way of limitation, the question of whether a leave of absence constitutes a termination of employment and whether a Participant’s
termination is for Cause.

 

7.1.3       Other
Awards. For all other Awards issued under the Amended 2019 Plan, unless the Award agreement provides otherwise, the portion of
such Awards that are unvested at the time that a Participant’s employment or service is terminated shall be forfeited and reacquired
by the Company; provided however, the Administrator may provide, by rule or regulation or in any Award agreement, or may determine
in any individual case, that such forfeiture requirement shall be waived in whole or in part.

 

7.2          Events
Not Deemed Terminations of Service. Unless the express policy of the Company or one of its Subsidiaries, or the Administrator,
otherwise provides, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military
leave, or (c) any other paid or unpaid leave of absence authorized by the Company or one of its Subsidiaries, or the Administrator;
provided that unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period
of not more than 3 months. In the case of any employee of the Company or one of its Subsidiaries on an approved leave of absence,
continued vesting of the Award while on leave from the employ of the Company or one of its Subsidiaries may be suspended until the employee
returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an Award be exercised
after the expiration of the term set forth in the Award agreement.

 

7.3          Effect
of Change of Subsidiary Status. For purposes of this Amended 2019 Plan and any Award, if an entity ceases to be a Subsidiary of
the Company, a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of
such Subsidiary who does not continue as an Eligible Person in respect of the Company or another Subsidiary that continues as such after
giving effect to the transaction or other event giving rise to the change in status.

 

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		8.	ADJUSTMENTS; ACCELERATION

 

8.1          Adjustments.
Upon or in contemplation of (a) any reclassification, recapitalization, stock split (including a stock split in the form of a stock
dividend) or reverse stock split, (b) any merger, arrangement, combination, consolidation, or other reorganization, (c) any
spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock (whether in the form of securities or
property), (d) any exchange of Common Stock or other securities of the Company, or (e) any similar unusual or extraordinary
corporate event or transaction affecting the Common Stock, the Administrator shall in such manner, to such extent and at such time as
it deems appropriate and equitable in the circumstances (but subject to compliance with applicable laws and stock exchange requirements)
proportionately adjust any or all of (1) the number and type of shares of Common Stock (or other securities) that thereafter may
be made the subject of Awards (including the Share Limit and the limit on the number of Incentive Stock Options issuable under the Amended
2019 Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any or all outstanding
Awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any or all
outstanding Awards, and (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding Awards.
Any adjustment made pursuant to this Section 8.1 shall be made in a manner that, in the good faith determination of the Administrator,
will not likely result in the imposition of additional taxes or interest under Section 409A of the Code. With respect to any Award
of an ISO, the Administrator may make an adjustment that causes the option to cease to qualify as an ISO without the consent of the affected
Participant.

 

8.2          Change
in Control. In the event of a Change in Control: (i) with respect to Awards that are subject to a time-based vesting schedule,
any unvested portion of such Awards shall become vested in full immediately prior to the Change in Control, and (ii) with respect
to Awards that are subject to performance-based vesting, the performance period for all such Awards shall be deemed to be completed as
of the Change in Control, and the Administrator shall determine the extent to which the Awards have vested based on the results achieved
through the date of the Change in Control, including any adjustments necessary to take into account the truncation of the performance
period as a result of the Change in Control. In addition, the Administrator shall have full discretion to take whatever additional actions
(not inconsistent with the previous sentence) that it deems necessary or appropriate with respect to outstanding Awards, including, but
not limited to: (i) to provide for the assumption of such Awards (or portions thereof) or the substitution of such Awards (or portions
thereof) with similar awards of the surviving or acquiring company, in a manner designed to comply with Section 409A of the Code,
(ii) to provide for the termination of any Award upon the occurrence of the Change in Control, (iii) to provide for the cash
out and cancellation of any Award (or portion thereof) immediately prior to such Change in Control, which cash out may (in a manner designed
to comply with Code Section 409A) be subject to any escrow, earn-out or other contingent or deferred payment arrangement that is
contemplated by such Change in Control, and (iv) to take any other actions as the Administrator deems necessary or advisable in connection
with such Change in Control transaction. The Administrator may take different actions with respect to different Participants under the
Amended 2019 Plan, different Awards under the Amended 2019 Plan, and different portions of Awards granted under the Amended 2019 Plan.

 

		9.	TAX PROVISIONS

 

9.1          Tax
Withholding. Upon any exercise, vesting, or payment of any Award, the Company or one of its Subsidiaries shall have the right
at its option to:

 

(a)  require
the Participant (or the Participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment
of at least the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to such
Award event or payment; or

 

(b)  deduct
from any amount otherwise payable in cash to the Participant (or the Participant’s personal representative or beneficiary, as the
case may be) the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to
such cash payment.

 

In any case where a tax is
required to be withheld in connection with the delivery of shares of Common Stock under this Amended 2019 Plan, the Administrator may
in its sole discretion (subject to Section 10.1) grant (either at the time of the Award or thereafter) to the Participant the right
to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Company reduce the
number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their
Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the applicable
withholding obligation on exercise, vesting or payment, not in excess of the maximum statutory rates in the Participant’s applicable
jurisdictions.

 

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9.2          Requirement
of Notification of Code Section 83(b) Election. If any Participant shall make an election under Code Section 83(b) (to
include in gross income in the year of transfer the amounts specified in Code Section 83(b)) or under a similar provisions of the
laws of a jurisdiction outside the United States, such Participant shall notify the Company of such election within ten (10) days
after filing notice of the election with the Internal Revenue Service or other government authority, in addition to any filing and notification
required pursuant to regulations issued under Code Section 83(b) or other applicable provision.

 

9.3          Requirement
of Notification of Disqualifying Disposition. If any Participant shall make any disposition of shares of stock delivered pursuant
to the exercise of an ISO under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions),
such Participant shall notify the Company of such disposition within ten (10) days thereof.

 

		10.	OTHER PROVISIONS

 

10.1        Compliance
with Laws. This Amended 2019 Plan, the granting and vesting of Awards under this Amended 2019 Plan, the offer, issuance and delivery
of shares of Common Stock, the payment of money under this Amended 2019 Plan or under Awards are subject to compliance with all applicable
federal and state laws, rules and regulations and to such approvals by any applicable stock exchange listing, regulatory or governmental
authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. The person acquiring any
securities under this Amended 2019 Plan will, if requested by the Company or one of its Subsidiaries, provide such assurances and representations
to the Company or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable
legal and accounting requirements.

 

10.2        Future
Awards/Other Rights. No person shall have any claim or rights to be granted an Award (or additional Awards, as the case may be)
under this Amended 2019 Plan, subject to any express contractual rights (set forth in a document other than this Amended 2019 Plan) to
the contrary.

 

10.3        No
Employment/Service Contract. Nothing contained in this Amended 2019 Plan (or in any other documents under this Amended 2019 Plan
or in any Award) shall confer upon any Eligible Person or other Participant any right to continue in the employ or other service of the
Company or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s
status as an employee at will, nor shall interfere in any way with the right of the Company or one of its Subsidiaries to change a person’s
compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 10.3,
however, is intended to adversely affect any express independent right of such person under a separate employment or service contract
other than an Award agreement.

 

10.4        Amended
2019 Plan Not Funded. Awards payable under this Amended 2019 Plan shall be payable in shares of Common Stock or from the general
assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such Awards. No Participant,
beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock,
except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any Award hereunder. Neither the provisions
of this Amended 2019 Plan (or of any related documents), nor the creation or adoption of this Amended 2019 Plan, nor any action taken
pursuant to the provisions of this Amended 2019 Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship
between the Company or one of its Subsidiaries and any Participant, beneficiary or other person. To the extent that a Participant, beneficiary
or other person acquires a right to receive payment pursuant to any Award hereunder, such right shall be no greater than the right of
any unsecured general creditor of the Company.

 

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10.5        Effective
Date, Termination and Suspension, Amendments.

 

10.5.1     Effective
Date and Termination. This Amended 2019 Plan was approved by the Board and shall become effective upon approval by the stockholders
of the Company (the “Effective Date”). Unless earlier terminated by the Board, this Amended 2019 Plan shall
terminate at the close of business ten years after the date on which it was approved by the Board. After the termination of this Amended
2019 Plan either upon such stated expiration date or its earlier termination by the Board, no additional Awards may be granted under this
Amended 2019 Plan, but previously granted Awards (and the authority of the Administrator with respect thereto, including the authority
to amend such Awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of
this Amended 2019 Plan.

 

10.5.2     Board
Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Amended 2019 Plan, in
whole or in part. No Awards may be granted during any period that the Board suspends this Amended 2019 Plan.

 

10.5.3     Stockholder
Approval. To the extent then required by applicable law or any applicable stock exchange rule or required to preserve the
intended tax consequences of this Amended 2019 Plan, or deemed necessary or advisable by the Board, this Amended 2019 Plan and any amendment
to this Amended 2019 Plan shall be subject to approval by the stockholders of the Company.

 

10.5.4     Amendments
to Awards. Without limiting any other express authority of the Administrator under (but subject to) the express limits of this
Amended 2019 Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants that
the Administrator in the prior exercise of its discretion has imposed, without the consent of a Participant, and (subject to the requirements
of Sections 3.2 and 10.5.5) may make other changes to the terms and conditions of Awards. Any amendment or other action that would
constitute a repricing of an Award is subject to the limitations and stockholder approval requirements set forth in Section 3.2(g).

 

10.5.5     Limitations
on Amendments to Amended 2019 Plan and Awards. No amendment, suspension or termination of this Amended 2019 Plan or change of
or affecting any outstanding Award shall, without written consent of the Participant, affect in any manner materially adverse to the Participant
any rights or benefits of the Participant or obligations of the Company under any Award granted under this Amended 2019 Plan. Changes,
settlements and other actions contemplated by Section 8 shall not be deemed to constitute changes or amendments for purposes of this
Section 10.5.5.

 

10.6        Privileges
of Stock Ownership. Except as otherwise expressly authorized by the Administrator or this Amended 2019 Plan, a Participant shall
not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the
Participant. Except as expressly provided herein, no adjustment will be made for dividends or other rights as a stockholder of the Company
for which a record date is prior to such date of delivery.

 

10.7        Governing
Law; Construction; Severability.

 

10.7.1     Choice
of Law. This Amended 2019 Plan, the Awards, all documents evidencing Awards and all other related documents shall be governed
by, and construed in accordance with the laws of the State of Delaware.

 

10.7.2     Severability.
If a court of competent jurisdiction holds any provision of this Amended 2019 Plan invalid and unenforceable, the remaining provisions
of this Amended 2019 Plan shall continue in effect and the Amended 2019 Plan shall be construed and enforced without regard to the illegal
or invalid provision.

 

10.7.3     Amended
2019 Plan Construction.

 

(a)            Rule 16b-3.
It is the intent of the Company that the Awards and transactions permitted by Awards be interpreted in a manner that, in the case of Participants
who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with the express terms of
the Award, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing,
the Company shall have no liability to any Participant for Section 16 consequences of Awards or events under Awards if an Award or
event does not so qualify.

 

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(b)            Compliance
with Section 409A of the Code. The Board intends that, except as may be otherwise determined by the Administrator, any Awards
under the Amended 2019 Plan will be either exempt from or satisfy the requirements of Section 409A to avoid the imposition of any
taxes, including additional income or penalty taxes, thereunder. If the Administrator determines that an Award, Award Agreement, acceleration,
adjustment to the terms of an Award, payment, distribution, deferral election, transaction or any other action or arrangement contemplated
by the provisions of the Amended 2019 Plan would, if undertaken, cause a Participant’s Award to violate Section 409A, unless
the Administrator expressly determines otherwise, such Award, Award Agreement, payment, acceleration, adjustment, distribution, deferral
election, transaction or other action or arrangement shall not be undertaken and the related provisions of the Amended 2019 Plan and/or
Award Agreement will be deemed modified or, if necessary, rescinded in order to comply with the requirements of Section 409A to the
extent determined by the Administrator without the consent of or notice to the Participant. Notwithstanding the foregoing, neither the
Company nor the Administrator shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any
Participant under Section 409A.

 

(c)            No
Guarantee of Favorable Tax Treatment. Although the Company intends that Awards under the Amended 2019 Plan will be exempt from, or
will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any Award under the Amended 2019
Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local or foreign
law. The Company shall not be liable to any Participant for any tax, interest or penalties the Participant might owe as a result of the
grant, holding, vesting, exercise or payment of any Award under the Amended 2019 Plan.

 

10.8        Captions.
Captions and headings are given to the sections and subsections of this Amended 2019 Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Amended 2019 Plan or any
provision thereof.

 

10.9        Stock-Based
Awards in Substitution for Stock Options or Awards Granted by Other Corporation. Awards may be granted to Eligible Persons in
substitution for or in connection with an assumption of employee stock options, stock appreciation right, restricted stock or other stock-based
awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Company or one of its Subsidiaries,
in connection with a distribution, arrangement, business combination, merger or other reorganization by or with the granting entity or
an affiliated entity, or the acquisition by the Company or one of its Subsidiaries, directly or indirectly, of all or a substantial part
of the stock or assets of the employing entity. The Awards so granted need not comply with other specific terms of this Amended 2019 Plan,
provided the Awards reflect only adjustments giving effect to the assumption or substitution consistent with the conversion applicable
to the Common Stock in the transaction and any change in the issuer of the security. Any shares that are delivered and any Awards that
are granted by, or become obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding
Awards previously granted by an acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof)
in the case of persons that become employed by the Company or one of its Subsidiaries in connection with a business or asset acquisition
or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under
this Amended 2019 Plan, except as may otherwise be provided by the Administrator at the time of such assumption or substitution or as
may be required to comply with the requirements of any applicable stock exchange.

