Document:

EX-4.3

 Exhibit 4.3 

 
  
 CLASS B SHAREHOLDERS AGREEMENT 
 dated as of December 23, 2013

 among 
 THE SHAREHOLDERS NAMED HEREIN 
 And 

AZUL S.A. 

As intervening and consenting party 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 SECTION 1.
	 	 DEFINED TERMS; RULES OF
CONSTRUCTION
	  	 	1	  
		 	1.1	  	 DEFINED TERMS
	  	 	1	  
		 	1.2	  	 RULES OF CONSTRUCTION
	  	 	5	  
			
	 SECTION 2. 
	 	 CONVERSION OF CLASS A PREFERRED SHARES
INTO CLASS B PREFERRED SHARES IN THE EVENT OF NON-CONCLUSION OF IPO
	  	 	6	  
			
	 SECTION 3.
	 	 REDEMPTION OF CLASS B PREFERRED
SHARES
	  	 	6	  
			
	 SECTION 4.
	 	 TRANSFER RESTRICTIONS; PERMITTED
TRANSFERS
	  	 	6	  
		 	4.1	  	 TRANSFER RESTRICTIONS OF CLASS B PREFERRED
SHARES AND WARRANTS
	  	 	6	  
		 	4.2	  	 PERMITTED TRANSFERS OF CLASS B PREFERRED
SHARES
	  	 	7	  
		 	4.3	  	 TRANSFER RESTRICTIONS OF PREFERRED SHARES
FOLLOWING A QUALIFIED IPO
	  	 	8	  
			
	 SECTION 5.
	 	 COMPANY FINANCIAL INFORMATION AND
REPORTING; VISITATION RIGHTS
	  	 	9	  
			
	 SECTION 6.
	 	 TAG-ALONG AND OTHER
RIGHTS
	  	 	10	  
		 	6.1	  	 TAG ALONG
	  	 	10	  
		 	6.2	  	 PREEMPTIVE RIGHTS
	  	 	11	  
		 	6.3	  	 PRIORITY IN LIQUIDATION
	  	 	11	  
			
	 SECTION 7.
	 	 MISCELLANEOUS
	  	 	12	  
		 	7.1	  	 NOTICES
	  	 	12	  
		 	7.2	  	 ASSIGNMENT
	  	 	13	  
		 	7.3	  	 ENTIRE AGREEMENT
	  	 	13	  
		 	7.4	  	 MODIFICATIONS, AMENDMENTS AND WAIVERS
	  	 	13	  
		 	7.5	  	 COUNTERPARTS
	  	 	13	  
		 	7.6	  	 GOVERNING LAW
	  	 	14	  
		 	7.7	  	 FILING AND RECORD
	  	 	14	  
		 	7.8	  	 SEVERABILITY
	  	 	14	  
		 	7.9	  	 NO PRESUMPTION
	  	 	14	  
		 	7.10	  	 NO THIRD PARTY BENEFICIARY
	  	 	14	  
		 	7.11	  	 NON-RECOURSE
	  	 	15	  
		 	7.12	  	 SPECIFIC PERFORMANCE; FURTHER ASSURANCES
	  	 	15	  
		 	7.13	  	 BUSINESS DAYS
	  	 	15	  
		 	7.14	  	 TERMINATION
	  	 	15	  

  
 -i-

 CLASS B SHAREHOLDERS AGREEMENT 

This Class B Shareholders’ Agreement dated as December 23, 2013 (this “Agreement”) is by and among each of the
Company’s Class A Shareholders, Class B Shareholders and Common Shareholders (each as defined below) identified on a signature page hereto, which together constitute all of the shareholders of the outstanding capital securities of the
Company as of the date hereof (collectively the “Shareholders”) and Azul S.A., a Brazilian corporation (sociedade anônima) (the “Company”), as a consenting and intervening party. Capitalized terms used
but not defined elsewhere herein have the meanings assigned to them in Section 1.1. 
 WHEREAS, the Company and the Class B
Shareholders desire to complete a private placement of Class B Preferred Shares and Warrants (each as defined below) to the Class B Shareholders on the date hereof, in a transaction (i) not involving a public offering in the United States,
under Section 4(a)(2) of the United States Securities Act of 1933, as amended (the “Securities Act”), and (ii) not involving a public offering in Brazil, under Brazilian Federal Law No. 6,385 and Rule
(“Instrução”) No. 400, issued by the Brazilian Securities Commission (Comissão de Valores Mobiliários) on December 29, 2003, as amended. 

WHEREAS, the Class B Shareholders have the right under the By-laws to convert their Class B Preferred Shares and Warrants into
Class A Preferred Shares (or such other class of preferred shares of the Company into which the Class A Preferred Shares may be converted or reclassified and that will be subject to a Qualified IPO, as defined herein) in accordance with
the terms of the By-Laws. 
 WHEREAS, the Shareholders deem it to be in their respective best interests to enter into this
Agreement in order to set forth certain rights of the Class B Shareholders in connection with the Class B Preferred Shares held by them and any Class A Preferred Shares received by them as a result of the mandatory conversion of any Class B
Preferred Shares (as defined below). 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 Section 1. DEFINED TERMS; RULES OF CONSTRUCTION 

1.1 DEFINED TERMS. Capitalized terms used and not otherwise defined in this Agreement
have the meanings ascribed to them below: 
 “ADSs” means the American Depositary Shares. 

“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such
particular Person, where “control” means the possession, directly or indirectly through one or more intermediaries, of the ownership of more than 50% of the voting stock of a Person, or the power to direct the management and policies of a
Person whether through the ownership of voting securities, contract or otherwise. 
 “Agreement” has the
meaning set forth in the preamble hereof. 

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

 “Brazilian GAAP” means generally accepted accounting principles in Brazil. 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which banks are authorized or
required to be closed in New York, NY, USA, São Paulo, SP, Brazil or Barueri, SP, Brazil. 
 “By-laws”
means the Company’s by-laws approved at the general shareholders’ meeting held on December 23, 2013 in the form attached as Exhibit A to the Subscription Agreement (as defined below). 

“Class A Preferred Shares” means (i) those certain shares of the class of preferred stock of the Company existing
before the date of this Agreement, as set forth on Schedule II to the Subscription Agreement; and (ii) those certain shares, if any, into which the Class B Preferred Shares (as defined below) may hereafter mandatorily or voluntarily convert
pursuant to the By-laws and in accordance with the terms and conditions of the Subscription Agreement (as defined below). 

“Class A Shareholders” means the holders of Class A Preferred Shares identified on the signature pages hereto.

 “Class B Preferred Shares” means newly issued shares of the class of preferred stock of the Company that are
being issued, subscribed and paid-in under the Subscription Agreement dated as of the date hereof and that are mandatorily or voluntarily convertible into Class A Preferred Shares pursuant to the By-laws. 

“Class B Shareholders” means the holders of Class B Preferred Shares, which represent the investors investing in the
private placement, identified on the signature pages hereto. 
 “Closing Date” means the closing of the
subscription of the Class B Preferred Shares pursuant to clause 2.2. of the Subscription Agreement. 
 “Common
Shareholders” means the holders of the Company’s common shares identified on the signature pages hereto. 

“Common Shares” means the shares of the class of common stock of the Company.  

“Company” has the meaning set forth in the preamble hereof. 

“Competitor” means (A) any entity operating in the civil aviation industry, in any of the markets in which the
Company operates; (B) any Person holding more than 10% of voting shares or securities convertible into voting shares of any entity mentioned in (A) above. 
 “Corporation Law” means Brazilian Law No. 6,404 of December 15, 1976, as amended from time to time. 

  
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 “Co-Sale Notice” has the meaning set forth in Section 6.1 hereof.

 “Creditor” means any bank, leasing company, financial institution or other entity that has extended any
credit facility or entered into any credit, leasing or other financial transaction with the Company that is due and outstanding. 
 “CVM” means the Comissão de Valores Mobiliários. 
 “Equity Securities” means any common or preferred shares, warrants or other securities convertible or exchangeable into shares issued by the Company. 

“Freely Tradable Securities” means securities that have been offered and sold in a transaction registered under the
Securities Act or may be re-sold without restriction under Rule 144 under the Securities Act. 
 “Governmental
Authority” means any United States, Brazilian or other government or political subdivision or quasi-governmental authority thereof, whether on a federal, national, state, provincial, municipal or local level and whether executive,
legislative or judicial in nature, including any agency, entity, body, authority, board, bureau, commission, court, tribunal, department, commission or other instrumentality thereof and, if relevant or appropriate, in any other country or other
jurisdiction. 
 “IFRS” means the International Financial Reporting Standards, as issued by the International
Accounting Standards Board. 
 “Initiating Shareholder” has the meaning set forth in Section 6.1 hereof.

 “Liquidation” means the liquidation, dissolution or winding up of the Company, in each case prior to the
consummation of the Company’s Qualified IPO. 
 “Mandatory Redemption” means the redemption of all but not
less than all, of the outstanding Class B Preferred Shares on not less than ten Business Days prior written notice by any holder of Class B Preferred Shares, in accordance with the terms and conditions set forth in Section 5(16) of the By-laws.

 “Notice to the Market” has the meaning set forth in Section 2 hereof. 

“Optional Redemption” means the redemption of the outstanding Class B Preferred Shares on not less than ten Business
Days prior written notice by any holder of Class B Preferred Shares, in accordance with the terms and conditions set forth in Section 5(19) of the By-laws. 
 “Permitted Transferee” has the meaning set forth in Section 4.2 hereof. 
 “Permitted Transfer” has the meaning set forth in Section 4.2 hereof. 

  
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 “Person” shall be construed as broadly as possible and shall include an
individual, a partnership (including a limited liability partnership), a corporation (including a sociedade anônima), an association, a fund, a joint stock company, a limited liability company, a trust, a joint venture, a firm, an
unincorporated association, a Governmental Authority or any other entity. 
 “Preferred Shares” means the
Company’s Class A Preferred Shares held by the Class A Shareholders and the newly issued Class A Preferred Shares into which the Class B Preferred Shares held by the Class B Shareholders will be automatically converted in the
event of a Qualified IPO or a voluntary conversion, as provided for in the By-laws, after such shares are reclassified as a single class of equity securities as a consequence of the conversion. 

“Pro Rata Share” of any Shareholder in relation to any one or more other Shareholders (such one or more other
Shareholders, the “Reference Shareholders”) means the amount, expressed as a percentage, of the proceeds to which such Shareholder is entitled in a Liquidation or Sale of the Company relative to the aggregate proceeds to which such
Shareholder, together with the Reference Shareholders, are entitled in such Liquidation or Sale of the Company. 

“Qualified IPO” means a firm commitment underwritten public offering of preferred shares or ADSs representing preferred
shares or any other equity interests of the Company under the Brazilian Federal Law No. 6,385/76 and under the Securities Act, lead-managed by an underwriter of international standing, for listing on the BM&FBOVESPA and/or on the New York
Stock Exchange. 
 “Redemption Price” means the price to be paid to the holders of Class B Preferred Shares, in
connection with either (i) a Mandatory Redemption, or (ii) an Optional Redemption, in either case, at the price and on the terms and conditions as set forth in By-laws. 