 

10.10      Non-Exclusivity
of Amended 2019 Plan. Nothing in this Amended 2019 Plan shall limit or be deemed to limit the authority of the Board or the Administrator
to grant Awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.

 

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10.11      No
Corporate Action Restriction. The existence of this Amended 2019 Plan, the Award agreements and the Awards granted hereunder shall
not limit, affect or restrict in any way the right or power of the Board or the stockholders of the Company to make or authorize: (a) any
adjustment, recapitalization, reorganization or other change in the capital structure or business of the Company or any Subsidiary, (b) any
merger, arrangement, business combination, amalgamation, consolidation or change in the ownership of the Company or any Subsidiary, (c) any
issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof)
of the Company or any Subsidiary, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer
of all or any part of the assets or business of the Company or any Subsidiary, or (f) any other corporate act or proceeding by the
Company or any Subsidiary. No Participant, beneficiary or any other person shall have any claim under any Award or Award Agreement against
any member of the Board or the Administrator, or the Company or any employees, officers or agents of the Company or any Subsidiary, as
a result of any such action.

 

10.12      Other
Company Benefit and Compensation Programs. Payments and other benefits received by a Participant under an Award made pursuant
to this Amended 2019 Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits
under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Subsidiary, except where the
Administrator expressly otherwise provides or authorizes in writing or except as otherwise specifically set forth in the terms and conditions
of such other employee welfare or benefit plan or arrangement. Awards under this Amended 2019 Plan may be made in addition to, in combination
with, as alternatives to or in payment of grants, Awards or commitments under any other plans or arrangements of the Company or its Subsidiaries.

 

10.13      Restrictive
Covenants, Cause Forfeiture and Clawback Policy.

 

10.13.1   Restrictive
Covenants. The Company may retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Participant
on account of actions taken by the Participant in violation or breach of or in conflict with any non-competition agreement, any agreement
prohibiting solicitation of employees of the Company or any Affiliate thereof or any confidentiality obligation of post-employment cooperation
agreement with respect to the Company or any Affiliate, to the extent specified in such Award Agreement applicable to the Participant.

 

10.13.2   Annulment
upon Termination for Cause. The Administrator may annul an Award if the Participant is an employee of the Company or an Affiliate
thereof and is terminated for Cause as defined in the applicable Award Agreement or in the Amended 2019 Plan.

 

10.13.3   Awards
Subject to Clawback. Notwithstanding any other provision of this Amended 2019 Plan to the contrary, any Award granted or
amount payable or paid under this Amended 2019 Plan shall be subject to the terms of any compensation recoupment policy then applicable,
if any, of the Company, to the extent the policy applies to such award or amount. By accepting an Award or the payment of any amount under
the Amended 2019 Plan, each Participant agrees and consents to the Company’s application, implementation and enforcement of (a) any
such policy and (b) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation and
expressly agrees that the Company may take such actions as are permitted under the policy or applicable law without further consent or
action being required by such Participant. To the extent that the terms of this Amended 2019 Plan and the policy or applicable law conflict,
then the terms of the policy or applicable law shall prevail.

 

		11.	DIRECTOR COMPENSATION PROVISIONS

 

11.1        Amended
2019 Plan Exclusive Vehicle for Non-Employee Director Cash and Equity Compensation. All cash and equity compensation paid or provided
to the Company’s non-employee directors shall be awarded under the terms and conditions of this Amended 2019 Plan.

 

11.2        Non-Employee
Director Compensation. Non-employee directors may be Awarded any of the types of Awards described in Section 6 above for
which they are eligible under the terms and conditions of Section 6, above.

 

11.2.1     Cash
Awards. Cash Awards (as described in Section 6.1.6) may take any form determined by the Administrator in its sole and absolute
discretion, including, but not limited to, retainers, committee fees, chairperson fees, per meeting fees, and special fees for committee
service. In no event shall cash Awards paid to any non-employee director exceed $400,000 in any fiscal year.

 

11.2.2     Equity
Awards. Equity Awards (described in Sections 6.1.1, 6.1.2, 6.1.3, 6.1.4 and 6.1.5) may take any form determined by the Administrator
in its sole and absolute discretion, provided, however, that in no event shall Awards granted to an non-employee director in any fiscal
year have a grant date fair value in excess of $400,000.

 

As adopted by the Board of Directors of Cimarex
Energy Co. on February 17, 2021.

 

    17Exhibit 4.1

 

RIGHTS AGREEMENT

 

dated as of

 

October 14, 2021

 

between

 

Luckin Coffee Inc.

 

and

 

American Stock Transfer & Trust Company,
LLC

 

as Rights Agent

 

     

     

    

 

RIGHTS AGREEMENT

TABLE OF CONTENTS

 

 

Page

 

Article 1

Definitions

 

	Section 1.01.	Definitions	 	2

 

Article 2

The Rights

 

	Section 2.01.	Summary of Rights	 	8
	Section 2.02.	Legend	 	9
	Section 2.03.	Exercise of Rights; Separation of Rights	 	10
	Section 2.04.	Adjustments to Exercise Price; Number of Rights	 	11
	Section 2.05.	Date on Which Exercise is Effective	 	12
	Section 2.06.	Execution, Authentication, Delivery and Dating of Rights Certificates	 	12
	Section 2.07.	Registration, Registration of Transfer and Exchange	 	13
	Section 2.08.	Mutilated, Destroyed, Lost and Stolen Rights Certificates	 	13
	Section 2.09.	Persons Deemed Owners	 	14
	Section 2.10.	Delivery and Cancellation of Certificates	 	14
	Section 2.11.	Agreement of Rights Holders	 	14

 

Article 3

Adjustments to the Rights in the Event of Certain Transactions

 

	Section 3.01.	Flip-in	 	15

	Section 3.02.	Flip-over	 	16

 

    i

     

    

 

 

Article 4

The Rights Agent

 

	Section 4.01.	General	 	17
	Section 4.02.	Merger or Consolidation or Change of Name of Rights Agent	 	17
	Section 4.03.	Duties of Rights Agent	 	17
	Section 4.04.	Change of Rights Agent	 	19

 

Article 5

Miscellaneous

 

	Section 5.01.	Redemption	 	20
	Section 5.02.	Expiration	 	20
	Section 5.03.	Issuance of New Rights Certificates	 	20
	Section 5.04.	Supplements and Amendments	 	20
	Section 5.05.	Fractional Shares	 	21
	Section 5.06.	Rights of Action	 	21
	Section 5.07.	Holder of Rights Not Deemed a Shareholder	 	21
	Section 5.08.	Notice of Proposed Actions	 	22
	Section 5.09.	Notices	 	22
	Section 5.10.	Suspension of Exercisability or Exchangeability	 	23
	Section 5.11.	Successors	 	23
	Section 5.12.	Benefits of this Agreement	 	23
	Section 5.13.	Determination and Actions by the Board, etc	 	23
	Section 5.14.	Descriptive Headings; Section References	 	24
	Section 5.15.	GOVERNING LAW; EXCLUSIVE JURISDICTION	 	24
	Section 5.16.	Counterparts	 	24
	Section 5.17.	Severability	 	25
	Section 5.18.	Withholding	 	25

 

EXHIBITS

 

Exhibit A     Form of
Rights Certificate (together with Form of Election to Exercise)

 

    ii

     

    

 

RIGHTS AGREEMENT

 

RIGHTS AGREEMENT (as amended from time to time,
this “Agreement”), dated as of October 14, 2021, between Luckin Coffee Inc., an exempted company incorporated
under the laws of the Cayman Islands (the “Company”), and American Stock Transfer & Trust Company, LLC, a
New York limited liability trust company, as Rights Agent (the “Rights Agent”, which term shall include any successor
Rights Agent hereunder). The Company and the Rights Agent are sometimes referred to in this Agreement collectively as the “Parties.”
Capitalized terms used in this Agreement have the meanings set forth in Article 1.

 

WITNESSETH:

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has (a) authorized the creation and issuance of (i) one Class A right in accordance with
the terms of this Agreement (collectively, the “Class A Rights”) in respect of each Class A Ordinary Share
of a par value of US$0.000002 each (collectively, the “Class A Ordinary Shares”) and (ii) one Class B
right in accordance with the terms of this Agreement (collectively, the “Class B Rights” and together with the
Class A Rights, the “Rights”) in respect of each Class B Ordinary Share of a par value of US$0.000002 each
(collectively, the “Class B Ordinary Shares”), in each case, held of record as of the Close of Business (as hereinafter
defined) on October 25, 2021 (the “Record Time”); and (b) as provided in ‎Section 2.04, has
further authorized the creation and issuance of (i) one Class A Right in respect of each Class A Ordinary Share and each
convertible preferred share of the Company (collectively, the “Preferred Shares”), and (ii) one Class B Right
in respect of each Class B Ordinary Share, in each case, (x) issued after the Record Time and prior to the Separation Time (as
hereinafter defined) and, (y) to the extent provided in ‎Section 5.03, issued after the Separation Time and prior to the
Expiration Time;

 

WHEREAS, subject to the terms and conditions hereof,
each Right entitles the holder thereof, after the Separation Time, to purchase securities of the Company (or, in certain cases, securities
of certain other entities) pursuant to the terms and subject to the conditions set forth herein; and

 

WHEREAS, subject to the terms and conditions hereof,
the Company desires to appoint the Rights Agent to act on behalf of the Company, and the Rights Agent is willing so to act, in connection
with the creation, issuance, transfer and exchange of Rights Certificates (as hereinafter defined), the exercise of Rights and other matters
referred to herein;

 

NOW THEREFORE, in consideration of the premises
and the respective agreements set forth herein, the parties hereby agree as follows:

 

     

     

    

 

Article 1

Definitions

 

Section 1.01.     Definitions.
(a) The following terms, as used herein, have the following meanings:

 

“Acquiring Person” shall mean
any Person who, together with all Affiliates and Associates of such Person, is or becomes the Beneficial Owner of 10% or more of the
outstanding Shares or 10% or more of the Voting Power of the Company at any time after the first public announcement of this Agreement,
including where such Person holds the controlling equity interests in an entity which is in liquidation or similar winding-up proceedings
(a “Liquidating Subsidiary”) and becomes a Beneficial Owner of 10% or more of the Ordinary Shares or acquires 10%
or more of the Voting Power of the Company as described above through that Liquidating Subsidiary as a result of a stay or termination
of the liquidation winding-up or similar insolvency proceedings of that Liquidating Subsidiary (the “Liquidation Termination
Event”) or an amendment or change to the power and authority the liquidator or similar officer appointed in respect of the Liquidating
Subsidiary (the “Liquidation Amendment Event”), which causes all or part of the voting, disposition or other rights
previously granted to the liquidator or similar officer appointed in respect of the Liquidating Subsidiary to revert to that Person upon
the Liquidation Termination Event or the Liquidation Amendment Event; provided, however, that “Acquiring Person” shall
not include:

 

(i)            an
Exempt Person;

 

(ii)            any
Person who is the Beneficial Owner of 10% or more of the outstanding Shares or 10% or more of the Voting Power of the Company at the
time of the first public announcement of the adoption of this Agreement (a “Grandfathered Person”); provided, that
if a Grandfathered Person becomes the Beneficial Owner (other than by means of a share dividend, share split or reclassification, or pursuant
to the vesting or exercise of any equity awards issued to a member of the Board or pursuant to additional grants of any such equity awards
to a member of the Board) of any additional Shares or Voting Power of the Company, such Grandfathered Person shall be deemed to be an
Acquiring Person unless, upon such acquisition of Beneficial Ownership of Shares or Voting Power of the Company, such Person is not the
Beneficial Owner of 10% or more of the outstanding Shares and 10% or more of the Voting Power of the Company;

 

(iii)            any
Person who becomes the Beneficial Owner of 10% or more of the outstanding Shares or 10% or more of the Voting Power of the Company
after the time of the first public announcement of this Agreement solely as a result of (A) an acquisition by the Company of Shares
that, by reducing the number of Shares outstanding, increases the proportionate number of Shares Beneficially Owned by such Person, until
such time after the public announcement by the Company of such repurchases as such Person becomes the Beneficial Owner (other than by
means of a share dividend, share split or reclassification) of any additional Shares or Voting Power of the Company while such Person
is or as a result of which such Person becomes the Beneficial Owner of 10% or more of the outstanding Shares or 10% or more of the
Voting Power of the Company or (B) the occurrence of a Flip-in Date which has not resulted from the acquisition of Beneficial Ownership
of Shares or Voting Power of the Company by such Person or any of such Person’s Affiliates or Associates;

 

(iv)            any
Person who becomes the Beneficial Owner of 10% or more of the outstanding Shares or 10% or more of the Voting Power of the Company
but who acquired Beneficial Ownership of Shares or Voting Power of the Company without any plan or intention to seek or affect control
of the Company, if such Person promptly divests, or promptly enters into an agreement with, and satisfactory to, the Board, in the Board’s
sole discretion, to divest, and subsequently divests in accordance with the terms of such agreement (without exercising or retaining any
power, including Voting Power of the Company, with respect to such shares), sufficient Shares (or securities convertible into, exchangeable
into or exercisable for Shares or otherwise deemed to be Beneficially Owned by such Person) so that such Person ceases to be the Beneficial
Owner of 10% or more of the outstanding Shares and/or 10% or more of the Voting Power of the Company, as applicable;

 

    2

     

    

 

(v)            any
Person who becomes an “Acquiring Person” solely as a result of any unilateral grant of any security by the Company or through
the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors,
officers and employees, until such time thereafter as such Person becomes the Beneficial Owner (other than by means of a share dividend,
share split or reclassification) of any additional Shares or Voting Power of the Company; or

 

(vi)            any
Person who the Board determines, prior to the time such Person would otherwise be an “Acquiring Person”, should be exempted
from the definition of “Acquiring Person”.

 

For the avoidance of doubt, for the purpose of
computing the percentage of outstanding Shares Beneficially Owned by a Person, Shares into which any securities may be converted, including
any preferred shares, warrants, options, rights or other conversion privileges Beneficially Owned by such Person, shall be counted on
an as-converted basis and deemed to be then-outstanding in terms of both the outstanding Shares of the Company and the outstanding Shares
Beneficially Owned by such Person.

 

Notwithstanding the foregoing, if a bona-fide securities
dealer, swaps dealer or security-based swaps dealer who would otherwise be an “Acquiring Person” has become so solely as a
result of its actions in the ordinary course of its business that the Board determines were taken without the intent or effect of evading
or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to obtain or change control or
influence the management and policies of the Company, then, and unless and until the Board shall otherwise determine, such Person shall
not be an “Acquiring Person”.

 

Notwithstanding the foregoing, no Person shall
become an Acquiring Person solely as a result of any transaction pursuant to the Investment Agreement or the acquisition by such Person
of additional Shares pursuant to one or more definitive transaction documents approved by the Company prior to the time of the first public
announcement of the adoption of this Agreement.

 

“ADSs” shall mean American Depositary
Shares, each of which represents eight Class A Ordinary Shares, as may be modified or otherwise adjusted from time to time.

 

“Affiliate” and “Associate”
shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange Act, as such Rule is in effect on
the date of this Agreement.

 

A Person shall be deemed the “Beneficial
Owner”, and to have “Beneficial Ownership” of, and to “Beneficially Own”:

 

(i)            any
securities as to which such Person or any of such Person’s Affiliates or Associates is or may be deemed to be the beneficial owner
pursuant to Rule 13d-3 and 13d-5 under the Exchange Act, as such Rules are in effect on the date of this Agreement;

 

(ii)            any
securities as to which such Person or any of such Person’s Affiliates or Associates has the right to become the beneficial owner
(whether such right is exercisable immediately or only after the passage of time or the occurrence of conditions) pursuant to any agreement,
arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group
members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights
(other than the Rights), warrants or options, ADSs or otherwise;

 

(iii)            any
securities which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with whom
such Person (or any Affiliate or Associate thereof) has any agreement, arrangement or understanding, whether or not in writing, with respect
to, or is otherwise cooperating or collaborating with, for the purpose of (A) acquiring, holding, sharing, voting or disposing of
securities or any Voting Power of the Company or any financial interest in or deriving from the value of the securities of the Company
or (B) changing or influencing the control of the Company or in connection with or as a participant in any transaction having that
purpose or effect;

 

    3

     

    

 

(iv)            solely
for purposes of determining whether any Person is an Acquiring Person, any securities that such Person or any of such Person’s Affiliates
or Associates are determined to Constructively Own; and

 

(v)            any
securities which are Shares represented by ADSs, if such Person has the right to acquire such Shares upon the due surrender of the ADS
evidencing the Shares to the depositary agent in accordance with the procedures set forth in the Deposit Agreement;

 

provided, however, that a Person shall not be
deemed the “Beneficial Owner”, or to have “Beneficial Ownership” of, or to “Beneficially Own”,
any security (A) solely because such security has been tendered pursuant to any offer made by such Person or any of such
Person’s Affiliates or Associates until such tendered security is accepted for payment or exchange or (B) solely because
such Person or any of such Person’s Affiliates or Associates has or shares the power to vote or direct the voting of such
security pursuant to a revocable proxy or consent given in response to a public proxy or consent solicitation made to more than ten
holders of shares of a class of shares of the Company registered under Section 12 of the Exchange Act and pursuant to, and in
accordance with, the applicable rules and regulations under the Exchange Act, unless such power (or the arrangements relating
thereto) is then reportable under Item 6 of Schedule 13D under the Exchange Act (or any similar provision of a comparable or
successor report).

 

Notwithstanding the foregoing, no officer or director
of the Company shall be deemed to Beneficially Own any securities of any other Person by virtue of any actions that such officer or director
takes in such capacity. For all purposes of this Agreement, in determining the percentage of the outstanding Shares with respect to which
a Person is the Beneficial Owner, all shares as to which such Person is deemed the Beneficial Owner shall be deemed outstanding.

 

“Business Day” shall mean any
day other than a Saturday, Sunday or a day on which banking institutions in New York, New York or the Cayman Islands are generally authorized
or obligated by law or executive order to close.

 

“Close of Business” on any given
date shall mean 5:00 p.m. New York City time on such date or, if such date is not a Business Day, 5:00 p.m. New York City time
on the next succeeding Business Day.

 

A Person shall be determined to “Constructively
Own” Shares in respect of which such Person has a Synthetic Long Position, calculated in the manner set forth below, if the
Board, by a majority vote, determines that such Person is seeking to use the existence of such Synthetic Long Position, in combination
with other securities Beneficially Owned by such Person, for the purpose or effect of changing or influencing control of the Company.
The number of Shares in respect of a Synthetic Long Position that may be determined to be “Constructively Owned” is
the notional or other number of Shares in respect of such Synthetic Long Position that is specified in a filing by such Person or any
of such Person’s Affiliates or Associates with the Securities and Exchange Commission or in the documentation evidencing such Synthetic
Long Position as the basis upon which the value or settlement amount of such right or derivative, or the opportunity of the holder of
such right or derivative to profit or share in any profit, is to be calculated in whole or in part and, in any case, including if no such
number of Shares is specified in any filing or documentation, as determined by the Board to be the number of Shares to which such Synthetic
Long Position relates.

 

“Deposit Agreement” shall mean
that certain deposit agreement dated May 16, 2019, among the Company, The Bank of New York Mellon and the holders of the ADSs.

 

“Exchange Act” shall mean the
United States Securities Exchange Act of 1934, as amended from time to time.

 

“Exchange Time” shall mean the
time at which the right to exercise the Rights shall terminate pursuant to ‎Section 3.01(c).

 

    4

     

    

 

“Exempt Person” shall mean the
Company or any Subsidiary of the Company (in each case including, without limitation, in any fiduciary capacity), any employee benefit
plan of the Company or of any Subsidiary of the Company or any entity or trustee holding Shares for or pursuant to the terms of any such
plan or for the purpose of funding any such plan or other benefits for employees of the Company or of any Subsidiary of the Company.

 

“Exercise
Price” shall mean, as of any date, the price at which a holder may purchase the securities issuable upon exercise of one whole
Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall equal (i) US$5.50
for each Class A Right and (ii) US$5.50
for each Class B Right, as applicable.

 

“Expiration Time” shall mean
the earliest of (i) the Exchange Time, (ii) the Redemption Time, (iii) the Close of Business on the third anniversary of
the date of this Agreement, unless, for purposes of this clause (iii), extended by action of the Board (in which case the applicable time
shall be the time to which it has been so extended) and (iv) the closing of a consolidation, merger, scheme of arrangement or statutory
share exchange involving the Company which does not constitute a Flip-over Transaction or Event in which the Shares are cancelled or converted
into, or into the right to receive, another security, cash or other consideration, and which shall be pursuant to a merger or other acquisition
agreement between the Company and any Person that has been approved by the Board prior to any Person becoming an Acquiring Person.

 

“Flip-in Date” shall mean any
Share Acquisition Date or such later date and time as the Board may from time to time fix by resolution adopted prior to the Flip-in Date
that would otherwise have occurred.

 

“Flip-over Entity”, for purposes
of ‎Section 3.02, shall mean (i) in the case of a Flip-over Transaction or Event described in clause (i) of the definition
thereof, the Person issuing any securities into or for which Shares are being converted, cancelled or exchanged and, if no such securities
are being issued, the other Person that is a party to such Flip-over Transaction or Event and (ii) in the case of a Flip-over Transaction
or Event referenced in clause (ii) of the definition thereof, the Person receiving the greatest portion of the (A) assets or,
if (A) is not readily determinable, (B) operating income or cash flow being transferred in such Flip-over Transaction or Event,
provided in all cases if such Person is a Subsidiary of another Person, the ultimate parent entity of such Person shall be deemed to be
the Flip-over Entity.

 

“Flip-over Stock” shall mean
the capital stock (or similar equity interest) with the greatest Voting Power in respect of the election of directors (or other Persons
similarly responsible for the direction of the business and affairs) of the Flip-over Entity.

 

“Flip-over Transaction or Event”
shall mean a transaction or series of transactions, on or after a Flip-in Date, in which, directly or indirectly, (i) the Company
shall consolidate or merge or participate in a scheme of arrangement or statutory share exchange with any other Person or (ii) the
Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer) assets (A) aggregating
more than 50% of the assets (measured by either book value or fair market value) or (B) generating more than 50% of the operating
income or cash flow, of the Company and its Subsidiaries (taken as a whole) to any Person (other than the Company or one or more of its
wholly owned Subsidiaries) or to two or more such Persons that are Affiliates or Associates or otherwise acting, directly or indirectly,
in cooperation or collaboration with each other.

 

    5

     

    

 

“Investment Agreement” shall
mean that certain investment agreement, dated as of April 15, 2021, by and among the Company, Cannonball Limited, a Cayman Islands
exempted company and Joy Capital II, L.P., a Cayman Islands exempted limited partnership.

 

“Market Price” per share
of any securities on any date shall mean the average of the daily closing prices per share of such securities (determined as
described below) on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such date; provided, however,
that if any event described in ‎Section 2.04, or any analogous event, shall have caused the closing prices used to
determine the Market Price on any Trading Days during such period of 20 Trading Days not to be fully comparable with the closing
price on such date, each such closing price so used shall be appropriately adjusted by the Board in order to make it fully
comparable with the closing price on such date. The closing price per share of any securities on any date shall be the last reported
sale price, regular way, or, in case no such sale takes place or is quoted on such date, the average of the closing bid and asked
prices, regular way, for each share of such securities, in either case as reported in the principal consolidated transaction
reporting system with respect to securities listed on the NYSE or, if the securities are not listed on the NYSE, as reported on
NASDAQ or, if the securities are not listed on NASDAQ, as reported in the principal consolidated transaction reporting system with
respect to the principal national securities exchange on which the securities are listed or admitted to trading or, if the
securities are not listed or admitted to trading on any national securities exchange, as reported by such other quotation system
then in use or, if on any such date the securities are not listed or admitted to trading on any national securities exchange or
quoted by any such quotation system, the average of the closing bid and asked prices in the over-the-counter market as furnished by
a professional market maker making a market in the securities selected by the Board; provided, however, that if on any
such date the securities are not listed or admitted to trading on a national securities exchange or traded in the over-the-counter
market, the closing price per share of such securities on such date shall mean the fair value per share of such securities on such
date as determined in good faith by the Board, after consultation with a nationally recognized investment banking firm, and set
forth in a certificate delivered to the Rights Agent. For purpose of determining the Market Price of the Class B Ordinary
Shares, the Market Price for each Class B Ordinary Share on any date shall conclusively deemed to be the Market Price for each
Class A Ordinary Share on such date as determined pursuant to the foregoing clauses (appropriately adjusted by the Board to
reflect any event described in ‎Section 2.04 or any analogous event occurring after the date hereof.

 

“NYSE” shall mean the New York
Stock Exchange Inc.

 

“Ordinary Shares” shall mean
the Class A Ordinary Shares and the Class B Ordinary Shares.

 

“Person” shall mean any individual,
firm, partnership, limited liability company, trust, association, group (as such term is used in Rule 13d-5 under the Exchange Act,
as such Rule is in effect on the date of this Agreement), corporation or other entity.

 

    6

     

    

 

“Redemption Price” shall mean,
as applicable, an amount equal to (i) US$0.001 per Class A Right and (ii) US$0.001 per Class B Right, in each case,
rounded up to the nearest whole US$0.01 in the case of any holder whose holdings are not in a multiple of ten.

 

“Redemption Time” shall mean
the time at which the right to exercise the Rights shall terminate pursuant to ‎Section 5.01.

 

“Separation Time” shall mean
the next Business Day following the earlier of (i) the tenth Business Day (or such later date as the Board may from time to time
fix by resolution adopted prior to the Separation Time that otherwise would have occurred) after the date on which any Person commences
a tender or exchange offer that, if consummated, would result in such Person becoming an Acquiring Person and (ii) the tenth day
after the date of the first event causing a Flip-in Date to occur; provided, that if the foregoing results in the Separation Time
being prior to the Record Time, the Separation Time shall be the Record Time and provided further, that if any offer referenced
in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without the purchase
of any Shares pursuant thereto, such offer shall be deemed, for purposes of this paragraph, never to have been made.

 

“Share Acquisition Date” shall
mean the earlier of (i) the date of the first public announcement (which for purposes of this definition shall include, without limitation,
the issuance of a press release or the filing of a publicly-available report or other document with the Securities and Exchange Commission
or any other governmental agency) by the Company or an Acquiring Person that an Acquiring Person has become such or (ii) the date
on which any Acquiring Person becomes the Beneficial Owner of more than 50% of the outstanding Shares or more than 50% of the Voting Power
of the Company, excluding for this purpose any shares determined to be Constructively Owned.

 

“Shares” shall mean the Ordinary
Shares and the Preferred Shares.