“Sale of the Company” means: (i) a merger, consolidation, amalgamation, acquisition, change of control,
reorganization or consolidation of the Company in which the Shareholders and their respective Affiliates immediately prior to such transaction or series of transactions do not own a majority of the voting power of the surviving entity or the right
to receive a majority of the proceeds in a Liquidation; (ii) a sale of equity interests in the Company or other transaction or series of transactions in which the Shareholders and their respective Affiliates immediately prior to such
transaction or series of transactions do not own a majority of the voting power of the surviving entity or the right to receive a majority of the proceeds in a Liquidation; and (iii) a sale of all or substantially all of the Company’s
assets to one or more persons or entities that are not direct or indirect wholly-owned subsidiaries of the Company or Shareholders or Affiliates of the Shareholders. 
 “Securities” mean the Class B Preferred Shares and the Warrants. 

“Securities Act” has the meaning set forth in preamble hereof. 

“Shareholder” means a holder of capital securities of the Company. 

  
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 “Stock Sale” means, prior to the date of the Company’s Qualified IPO,
any direct or indirect sale, assignment, gift, conveyance, transfer or other disposition or any pledge, hypothecation or other encumbrance, either voluntarily or involuntarily, with our without consideration, including but not limited to, fiduciary
disposition (“alienação fiduciária”), usufruct (“usufruto”), fidei commissum (“Fideicomisso”) or donation (“doção”), of the capital securities of the Company, in one
transaction or a series of transactions, which constitute a “Sale of the Company” under clauses (i) or (ii) of the definition thereof. For the purposes of this Agreement, it is understood and agreed that the issuance or sale of
an ownership interest in a Person who directly or indirectly owns capital securities of the Company shall (other than in the case of the issuance or sale of interests in an investment fund that indirectly owns capital securities of the Company that
constitute less than ten percent (10%) of the assets of such investment fund) be deemed in indirect Stock Sale by such Person of such capital securities of the Company. 
 “Subscription Agreement” means the Subscription Agreement dated as of the date of this Agreement among the Company and the Class B Shareholders, as the same may be amended from time to
time in accordance with its terms. 
 “Tag-Along Notice” has the meaning set forth in Section 6.1 hereof.

 “Third Party Purchaser” has the meaning set forth in Section 6.1 hereof.  

“Transfer” has the meaning set forth in Section 4.1 hereof. 

“Warrants” means the warrants (“bônus de subscrição”) to be issued by the Company
and subscribed by the Class B Shareholders pursuant to the Subscription Agreement and the warrants certificate. 
 1.2
RULES OF CONSTRUCTION. The term “this Agreement” means this Class B shareholders’ agreement together with all schedules and exhibits hereto, as the same may
from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The use in this Agreement of the term “including” means “including, without limitation.” The words “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any
particular section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to this Agreement, except
where otherwise stated. The title of and the section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. Where specific
language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. Unless expressly
provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be
that date of the following month or year 

  
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corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and one month following March 31 is May 1. For the
avoidance of doubt, with respect to the definition of “Qualified IPO”, this Agreement supersedes the Third Amended and Restated Shareholders Agreement dated November 20, 2012 between the Company and the shareholders named therein.

 Section 2. CONVERSION OF CLASS A PREFERRED
SHARES INTO CLASS B PREFERRED SHARES IN THE EVENT OF NON-CONCLUSION
OF IPO. The Shareholders agree to convene both a general and a special shareholders’ meeting of the Company and at such meetings vote their respective shares of capital stock to approve the conversion of the newly issued
Class A Preferred Shares held by Class B Shareholders back into Class B Preferred Shares, in case (A) the Class B Preferred Shares have been converted into Class A Preferred Shares prior to publication of the first Notice to the
Market (Aviso ao Mercado) for an IPO, pursuant to Chapter II, Article 5, Paragraphs 13 and 14 of the By-laws, and (B) the Board of Directors of the Company does not approve the sale price of the Class A Preferred Shares to be sold
in the Qualified IPO, and decides not to carry out the Qualified IPO. As a result, in case this conversion occurs, Class B Shareholders will continue to be entitled to their original rights as stated in the By-laws approved by the Class A
Shareholders and Common Shareholders in the form attached as Exhibit A to the Subscription Agreement. 
 Section 3.
REDEMPTION OF CLASS B PREFERRED SHARES. No later than the date of either (i) the Mandatory Redemption, or (ii) the Optional Redemption, as
applicable, the Shareholders shall convene a general shareholders’ meeting and at such meeting shall vote their respective shares of capital stock to approve the payment of the applicable Redemption Price against any available amounts recorded
in the reserves the Company has recorded in its last quarterly financial statements, and in case the total reserves recorded by the Company are not sufficient for the payment of the applicable Redemption Price in full, the Shareholders agree to vote
their respective shares to approve a capital reduction, in an amount which, added to the amount of reserves recorded by the company, will be sufficient to allow the full payment of the applicable Redemption Price. 

Section 4. TRANSFER RESTRICTIONS; PERMITTED
TRANSFERS. 
 4.1 TRANSFER RESTRICTIONS OF
CLASS B PREFERRED SHARES AND WARRANTS. The Class B Shareholders hereby agree that, notwithstanding anything in this Agreement to the contrary, they shall
not, directly or indirectly, voluntarily or involuntarily, sell, assign, transfer, convey, exchange, mortgage, grant a security interest or other rights, pledge or otherwise dispose of or encumber (“Transfer”) all or any portion of
the Class B Preferred Shares and Warrants held by them for the period in which the Class B Preferred Shares and Warrants are outstanding, unless such Transfers are made in accordance with the terms and conditions hereof and applicable laws;
provided, that the parties hereby acknowledge and agree that the initial purchase of the Class B Preferred Shares and Warrants via a nominee(s), shall not constitute (or be deemed to constitute) a “Transfer”. Notwithstanding anything in
this Agreement, no Transfer of Class B Preferred Shares and Warrants shall be permitted unless (a) such Transfer has received all necessary consents from Governmental Authorities; provided, that the Company agrees to provide each Shareholder
with reasonable cooperation and assistance in connection 

  
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with obtaining any such consents, and (b) if such Transfer involves a Transfer of Class B Preferred Shares and Warrants to a Person other than a Permitted Transferee, the assignee of
the Class B Preferred Shares and Warrants has agreed, in writing, to be bound to the terms hereof, under substantially the same terms as the assigning Shareholder. Any Transfer of Class B Preferred Shares and Warrants which violates the provisions
of this Agreement shall be null and void and ineffective with respect to the Class B Shareholders, their Affiliates, the Company and any third parties. The transferee of any Class B Preferred Shares and Warrants Transferred by any
Shareholder in violation of this Agreement shall not be entitled to (i) any right, title and interest in or to such Class B Preferred Shares and Warrants or (ii) any distributions in respect thereof. For the avoidance of doubt, the
Class B Shareholders may not Transfer their preemptive rights for the subscription of Class B Preferred Shares of the Company without observing the provisions of this Agreement. 

4.2 PERMITTED TRANSFERS OF CLASS B PREFERRED
SHARES. Notwithstanding the provisions of this Section 4, each Class B Shareholder may; 
 (i) at any time Transfer any or all of its Class B Preferred Shares and Warrants to any of its Affiliates; 
 (ii) at any time Transfer any or all of its Class B Preferred Shares and Warrants by, to or among any nominee(s); 
 (iii) prior to the first anniversary of the issuance of Class B Preferred Shares, transfer any or all of its Class B Preferred Shares and Warrants to any third party approved in writing by the majority of
the holders of Common Shares; provided, however, that, for purposes of this Agreement: (a) the assignee of the Class B Preferred Shares and Warrants has agreed, in writing, to be bound to the terms hereof, under the same terms as the assigning
shareholder; and (b) notice of assignment is sent to the other shareholders within a reasonable period of time following such Transfer; or 
 (iv) after the first anniversary of the issuance of Class B Preferred Shares, Transfer any or all of its Class B Preferred Shares and Warrants to any third party which is not a Competitor or a Creditor of
the Company, subject to the following: (a) notice of such Transfer is given to the Company of this Agreement fifteen (15) days prior to the Transfer; (b) the Company will only record the transfer if the Class B Shareholder provides
the Company with an opinion of counsel reasonably satisfactory to the Company as to compliance with applicable US, Brazilian and other securities laws, including in the case of US law the availability of an exemption from registration under the
United States Securities Act of 1933, as amended; and (c) the transferee is not a Competitor or a Creditor; (each transferee referred to in clauses (i) - (iv) above, a “Permitted Transferee” and such Transfer a
“Permitted Transfer”). 
 Each Class B Shareholder acknowledges and agrees that in the event it acquires the
Class B Preferred Shares and Warrants via a nominee(s) or requests the Class B Preferred Shares and Warrants be held in Brazil or otherwise via a nominee(s) or custodian(s), (i) the name of such nominee(s) or custodian(s) will be previously
disclosed to the Company in writing, and (ii) such nominee(s) or custodian(s) will have no investment discretion with respect to the Class B Preferred Shares and Warrants and such Class B Shareholder will remain the beneficial owner of the
Class B Preferred Shares and Warrants for all purposes. 

  
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 4.3 TRANSFER RESTRICTIONS OF
PREFERRED SHARES FOLLOWING A QUALIFIED IPO. 

(a) Without prejudice to the Class B Shareholders’ right to engage in Permitted Transfers, during the period starting from the
Closing Date and ending at the date that is the earlier to occur of (i) if there is no publication in Brazil of the commencement announcement of a Qualified IPO (Anúncio de Início de Distribuição
Pública or “Commencement Announcement”) by the six-month anniversary of the Closing Date, the six-month anniversary of the Closing Date, and (ii) if there is a publication in Brazil of the Commencement Announcement
by the six-month anniversary of the Closing Date, 180 days following the publication in Brazil of the Commencement Announcement, Class B Shareholders will not, without the prior written consent of Morgan Stanley & Co. LLC and Itau BBA USA
Securities, Inc. and the underwriters in such initial public offering, (i) offer, sell, contract to sell, pledge, loan, grant any option to purchase, make any short sale or otherwise directly or indirectly dispose of or grant any rights, or
file or cause to be filed a registration statement pursuant to the Securities Act or Brazilian laws, in respect of any Securities or securities convertible into or exchangeable for, or that represents the right to receive, any Securities, or enter
into a transaction which would have the same effect, (ii) enter into any swap, hedge or any other agreement that, in full or in part, transfers to the other party any economic interest related to the ownership of the Securities or any security
that may be convertible into, or exchanged by equity securities of the Company, or other right to acquire any equity securities of the Company or (iii) publicly announce the intent of performing any of the transactions above; provided that
(x) the foregoing restriction shall only apply to any initial public offering the Company may decide to pursue as contemplated above and (y) in connection with any such initial public offering, the Company, at such time and in connection
therewith, shall secure that all then existing officers and directors of the Company and holders of shares representing at least 1.0% of the Company’s voting power and/or economic value shall be required to agree to and remain bound by
restrictions no more permissive than those set forth herein starting from the date of the pricing of the initial public offering of Class A Preferred Shares of the Company and ending at the date that is 180 days following the publication in
Brazil of the commencement announcement of such Qualified IPO (Anúncio de Início de Distribuição Pública). 
 (b) Notwithstanding Section 4.3(a)(i) above, the Class B Shareholders agree that, if there is no publication in Brazil of the Commencement Announcement by the six-month anniversary of the Closing
Date, the Class B Shareholders will contractually agree at the time of any initial public offering of Class A Preferred Shares that the Company may pursue during the 15-year period following the Closing Date and in connection therewith, to be
bound by restrictions no more permissive than those set forth herein starting from the date of the pricing of such initial public offering and ending at the date that is 180 days following the publication in Brazil of the Commencement Announcement.