 

“Subsidiary” of any specified
Person shall mean any corporation or other entity of which a majority of the voting power of the equity securities or a majority of the
equity or membership interest is Beneficially Owned, directly or indirectly, by such Person.

 

“Synthetic Long Position” shall
mean any option, warrant, convertible security, stock appreciation right swap agreement or other security, contract right or derivative
position, whether or not presently exercisable, that has an exercise or conversion privilege or a settlement payment or other mechanism
at a price related to the value of Shares or a value determined in whole or part with reference to, or derived in whole or in part from,
the value of Shares and that increases in value as the value of Shares increases or that provides to the holder an opportunity, directly
or indirectly, to profit or share in any profit derived from any increase in the value of Shares, in any case without regard to whether
(i) such derivative conveys any voting rights in such securities to such Person or any of such Person’s Affiliates or Associates,
(ii) such derivative is required to be, or capable of being, settled through delivery of such securities or (iii) such Person
or any of such Person’s Affiliates or Associates may have entered into other transactions that hedge the economic effect of such
derivative. A Synthetic Long Position shall not include any interests, rights, options or other securities set forth in Rule 16a-1(c)(1)-(5) or
(7) promulgated pursuant to the Exchange Act.

 

“Trading Day”, when used with
respect to any securities, shall mean a day on which the principal national securities exchange or over-the-counter market on which the
Shares (including Shares represented by ADS) are listed or admitted to trading is open for the transaction of business or, if the Shares
(including Shares represented by ADS) are not listed or admitted to trading on any national securities exchange or over-the-counter market,
a Business Day.

 

    7

     

    

 

 

“Voting Power” shall mean the
voting power of all securities of the Company then outstanding and generally entitled to vote for the election of directors of the Company.

 

(b)            Each
of the following terms is defined in the Section set forth opposite such term:

 

	
    Term

     
	Section
	Agreement	Preamble
	Board	Recitals
	Class A Ordinary Shares	Recitals
	Class A Rights	Recitals
	Class B Ordinary Shares	Recitals
	Class B Rights	Recitals
	Company	Preamble
	Election to Exercise	‎Section 2.03(d)
	Exchange Ratio	‎Section 3.01(c)
	Expansion Factor	‎Section 2.04(a)
	Grandfathered Person	‎Section 1.01(a)
	Liquidating Subsidiary	‎Section 1.01(a)
	Liquidation Amendment Event	‎Section 1.01(a)
	Liquidation Termination Event	‎Section 1.01(a)
	Parties	Recitals
	Preferred Shares	Recitals
	Record Time	Recitals
	Rights	Recitals
	Rights Agent	Preamble
	Rights Certificate	‎Section 2.03(c)
	Rights Register	‎Section 2.07(a)
	Trading Regulation	‎Section 2.03(c)
	Trust	‎Section 3.01(c)
	Trust Agreement	‎Section 3.01(c)

 

Article 2

The Rights

 

Section 2.01.     Summary
of Rights. As soon as practicable after the Record Time, the Company will mail a letter summarizing the terms of the Rights to each
registered holder of Shares as of the Record Time, at such holder’s address as shown in the register of members of the Company.

 

    8

     

    

 

Section 2.02.     Legend.
(a)(i) Certificates for the Shares or, if a certificate has not been issued, the registration of the issue of Shares in the register
of members of the Company, issued on or after the Record Time but prior to the Separation Time, shall evidence (i) one Class A
Right for each Class A Ordinary Share and Preferred Share represented thereby and (ii) one Class B Right for each Class B
Ordinary Share represented thereby, and the Company shall mail to every Person that acquires Shares after the Record Time, but prior to
the Separation Time, either certificates for such Shares or a confirmation of the registration of such Shares in the register of members
of the Company, which certificates or confirmation shall have impressed on, printed on, written on or otherwise affixed to them a legend
substantially in the following form:

 

Until the Separation Time (as defined in the Rights
Agreement referred to below), this also evidences and entitles the registered holder hereof to certain Rights as set forth in a
Rights Agreement, dated as of October 14, 2021 (as such may be amended from time to time, the “Rights
Agreement”), between Luckin Coffee Inc. (the “Company”) and American Stock Transfer & Trust
Company, LLC , as Rights Agent (or any successor Rights Agent), the terms of which are hereby incorporated herein by reference and a
copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights
Agreement, such Rights may be redeemed or repurchased, may become exercisable for securities of the Company or securities of another
entity, may be exchanged for securities of the Company as specified in the Rights Agreement, may expire, may become null and void
(including if they are “Beneficially Owned” by an “Acquiring Person” or an Affiliate or
Associate thereof, as such terms are defined in the Rights Agreement, or by any transferee of any of the foregoing) or may be
evidenced by separate certificates and may no longer be evidenced hereby. The Company will mail or arrange for the mailing of a copy
of the Rights Agreement to the holder hereof without charge after the receipt of a written request therefor.

 

Certificates representing Shares that are issued and outstanding at
the Record Time (or confirmation of the registration of issue of the Shares in the register of members with respect to uncertificated
shares), together with the letter mailed pursuant to ‎Section 2.01, shall evidence one Class A Right for each Class A
Ordinary Share and Preferred Share evidenced thereby and one Class B Right for each Class B Ordinary Share evidenced thereby
notwithstanding the absence of the foregoing legend.

 

(b)            The
Company shall mail or arrange for the mailing of a copy of this Agreement to any Person that holds Shares, as evidenced by the registration
of the Shares in the name of such Person in the register of members of the Company, without charge after the receipt of a written request
therefor.

 

(c)            In
case the holder of any Class B Ordinary Shares or Preferred Shares, following the Record Time, convert any Class B Ordinary
Shares or Preferred Shares into Class A Ordinary Shares, any Rights attached to such Class B Ordinary Shares or Preferred Shares,
as applicable, shall be deemed cancelled and retired and may not be exercised. For the avoidance of doubt, except as otherwise provided
herein, one Class A Right shall automatically attach to each Class A Ordinary Shares issued pursuant to a conversion of such
Class B Ordinary Shares or Preferred Shares after the Record Time but prior to the Separation Time in accordance with the terms of
this Agreement. Any Rights Certificates representing the Rights deemed cancelled and retired pursuant to this ‎Section 2.02(c) shall
also be cancelled and new Rights Certificates shall be issued evidencing the new Class A Rights attaching to the Class A Ordinary
Shares in connection with a conversion of the Class B Ordinary Shares or the Preferred Shares.

 

    9

     

    

 

Section 2.03.     Exercise
of Rights; Separation of Rights. (a) Subject to Sections ‎3.01, ‎5.01 and ‎5.10 and subject
to adjustment as herein set forth, (i) each Class A Right will entitle the holder thereof, at or after the Separation Time and
prior to the Expiration Time, to purchase, for the applicable Exercise Price, one Class A Ordinary Share and (ii) each Class B
Right will entitle the holder thereof, at or after the Separation Time and prior to the Expiration Time, to purchase, for the applicable
Exercise Price, one Class B Ordinary Share.

 

(b)            Until
the Separation Time, (i) no Right may be exercised and (ii) (A) each Class A Right will be evidenced by the
certificate for the associated Class A Ordinary Share or Preferred Share (or, if the Class A Ordinary Shares or the
Preferred Shares shall be uncertificated, by the registration of the issue of associated Class A Ordinary Shares or the
Preferred Shares in the register of members of the Company and any confirmation thereof provided for in ‎Section 2.02),
(B) each Class B Right will be evidenced by the certificate for the associated Class B Ordinary Share (or, if
the Class B Ordinary Shares shall be uncertificated, by the registration of the issue of associated Class B Ordinary
Shares in the register of members of the Company and any confirmation thereof provided for in ‎Section 2.02), in
each case, together, in the case of shares acquired prior to the Record Time, with the letter mailed to the registered holder
thereof pursuant to ‎Section 2.01, and will be transferable only together with, and will be transferred by a
transfer (whether with or without such letter or confirmation) of, such associated Share.

 

(c)            Subject
to the terms and conditions hereof, at or after the Separation Time and prior to the Expiration Time, (i) the Rights may be exercised
pursuant to ‎Section 2.03(d) below, (ii) the Rights will be transferred independent of Shares and (iii) the
Rights Agent will promptly, at the Company’s expense, if requested by the Company and provided with all necessary documentation
and information (in the reasonable discretion of the Rights Agent), mail to each registered holder of Shares (provided that the
Board has not elected to exchange all of the then outstanding Rights pursuant to ‎Section 3.01(c)) as of the Separation
Time (other than any Person whose Rights have become null and void pursuant to ‎Section 3.01(b)), at such holder’s
address as shown by the records of the Company (the Company hereby agreeing to furnish copies of such records to the Rights Agent for
this purpose) or the transfer agent or registrar for the Shares, (x) a certificate (a “Rights Certificate”) in
substantially the form of Exhibit A hereto appropriately completed, representing the number of Rights held by such holder at the
Separation Time and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as
the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement and as do not affect the rights, liabilities,
responsibilities or duties of the Rights Agent, or as may be required to comply with any law, rule or regulation or with any rule or
regulation of any national securities exchange or quotation system on which the Rights may from time to time be listed or traded (“Trading
Regulation”), or to conform to usage, and (y) a disclosure statement describing the Rights. Receipt of a Rights Certificate
by any Person shall not preclude a later determination that such Rights are null and void pursuant to ‎Section 3.01(b).
The Company may implement such procedures as it deems appropriate, in its sole discretion, to minimize the possibility that Rights are
received by Persons with respect to whom Rights would be null and void under ‎Section 3.01(b).

 

(d)            Subject
to the terms and conditions hereof, Rights may be exercised on any Business Day at or after the Separation Time and prior to the Expiration
Time by submitting to the Rights Agent the Rights Certificate evidencing such Rights with an Election to Exercise (an “Election
to Exercise”) substantially in the form attached to the Rights Certificate duly executed and properly completed, accompanied
by payment in cash, or by certified or official bank check or money order payable to the order of the Company, of a sum equal to the applicable
Exercise Price multiplied by the number of Rights being exercised and a sum sufficient to cover any tax or charge that may be payable
in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates (or,
if uncertificated, the registration on the share transfer books of the Company) for shares or depositary receipts (or both) in a name
other than that of the holder of the Rights being exercised.

 

(e)            Upon
receipt of a Rights Certificate, with a properly completed and duly executed Election to Exercise accompanied by payment as set forth
in ‎Section 2.03(d), and subject to the terms and conditions hereof, the Rights Agent will thereupon promptly (i)(A) requisition
from a transfer agent share certificates evidencing such number of shares or other securities to be purchased or, in the case of uncertificated
shares or other securities, requisition from a transfer agent a notice setting forth such number of shares or other securities to be purchased
for which registration will be made in the register of members of the Company (the Company hereby irrevocably authorizing its transfer
agents to comply with all such requisitions) and (B) if the Company elects pursuant to ‎Section 5.05 not to issue
certificates (or effect registrations in the register of members of the Company) representing fractional shares, requisition from the
depositary selected by the Company depositary receipts representing the fractional shares to be purchased (the Company hereby irrevocably
authorizes each such depositary agent to comply with such requisitions) or, when necessary to comply with this Agreement, requisition
from the Company the amount of cash to be paid in lieu of fractional shares in accordance with ‎Section 5.05 and (ii) after
receipt of such certificates, depositary receipts, notices and/or, when necessary to comply with this Rights Agreement, cash, cause the
same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered (in the case of certificates,
depositary receipts or notices) in such name or names as may be designated by such holder.

 

    10

     

    

 

(f)            In
case the holder of any Rights shall exercise less than all of the Rights evidenced by such holder’s Rights Certificate, a new Rights
Certificate evidencing the Rights remaining unexercised will be issued by the Rights Agent to such holder or to such holder’s duly
authorized assigns.

 

(g)            The
Company covenants and agrees that it will (i) take all such action as may be necessary to ensure that all shares delivered (or evidenced
by registration in the register of members of the Company) upon exercise of Rights shall, at the time of delivery of the certificates
(or registration) for such shares (subject to payment of the applicable Exercise Price), be duly and validly authorized, executed, issued
and delivered (or registered) and fully paid and nonassessable; (ii) take all such action as may be necessary to comply with any
applicable requirements of the United States Securities Act of 1933, as amended from time to time or the Exchange Act, and the rules and
regulations thereunder, and any other applicable law, rule or regulation, in connection with the issuance of any shares upon exercise
of Rights and (iii) pay when due and payable any and all federal and state taxes and charges that may be payable in respect of the
original issuance or delivery of the Rights Certificates or of any shares issued upon the exercise of Rights, provided, that the Company
shall not be required to pay any tax or charge that may be payable in respect of any transfer involved in the transfer or delivery of
Rights Certificates or the issuance or delivery of certificates (or the registration) for shares in a name other than that of the registered
holder of the Rights being transferred or exercised.

 

(h)            Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with
respect to the exercise or assignment of a Rights Certificate unless the registered holder of such Rights Certificate shall have
(i) properly completed and duly signed the certificate following the form of assignment or the form of election to exercise, as
applicable, set forth on the reverse side of the Rights Certificate surrendered for such exercise or assignment, (ii) provided
such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced
thereby, and the Affiliates and Associates of such Beneficial Owner or former Beneficial Owner, as the Company or the Rights Agent
may reasonably request and (iii) paid a sum sufficient to cover any tax or charge that may be imposed as required under ‎Section 2.03(d).

 

Section 2.04.     Adjustments
to Exercise Price; Number of Rights. (a) In the event the Company shall at any time after the Record Time and prior to the Separation
Time (i) declare or pay a dividend on any kind of Shares payable in such kind of Shares, (ii) subdivide any kind of outstanding
Shares or (iii) combine any kind of outstanding Shares into a smaller number of such kind of Shares, (x) the applicable Exercise
Price in effect after such adjustment will be equal to such Exercise Price in effect immediately prior to such adjustment divided by the
number of such Shares including any fractional shares in lieu of which such holder received cash (the “Expansion Factor”)
that a holder of one such Share immediately prior to such dividend, subdivision or combination would hold thereafter as a result thereof
and (y) each Class A Right or Class B Right, as applicable, held prior to such adjustment will become that number of Class A
Rights or Class B Rights, as applicable, equal to the Expansion Factor, and the adjusted number of Class A Rights or Class B
Rights, as applicable, will be deemed to be distributed among such Shares with respect to which the original Class A Rights or Class B
Rights, as applicable, were associated (if they remain outstanding) and the shares issued in respect of such dividend, subdivision or
combination, so that each such Share will have exactly one Class A Right or Class B Rights, as applicable, associated with it.
Each adjustment made pursuant to this paragraph shall be made as of the payment or effective date for the applicable dividend, subdivision
or combination.

 

In the event that the Company shall at any time
after the Record Time and prior to the Separation Time issue any Shares otherwise than in a transaction referenced in the preceding paragraph,
each Class A Ordinary Share and Preferred Share so issued (other than any Class A Ordinary Shares issued upon the exercise or
exchange of any Right) shall automatically have one new Class A Right associated with it and each Class B Ordinary Share so
issued (other than any Class B Ordinary Shares issued upon the exercise or exchange of any Right) shall automatically have one new
Class B Right associated with it, which Right in each case shall be evidenced by the certificate representing such Share (or, if
the Share shall be uncertificated, such Right shall be evidenced by the registration of the issue of such Share in the register of members
of the Company and the confirmation thereof provided for in ‎Section 2.02). Rights shall be issued by the Company in respect
of Shares that are issued or sold by the Company after the Separation Time only to the extent provided in ‎Section 5.03.

 

    11

     

    

 

(b)            In
the event that the Company shall at any time after the Record Time and prior to the Separation Time issue or distribute any
securities or assets in respect of, in lieu of or in exchange for Shares (other than pursuant to any non-extraordinary periodic cash
dividend or a dividend paid solely in Shares) whether by dividend, in a reclassification or recapitalization (including any such
transaction involving a merger, consolidation, scheme or arrangement or statutory share exchange), or otherwise, the Company shall
make such adjustments, if any, in the applicable Exercise Price, number of Rights and/or securities or other property purchasable
upon exercise of Rights as the Board, in its sole discretion, may deem to be appropriate under the circumstances, and the
Company and the Rights Agent shall amend this Agreement as necessary to provide for such adjustments.

 

(c)            Each
adjustment to the Exercise Price made pursuant to this ‎Section 2.04 shall be calculated to the nearest cent. Whenever
an adjustment to the Exercise Price is made pursuant to this ‎Section 2.04, the Company shall (i) promptly prepare
a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment and (ii) promptly file
with the Rights Agent and with each transfer agent for the applicable Shares a copy of such certificate. The Rights Agent shall be fully
protected in relying on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability
with respect to, and shall not be deemed to have knowledge of, any adjustment or any such event unless and until it shall have received
such a certificate.

 

(d)            Rights
Certificates shall represent the right to purchase the securities purchasable under the terms of this Agreement, including any adjustment
or change in the securities purchasable upon exercise of the Rights, even though such certificates may continue to express the securities
purchasable at the time of issuance of the initial Rights Certificates.

 

Section 2.05.     Date
on Which Exercise is Effective. Each Person whose name is registered in the register of members of the Company upon the exercise of
Rights shall for all purposes be deemed to have become the registered holder of record of the shares represented thereby at the Close
of Business on the Business Day upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise
Price for such Rights (and any applicable taxes and other charges payable by the exercising holder hereunder) was made; provided,
however, that if the date of such surrender and payment is a date upon which the register of members of the Company is closed or
there is any delay in updating the register of members of the Company, such Person shall be deemed to have become the registered holder
of such shares on, and such registration shall be dated, the next succeeding Business Day on which the register of members of the Company
is open or updated (as the case may be).

 

Section 2.06.     Execution,
Authentication, Delivery and Dating of Rights Certificates. (a) The Rights Certificates shall be executed on behalf of the Company
by its Chairman of the Board, Chief Executive Officer or Chief Financial Officer. The signature of any of these officers on the Rights
Certificates may be manual or facsimile.

 

Rights Certificates bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the countersignature and delivery of such Rights Certificates.

 

Promptly after the Separation Time, the
Company will notify the Rights Agent in writing of such Separation Time (and if such notification is given orally, the Company shall
confirm the same in writing on or prior to the Business Day next following) and will deliver Rights Certificates executed by the
Company to the Rights Agent for countersignature, and, subject to Sections ‎2.03(c) and ‎3.01(b), the Rights Agent
shall manually or by facsimile countersign and deliver such Rights Certificates to the holders of the Rights pursuant to
 ‎Section 2.03(c). Until the written notice provided for in this ‎Section 2.06 is received by the Rights Agent,
the Rights Agent may presume conclusively for all purposes that the Separation Time has not occurred. No Rights Certificate shall be
valid for any purpose unless manually or by facsimile countersigned by the Rights Agent.

 

In case any authorized signatory of the Rights
Agent who has countersigned any of the Rights Certificates ceases to be an authorized signatory of the Rights Agent before issuance and
delivery by the Company, such Rights Certificates, nevertheless, may be issued and delivered by the Company with the same force and effect
as though the person who countersigned such Rights Certificates had not ceased to be an authorized signatory of the Rights Agent; and
any Rights Certificates may be countersigned on behalf of the Rights Agent by any person who, at the actual date of the countersignature
of such Rights Certificate, is properly authorized to countersign such Rights Certificate, although at the date of the execution of this
Agreement any such person was not so authorized.

 

(b)            Each
Rights Certificate shall be dated the date of countersignature thereof.

 

    12

     

    

 

Section 2.07.     Registration,
Registration of Transfer and Exchange. (a) After the Separation Time, the Company will cause to be kept a register (the “Rights
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company will provide for the registration
and transfer of Rights. The Rights Agent is hereby appointed “Rights Registrar” for the purpose of maintaining the Rights
Register for the Company and registering Rights and transfers of Rights after the Separation Time as herein provided. In the event that
the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have the right to examine the Rights Register at all reasonable
times after the Separation Time.

 

After the Separation Time and prior to the Expiration
Time, upon surrender for registration of transfer or exchange of any Rights Certificate, and subject to the provisions of ‎Section 2.07(c) and
 ‎(d), the Company will execute, and the Rights Agent will countersign and, if requested by the Company and provided with all necessary
information, deliver, in the name of the holder or the designated transferee or transferees, as required pursuant to the holder’s
instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificate so surrendered.

 

(b)            Except
as otherwise provided in ‎Section 3.01(b), all Rights issued upon any registration of transfer or exchange of Rights
Certificates shall be the valid obligations of the Company, and such Rights shall be entitled to the same benefits under this Agreement
as the Rights surrendered upon such registration of transfer or exchange.

 

(c)            Every
Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company or the Rights Agent, as the case may be, duly executed by the
holder thereof or such holder’s attorney duly authorized in writing. As a condition to the issuance of any new Rights
Certificate under this ‎Section 2.07, the Company may require the payment of a sum sufficient to cover any tax or
other charge that may be imposed in relation thereto.

 

(d)            The
Company shall not register the transfer or exchange of any Rights that have become null and void under ‎Section 3.01(b),
been exchanged under ‎Section 3.01(c) or been redeemed under ‎Section 5.01.

 

Section 2.08.     Mutilated,
Destroyed, Lost and Stolen Rights Certificates.  (a) If any mutilated Rights Certificate is surrendered to the Rights Agent prior
to the Expiration Time, then, subject to Sections ‎3.01(b), ‎3.01(c) and ‎5.01, the Company
shall execute and the Rights Agent shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the same number
of Rights as did the Rights Certificate so surrendered.

 

(b)            If
there shall be delivered to the Company and the Rights Agent prior to the Expiration Time (i) evidence to their satisfaction of the
destruction, loss or theft of any Rights Certificate and (ii) such security or indemnity as may be required by them to save each
of them and any of their agents harmless, then, subject to Sections ‎3.01(b), ‎3.01(c) and ‎5.01
and in the absence of written notice to the Company or the Rights Agent that such Rights Certificate has been acquired by a bona fide
purchaser, the Company shall execute and upon its written request the Rights Agent shall countersign and, if requested by the Company
and provided with all necessary information, deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights Certificate
evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen.

 

(c)            As
a condition to the issuance of any new Rights Certificate under this ‎Section 2.08, the Company may require the payment
of a sum sufficient to cover any tax or other charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Rights Agent) connected therewith. The Rights Agent shall have no duty or obligation to take any action under any
Section of this Agreement which requires the payment by a Rights holder of applicable taxes and/or charges unless and until it is
satisfied that all such taxes and/or charges have been paid.

 

(d)            Every
new Rights Certificate issued pursuant to this ‎Section 2.08, in lieu of any destroyed, lost or stolen Rights Certificate
shall evidence an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Rights Certificate
shall be at any time enforceable by anyone, and, subject to ‎Section 3.01(b) shall be entitled to all the benefits
of this Agreement equally and proportionately with any and all other Rights duly issued hereunder.

 

    13

     

    

 

Section 2.09.     Persons
Deemed Owners. Prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated share
certificate or confirmation of registration, if uncertificated), the Company, the Rights Agent and any agent of the Company or the
Rights Agent may deem and treat the Person in whose name such Rights Certificate (or, prior to the Separation Time, such share
certificate or confirmation, if uncertificated) is registered on the Rights Register as the absolute owner thereof and of the Rights
evidenced thereby for all purposes whatsoever, including the payment of the Redemption Price, and neither the Company nor the Rights
Agent shall be affected by any notice to the contrary. As used in this Agreement, unless the context otherwise requires, the term
 “holder” of any Rights shall mean the registered holder of such Rights (or, prior to the
Separation Time, the associated Shares).

 

Section 2.10.     Delivery
and Cancellation of Certificates. All Rights Certificates surrendered upon exercise or for registration of transfer or exchange shall,
if surrendered to any Person other than the Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly cancelled
by the Rights Agent. The Company may at any time deliver to the Rights Agent for cancellation any Rights Certificates previously countersigned
and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be
promptly cancelled by the Rights Agent. No Rights Certificates shall be countersigned in lieu of or in exchange for any Rights Certificates
cancelled as provided in this ‎Section 2.10, except as expressly permitted by this Agreement. The Rights Agent shall
destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Company.

 

Section 2.11.     Agreement
of Rights Holders. Every holder of Rights by accepting the same consents and agrees with the Company and the Rights Agent and with
every other holder of Rights that:

 

(a)            prior
to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer of, the associated Share;

 

(b)            after
the Separation Time, the Rights Certificates will be transferable only by an entry on the Rights Register as provided herein;

 

(c)            prior
to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated share certificate or share registration,
if uncertificated) for registration of transfer, the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem
and treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated share certificate or share
registration, if uncertificated) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever,
and neither the Company nor the Rights Agent shall be affected by any notice to the contrary;

 

(d)            Rights
Beneficially Owned by certain Persons will, under the circumstances set forth in ‎Section 3.01(b), become null and void;

 

(e)            this
Agreement may be supplemented or amended from time to time in accordance with its terms without consent of any holder of Rights;

 

(f)            the
Board shall have the exclusive power and authority delegated to it pursuant to ‎Section 5.13; and

 

(g)            notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right
or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent
injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative
agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting
or otherwise restraining performance of such obligation.

 

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Article 3

Adjustments to the Rights in the Event of Certain Transactions

 

Section 3.01.     Flip-in.
(a) In the event that prior to the Expiration Time a Flip-in Date shall occur, except as otherwise provided in this ‎Section 3.01,
(i) each Class A Right shall constitute the right to purchase from the Company, upon exercise thereof in accordance with the
terms hereof (but subject to ‎Section 5.10), that number of Class A Ordinary Shares having an aggregate Market
Price on the Share Acquisition Date that gave rise to the Flip-in Date equal to twice the Exercise Price for such Class A Right for
an amount in cash equal to such Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders
of the Class A Rights generally in the event that on or after such Share Acquisition Date any of the events described in Sections
‎2.04(a) or ‎(b), or any analogous event, shall have occurred with respect to the Class A Ordinary
Shares or Preferred Shares) and (ii) each Class B Right shall constitute the right to purchase from the Company, upon exercise
thereof in accordance with the terms hereof (but subject to ‎Section 5.10), that number of Class B Ordinary Shares
having an aggregate Market Price on the Share Acquisition Date that gave rise to the Flip-in Date equal to twice the Exercise Price for
such Class B Right for an amount in cash equal to such Exercise Price (such right to be appropriately adjusted in order to protect
the interests of the holders of Class B Rights generally in the event that on or after such Share Acquisition Date any of the events
described in Sections ‎2.04(a) or ‎(b), or any analogous event, shall have occurred with respect to the
Class B Ordinary Shares).