 (c) Notwithstanding anything herein to the contrary, no Class B Shareholder nor any of their related funds (if applicable)
shall be subject to any amendment, modification or waiver to Section 4.3(a), Section 4.3(b) or this Section 4.3(c) without the prior written consent of such 

  
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Class B Shareholder, which would require such Class B Shareholder or any of its related funds (if applicable) to be subject to the restrictions set forth in Section 4.3(a) and
Section 4.3(b): (i) in connection with any securities offerings other than the Company’s initial public offering as contemplated herein and any follow on public offerings during such period covered by the restrictions, (ii) for a
period of longer than 180 days following the publication in Brazil of the commencement announcement of any initial public offering that the Company may determine to pursue (Anúncio de Início de Distribuição
Pública), or (iii) with respect to any transfers of any shares of the Company’s capital stock acquired by any Class B Preferred Shareholder or any of their related funds (if applicable) in any public or non-public offering the
Company may determine to pursue or in any secondary or open market transactions unrelated to any such offerings, subject to such Class B Shareholder’s compliance with applicable restrictions, if any, arising under applicable law. For the
avoidance of doubt, this Section 4.3(c) shall not be deemed to afford any Class B Shareholder any right of approval to any waiver or amendment to any restrictions on sales or resales included in any underwriting agreement entered into in
connection with any possible public offering that the Company may determine to pursue. 
 (d) In furtherance of the foregoing,
each Class B Shareholder undertakes to ensure that any Securities subject to this Section 4.3 shall be held by it, and any agent acting on such Class B Shareholder’s behalf, in such a manner as to ensure compliance with the requirements
thereof, including maintaining appropriate segregation, trading holds or blocks, restricted lists, CUSIPs and other appropriate internally monitored procedures, as applicable, with respect to the Securities as compared to other securities of the
Company held by such Class B Shareholder. Nothing herein shall in any way prevent any Class B Shareholder from acquiring any securities of the Company in the Qualified IPO, any subsequent public offering or in any secondary market transactions and
such Class B Shareholder shall be permitted to sell, assign, pledge, encumber and otherwise dispose of any securities of the Company (other than those it acquired pursuant to the Subscription Agreement and any securities into which such securities
may have been converted, which shall remain subject to the requirements of this Section 4), to the extent that the sale, assignment, pledge, encumbrance or disposition of such securities is conducted in strict compliance with all applicable
laws, including the Brazilian Securities Regulation and the Securities Act. 
 Section 5. COMPANY
FINANCIAL INFORMATION AND REPORTING; VISITATION RIGHTS. 
 (i) Within ninety (90) days after the end of each fiscal year, the Company shall furnish to each Class B Shareholder the Company’s audited consolidated balance sheet as of the end of such year,
together with the Company’s audited consolidated statements of operations, shareholders’ equity and cash flows for such year (such financial statements shall be audited by an outside independent accounting firm of recognized national
standing in Brazil). 
 (ii) Within forty-five (45) days after the end of each fiscal quarter, the Company shall furnish to
each Class B Shareholder the Company’s unaudited consolidated balance sheet as of the end of such period, together with the Company’s unaudited consolidated statements of operations and cash flows for such period. 

  
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 (iii) Within thirty (30) days after the end of each calendar month, the Company shall
furnish to each Class B Shareholder the Company’s unaudited consolidated balance sheet as of the end of such period, together with the Company’s consolidated statements of operations and cash flows for such period. 

(iv) The accounting, auditing and preparation of the Company’s financial statements and other corporate documents shall be prepared
in accordance with both the Brazilian GAAP and the IFRS and all audit reports of the Company shall be prepared in accordance with Brazilian GAAP and IFRS. 
 (v) The Company shall, upon reasonable prior notice, permit authorized representatives of each Class B Shareholder to visit and inspect any of the properties of the Company including its books of account
(and to make copies thereof and take extracts therefrom), and to discuss the affairs, finances and accounts of the Company with its officers, administrative employees and independent auditors, all as often as may be reasonably requested but only
during normal business hours and without interfering with the performance of the Company’s regular activities. 

Section 6. TAG-ALONG AND OTHER
RIGHTS 
 6.1 TAG ALONG. 

(i) At least twenty (20) days prior to the consummation of any Stock Sale, the Shareholder or Shareholders initiating such
transaction (the “Initiating Shareholder”) shall deliver a written notice (the “Co-Sale Notice”) to each of the Class B Shareholders, offering the Class B Shareholders the option to participate as sellers in such
proposed Stock Sale. Such Co-Sale Notice shall identify the third party purchaser or purchasers (the “Third Party Purchaser”) and specify in reasonable detail the terms and conditions of the Stock Sale, including the price to be
paid. 
 (ii) Each Class B Shareholder may, within twenty (20) days of the giving of the Co-Sale Notice, give written
notice (a “Tag-Along Notice”) to the Initiating Shareholder stating that such Class B Shareholder wishes to participate in such proposed Stock Sale and specifying the number and type of capital securities of the Company that such
Class B Shareholders desires to include in such proposed Stock Sale. Each Class B Shareholder shall be entitled to receive its Pro Rata Share of the aggregate consideration paid by the Third Party Purchaser to all of the other Shareholders
participating in such proposed Stock Sale. In any event, the consideration to be paid by such Third Party Purchaser shall consist only of cash and Freely Tradable Securities, and to the extent such consideration consists of Freely Tradable
Securities, the fair market value of such consideration shall be the average closing price of such Freely Tradable Securities on the last three trading days before the consummation of the Stock Sale to the Third Party Purchaser. 

(iii) If none of the Class B Shareholders gives the Initiating Shareholder a timely Tag-Along Notice with respect to the Stock Sale
proposed in the Co-Sale Notice, the Initiating Shareholder may thereafter consummate the Stock Sale specified in the Co-Sale Notice on the 

  
 -10-

 
same terms and conditions set forth in the Co-Sale Notice. If one or more of the Class B Shareholders gives the Initiating Shareholder a timely Tag-Along Notice, then the Initiating Shareholders
shall use all reasonable efforts to cause the Third Party Purchaser to agree to acquire all capital securities of the Company identified in all Tag-Along Notices that are timely given to the Initiating Shareholder, upon the same terms and conditions
as applicable to the Initiating Shareholder’s Equity Securities (including, without limitation, with respect to price and form of payment, and on an as-converted-to-Class A Preferred Shares basis, if applicable). If the Third Party
Purchaser is unwilling or unable to acquire all capital securities of the Company proposed to be included in such sale upon such terms, then the Initiating Shareholder may elect either (a) to cancel such proposed Stock Sale (including any
securities to be sold by the Initiating Shareholder in connection therewith), or (b) to allocate the maximum number of capital securities of the Company that the Third Party Purchaser is willing to purchase among the Initiating Shareholder and
the Class B Shareholders giving timely Tag-Along Notices in proportion to their respective Pro Rata Shares. 
 (iv)
Notwithstanding anything to the contrary set forth herein, in no event shall any Shareholder, including the Initiating Shareholder, be permitted to make any Transfer of Equity Securities under this Section 6.1 at any time during which the
Company is engaged in a Qualified IPO process. 
 6.2 PREEMPTIVE RIGHTS.

 (i) The Company shall observe the preemptive rights of Shareholders who own shares of the Company’s capital stock under
the Corporation Law for subscription of any class of Equity Securities issued by the Company. In addition, each such Shareholder shall have a right of oversubscription such that if any other Shareholder does not oversubscribe for its pro rata
portion of any capital securities of the Company in any issuance, all of the Shareholders who have subscribed for their pro rata portion of such capital securities of the Company shall, among themselves, have the basis (based on the number of
capital securities of the Company held by each such oversubscriber at the time the issuance of such capital securities of the Company commenced for purposes of the Corporation Law) unless they shall otherwise agree among themselves. 

(ii) The preemptive rights for subscription of capital securities of the Company issued by the Company in accordance with the Corporation
Law may be assigned by any Shareholder to any Affiliate who is then a Shareholder or who shall sign a counterpart signature page to this agreement or a joinder agreement making such Person a party to this Agreement, but cannot be assigned to any
other Person that is not a Shareholder or an Affiliate thereof. 
 6.3 PRIORITY IN
LIQUIDATION. Each Class B Shareholder shall enjoy: 
  

	 	(i)	priority in a Liquidation to the return of the issuance price of the Class B Preferred Shares as set forth in the By-laws. 

 

	 	(ii)	after conversion of the Class B Preferred Shares into Class A Preferred Shares, priority in Liquidation as a holder of Class A Preferred Shares as set forth
in the By-laws. 

  
 -11-

 Section 7. MISCELLANEOUS. 

7.1 NOTICES. All notices or other communications required or permitted hereunder shall be given in
writing and given by certified or registered mail, return receipt requested, nationally recognized overnight delivery service, such as Federal Express, facsimile or e-mail (or like transmission) with confirmation of transmission by the transmitting
equipment or personal delivery against receipt to the party to whom it is given, in each case, at such party’s address, facsimile number or e-mail address set forth below or such other address, facsimile number or e-mail address as such party
may hereafter specify by notice to the other parties hereto given in accordance herewith. Any such notice or other communication shall be deemed to have been given as of the date so personally delivered or transmitted by facsimile (or, if delivered
or transmitted after normal business hours, on the next Business Day) or e-mail or like transmission, on the next Business Day when sent by overnight delivery services or five days after the date so mailed if by certified or registered mail:

  

			
	if to the Company, to:
	
	Azul S.A.
	Edifício Jatobá,
8th floor
	Avenida Marcos Penteado de Ulhôa Rodrigues, 939
	Tamboré, Barueri, SP, Brazil 06460-040
	Attention:	  	Renato Covelo
	E-mail Address: renato.covelo@voeazul.com.br
	Telephone:	  	+55 11 4134-9882
	Facsimile:	  	+55 11 4134-9890
	
	with a copy to:
	
	Shearman & Sterling LLP
	599 Lexington Avenue
	New York, NY 10022, U.S.A.
	Attention:	  	Stuart K. Fleischmann
	E-mail Address: sfleischmann@shearman.com
	Telephone:	  	+1 (212) 848-7527
	Facsimile:	  	+1 (646) 848-7527

  
 -12-

			
	
	and a copy to:
	
	Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
	Alameda Joaquim Eugênio de Lima, 447
	São Paulo, SP, Brazil, 01403-001
	Attention:	  	Jean Marcel Arakawa
	E-mail Address: jarakawa@mattosfilho.com.br
	Telephone:	  	+55 11 3147-2821
	Facsimile:	  	+55 11 3147-7770

 If to a Shareholder, to its address on a signature page hereto or, if none, in the books of the Company.

 7.2 ASSIGNMENT. This Agreement and all of the provisions hereof shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs (in the case of any individual), successors and permitted assigns; provided, however, that neither this Agreement nor any of the rights, interests or obligations
hereunder may be assigned by any Shareholder without the prior written consent of all the parties hereto; provided, further, however, that, notwithstanding the provisions of the foregoing proviso, to the extent that any
Shareholder transfers any Class B Preferred Shares and Warrants to any transferee pursuant to Section 4, such Shareholder may transfer and assign any of its rights hereunder to such transferee. Any purported assignment or delegation in
violation of this Agreement shall be null and void ab initio. 
 7.3 ENTIRE
AGREEMENT. This Agreement embodies the entire agreement and understanding of the parties and their respective Affiliates with respect to the transactions contemplated hereby and merges in, supersedes and cancels all
prior written or oral commitments, arrangements or understandings with respect thereto. There are no restrictions, agreements, promises, warranties, covenants or undertakings with respect to the transactions contemplated hereby other than those
expressly set forth in this Agreement. 
 7.4 MODIFICATIONS, AMENDMENTS AND
WAIVERS. This Agreement may not be modified or amended except by an instrument or instruments in writing that expressly states that it is modifying or amending this Agreement and that is signed by the Company and
the parties hereto. Any party hereto may, only by an instrument in writing that expressly states that it is waiving compliance with this Agreement, waive compliance by any other party or parties hereto with any term or provision hereof on the part
of such other party or parties hereto to be performed or complied with. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or
any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall
not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

7.5 COUNTERPARTS. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and each of which shall be deemed an original, and will become effective when one or more counterparts have been signed by a 

  
 -13-

 
party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed
counterparts for purposes of this Section 8.5, provided that receipt of copies of such counterparts is confirmed. 
 7.6
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF BRAZIL. 
 7.7 FILING AND RECORD. This Agreement shall be filed with the Company and recorded in its books on the date hereof, in accordance with,
and for the purposes of, Articles 40 and 118 of the Brazilian Federal Law no 6,404/76, as amended from time to time. 
 7.8
SEVERABILITY. To the fullest extent permissible under applicable law, the parties hereto hereby waive any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any
respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered or held invalid, illegal or unenforceable in any respect in any jurisdiction shall be ineffective, but such
ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such jurisdiction only as to a particular Person or Persons or under any particular circumstance or circumstances, such
provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under such particular circumstance or circumstances, as the case may be; (b) without limitation of clause (a), such
provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction shall not render invalid,
illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such ineffectiveness shall not render invalid, illegal or unenforceable this Agreement or any of the remaining provisions
hereof. 
 7.9 NO PRESUMPTION. With regard to each and every term and
condition of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or
condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party hereto actually prepared, drafted or requested any term or condition of this Agreement or any agreement or instrument subject
hereto. 
 7.10 NO THIRD PARTY BENEFICIARY.
This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement; provided, however, that any nominee(s) or custodian(s) holding Class A Preferred Shares, Class B Preferred Shares or Warrants beneficially for an Class B Shareholder may
enforce this Agreement as if it were a Shareholder. 

  
 -14-

 7.11 NON-RECOURSE. No past, present or
future director, officer, employee, incorporator, member, manager, partner, shareholder, Affiliate, agent, attorney, consultant, representative or principal of the Company or any Affiliate of the Company shall have any liability for any liabilities
of the Company under this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. 
 7.12 SPECIFIC PERFORMANCE; FURTHER ASSURANCES. Each of the parties hereto acknowledges that the others would not have an
adequate remedy at law for money damages in the event that any of the covenants or agreements set forth in this Agreement were not performed in accordance with its terms and therefore, each of the parties agrees that the others shall be entitled to
specific performance in addition to any other remedy to which it may be entitled at law or in equity (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond). In addition to and in no way limiting the
foregoing, the Company agrees to use its reasonable best efforts, within the requirements of applicable law, to ensure that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. 

7.13 BUSINESS DAYS. If any date provided for in this Agreement shall fall on a day
that is not a Business Day, the date provided for shall be deemed to refer to the next Business Day. 
 7.14
TERMINATION. This Agreement shall terminate and be of no further force or effect when the Qualified IPO is concluded, with the publication in Brazil of the public announcement of the Qualified IPO
(Anúncio de Início de Distribuição Pública). 
 [The next page is the signature page]

  
 -15-

 The parties have executed and delivered this Class B Shareholders Agreement as of the date
first written above. 
  

					
	AZUL S.A.
		
	By:	 	/s/ Renato Covelo
		 	  

		 	Name:	 	Renato Covelo
		 	Title:	 	Attorney-In-Fact

  

[Shareholder signature pages begin on the next page] 

  
 S-1

 
					
	Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund
		
	By:	 	/s/ Kenneth Robins
		 	  

		 	Name:	 	Kenneth Robins
		 	Title:	 	Treasurer

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-2

 
					
	Fidelity Securities Fund: Fidelity Blue Chip Growth Fund
		
	By:	 	/s/ Kenneth Robins
		 	  

		 	Name:	 	Kenneth Robins
		 	Title:	 	Treasurer

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-3

 
									
	MARACATU, LLC
			
	     	 	By:	 	Peterson Partners, Inc.
		 	Its:	 	Manager
				
		 		 	By	 	/s/ Daniel S. Peterson
		 		 		 	  

		 		 		 	Name:	 	Daniel S. Peterson
		 		 		 	Title:	 	President

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  

 
									
	CIA BOZANO
				
	By:	 	/s/ Sergio Eraldo de Salles Pinto	 		 	/s/ Lucianne Nigri Finkelsztain
		 	  
	 		 	  

		 	Name:	 	SERGIO ERALDO DE SALLES PINTO	 		 	Lucianne Nigri Finkelsztain
		 	Title:	 	Presidente	 		 	Diretora

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-5

 
					
	WP — NEW AIR LLC
		
	By:	 	/s/ Therese Mrozek
		 	  

		 	Name:	 	Therese Mrozek
		 	Title:	 	Authorized signatory

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-6

 
					
	AZUL HOLDCO LLC
		
	By:	 	/s/ Aryeh Davis
		 	  

		 	Name:	 	Aryeh Davis
		 	Title:	 	Authorized Signatory

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-7

 
					
	GIF MERCURY LLC
		
	By:	 	/s/ Luiz Henrique Fraga
		 	  

		 	Name:	 	Luiz Henrique Fraga
		 	Title:	 	Officer
	
	GIF II FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES
		
	By:	 	/s/ Luiz Henrique Fraga
		 	  

		 	Name:	 	Luiz Henrique Fraga
		 	Title:	 	Officer

 [Shareholder Signature Page to Class B Shareholders’ Agreement] 

 
 

 

  
 S-8

 
					
	ZDBR LLC
		
	By:	 	/s/ Kevin Cannon
		 	  

		 	Name:	 	Kevin Cannon
		 	Title:	 	CEO of Manager

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  

 
									
	KADON EMPREENDIMENTOS S.A.
				
	By:	 	/s/ Francisco José Teixeira Fernandes	 		 	/s/ Sergio Eraldo de Salles Pinto
		 	  
	 		 	  

		 	Name:	 	Francisco José Teixeira Fernandes	 		 	SERGIO ERALDO DE SALLES PINTO
		 	Title:	 	Officer	 		 	Presidente
		 	CPF 758.535.317-00	 		 	
			
	BOZANO HOLDINGS LTD.	 		 	
		
	By:	 	/s/ Sergio Eraldo de Salles Pinto
		 	  

		 	Name:	 	SERGIO ERALDO DE SALLES PINTO
		 	Title:	 	Presidente

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-10

 
	
	DAVID NEELEMAN
	
	/s/ David Neeleman
	  

	
	GIANFRANCO ZIONI BETING
	
	/s/ John Rodgerson
	  

	
	REGIS DA SILVA BRITO
	
	/s/ John Rodgerson
	  

 [Shareholder Signature Page to Class B Shareholders’ Agreement] 

 
 

 

  
 S-11

 
					
	SALEB II FOUNDER 1 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name:	 	JOHN RODGERSON
		 	Title:	 	
	
	SALEB II FOUNDER 2 LLC
		
	By:	 	/s/ Gerald B. Lee
		 	  

		 	Name:	 	GERALD B. LEE
		 	Title:	 	

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-12

 
					
	SALEB II FOUNDER 3 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name:	 	 JOHN RODGERSON

		 	Title:	 	
	
	SALEB II FOUNDER 4 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name:	 	 JOHN RODGERSON

		 	Title:	 	

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-13

 
					
	SALEB II FOUNDER 5 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name:	 	 JOHN RODGERSON

		 	Title:	 	
	
	SALEB II FOUNDER 6 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name:	 	 JOHN RODGERSON

		 	Title:	 	

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-14

 
			
	SALEB II FOUNDER 7 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:
	
	SALEB II FOUNDER 8 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-15

 
					
	SALEB II FOUNDER 9 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name:	 	JOHN RODGERSON
		 	Title:	 	
	
	SALEB II FOUNDER 10 LLC
		
	By:	 	/s/ Marlon Yahir Ramirez
		 	  

		 	Name:	 	Marlon Yahir Ramirez
		 	Title:	 	

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-16

 
			
	SALEB II FOUNDER 11 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:
	
	SALEB II FOUNDER 12 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-17

 
			
	SALEB II FOUNDER 13 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:
	
	SALEB II FOUNDER 14 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-18

 
			
	SALEB II FOUNDER 15 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:
	
	SALEB II FOUNDER 16 LLC
		
	By:	 	/s/ John Rodgerson
		 	  

		 	Name: JOHN RODGERSON
		 	Title:

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-19

 
					
	JJL BRAZIL LLC
		
	By:	 	/s/ James J. Liautaud
		 	  

		 	Name:	 	JAMES J LIAUTAUD
		 	Title:	 	MANAGER

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-20

 
					
	MORRIS AZUL LLC
		
	By:	 	/s/ June M. Morris
		 	  

		 	Name:	 	JUNE M MORRIS
		 	Title:	 	MANAGER/SHAREHOLDER

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-21

 
	
	MIGUEL DAU
	
	/s/ John Rodgerson
	  

	
	JOÃO CARLOS FERNANDES
	
	/s/ John Rodgerson
	  

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-22

 
					
	STAR SABIA LLC
		
	By:	 	/s/ Ronald Cami
		 	  

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President & Secretary

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-23

 
	
	CAROLYN TRABUCO
	
	/s/ Carolyn Trabuco
	  

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-24

 
	
	SERGIO ERALDO SALES PINTO
	
	/s/ Sergio Eraldo Sales Pinto
	  

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-25

 
					
	TRIP PARTICIPAÇÕES S.A.
		
	By:	 	/s/ Renan Chieppe
		 	  

		 	Name:	 	RENAN CHIEPPE
		 	Title:	 	DIRECTOR
		
	By:	 	/s/ Jose Mario Caprioli Santos
		 	  

		 	Name:	 	JOSE MARIO CAPRIOLI SANTOS
		 	Title:	 	
	
	TRIP INVESTIMENTOS LTDA.
		
	By:	 	/s/ Renan Chieppe
		 	  

		 	Name:	 	RENAN CHIEPPE
		 	Title:	 	DIRECTOR
		
	By:	 	/s/ Jose Mario Caprioli Santos
		 	  

		 	Name:	 	JOSE MARIO CAPRIOLI SANTOS
		 	Title:	 	
	
	RIO NOVO LOCAÇÕES LTDA.
		
	By:	 	/s/ Nilton Chieppe
		 	  

		 	Name:	 	NILTON CHIEPPE
		 	Title:	 	DIRECTOR
		
	By:	 	/s/ Decio Luiz Chieppe
		 	  

		 	Name:	 	DECIO LUIZ CHIEPPE
		 	Title:	 	DIRECTOR

  

[Shareholder Signature Page to Class B Shareholders’ Agreement] 

  
 S-26EX-4.4

 Exhibit 4.4 
 EXECUTION VERSION 
  
  

THIRD AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 among 
 AZUL S.A. 