 

(b)            Notwithstanding
the foregoing, any Rights that are Beneficially Owned on the Share Acquisition Date by an Acquiring Person or an Affiliate or
Associate thereof shall become null and void and any holder of such Rights (including transferees, whether direct or indirect, of
any such Persons) shall thereafter have no right to exercise or transfer such Rights under any provision of this Agreement. If any
Rights Certificate is presented for assignment or exercise and the Person presenting the same will not properly complete the
certification set forth at the end of the form of assignment or notice of election to exercise or, if requested, will not provide
such additional evidence, including, without limitation, the identity of the Beneficial Owners and their Affiliates and Associates
(or former Beneficial Owners and their Affiliates and Associates) as the Company or the Board shall reasonably request in order to
determine if such Rights are null and void, then the Company shall be entitled conclusively to deem the Rights to be Beneficially
Owned by an Acquiring Person or an Affiliate or Associate thereof or a transferee of any of the foregoing and accordingly
deem the Rights evidenced thereby to be null and void and not transferable, exercisable or exchangeable.

 

(c)            The
Board may, at its option, at any time after a Flip-in Date and prior to the time that an Acquiring Person becomes the Beneficial
Owner of more than 50% of the outstanding Shares or more than 50% of the Voting Power of the Company, excluding for this purpose any
shares determined to be Constructively Owned, elect to exchange all (but not less than all) of the then outstanding Rights (which
shall not include Rights that have become null and void pursuant to the provisions of ‎Section 3.01(b)) for Shares
at an exchange ratio of one Class A Ordinary Share per Class A Right and one Class B Ordinary Share per
Class B Right, appropriately adjusted in order to protect the interests of holders of Rights generally in the event that after
the Separation Time any of the events described in Sections ‎2.04(a) or ‎(b), or any analogous event,
shall have occurred with respect to the Shares (such exchange ratio, as adjusted from time to time, being hereinafter referred to as
the “Exchange Ratio”).

 

Immediately upon the action of the Board
electing to exchange the Class A Rights or Class B Rights, without any further action and without any notice, the right to
exercise such Rights will terminate and each such Right (other than such Rights that have become null and void pursuant to
 ‎Section 3.01(b)), whether or not an Election to Exercise has been previously delivered, will thereafter represent only
the right to receive a number of Class A Ordinary Shares or Class B Ordinary Shares, respectively, equal to the number of
such Rights held by such holder multiplied by the Exchange Ratio. The exchange of the Class A Rights or the Class B Rights
by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may
establish. Promptly after the action of the Board electing to exchange the Class A Rights or the Class B Rights, the
Company shall give written notice thereof (specifying the steps to be taken to receive the Class A Ordinary Shares or the
Class B Ordinary Shares, as applicable, in exchange for the Class A Rights or the Class B Rights, as applicable) to
the Rights Agent and the holders of such Rights (other than such Rights that have become null and void pursuant to
 ‎Section 3.01(b)) outstanding immediately prior thereto by mailing such notice in accordance with
 ‎Section 5.09. Before effecting an exchange pursuant to this ‎Section 3.01(c), the Board may direct the
Company to enter into a Trust Agreement in such form and with such terms as the Board shall then approve (the “Trust
Agreement”). If the Board so directs, the Company shall enter into the Trust Agreement and shall issue to the trust
created by such agreement (the “Trust”) all or some (as designated by the Board) of the Class A Ordinary
Shares and Class B Ordinary Shares (or other securities) issuable pursuant to the exchange, and all or some (as designated by
the Board) holders of the Class A Rights and the Class B Rights entitled to receive shares pursuant to the exchange shall
be entitled to receive such shares (and any dividends paid or distributions made thereon after the date on which such shares are
deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust
Agreement. Prior to effecting an exchange and registering the Class A Ordinary Shares or the Class B Ordinary Shares (or
other such securities) in any Person’s name, including any nominee or transferee of a Person, the Company may require (or
cause the trustee of the Trust to require), as a condition thereof, that any holder of Rights provide evidence, including, without
limitation, the identity of the Beneficial Owners thereof and their Affiliates and Associates (or former Beneficial Owners thereof
and their Affiliates and Associates) as the Company shall reasonably request in order to determine if such Rights are null and void.
If any Person shall fail to comply with such request, the Company shall be entitled conclusively to deem the Rights formerly held by
such Person to be null and void pursuant to ‎Section 3.01(b) and not transferable or exercisable or exchangeable in
connection herewith. Any Class A Ordinary Shares, Class B Ordinary Shares or other securities issued at the direction of
the Board in connection herewith shall be validly issued, fully paid and nonassessable Class A Ordinary Shares, Class B
Ordinary Shares or of such other securities (as the case may be), and the Company shall be deemed to have received as consideration
for such issuance a benefit having a value that is at least equal to the aggregate par value of the shares so issued. Approval by
the Board of the exchange shall constitute a determination by the Board that such consideration is adequate.

 

Each Person in whose name any certificate for
shares is issued (or for whom any registration in the register of members of the Company is made) upon the exchange of Rights pursuant
to this ‎Section 3.01(c) shall for all purposes be deemed to have become the registered holder of the shares represented
thereby on, and such certificate (or registration in the register of members of the Company) shall be dated (or registered on), the date
upon which the Rights Certificate evidencing such Rights was duly exchanged or deemed exchanged by the Company and payment of any applicable
taxes and other governmental charges payable by the holder was made; provided, however, that if the date of such exchange
and payment is a date upon which the register of members of the Company is closed, such Person shall be deemed to have become the registered
holder of such shares on, and such certificate (or registration in the register of members of the Company) shall be dated (or registered
on), the next succeeding Business Day on which the register of members of the Company is open.

 

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(d)            In
the event that there shall not be sufficient treasury shares or authorized but unissued Class A Ordinary Shares or Class B
Ordinary Shares to permit the exercise in full of the Class A Rights or the Class B Rights in accordance with ‎Section 3.01
or if the Company so elects to make the exchange referenced in ‎Section 3.01(c), to permit the issuance of all
shares pursuant to the exchange, the Company shall either (i) call a meeting of shareholders seeking approval to cause
sufficient additional authorized share capital to be authorized and created (provided that if such approval is not obtained the
Company will take the action specified in clause ‎(ii) of this sentence) or (ii) take such action as shall be
necessary to ensure and provide, without exposing the directors to personal liability (as determined by the Board), as and when and
to the maximum extent permitted by applicable law and any agreements or instruments in effect prior to the time an Acquiring Person
controls the Board (and remaining in effect) to which the Company is a party, that each Right shall thereafter constitute the right
to receive, (x) in the case of any exercise in accordance with ‎Section 3.01, at the Company’s option,
either (A) in return for the applicable Exercise Price, debt or equity securities (or a combination thereof) having a fair
value equal to twice such Exercise Price, or (B) without payment of consideration (except as may be required for the valid
issuance of securities or otherwise required by applicable law), debt or equity securities (or a combination thereof) having a fair
value equal to such Exercise Price or (y) in the case of an exchange of the Class A Rights or the Class B
Rights in accordance with ‎Section 3.01(c), debt or equity securities (or a combination thereof) having a fair
value equal to the product of the Market Price of a Class A Ordinary Share or a Class B Ordinary Share, as applicable, on
the Flip-in Date times the applicable Exchange Ratio in effect on the Flip-in Date, where in any case set forth in (x) or
(y) above the fair value of such debt or equity securities shall be as determined in good faith by the Board, after
consultation with a nationally recognized investment banking firm.

 

Section 3.02.     Flip-over.
(a) Prior to the Expiration Time, the Company shall not enter into any agreement with respect to, consummate or permit to occur any
Flip-over Transaction or Event unless and until it shall have entered into a supplemental agreement with the Flip-over Entity, for the
benefit of the holders of the Rights (the terms of which shall be reflected in an amendment to this Agreement entered into with the Rights
Agent), providing that, upon consummation or occurrence of the Flip-over Transaction or Event (i) each Right shall thereafter constitute
the right to purchase from the Flip-over Entity, upon exercise thereof in accordance with the terms hereof, that number of shares of Flip-over
Stock of the Flip-over Entity having an aggregate Market Price on the date of consummation or occurrence of such Flip-over Transaction
or Event equal to twice the applicable Exercise Price for an amount in cash equal to the applicable Exercise Price (such right to be appropriately
adjusted in order to protect the interests of the holders of Rights generally in the event that after such date of consummation or occurrence
any of the events described in ‎Section 2.04 or ‎(b), or any analogous event, shall have occurred with
respect to the Flip-over Stock) and (ii) the Flip-over Entity shall thereafter be liable for, and shall assume, by virtue of such
Flip-over Transaction or Event and such supplemental agreement, all the obligations and duties of the Company pursuant to this Agreement.

 

(b)            Prior
to the Expiration Time, unless the Rights will be redeemed pursuant to ‎Section 5.01, the Company shall not enter into
any agreement with respect to, consummate or permit to occur any Flip-over Transaction or Event if (i) at the time thereof there
are any rights, warrants or securities outstanding or any other arrangements, agreements or instruments that would eliminate or otherwise
diminish in any material respect the benefits intended to be afforded by this Rights Agreement to the holders of Rights upon consummation
of such transaction, (ii) prior to, simultaneously with or immediately after such Flip-over Transaction or Event, the stockholders
of the Person who constitutes, or would constitute, the Flip-over Entity shall have received a distribution of Rights previously owned
by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization of the Flip-over Entity would preclude
or limit the exercisability of the Rights.

 

(c)            The
provisions of this ‎Section 3.02 shall apply to successive Flip-over Transactions or Events.

 

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Article 4

The Rights Agent

 

Section 4.01.     General.
(a) The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms and conditions
hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company agrees to pay to the Rights
Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, to reimburse
its reasonable expenses, counsel fees and disbursements and other disbursements incurred in the preparation, negotiation, delivery, amendment,
administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and
agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim,
demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel), that may be paid,
incurred or suffered by it without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (each as determined
by a final, non-appealable, judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by the
Rights Agent arising from or out of, directly or indirectly, any claims or liability resulting from its actions as Rights Agent pursuant
to this Agreement or in connection with the acceptance, administration, exercise and performance of its duties under this Agreement, including
the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights
hereunder. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. The provisions of
this ‎Section 4.01 and ‎Section 4.03 below shall survive the termination of this Agreement, the exercise
or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.

 

(b)            The
Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it in connection with its acceptance and administration of this Agreement or the exercise and performance of its duties
hereunder in reliance upon any certificate for securities (or registration in the register of members of the Company or rights register)
purchasable upon exercise of Rights, Rights Certificate, certificate for other securities of the Company, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document
believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons,
or upon any written instructions or statements from the Company with respect to any matter relating to its acting as Rights Agent hereunder
without further inquiry or examination on its part, or otherwise upon the advice of counsel as set forth herein. The Rights Agent shall
not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall
be fully protected and shall incur no liability for failing to take any action in connection therewith, unless and until it has received
such notice in writing.

 

Section 4.02.     Merger
or Consolidation or Change of Name of Rights Agent. (a) Any Person into which the Rights Agent or any successor Rights
Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the
Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the shareholder services business of the Rights
Agent or any successor Rights Agent, will be the successor to the Rights Agent under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for
appointment as a successor Rights Agent under the provisions of. In case at the time such successor Rights Agent succeeds to the
agency created by this Agreement any of the Rights Certificates have been countersigned but not delivered, any such successor Rights
Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in
case at that time any of the Rights Certificates have not been countersigned, any successor Rights Agent may countersign such Rights
Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases
such Rights Certificates will have the full force provided in the Rights Certificates and in this Agreement.

 

(b)            In
case at any time the name of the Rights Agent is changed and at such time any of the Rights Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned;
and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights
Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force
provided in the Rights Certificates and in this Agreement.

 

Section 4.03.     Duties
of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement (and no
implied duties or obligations) upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates,
by their acceptance thereof, shall be bound:

 

(a)            The
Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company or an employee
of the Rights Agent), and the advice or opinion of such counsel will be full and complete authorization and protection to the Rights Agent
and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in the absence
of bad faith and in accordance with such advice or opinion.

 

(b)            Whenever
in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter
(including without limitation, the identity of an Acquiring Person and the determination of the current per share market price of
any security) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by a person believed by the Rights Agent to be the Chairman of the Board, Chief Executive
Officer or Chief Financial Officer of the Company and delivered to the Rights Agent; and such certificate will be full and complete
authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for any action taken, suffered or
omitted to be taken in the absence of bad faith by it under the provisions of this Agreement in reliance upon such
certificate. The Rights Agent shall have no duty to act without such a certificate signed by an officer of the Company as set forth
in the preceding sentence.

 

(c)            The
Rights Agent will be liable to the Company and any other Person hereunder only for its own gross negligence, bad faith or willful misconduct
(each as determined by a final, non-appealable, judgment of a court of competent jurisdiction). Anything to the contrary notwithstanding,
in no event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever
(including, but not limited to, lost profits) under any provision of this Agreement, even if the Rights Agent has been advised of or has
foreseen the possibility or likelihood of such loss or damage. Any and all liability of the Rights Agent under this Agreement will be
limited to the amount of annual fees paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event
for which recovery from the Rights Agent is being sought.

 

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(d)            The
Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the certificates,
if any, for securities purchasable upon exercise of Rights or the Rights Certificates (except its countersignature thereof) or be required
to verify the same, but all such statements and recitals are and will be deemed to have been made by the Company only.

 

(e)            The
Rights Agent will not have any liability for nor be under any responsibility in respect of the legality or validity of this Agreement
or the execution and delivery hereof (except the due authorization, execution and delivery hereof by the Rights Agent) or in respect of
the validity or execution of any certificate, if any, for securities purchasable upon exercise of Rights or Rights Certificate (except
its countersignature thereof) or any modification or order of any court, tribunal, or governmental authority in connection with the foregoing;
nor will it be liable or responsible for any breach by the Company of any covenant or failure by the Company to satisfy any condition
contained in this Agreement or in any Rights Certificate; nor will it be liable or responsible for any change in the exercisability or
exchangeability of the Rights (including the Rights becoming null and void pursuant to ‎Section 3.01(b)) or any change
or adjustment in the terms of the Rights (including any adjustment required under the provisions of Sections ‎2.04, ‎3.01
or ‎3.02) or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of
facts that would require any such adjustment (except with respect to the exercise of Rights after receipt by the Rights Agent of the certificate
contemplated by ‎Section 2.04 describing any such adjustment, upon which the Rights Agent may rely); nor will it by
any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any securities purchasable
upon exercise of Rights or any Rights or as to whether any securities purchasable upon exercise of Rights will, when issued, be duly and
validly authorized, executed, issued and delivered and fully paid and nonassessable.

 

(f)            The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required or requested by the Rights Agent for the
carrying out or performing by the Rights Agent of the provisions of this Agreement, in the reasonable discretion of the Rights
Agent.

 

(g)            The
Rights Agent is hereby authorized and directed to accept advice or written instructions with respect to the performance of its duties
hereunder from any person believed by the Rights Agent to be the Chairman of the Board, Chief Executive Officer or Chief Financial Officer
of the Company, and to apply to such persons for advice or instructions in connection with its duties, and such advice or instructions
shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action
taken, suffered or omitted to be taken by it in the absence of bad faith in accordance with instruction of any such person or for any
delay while acting or while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the
most recent instructions received by any such person. In the event the Rights Agent believes any ambiguity or uncertainty exists hereunder
or in any notice, instruction, direction, request or other communication, paper or document received by the Rights Agent hereunder, the
Rights Agent may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any
way to the Company or any other Person for refraining from taking such action, if the Rights Agent shall have notified the Company promptly
of such belief in writing, and unless the Rights Agent shall receive written instructions executed by a person authorized under this ‎Section 4.03(g),
which eliminates such ambiguity or uncertainty to the satisfaction of the Rights Agent.

 

(h)            The
Rights Agent and any stockholder, member, affiliate, director, officer, employee, agent, or representative of the Rights Agent may buy,
sell or deal in shares of the Company, Rights or other securities of the Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were
not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent or any such stockholder, member, affiliate, director,
officer, employee, agent or representative from acting in any other capacity for the Company or for any other Person.

 

(i)            The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through
directors, officers or employees) or by or through its attorneys or agents, and the Rights Agent will not be answerable or accountable
for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or any other Person
resulting from any such act, omission, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct in the
selection and continued employment thereof (each as determined by a final, non-appealable, judgment of a court of competent jurisdiction).

 

(j)            No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of such
funds or adequate indemnification against such risk or liability is not assured to it. The Rights Agent shall not be required to
take any action or to follow any instruction of the Company that the Rights Agent has been advised of in writing by outside
counsel would cause the Rights Agent to take action that is illegal.

 

(k)            If,
with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form
of assignment or form of election to purchase, as the case may be, has not been properly completed or duly executed, the Rights Agent
shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company; provided,
however that the Rights Agent shall not be liable for any delays arising from the duties under this ‎Section 4.03(k).

 

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(l)            The
Rights Agent shall have no responsibility to the Company, any holders of Rights or any holders of shares of the Company for interest or
earnings on any moneys held by the Rights Agent pursuant to this Agreement.

 

(m)            The
Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event
or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in writing of such event
or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Rights Agent must,
in order to be effective, be received by the Rights Agent as specified in ‎Section 5.09, and in the absence of such
notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.

 

(n)            Notwithstanding
anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from
acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions,
interruptions or malfunctions of computer facilities, or loss of data due to power failures or mechanical difficulties with information
storage or retrieval systems, labor difficulties, war, or civil unrest.

 

Section 4.04.     Change
of Rights Agent. The Rights Agent may resign and be discharged from its duties under this Agreement upon at least 30 days’
notice (or such lesser notice as is acceptable to the Company) in writing mailed to the Company by registered or certified mail or
nationally recognized overnight courier and, in the event that the Rights Agent or one of its affiliates is not also the transfer
agent of the Company, to each transfer agent of shares of the Company known to the Rights Agent. In the event the transfer agency
relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned
automatically and be discharged from its duties as Rights Agent under this Agreement as of the effective date of such termination,
provided that if the Rights Agent is the party terminating such transfer agency relationship, its written notice of termination
shall specify that, effective as of such termination, it shall be deemed to have resigned and be discharged from its duties as
Rights Agent. If the Rights Agent is deemed to have resigned and is discharged from its duties as Rights Agent in connection with
the termination of the transfer agency relationship between the Company and the Rights Agent, the Company shall be responsible for
sending any required notice hereunder. The Company may remove the Rights Agent upon 30 days’ notice in writing, mailed to the
Rights Agent and to each transfer agent of the shares of the Company and to the holders of the Rights in accordance with ‎Section 5.09.
If the Rights Agent should resign or be removed or otherwise become incapable of acting, the Company will appoint a successor
to the Rights Agent. If the Company fails to make such appointment within a period of 30 days after such removal or the
effectiveness of such resignation or after it has been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of any Rights (which holder shall, with such notice, submit such holder’s Rights
Certificate for inspection by the Company), then the incumbent Rights Agent or any registered holder of any Rights may apply to any
court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the
Company or by such a court, shall be (a) a Person (other than a natural person) organized and doing business under the laws of
the United States or any state of the United States, in good standing, which is authorized under such laws to exercise the powers of
the Rights Agent contemplated by this Agreement and is subject to supervision or examination by federal or state authority and
which, when combined with its affiliates, has at the time of its appointment as Rights Agent a combined capital and surplus of at
least US$50,000,000 or (b) an Affiliate of a Person described in clause ‎(a) of this sentence. After
appointment, the successor Rights Agent will be vested with the same powers, rights, duties and responsibilities as if it had been
originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the
successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act
or deed necessary for the foregoing purpose, but the predecessor Rights Agent shall not be required to make any additional
expenditure or assume any additional liability in connection with the foregoing. Not later than the effective date of any such
appointment, the Company will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the shares
of the Company, and mail a notice thereof in writing to the holders of the Rights. Failure to give any notice provided for in this ‎Section 4.04,
however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be.

 

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Article 5

Miscellaneous

 

Section 5.01.     Redemption.
(a) The Board may, at its option, at any time prior to the Flip-In Date, elect to redeem all (but not less than all) the then outstanding
Rights at the Redemption Price and the Company, at its option, may pay the Redemption Price either in cash or the Class A Ordinary
Shares or other securities of the Company deemed by the Board, in the exercise of its sole discretion, to be at least equivalent in value
to the Redemption Price.

 

(b)            Immediately
upon the action of the Board electing to redeem the Rights (or, if the resolution of the Board electing to redeem the Rights states
that the redemption will not be effective until the occurrence of a specified future time or event, upon the occurrence of such
future time or event), without any further action and without any notice, the right to exercise the Rights will terminate and
each Right, whether or not previously exercised, will thereafter represent only the right to receive the Redemption Price in cash or
securities, as determined by the Board. Promptly after the Rights are redeemed, the Company shall give notice of such redemption to
the Rights Agent and the holders of the then outstanding Rights by mailing such notice in accordance with ‎Section 5.09.

 

Section 5.02.     Expiration.
The Rights and this Agreement shall expire at the Expiration Time and no Person shall have any rights pursuant to this Agreement or any
Right after the Expiration Time, except, if the Rights have been exchanged or redeemed, as provided in Sections ‎3.01 or
‎5.01, respectively.

 

Section 5.03.     Issuance
of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment
or change in the number or kind or class of shares purchasable upon exercise of Rights made in accordance with the provisions of this
Agreement. In addition, in connection with the issuance or sale of Shares by the Company following the Separation Time and prior to the
Expiration Time pursuant to the terms of securities convertible or redeemable into Shares or to options, warrants or other rights (other
than any securities issued or issuable in connection with the exercise or exchange of Rights), in each case issued or granted prior to,
and outstanding at, the Separation Time, the Company shall issue to the holders of such Shares, Rights Certificates representing the appropriate
number of Rights in connection with the issuance or sale of such Shares; provided, however, in each case, (i) no such Rights Certificate
shall be issued, if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk
of material adverse tax consequences to the Company or to the Person to whom such Rights Certificates would be issued, (ii) no such
Rights Certificates shall be issued if, and to the extent that, appropriate adjustment shall have otherwise been made in lieu of the issuance
thereof and (iii) the Company shall have no obligation to distribute Rights Certificates to any Acquiring Person or Affiliate or
Associate of an Acquiring Person or any transferee of any of the foregoing.

 

Section 5.04.     Supplements
and Amendments. The Company, with the approval or at the direction of the Board, and the Rights Agent may from time to time supplement
or amend this Agreement without the approval of any holders of Rights (i) prior to the Flip-In Date, in any respect and (ii) on
or after the Flip-in Date, to make any changes that the Company may deem necessary or desirable (x) that shall not materially adversely
affect the interests of the holders of Rights generally (other than the Acquiring Person or any Affiliate or Associate thereof), (y) in
order to cure any ambiguity or to correct or supplement any provision contained herein which may be inconsistent with any other provisions
herein or otherwise defective or (z) in order to satisfy any applicable law, rule or regulation, including any Trading Regulation
on any applicable exchange so as to allow trading of the Company’s securities thereon. The Rights Agent will duly execute and deliver
any supplement or amendment hereto requested by the Company in writing, provided, that the Company has delivered to the Rights Agent a
certificate from an appropriate officer of the Company that states that the proposed supplement or amendment complies with the terms of
this Agreement. Rights Agent agrees that time is of the essence in connection with any supplement or amendment that it is directed to
execute.

 

    20

     

    

 

Notwithstanding anything contained in this Agreement
to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that affects the Rights Agent’s
own rights, duties, obligations or immunities under this Agreement.

 

Section 5.05.     Fractional
Shares. If the Company elects not to issue certificates representing (or register in the register of members of the Company) fractional
shares upon exercise, redemption or exchange of Rights, the Company shall, in lieu thereof, in the sole discretion of the Board, either
(a) evidence such fractional shares by depositary receipts issued pursuant to an appropriate agreement between the Company and a
depositary selected by it, providing that each holder of a depositary receipt shall have all of the rights, privileges and preferences
to which such holder would be entitled as a beneficial owner of such fractional share, or (b) pay to the registered holder of such
Rights the appropriate fraction of the Market Price per share in cash. Whenever a payment for fractional shares is to be made by the Rights
Agent, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the
facts related to such payments and the prices and/or formulas utilized in calculating such payments and (ii) provide sufficient monies
to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon
such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for, fractional shares
under any Section of this Agreement relating to the payment of fractional shares unless and until the Rights Agent shall have received
such a certificate and sufficient monies.

 

Section 5.06.     Rights
of Action. Subject to the terms of this Agreement (including Sections ‎3.01(b), ‎5.10 and ‎5.13),
rights of action in respect of this Agreement, other than rights of action vested solely in the Rights Agent, the Board or the Company,
are vested in the respective holders of the Rights; and any holder of any Rights, without the consent of the Rights Agent or of the holder
of any other Rights, may, on such holder’s own behalf and for such holder’s own benefit and the benefit of other holders of
Rights, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect
of, such holder’s right to exercise such holder’s Rights in the manner provided in such holder’s Rights Certificate
and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged
that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific
performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person
subject to this Agreement.

 

Section 5.07.     Holder
of Rights Not Deemed a Shareholder. No holder, as such, of any Rights shall be entitled to vote, receive dividends or be deemed
for any purpose the holder of shares or any other securities that may at any time be issuable on the exercise of such Rights, nor
shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights, as such, any of
the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or
other actions affecting shareholders (except as provided in ‎Section 5.08), or to receive dividends or
subscription rights, or otherwise, until such Rights shall have been exercised or exchanged in accordance with the provisions
hereof.

 

    21

     

    

 

Section 5.08.     Notice
of Proposed Actions. In case the Company shall propose at or after the Separation Time and prior to the Expiration Time (i) to
effect or permit a Flip-over Transaction or Event or (ii) to effect the liquidation, dissolution or winding up of the Company, then,
in each such case, the Company shall give to the Rights Agent and to each holder of a Right, in accordance with ‎Section 5.09,
written notice of such proposed action, which shall specify the date on which such Flip-over Transaction or Event, liquidation, dissolution,
or winding up is to take place, and such notice shall be so given at least 20 Business Days prior to the date of the taking of such proposed
action.

 

Section 5.09.     Notices.
Notices or demands authorized or required by this Agreement to be given or made by the Rights Agent or by the holder of any Rights to
or on the Company shall be in writing and shall be sufficiently given or made if delivered personally, by email (which is confirmed) or
sent by nationally recognized overnight courier or first-class mail, postage prepaid, addressed (providing proof of delivery) (until another
address is filed in writing with the Rights Agent) as follows:

 

Luckin Coffee Inc.