And 

THE SHAREHOLDERS NAMED HEREIN 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 SECTION 1.
	 	 DEFINED TERMS; RULES OF
CONSTRUCTION
	  	 	2	  
		 	 1.1
	 	 DEFINED TERMS
	  	 	2	  
		 	 1.2
	 	 RULES OF CONSTRUCTION
	  	 	5	  
			
	 SECTION 2.
	 	 DEMAND REGISTRATION
	  	 	6	  
			
	 SECTION 3.
	 	 REGISTRATIONS ON FORM F-3 OR
FORM S-3
	  	 	7	  
			
	 SECTION 4.
	 	 PIGGYBACK REGISTRATION
	  	 	8	  
			
	 SECTION 5.
	 	 HOLDBACK AGREEMENT; COORDINATED TRANSFERS
	  	 	9	  
		 	 5.1
	 	 HOLDBACK
	  	 	9	  
		 	 5.2
	 	 SALES IN CERTAIN UNDERWRITTEN
OFFERINGS
	  	 	10	  
			
	 SECTION 6.
	 	 PREPARATION AND FILING
	  	 	10	  
			
	 SECTION 7.
	 	 EXPENSES
	  	 	13	  
			
	 SECTION 8.
	 	 INDEMNIFICATION
	  	 	14	  
			
	 SECTION 9.
	 	 UNDERWRITING AGREEMENT
	  	 	16	  
			
	 SECTION 10.
	 	 SUSPENSION
	  	 	17	  
			
	 SECTION 11.
	 	 INFORMATION BY HOLDER
	  	 	17	  
			
	 SECTION 12.
	 	 RULE 144 REPORTING
	  	 	18	  
			
	 SECTION 13.
	 	 TERMINATION
	  	 	19	  
			
	 SECTION 14.
	 	 MISCELLANEOUS
	  	 	19	  
		 	 14.1
	 	 NOTICES
	  	 	19	  
		 	 14.2
	 	 ASSIGNMENT
	  	 	20	  
		 	 14.3
	 	 ENTIRE AGREEMENT
	  	 	20	  
		 	 14.4
	 	 MODIFICATIONS, AMENDMENTS AND WAIVERS
	  	 	20	  
		 	 14.5
	 	 COUNTERPARTS
	  	 	21	  
		 	 14.6
	 	 GOVERNING LAW
	  	 	21	  
		 	 14.7
	 	 SUBMISSION TO JURISDICTION; WAIVER OF
JURY TRIAL
	  	 	21	  
		 	 14.8
	 	 SEVERABILITY
	  	 	22	  
		 	 14.9
	 	 NO PRESUMPTION
	  	 	22	  
		 	 14.10
	 	 NO THIRD PARTY BENEFICIARY
	  	 	22	  
		 	 14.11
	 	 NON-RECOURSE
	  	 	23	  
		 	 14.12
	 	 SPECIFIC PERFORMANCE
	  	 	23	  

  
 -i-

									
		 	 14.13
	 	 BUSINESS DAYS
	  	 	23	  
		 	 14.14
	 	 ELECTRONIC EXECUTION
	  	 	23	  
		 	 14.15
	 	 CAPTIONS
	  	 	23	  

  
 -ii-

 THIRD AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Third Amended and Restated Registration Rights Agreement dated as of December 23, 2013 (this
“Agreement”) is by and among Azul S.A., a Brazilian corporation (sociedade anônima) (the “Company”), and each of the Company’s shareholders identified on a signature page hereto
(collectively, the “Shareholders”). Capitalized terms used but not defined elsewhere herein have the meanings assigned to them in Section 1.1. 
 WHEREAS, the Class A Shareholders (as defined below) have entered into a Second Amended and Restated Registration Rights Agreement dated as of August 28, 2009 under which they were
granted registration rights in connection with their preferred shares of the Company (the “Second Amended and Restated Registration Rights Agreement”). 
 WHEREAS, the Company and the Class B Shareholders desire to complete a private placement of Class B Preferred Shares (as defined below) and Warrants (as defined below) to the Class B Shareholders
on the date hereof, in a transaction (i) not involving a public offering in the United States, under Section 4(a)(2) of the United States Securities Act of 1933, as amended (the “Securities Act”), and (ii) not
involving a public offering in Brazil, under Brazilian Federal Law No. 6,385 and Rule (“Instrução”) No. 400, issued by the Brazilian Securities Commission (Comissão de Valores
Mobiliários) on December 29, 2003, as amended (the “Private Placement”). 

WHEREAS, the Class B Shareholders have the right under the By-laws (as defined below) to convert their Class B Preferred Shares into
Class A Preferred Shares (or such other class of preferred shares of the Company into which the Class A Preferred Shares may be converted or reclassified and that will be subject to a Qualified IPO (as defined below)). 

WHEREAS, upon the consummation of a Qualified IPO the Class B Shareholders Agreement (as defined below) together with each other
shareholders or similar agreement among the Company and the holders of its preferred securities, other than this Agreement, will terminate. 
 WHEREAS, the Class B Shareholders are entitled to the benefits of this Agreement only with respect to the Class A Preferred Shares received by them upon conversion of their Class B Preferred Shares
pursuant to the By-laws and upon exercise of any Warrant. 
 WHEREAS, the Company and the Shareholders deem it to be in their
respective best interests to amend and restate the Second Amended and Restated Registration Rights Agreement in order to set forth the rights of the Shareholders in connection with public offerings and sales of the New Preferred Shares (as defined
below) and the New Preferred Shares are the only shares of the Company’s capital stock subject to this Agreement. 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 Section 1. DEFINED TERMS; RULES
OF CONSTRUCTION 
 1.1 DEFINED
TERMS. Capitalized terms used and not otherwise defined in this Agreement have the meanings ascribed to them below: 
 “ADS” means an American Depositary Share, which shall be evidenced by an American Depositary Receipt. 

“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control
with such particular Person, where “control” means the possession, directly or indirectly through one or more intermediaries, of the ownership of more than 50% of the voting stock of a Person, or the power to direct the management and
policies of a Person whether through the ownership of voting securities, contract or otherwise. 

“Agreement” has the meaning set forth in the preamble hereof. 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which banks are
authorized or required to be closed in New York, NY, USA, São Paulo, SP, Brazil or Barueri, SP, Brazil. 

“By-laws” means the Company’s by-laws to be approved at a general shareholders’ meeting in the form
attached as Exhibit A to the Subscription Agreement (as defined below).  
 “Class A Preferred
Shares” (i) those certain shares of the class of preferred stock of the Company existing before the date of this Agreement, as set forth on Schedule II to the Subscription Agreement; (ii) those certain shares, if any, into which
the Class B Preferred Shares (as defined below) may hereafter mandatorily convert pursuant to the By-laws and in accordance with the terms and conditions of the Subscription Agreement (as defined below); and (iii) those certain shares of the
class of preferred stock of the Company resulting from the exercise of any Warrant.  
 “Class A
Shareholders” means the holders of Class A Preferred Shares identified on the signature pages hereto. 

“Class B Preferred Shares” means newly issued shares of the class of preferred stock of the Company that are
being issued, subscribed and paid-in under the Subscription Agreement dated as of the date hereof in connection with the Private Placement and that are automatically and mandatorily convertible into Class A Preferred Shares.  

“Class B Shareholders” means the holders of Class B Preferred Shares identified on the signature pages hereto.

 “Class B Shareholders Agreement” means the Class B Shareholders Agreement dated as of the date of
this Agreement among the Company, the Class A Shareholders, the Class B Shareholders and the Common Shareholders (as defined therein). 
 “Company” has the meaning set forth in the preamble hereof. 

  
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 “Delay/Suspension Period” has the meaning set forth in
Section 10 hereof. 
 “Demand Notice” has the meaning set forth in Section 2(a)
hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Form F-3” means such form under the Securities Act as in effect on the date of this
Agreement or any successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC in a similar
or comparable manner. 
 “Form S-3” means such form under the Securities Act as in effect on
the date of this Agreement or any successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the
SEC in a similar or comparable manner. 
 “F-3/S-3 Notice” has the meaning set forth in
Section 3(a) hereof. 
 “Governmental Authority” means any United States, Brazilian or other
government or political subdivision or quasi-governmental authority thereof, whether on a federal, national, state, provincial, municipal or local level and whether executive, legislative or judicial in nature, including any agency, entity, body,
authority, board, bureau, commission, court, tribunal, department, commission or other instrumentality thereof and, if relevant or appropriate, in any other country or other jurisdiction. 

“Majority of Shareholders” means those Shareholders who hold in the aggregate in excess of 50% of the New
Preferred Shares held by all of the Shareholders. 
 “Material Transaction” means any material
transaction in which the Company or any of its subsidiaries proposes to engage or is engaged, including a material purchase or sale of assets or securities, financing, merger, consolidation, tender offer or any other material transaction that would
require disclosure pursuant to the Exchange Act, and with respect to which the board of directors of the Company reasonably has determined in good faith that compliance with this Agreement may reasonably be expected to either materially interfere
with the Company’s or such subsidiary’s ability to consummate such transaction in a timely fashion or require the Company to disclose material, non-public information prior to such time as it would otherwise be required to be disclosed.

 “New Preferred Shares” means the Company’s Class A Preferred Shares held by the
Class A Shareholders, the newly issued Class A Preferred Shares into which the Class B Preferred Shares held by the Class B Shareholders will be automatically converted in the event of a Qualified IPO, and the newly issued Class A
Preferred Shares resulting from the exercise of any Warrant by the Class B Shareholders. 
 “Other
Shares” means with respect to a particular registration statement, any of the preferred shares that are to be included in such registration statement that are not Primary Shares or Registrable Shares.  

  
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 “Person” shall be construed as broadly as possible and
shall include an individual, a partnership (including a limited liability partnership), a corporation (including, without limitation, a sociedade anônima), an association, a fund, a joint stock company, a limited liability company, a
trust, a joint venture, a firm, an unincorporated association, a Governmental Authority or any other entity. 

“Primary Shares” means, with respect to a particular registration statement, any of the preferred shares to be
issued by the Company in a registered offering pursuant to such registration statement. 
 “Private
Placement” has the meaning set forth in the preamble hereof. 
 “Prospectus” means the
prospectus included in a Registration Statement filed with the SEC, including any prospectus subject to completion, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Shares and, in each case, by all other amendments and supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 

“Qualified IPO” means a firm commitment underwritten initial public offering of preferred shares or ADSs
representing preferred shares or any other equity interests of the Company under the Brazilian Federal Law No. 6,385/76 and under Securities Act, lead-managed by an underwriter of international standing, for listing on the BM&FBOVESPA
and/or on The New York Stock Exchange.  
 “Registrable Shares” means, at any time, and with
respect to any Shareholder, the New Preferred Shares held by such Shareholder; provided, however, that such New Preferred Shares shall cease to be Registrable Shares: (a) when ADSs representing such Registrable Shares have been
registered under the Securities Act, the Registration Statement in connection therewith has been declared effective and the Registrable Shares have been disposed of pursuant to and in the manner described in such effective Registration Statement;
(b) when such Registrable Shares are no longer owned by such Shareholder or the transferee of all the Registrable Shares owned by such Shareholder; or (c) three years after the date on which such Shareholder may first sell such Registrable
Shares under Rule 144 (but not Rule 144A) without any volume limitations. 
 “Registration
Date” means the date the first registration statement pursuant to which the Company shall have initially registered preferred shares or ADSs representing preferred shares or any other equity interests of the Company under the Securities Act
for sale to the public shall have been declared effective. 
 “Registration Statement” means any
registration statement of the Company that registers any of the Registrable Shares or ADSs representing such Registrable Shares for resale under the Securities Act, and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Restricted Period” has the meaning set forth in Section 5.1 hereof.  

  
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 “Rule 144” means Rule 144 promulgated under the Securities
Act or any successor rule thereto. 
 “SEC” means the United States Securities and Exchange
Commission. 
 “Second Amended and Restated Registration Rights Agreement” has the meaning set
forth in the preamble hereof. 
 “Securities Act” has the meaning set forth in the preamble
hereof. 
 “Shareholders” has the meaning set forth in the preamble hereof. 

“Shareholders’ Counsel” has the meaning set forth in Section 6(a)(ii) hereof. 

“Subscription Agreement” means the Subscription Agreement dated as of the date of this Agreement among the
Company and the Class B Shareholders. 
 “Transaction Documents” means this Agreement and the
other agreements, instruments and documents contemplated hereby and thereby, including each exhibit hereto and thereto. 

“US$” means the lawful currency of the United States of America. 

“Warrant” means each warrant issued to the Class B Shareholders in the Private Placement representing the right
to receive a number of Class A Preferred Shares. 
 1.2 RULES OF
CONSTRUCTION. The term “this Agreement” means this registration rights agreement together with all schedules and exhibits hereto, as the same may from time to time be amended, modified, supplemented
or restated in accordance with the terms hereof. The use in this Agreement of the term “including” means “including, without limitation.” The words “herein,” “hereof,” “hereunder” and other words of
similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph, subparagraph or
clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the
section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. Where specific language is used to clarify by
example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. Unless expressly provided otherwise, the measure of a
period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that date of the following month or
year corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and one month following March 31 is May 1. 

  
 -5-

 Section 2. DEMAND REGISTRATION.

 (a) At any time after the six month anniversary of the Registration Date: (i) Shareholders owning a majority of
the then outstanding Registrable Shares may on two occasions give the Company written notice (a “Demand Notice”) requiring the Company to file a Registration Statement covering the sale or distribution of, at such Shareholders’
option, either (x) ADSs representing the Registrable Shares owned by such Shareholders, or (y) in the event that the Company shall have previously registered under the Securities Act the sale to the public of preferred shares, the
Registrable Shares owned by such Shareholders, in either case, that are identified in the Demand Notice in accordance with any reasonable and lawful method of distribution selected by them; and (ii) the Company shall within 10 days after
receipt of such Demand Notice give written notice to the other Shareholders of their right to include in such Registration Statement any Registrable Shares owned by them (or ADSs representing any Registrable Shares owned by them, as applicable) that
such Shareholders shall request the Company to include therein by written notice given to the Company no more than 20 days after receipt of such notice from the Company. The Company shall thereafter use its commercially reasonable efforts to
effect the registration of the Registrable Shares (and/or ADSs representing any Registrable Shares owned by them, as applicable) identified by the Shareholders in the preceding clauses (i) and (ii) as soon as practicable, but in any event
within 90 days from receipt of the Demand Notice. If the method of distributing the offering is an underwritten public offering, the Company may designate the managing underwriter for such offering, subject to the approval of the Shareholders
holding a majority of the Registrable Shares included referred to in the Demand Notice (such approval not to be unreasonably withheld). 
 (b) The Company shall not be obligated to use its commercially reasonable efforts to file and cause to become effective: (i) more than two Registration Statements initiated pursuant to
Section 2(a); or (ii) any Registration Statement pursuant to Section 2(a) during any period in which any other registration statement (other than on Form S-4 or Form S-8 promulgated under the Securities Act or any
successor forms thereto) pursuant to which New Preferred Shares or ADSs representing New Preferred Shares are to be or were sold under the Securities Act (A) has been filed and not withdrawn or has been declared effective within the prior
180 days and (B) in connection with any such registration statement that has not been declared effective, the Company is in good faith using commercially reasonable efforts to cause such registration statement to become effective.

 (c) With respect to any registration pursuant to Section 2(a), the Company may include in such registration any Primary
Shares or Other Shares (or any ADSs representing Primary Shares or Other Shares); provided, however, that if the managing underwriter advises the Company that the inclusion of all Registrable Shares, Primary Shares and Other Shares
(and/or ADSs representing all Registrable Shares, Primary Shares and Other Shares) proposed to be included in such registration would interfere with the successful marketing (including pricing) of all such securities, then the number of Registrable
Shares, Primary Shares and Other Shares (and/or ADSs representing Registrable Shares, Primary Shares and Other Shares) proposed to be included in such registration shall be included in the following order: 

(i) first, the Registrable Shares (and/or ADSs representing Registrable Shares, as applicable) held by the Shareholders
requesting that their Registrable Shares (or ADSs representing Registrable Shares, as applicable) be included in such registration pursuant to Section 2(a), pro rata based upon the number of Registrable Shares (or ADSs
representing Registrable Shares, as applicable) owned by each such Shareholder at the time of such registration; provided, however, that the number of Registrable Shares (or ADSs representing Registrable Shares) held by the
Shareholders to be included in such underwriting shall not be reduced unless all Primary Shares and Other Shares (and/or ADSs representing Primary Shares and Other Shares, as applicable) are first entirely excluded from the underwriting; 

  
 -6-

 (ii) second, the Primary Shares; and 

(iii) third, the Other Shares; 
 provided, however, that, a registration shall not be counted as “effected” for the purposes of this Section 2 and shall not count as a registration initiated pursuant to this
Section 2 for purposes of Section 2(b)(i) above, if, as a result of an exercise of the underwriter’s cutback provisions in this clause (c), fewer than one-half of the total number of Registrable Shares or ADSs representing
Registrable Shares, as applicable, that the Shareholders have requested to be included in such registration statement are actually included. 
 (d) A requested registration under this Section 2 may be rescinded prior to such registration being declared effective by the SEC by written notice to the Company from those Shareholders who
initiated the request; provided, however, that such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for purposes of Section 2(b)(i) above if the Company shall have been
reimbursed (pro rata by the Shareholders requesting registration or in such other proportion as they may agree) for all reasonable and documented out-of-pocket expenses incurred by the Company in connection with such rescinded
registration; provided, further, however, that if, at the time of such rescission, the Shareholders who initiated the request shall have learned of an event that is, or is reasonably likely to result in, a material adverse
change in the Company’s business, financial condition or results of operations from that known to such Shareholders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then
the Shareholders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded registration and such rescinded registration shall not count as a registration initiated
pursuant to this Section 2 for purposes of clause (i) of subsection (b). 
 Section 3.
REGISTRATIONS ON FORM F-3 OR FORM S-3. 
 (a) Subject to Section 3(c), at such time as the Company shall have qualified for the use of Form F-3 or Form S-3 promulgated under the Securities Act or any successor form thereto:
(i) Shareholders owning at least 35% of the then outstanding Registrable Shares may from time to time give the Company written notice (an “F-3/S-3 Notice”) requiring the Company to file a Registration Statement on Forms F-3 or
Form S-3 covering the sale or distribution of, at such Shareholders’ option, either (x) ADSs representing the Registrable Shares owned by such  

  
 -7-

 
Shareholders, or (y) in the event that the Company shall have previously registered under the Securities Act the sale to the public of any New Preferred Shares, the Registrable Shares owned
by such Shareholders, in either case that are identified in the F-3/S-3 Notice in accordance with any reasonable and lawful method of distribution selected by them
(other than an underwritten or similar offering); and (ii) the Company shall within 10 days after receipt of such F-3/S-3 Notice give written notice to the other Shareholders of their right to include in such Registration Statement any
Registrable Shares (or ADSs representing any Registrable Shares) owned by them that such Shareholders shall request the Company to include therein by written notice given to the Company no more than 20 days after receipt of such notice from the
Company. The Company shall thereafter use its commercially reasonable efforts to effect the registration of such Registrable Shares (and/or ADSs representing such Registrable Shares) identified by the Shareholders in the preceding clauses
(i) and (ii) as soon as practicable but in any event within 60 days from receipt of the F-3/S-3 Notice. 
 (b)
The Company shall be obligated to use its commercially reasonable efforts to effect pursuant to Section 3(a) any registration under the Securities Act except that the Company shall not be obligated to effect any such registration initiated
pursuant to Section 3(a) if: (i) the Company shall reasonably conclude that the anticipated gross offering price of all Registrable Shares (and/or ADSs representing all Registrable Shares) to be included therein would be less than
US$25,000,000; (ii) such registration is requested within six months after a registered offering of the Company under the Securities Act in which any of the Shareholders were given the opportunity to participate and all of the Shareholders
that shall have elected to participate in such registered offering were permitted to include, without cutback, more than 50% of the Registrable Shares so elected to be included therein by such Shareholders; or (iii) the Company shall have
effected one or more Registration Statements on Form S-3 pursuant to this Section 3 during the preceding six-month period. 
 (c) A requested registration under this Section 3 may be rescinded prior to such registration being declared effective by the SEC by written notice to the Company from those Shareholders who
initiated the request; provided, however, that such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subclause (A) of clause (i) of
subsection (b) above if the Company shall have been reimbursed (pro rata by the Shareholders requesting registration or in such other proportion as they may agree) for all reasonable and documented out-of-pocket expenses
incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of such rescission, the Shareholders who initiated the request shall have learned of of an event that is,
or is reasonably likely to result in, a material adverse change in the Company’s business, financial condition or results of operations from that known to such Shareholders at the time of their request and have withdrawn the request with
reasonable promptness after learning of such information then the Shareholders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded registration and such rescinded
registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (a). 

Section 4. PIGGYBACK REGISTRATION. If the Company at any time proposes, for any
reason, to register any Primary Shares or Other Shares (or ADSs representing Primary Shares or 

  
 -8-

 
Other Shares) under the Securities Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto), it shall promptly give written notice to
each Shareholder of its intention so to register such Primary Shares or Other Shares (or such ADSs) and, upon the written request, given within 20 days after delivery of any such notice by the Company, of any such Shareholder to include in such
registration Registrable Shares (and/or ADSs representing such Registrable Shares) owned by such Shareholder (which request shall specify the number of the Registrable Shares (and/or ADSs) proposed to be included in such registration), the Company
shall use its commercially reasonable efforts to cause all such Registrable Shares (and ADSs) to be included in such registration on the same terms and conditions as the securities otherwise being sold in such registration; provided,
however, that if such registration is an underwritten offering and the managing underwriter advises the Company that the inclusion of all Primary Shares, Registrable Shares and Other Shares (or ADSs representing such Primary Shares,
Registrable Shares and Other Shares) proposed to be included in such registration would interfere with the successful marketing (including pricing) of the preferred shares (and/or ADSs representing such preferred shares) proposed to be registered by
the Company, then the number of Primary Shares, Registrable Shares and Other Shares (and ADSs representing the foregoing) proposed to be included in such registration shall be included in the following order: 

(a) first, Primary Shares (or ADSs representing Primary Shares); 

(b) second, Registrable Shares (or ADSs representing Registrable Shares) held by the Shareholders requesting that Registrable Shares (or
ADSs representing Registrable Shares) be included in such registration, pro rata based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; and 

(c) third, Other Shares (or ADSs representing such Other Shares) held by shareholders requesting that Other Shares (or ADSs representing
such Other Shares) be included in such registration, pro rata based on the number of Other Shares owned by each such shareholder at the time of such registration of Other Shares (or among such shareholders in such other proportion as they
shall otherwise agree). 
 Section 5. HOLDBACK AGREEMENT; COORDINATED
TRANSFERS. 
 5.1 HOLDBACK. If the Company at any time
shall register New Preferred Shares and/or ADSs representing New Preferred Shares under the Securities Act in an underwritten offering, the Shareholders shall not sell, make any short sale of, grant any option for the purchase of, or otherwise
dispose of any Registrable Shares (other than those Registrable Shares included in such registration pursuant to Sections 2, 3 or 4) without the prior written consent of the managing underwriters of such offering for a period (the
“Restricted Period”) as shall be determined by the managing underwriters, which period cannot begin more than 7 days prior to the effectiveness of such registration and cannot last more than 90 days (180 days in the
case of the Company’s Qualified IPO) after the effective date of such registration; provided, however, that the foregoing restrictions shall not apply with respect to any Shareholder, (x) in the event the managing
underwriters in such offering shall agree, any shares of the capital stock of the Company purchased or otherwise acquired by such Shareholder in the open market following the 