28th Floor, Building T3, Haixi Jingu Plaza

1-3 Taibei Road

Siming District, Xiamen City, Fujian

People’s Republic of China, 361008

Attention: Reinout Schakel

Email: reinout.schakel@luckincoffee.com

 

Any notice or demand authorized or required by this Agreement to be
given or made by the Company or by the holder of any Rights to or on the Rights Agent shall be sufficiently given or made if delivered
personally, by email (which is confirmed) or sent by nationally recognized overnight courier or first-class mail, postage prepaid, addressed
(providing proof of delivery) (until another address is filed in writing with the Company) as follows:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attention: Head of Relationship Management

Email: mnespoli@astfinancial.com

 

Notices or demands authorized or required by this Agreement to be
given or made by the Company or the Rights Agent to or on the holder of any Rights shall be sufficiently given or made if delivered
or sent by nationally recognized overnight courier or by first-class mail, postage prepaid, addressed to such holder at the address
of such holder as it appears upon the registry books of the Rights Agent or, prior to the Separation Time, on the registry books of
the transfer agent for the Shares. Any notice that is sent in the manner herein provided shall be deemed given, whether or not the
holder receives the notice.

 

    22

     

    

 

Section 5.10.     Suspension
of Exercisability or Exchangeability. To the extent that the Board determines in good faith that some action will or need be taken
pursuant to, or in order to properly give effect to, Sections‎ 2.03, ‎3.01 or ‎4.04 or to comply
with federal or state securities laws or applicable Trading Regulations, the Company may suspend the exercisability or exchangeability
of the Rights for a reasonable period sufficient to allow it to take such action or comply with such laws or Trading Regulations. In the
event of any such suspension, the Company shall issue as promptly as practicable a public announcement (with prompt written notice to
the Rights Agent) stating that the exercisability or exchangeability of the Rights has been temporarily suspended. Notice thereof pursuant
to ‎Section 5.09 shall not be required. Upon such suspension, any rights of action vested in a holder of Rights shall
be similarly suspended.

 

Failure to give a notice pursuant to the provisions
of this Agreement shall not affect the validity of any action taken hereunder.

 

Section 5.11.     Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

 

Section 5.12.     Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company (including the Board),
the Rights Agent and the holders of the Rights any legal or equitable right, remedy or claim under this Agreement and this Agreement shall
be for the sole and exclusive benefit of the Company, the Rights Agent and the holders of the Rights.

 

Section 5.13.     Determination
and Actions by the Board, etc. The Board (or any duly authorized committee thereof) shall have the exclusive power and
authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board or to the Company, or
as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power to
(i) interpret the provisions of this Agreement and (ii) make all determinations and calculations deemed necessary or
advisable for the administration or implementation of this Agreement, without limitation, including the right to determine the
identity of any Acquiring Person or the Rights to be null and void pursuant to ‎Section 3.01, after taking into
account the purpose of this Agreement and the Company’s interest in maintaining an orderly trading market in the outstanding
Shares; provided, however, that nothing in this ‎Section 5.13 shall give the Board the right to modify the Rights
Agent’s rights, duties, obligations or immunities under this Agreement without the written consent of the Rights Agent. All
such actions, interpretations, calculations and determinations done or made by the Board (including by a committee of the Board to
the extent permitted by applicable law) shall, in the absence of manifest error, be final, conclusive and binding on the Company,
the Rights Agent, the holders of the Rights and all other Persons. The Rights Agent shall always be entitled to assume that
the Board acted in good faith and the Rights Agent shall be fully protected and shall incur no liability in reliance thereon.
References to any rights, obligations, powers or actions in this Agreement as being rights, obligations, powers or actions of the
 “Board” must be interpreted as references to rights, obligations, powers or actions of the Company to be exercised by
the Board on behalf of the Company.

 

    23

     

    

 

Section 5.14.     Descriptive
Headings; Section References. Descriptive headings appear herein for convenience only and shall not control or affect the meaning
or construction of any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference shall be to
a Section of this Agreement unless otherwise indicated.

 

Section 5.15.     GOVERNING
LAW; EXCLUSIVE JURISDICTION.

 

(a)            THIS
AGREEMENT, EACH RIGHT AND EACH RIGHTS CERTIFICATE ISSUED HEREUNDER SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF
DELAWARE AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE APPLICABLE TO CONTRACTS ENTERED
INTO, MADE WITHIN, AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAWS PROVISIONS
OR RULES THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

 

(b)            (i) THE
PARTIES AND EACH HOLDER OF RIGHTS HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE,
OR, IF SUCH COURT SHALL LACK SUBJECT MATTER JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OVER ANY
SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. The Parties and each holder of Rights acknowledge that the forum
designated by this paragraph ‎(b) has a reasonable relation to this Agreement, and to such Persons’ relationship
with one another.

 

(ii)            The
Parties and each holder of Rights hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter
have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in paragraph
‎(b)(i). The Parties and each holder of Rights undertake not to commence any action subject to this Agreement in any
forum other than the forum described in this paragraph ‎(b). The Parties and each holder of Rights agree that, to
the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action, or proceeding brought in
any such court shall be conclusive and binding upon such Persons.

 

Section 5.16.     Counterparts.
This Agreement may be executed in any number of counterparts (including by facsimile, PDF or other electronic means) and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same
instrument.

 

    24

     

    

 

Section 5.17.     Severability.
If any term or provision hereof or the application thereof to any circumstance shall, in any jurisdiction and to any extent, be invalid
or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability
without invalidating or rendering unenforceable the remaining terms and provisions hereof or the application of such term or provision
to circumstances other than those as to which it is held invalid or unenforceable; provided, that if any such excluded term or provision
shall adversely affect the rights, immunities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign
immediately.

 

Section 5.18.     Withholding.
In the event that the Company, the Rights Agent or their agents determine that they are obligated to withhold or deduct any tax or other
charge under any applicable law on actual or deemed payments or distributions hereunder to a holder of the Rights, Shares or other cash,
securities or other property, the Company, the Rights Agent or their agents shall be entitled, but not obligated, to (i) deduct and
withhold such amount by withholding a portion or all of the cash, securities or other property otherwise deliverable or by otherwise using
any property (including, without limitation, Rights, Shares or cash) that is owned by such holder, or (ii) in lieu of such withholding,
require any holder to make a payment to the Company, the Rights Agent or their agents, in each case in such amounts as they deem necessary
to meet their withholding obligations, and in the case of ‎(i) above, shall also be entitled, but not obligated, to
sell all or a portion of such withheld securities or other property by public or private sale in such amounts and in such manner as they
deem necessary and practicable to pay such taxes and charges.

 

    25

     

    

 

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

 

	 	LUCKIN COFFEE INC.
	 	 
	 	By:	/s/ Reinout Hendrik Schakel
	 	 	Name:	Reinout Hendrik Schakel
	 	 	Title:	Chief Financial Officer and Chief Strategy Officer

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 
	 	By:	/s/ Michael A. Nespoli
	 	 	Name:	Michael A. Nespoli
	 	 	Title:	Executive Director, Relationship Management

 

     

     

    

 

EXHIBIT A

 

FORM OF CLASS [A]/[B] RIGHTS CERTIFICATE

 

	Certificate
No.	_____________Rights

 

NOT EXERCISABLE AFTER THE EXPIRATION DATE (AS SUCH TERM IS DEFINED
IN THE RIGHTS AGREEMENT). THE RIGHTS ARE SUBJECT TO REDEMPTION OR MANDATORY EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH
IN THE RIGHTS AGREEMENT. RIGHTS BENEFICIALLY OWNED (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) BY “ACQUIRING PERSONS”
OR “AFFILIATES” OR “ASSOCIATES” THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF
ANY OF THE FOREGOING WILL BE VOID.

 

CLASS [A]/[B] RIGHTS CERTIFICATE

 

LUCKIN COFFEE INC.

 

This
certifies that , or registered assigns, is the registered holder of the number of Rights set forth above, each of which entitles the registered
holder thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of October 14, 2021 (as amended
from time to time, the “Rights Agreement”), between Luckin Coffee Inc., a Cayman Islands exempted company (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as Rights Agent (the “Rights
Agent”, which term shall include any successor Rights Agent under the Rights Agreement), to purchase from the Company at any
time after the Separation Time (as such term is defined in the Rights Agreement) and prior to the Expiration Time (as such term is defined
in the Rights Agreement), one Class [A]/[B] Ordinary Share (as defined in, and subject to adjustment as provided in, the Rights Agreement),
at the Exercise Price referred to below, upon presentation and surrender of this Rights Certificate with the Form of Election to
Exercise duly executed at the office of the Rights Agent designated for such purpose. The Exercise Price shall initially be US$5.50
per Right and shall be subject to adjustment in certain events as provided in the Rights Agreement.

 

Any Rights that are Beneficially Owned on the Share
Acquisition Date (as such term is defined in the Rights Agreement) by an Acquiring Person or an Affiliate or Associate thereof shall become
null and void and any holder of such Rights (including transferees, whether direct or indirect, of any such persons) shall thereafter
have no right to exercise or transfer such Rights under any provision of the Rights Agreement.

 

In certain circumstances described in the Rights
Agreement, the Rights evidenced hereby may entitle the registered holder thereof to purchase securities of an entity other than the Company
as provided in the Rights Agreement.

  

    A-1

     

    

 

This Rights Certificate is subject to all of the
terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference
and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights,
obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Rights Certificates. Copies of the
Rights Agreement are on file at the principal office of the Company and are available without cost upon written request.

 

This Rights Certificate, with or without other
Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another Rights
Certificate or Rights Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced
by the Rights Certificate or Rights Certificates surrendered. If this Rights Certificate shall be exercised in part, the registered holder
shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the number of whole Rights
not exercised.

 

Subject to the provisions of the Rights Agreement,
each Right evidenced by this Certificate may be (a) redeemed by the Company under certain circumstances, at its option, at a redemption
price of US$0.001 per Right or (b) exchanged by the Company under certain circumstances, at its option, for two Class [A]/[B]
Ordinary Shares per Right (or, in certain cases, other securities or assets of the Company), subject in each case to adjustment in certain
events as provided in the Rights Agreement.

 

No holder of this Rights Certificate, as such,
shall be entitled to vote or receive dividends or be deemed for any purpose the holder of any securities which may at any time be issuable
on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof,
as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Rights evidenced by this Rights Certificate shall have been exercised or exchanged as provided in the Rights Agreement.

 

This Rights Certificate shall not be valid or obligatory
for any purpose until it shall have been countersigned by the Rights Agent.

 

    A-2

     

    

 

WITNESS the facsimile signature of the proper officers
of the Company and its corporate seal.

 

Date: _________________

 

	ATTEST:	 	LUCKIN COFFEE INC.
	 	 	 
	 	 	By:	/     
	 	 	 

 

Countersigned:

 

	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 
	 	 
	By:	 	 
	 	Authorized Signature	 

 

    A-3

     

    

 

[Form of Reverse Side of Rights Certificate]

 

FORM OF
ASSIGNMENT

(To be executed by the registered holder if such

holder desires to transfer this Rights Certificate.)

 

	FOR VALUE RECEIVED ____________________________hereby sells, assigns
and transfers
	unto	                                           
	(Please print name
	 
	and address of transferee)

 

this Rights Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint __________ as attorney in fact, to transfer the within Rights Certificate
on the books of the within-named Company, with full power of substitution.

 

	Dated: ____________, ________	 
	Signature Medallion Guaranteed:	 
	 	Signature

 

(Signature must correspond to name as written upon
the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 

Signatures must be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee Medallion
program in the United States), pursuant to the Exchange Act Rule 17Ad-15. A notary is not sufficient.

 

The undersigned hereby represents, for the benefit
of all holders of Rights and Shares, that the Rights evidenced by this Rights Certificate are not, and, to the knowledge of the undersigned,
have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).

 

	 	 
	 	 
	 	Signature

 

    A-4

     

    

 

 

NOTICE

 

In the event the certification set forth above
is not properly completed in connection with a purported assignment, the Company will deem the Beneficial Owner of the Rights evidenced
by the enclosed Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement)
or a transferee of any of the foregoing and accordingly will deem the Rights evidenced by such Rights Certificate to be void and not transferable
or exercisable.

 

    A-5

     

    

 

[To be attached to each Rights Certificate]

 

FORM OF
ELECTION TO EXERCISE

(To be executed if holder desires to exercise the Rights Certificate.)

 

TO:     LUCKIN
COFFEE INC.

 

The undersigned hereby irrevocably elects to exercise
whole __________ Rights represented by the attached Rights Certificate to purchase the Class [A]/[B] Ordinary Shares issuable upon
the exercise of such Rights and requests that certificates for such shares be issued in the name of:

 

	 	 
	

                                                           

                                                          Address:
	 
	 	 
	 	 
	 	 
	 

                                                          

                                                           Social Security or Other Taxpayer Identification Number:
	 
	 	 

 

If such number of Rights shall not be all the Rights
evidenced by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be registered in the name of and delivered
to:

 

	 	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	Social Security or Other Taxpayer Identification Number:	 
	 	 

Signatures must be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee Medallion
program in the United States), pursuant to the Exchange Act Rule 17Ad-15. A notary is not sufficient.

 

    A-6

     

    

 

	Dated: ____________, ________	 
	Signature Medallion Guaranteed:	 
	 	Signature

(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 

(To be completed if true)

 

The undersigned hereby represents, for the benefit
of all holders of Rights and Shares, that the Rights evidenced by the attached Rights Certificate are not, and, to the knowledge of the
undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights
Agreement).

 

	 	 
	 	Signature

 

NOTICE

 

In the event the certification set forth above
is not properly completed in connection with a purported exercise, the Company will deem the Beneficial Owner of the Rights evidenced
by the attached Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement)
or a transferee of any of the foregoing and accordingly will deem the Rights evidenced by such Rights Certificate to be void and not transferable
or exercisable.

 

    A-7

     

    

 

IN
WITNESS WHEREOF, the undersigned have signed and attested this certificate on the _____ day of ______, _______.

 

	 	 
	 	 

 

	ATTEST:	 
	 	 
	 	 

 

    A-8

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