  
 -9-

 
initial public offering of the Company and (y) other than in the Company’s Qualified IPO, any registration in which, as a result of the underwriter cutback provisions of Section 2
and 4, such Shareholder was either excluded from the registration entirely or was only permitted to include in such registration less than 25% of the Registrable Shares or less than 25% of the ADSs representing such Registrable Shares, as
applicable, requested by such Shareholder to be included therein. The foregoing provisions of this Section 5 shall only be applicable to the Shareholders if all officers, directors and selling shareholders of the Company enter into similar
agreements. Neither the Company nor the underwriters in respect of such underwritten offering shall grant any discretionary waiver or termination of the restrictions of any or all of such agreements unless such waiver or termination shall apply, on
a pro rata basis, to the New Preferred Shares held by the Shareholders. 
 5.2 SALES
IN CERTAIN UNDERWRITTEN OFFERINGS. If at any time during the first year after expiration of the Restricted Period following the Company’s Qualified IPO any
Shareholder shall sell any Registrable Shares (or ADSs representing Registrable Shares, as applicable) in any registered underwritten offering under the Securities Act, then the Shareholders shall each have a right to sell Registrable Shares (or
ADSs representing Registrable Shares, as applicable) in such underwritten transaction in the same proportion as the number of Registrable Shares then owned by such Shareholder bears to the number of Registrable Shares then owned by all of
Shareholders who desire to participate in such underwritten transaction (or in such other proportion as they shall otherwise agree). 
 Section 6. PREPARATION AND FILING. 
 (a) If and whenever the Company is under an obligation pursuant to the provisions of this Agreement to use its commercially reasonable efforts to effect the registration of Registrable Shares or ADSs
representing any Registrable Shares, the Company shall, as expeditiously as practicable: 
 (i) prepare and file
with the SEC a Registration Statement that registers such Registrable Shares or ADSs representing such Registrable Shares and use its commercially reasonable efforts to cause such Registration Statement (or any post-effective amendment thereto) to
become effective as promptly as practicable, and remain effective for a period of 120 days or until the distribution contemplated in such Registration Statement of all of such Registrable Shares (or such ADSs) have been completed (if earlier);
provided, however, that: (A) such 120 day period shall be extended for a period of time equal to the period a Shareholder refrains, at the request of an underwriter of the Company, from selling any securities included in such
registration; and (B) in the case of any registration of Registrable Shares or ADSs representing Registrable Shares on Form F-3 or Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with
applicable SEC rules, such 120 day period shall be extended for up to 180 days, if necessary, to keep the registration statement effective until all such Registrable Shares are sold; 

(ii) furnish, at least three Business Days before filing, final drafts of a Registration Statement that registers
Registrable Shares (or ADSs representing such 

  
 -10-

 
Registrable Shares), a Prospectus relating thereto and any amendments or supplements relating to such Registration Statement or Prospectus, to one counsel selected by a Majority of Shareholders
(the “Shareholders’ Counsel”) copies of all such documents proposed to be filed (it being understood that such three Business Day period need not apply to successive drafts of the same document proposed to be filed so long as
such successive drafts are supplied to such counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances), and not file any Registration Statement or amendment or supplement thereto that
contains information relating to an Investor in a form to which such Investor reasonably objects in writing by the end of such period; 
 (iii) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective for the lesser of the period required pursuant to clause (i) of this subsection (a) or until all of the Registrable Shares (or ADSs representing such Registrable Shares) have been disposed of (if earlier) and to comply
with the provisions of the Securities Act with respect to the sale or other disposition of such Registrable Shares (or such ADSs); 
 (iv) notify the Shareholders’ Counsel promptly in writing (A) of any comments by the SEC with respect to such Registration Statement or Prospectus, or any request by the SEC for the amending or
supplementing thereof or for additional information with respect thereto, (B) of the effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto and the issuance by the SEC of any stop order suspending the
effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto or the initiation of any proceedings for that purpose and (C) of the receipt by the Company of any notification with respect to the suspension of
the qualification of the Registrable Shares (or ADSs representing such Registrable Shares) for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 

(v) use its commercially reasonable efforts to register or qualify, or obtain exemption from the registration or
qualification requirements for, Registrable Shares (or ADSs representing such Registrable Shares) under such other securities or blue sky laws of such jurisdictions as any seller of the Registrable Shares (or ADSs representing such Registrable
Shares) reasonably requests and take any and all other measures and do all other things which may be reasonably necessary or advisable to enable such seller of the Registrable Shares (or ADSs representing Registrable Shares) to consummate the
disposition thereof in such jurisdictions; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction
where it would not otherwise be required so to do but for this clause (v); 
 (vi) use its commercially
reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Shares (or ADSs representing

  
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Registrable Shares) for sale in any jurisdiction and, if such an order or suspension is issued, use its commercially reasonable best efforts to obtain the withdrawal of such order or suspension
at the earliest possible moment and to notify the Shareholders of the issuance of any such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose; 

(vii) furnish without charge to each seller of the Registrable Shares (or ADSs representing such Registrable Shares) such
number of copies of a summary Prospectus or other Prospectus, including a preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such seller of the Registrable Shares (or ADSs representing
Registrable Shares) may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares (or ADSs representing such Registrable Shares); 

(viii) notify on a timely basis each seller of the Registrable Shares (or ADSs representing such Registrable Shares) at
any time when a Prospectus relating to the Registrable Shares (or ADSs representing such Registrable Shares) is required to be delivered under the Securities Act within the appropriate period mentioned in clause (i) of this
subsection (a) of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances then existing, promptly prepare and file a supplement or amendment to such Prospectus as may be necessary so that, as supplemented or amended, such
Prospectus shall cease to include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made;

 (ix) make available for inspection by any seller of the Registrable Shares (or ADSs representing such
Registrable Shares), any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other representative retained by any such seller or underwriter, all pertinent financial, business and
other records and documents as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such
seller, underwriter, attorney, accountant or other representative in connection with such Registration Statement; provided, however, that the obligation of the Company to make such records and information available to any such seller
or underwriter or any attorneys, accountants or other representatives of any such seller or underwriter shall be subject to the receipt by the Company of a confidentiality agreement from such seller or underwriter, as the case may be, in form and
substance reasonably satisfactory to the Company; 
 (x) use its commercially reasonable efforts to obtain from
its independent certified public accountants a “comfort” letter in customary form and covering such matters of the type customarily covered by comfort letters; 

  
 -12-

 (xi) use its commercially reasonable efforts to obtain, from its counsel, an
opinion or opinions in customary form; 
 (xii) obtain the approval of all Governmental Authorities and
self-regulatory bodies as may be necessary to effect the registration of the Registrable Shares and consummate the disposition of such Registrable Securities pursuant to the Registration Statement; 

(xiii) provide a transfer agent and registrar for all Registrable Shares or ADSs representing such Registrable Shares
registered pursuant to this Agreement and request the registrar to provide a CUSIP number for all such Registrable Shares or ADSs representing such Registrable Shares, in each case not later than the effective date of such registration; 

(xiv) list the Registrable Shares (or ADSs representing such Registrable Shares) on any United States national securities
exchange on which any New Preferred Shares or ADSs representing New Preferred Shares are listed; 
 (xv) notify
each Shareholder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed;

 (xvi) after such Registration Statement becomes effective, notify each Shareholder of any request by the SEC
that the Company amend or supplement such registration statement or prospectus; and 
 (xvii) otherwise use its
commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Shares (or ADSs representing such Registrable Shares) contemplated hereby. 

(b) Each holder of Registrable Shares that sells Registrable Shares (or ADSs representing the Registrable Shares) pursuant to a
registration under this Agreement agrees that during such time as such seller may be engaged in a distribution of the Registrable Shares (or such ADSs), such seller shall comply with Regulation M promulgated under the Exchange Act and pursuant
thereto it shall, among other things: (i) distribute the Registrable Shares (or ADSs representing the Registrable Shares) under the Registration Statement solely in the manner described in the Registration Statement covering such Registrable
Shares (or ADSs); and (ii) cease distribution of the Registrable Shares (or ADSs representing such Registrable Shares) pursuant to such Registration Statement upon receipt of written notice from the Company that the Prospectus covering the
Registrable Shares (or ADSs representing the Registrable Shares) contains any untrue statement of a material fact or omits a material fact required to be stated therein or necessary to make the statements therein not misleading. 

Section 7. EXPENSES. All expenses incurred by the Company in complying with Section 6,
including, without limitation, all registration and filing fees (including all expenses incident to filing with the National Association of Securities Dealers, Inc.), fees and expenses of 

  
 -13-

 
complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants and fees, shall be paid by the Company. All expenses incurred by
any Shareholder in connection with any sale of Registrable Shares (or ADSs representing Registrable Shares) under this Agreement, including, without limitation, such Shareholder’s pro rata share of all fees and expenses of
Shareholders’ Counsel and the out-of-pocket expenses incurred by the Company for which the Shareholders are responsible, if any, pursuant to Sections 2(d) and 3(c), shall be paid by such Shareholder, except that the Company shall pay up to
US$35,000 of the reasonable fees and expenses of Shareholders’ Counsel in three offerings pursuant to Section 2, 3 or 4. 
 Section 8. INDEMNIFICATION. 
 (a) In
connection with any registration of Registrable Shares (or ADSs representing any Registrable Shares) under the Securities Act pursuant to this Agreement, the Company shall indemnify and hold harmless the seller of such Registrable Shares (or ADSs),
and each other Person, if any, who controls such seller and each officer, director, partner and member of any of the foregoing Persons, against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement under which Registrable Shares (or ADSs representing such Registrable Shares) were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing
prospectus or any document incident to registration or qualification of Registrable Shares (or ADSs representing any Registrable Shares), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading or, with respect to any Prospectus, necessary to make the statements therein in light of the circumstances under which they were made not misleading, or any violation by
the Company of the Securities Act or state securities or blue sky laws applicable to the Company and relating to action or inaction required of the Company in connection with such registration or qualification under such state securities or blue sky
laws, and the Company shall promptly reimburse such sellers, such controlling Persons and such officers, directors, partners and members for any reasonable legal or other expenses incurred by any of them in connection with investigating or defending
any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable to any such Person to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in said Registration Statement, preliminary Prospectus, amendment, supplement, free writing prospectus or document incident to registration or qualification of any
Registrable Shares (or ADSs representing Registrable Shares) in reliance upon and in conformity with written information furnished to the Company by such Person, or a Person duly acting on its behalf, specifically for use in the preparation thereof;
provided further, however, that the foregoing indemnity agreement is subject to the condition that, insofar as it relates to any untrue statement, allegedly untrue statement, omission or alleged omission made in any preliminary
Prospectus but eliminated or remedied in the final Prospectus (filed pursuant to Rule 424 of the Securities Act), such indemnity agreement shall not inure to the benefit of any indemnified party from whom the Person asserting any loss, claim,
damage, liability or expense 

  
 -14-

 
purchased Registrable Shares (or ADSs representing the Registrable Shares) which are the subject thereof, if a copy of such final Prospectus had been timely made available to such Indemnified
Person and such final Prospectus was not delivered to such Person with or prior to the written confirmation of the sale of Registrable Shares (or ADSs representing such Registrable Shares) to such Person. 

(b) In connection with any registration of Registrable Shares (or ADSs representing Registrable Shares) under the Securities Act pursuant
to this Agreement, each seller of Registrable Shares (or ADSs representing Registrable Shares) shall, severally and not jointly, indemnify and hold harmless the Company, each other seller of Registrable Shares (or ADSs representing Registrable
Shares) under such registration, each Person who controls any of the foregoing Persons within the meaning of the Securities Act and each officer, director, partner and member of any of the foregoing Persons, against any losses, claims, damages or
liabilities to which any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement under which Registrable Shares (or ADSs representing such Registrable Shares) were registered, any preliminary Prospectus or final Prospectus contained therein, any
amendment or supplement thereto, any free writing prospectus or any document incident to registration or qualification of any Registrable Shares (or ADSs representing Registrable Shares), if such statement or omission was made in reliance upon and
in conformity with written information furnished to the Company by such seller or a Person duly acting on its behalf specifically for use in connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus,
amendment or supplement; provided, however, that the maximum amount of liability in respect of such indemnification shall be limited, in the case of each seller of Registrable Shares (or ADSs representing Registrable Shares), to an
amount equal to the net proceeds actually received by such seller from the sale of Registrable Shares (or ADSs representing Registrable Shares) effected pursuant to such registration. 

(c) Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the
preceding paragraphs of this Section 8, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action; provided however, that
an indemnified party’s failure to give such notice in a timely manner shall only relieve the indemnification obligations of an indemnifying party to the extent such indemnifying party is prejudiced or harmed by such failure. In case any such
action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel
reasonably satisfactory to such indemnified party (it is understood and agreed that Shearman & Sterling LLP is reasonably acceptable to the Shareholders provided that a non-waivable conflict shall not then exist with respect
to Shearman & Sterling LLP and such indemnified party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal
or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that if any indemnified party shall have reasonably concluded that there may be one or more legal or equitable
defenses available to 

  
 -15-

 
such indemnified party that conflict with those available to the indemnifying party, the indemnifying party shall not have the right to assume the defense of such action on behalf of such
indemnified party and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for that portion of the reasonably incurred fees and expenses of any one lead counsel (plus one local
counsel) retained by the indemnified party in connection with the matters covered by the indemnity agreement provided in this Section 8. If the defense is assumed by the indemnifying party, the indemnifying party shall not be liable for any
settlement of any action, claim or proceeding effected by the indemnified party without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No
indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such action, claim or proceeding. 

(d) If, other than for the reason set forth in the proviso to the first sentence in Section 8(c), the indemnification provided for
in this Section 8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party
on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage or liability as well as any other relevant equitable considerations; provided,
however, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Shares (or ADSs representing Registrable Shares), to an amount equal to the net proceeds actually
received by such seller from the sale of Registrable Shares (or ADSs representing Registrable Shares) effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Further, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 Section 9.
UNDERWRITING AGREEMENT. 
 (a) Notwithstanding the provisions of Sections 5,
6 and 8, to the extent that the Shareholders selling Registrable Shares (or ADSs representing Registrable Shares) in a proposed registration shall enter into an underwriting or similar agreement, which agreement contains provisions covering one or
more issues addressed in such Sections of this Agreement (it is understood and agreed that, for purposes of this clause (a), any indemnification provisions in any such underwriting or similar agreement that does not provide for the
indemnification by the Company of a seller of Registrable Shares (or ADSs representing Registrable Shares) and other Persons or the indemnification by the seller of Registrable Shares (or ADSs representing

  
 -16-

 
Registrable Shares) of the Company and other Persons shall not supersede Section 8(a) or 8(b) above), the provisions contained in such Sections of this Agreement addressing such
issue or issues shall be of no force or effect with respect to such registration, but this provision shall not apply to the Company if the Company is not a party to the underwriting or similar agreement. 

(b) If any registration pursuant to Sections 2 or 3 is requested to be an underwritten offering, the Company shall negotiate in good
faith to enter into a reasonable and customary underwriting agreement with the underwriters thereof. The Company shall be entitled to receive indemnities from lead institutions, underwriters, dealer managers and similar securities industry
professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement and to the extent
customary given their role in such distribution. 
 (c) No Shareholder may participate in any registration hereunder that is
underwritten unless such Shareholder agrees to (i) sell Registrable Shares (or ADSs representing such Shareholder’s Registrable Shares) proposed to be included therein on the basis provided in any underwriting arrangements acceptable to
the Company and the Majority of Shareholders and (ii) as expeditiously as possible, notify the Company of the occurrence of any event concerning such Shareholder as a result of which the Prospectus relating to such registration contains an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

Section 10. SUSPENSION. Anything contained in this Agreement to the contrary notwithstanding,
the Company may by notice in writing to each holder of Registrable Shares (or ADSs representing Registrable Shares) to which a Prospectus relates, delay, for up to 90 days (the “Delay/Suspension Period”), the filing or the
effectiveness of any Registration Statement filed (or to be filed) under Section 2, 3 or 4 or require such holder to suspend, for up to the Delay/Suspension Period the use of any Prospectus included in a Registration Statement filed under
Sections 2, 3 or 4 if at the time of such delay or suspension: (a) the Company is engaged in, or proposes to engage in, a Material Transaction; or (b) the Company’s board of directors determines that the disclosure required to be
included in such Registration Statement could be materially detrimental to the Company or its then current business plans provided, however, that: (x) the Company may not invoke this right more than once in any 12 month period;
and (y) the Company shall not register any securities for its own account or that of any other security holder during any such Delay/Suspension Period. The period during which such registration must remain effective shall be extended by a
period equal to the Delay/Suspension Period. The Company may (but shall not be obligated to) withdraw the effectiveness of any Registration Statement subject to this provision. 

Section 11. INFORMATION BY HOLDER. Each holder of Registrable
Shares (or ADSs representing Registrable Shares) to be included in any registration shall furnish to the Company and the managing underwriter such written information regarding such holder and the distribution proposed by such holder as the Company
or the managing underwriter may reasonably request in writing at least four Business Days prior to the first anticipated filing date of a Registration 

  
 -17-

 
Statement and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of
the Company under Sections 2, 3 and 4 with respect to any particular holder are conditioned on the timely provisions of the foregoing information by each such holder and, without limitation of the foregoing, will be conditioned on compliance by each
such holder with the following: 
 (a) each such holder will, and will cause its Affiliates to, cooperate with the Company as
reasonably requested by the Company in connection with the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement effective, such holder will and will cause its
Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information reasonably requested by the Company regarding itself and its Affiliates
and such other information as may reasonably be requested by the Company or required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the Registrable Shares (or ADSs representing the
Registrable Shares) owned by such holder and to maintain the currency and effectiveness thereof; 
 (b) each such holder shall,
and it shall cause its Affiliates to, supply to the Company, its representatives and agents in a timely manner any information regarding itself and its Affiliates as the Company, its representatives or agents may be reasonably requested to provide
in connection with the offering or other distribution of Registrable Shares (or ADSs representing Registrable Shares) by such holder; and 
 (c) on receipt of written notice from the Company upon the occurrence of any of the events specified in Section 10, or that requires the suspension by such holder and its Affiliates of the
distribution of any Registrable Shares (or ADSs representing the Registrable Shares) owned by such holder pursuant to applicable law, then such holder shall, and it shall cause its Affiliates to, cease offering or distributing such Registrable
Shares (or ADSs representing the Registrable Shares) owned by such holder until the offering and distribution of Registrable Shares (or ADSs representing the Registrable Shares) owned by such holder may recommence in accordance with the terms hereof
and applicable law. 
 Section 12. RULE 144 REPORTING. From and
after the Registration Date or such earlier date as a registration statement filed by the Company pursuant to the Exchange Act relating to any class of the Company’s securities shall have become effective, the Company shall comply with the
public information reporting requirements of the SEC that are conditions to the availability of Rule 144 for the sale of Registrable Shares (or ADSs representing the Registrable Shares). The Company shall cooperate with each Shareholder in
supplying such information as may be necessary for such Shareholder to complete and file any information reporting forms presently or hereafter required by the SEC as a condition to the availability of Rule 144. From and after the Registration
Date, the Company shall furnish to any Shareholder, so long as the Shareholder owns any Registrable Shares, forthwith upon request (a) to the extent accurate, a written statement by the Company that it has complied with the “current public
information” requirements under clause (c) of Rule 144 (at any time after 90 days after Registration Date); (b) a copy of the most recent annual or quarterly report of the Company and other reports and documents filed
by the Company after the date of such annual report; and (c) such other 

  
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information as may be reasonably requested in availing any Shareholder of any SEC rule or regulation that permits the selling of any such securities without registration under the Securities Act.

 Section 13. TERMINATION. This Agreement shall terminate and be of no further force
or effect when there shall not be any Registrable Shares; provided however, that Sections 7 and 8 shall survive the termination of this Agreement. 
 Section 14. MISCELLANEOUS. 
 14.1
NOTICES. All notices or other communications required or permitted hereunder shall be given in writing and given by certified or registered mail, return receipt requested, nationally recognized overnight delivery
service, such as Federal Express, facsimile or e-mail (or like transmission) with confirmation of transmission by the transmitting equipment or personal delivery against receipt to the party to whom it is given, in each case, at such party’s
address, facsimile number or e-mail address set forth below or such other address, facsimile number or e-mail address as such party may hereafter specify by notice to the other parties hereto given in
accordance herewith. Any such notice or other communication shall be deemed to have been given as of the date so personally delivered or transmitted by facsimile (or, if delivered or transmitted after normal business hours, on the next Business Day)
or e-mail or like transmission, on the next Business Day when sent by overnight delivery services or five days after the date so mailed if by certified or registered mail: 
 if to the Company, to: 
  

			
	 Azul S.A.

Edifício Jatobá, 8th floor

Avenida Marcos Penteado de Ulhôa Rodrigues, 939
 Tamboré, Barueri, SP, Brazil 06460-040

	Attention:	  	Renato Covelo
	E-mail Address: renato.covelo@voeazul.com.br
	Telephone:	  	+55 11 4134-9882
	Facsimile:	  	+55 11 4134-9890
	
	with a copy to:
	
	 Shearman & Sterling LLP
 599 Lexington Avenue
 New York, NY 10022, U.S.A.

	Attention:	  	Stuart K. Fleischmann
	E-mail Address: sfleischmann@shearman.com
	Telephone:	  	+1 (212) 848-7527
	Facsimile:	  	+1 (646) 848-7527

  
 -19-

			
	and a copy to:
	
	 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
 Alameda Joaquim Eugênio de Lima, 447
 São Paulo, SP, Brazil,
01403-001

	Attention:	  	Jean Marcel Arakawa
	E-mail Address: jarakawa@mattosfilho.com.br
	Telephone:	  	+55 11 3147-2821
	Facsimile:	  	+55 11 3147-7770

 If to a Shareholder, to its address on a signature page hereto or, if none, in the books of the Company.

 14.2 ASSIGNMENT. Except as otherwise expressly provided herein, this Agreement and all
of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective heirs (in the case of any individual), successors and permitted assigns; provided, however, that neither this Agreement
nor any of the rights, interests or obligations hereunder may be assigned by any Shareholder without the prior written consent of the Company; provided, further, however, that, notwithstanding the provisions of the foregoing
proviso, to the extent that any Shareholder transfers any securities of the Company to any transferee in a transaction that does not violate the Class B Shareholders Agreement and is otherwise permissible under applicable law, such Shareholder may
transfer and assign, without the prior written consent of the Company, any of its rights, interests or obligations hereunder with respect to any such securities hereunder to such transferee. Any purported assignment or delegation in violation of
this Agreement shall be null and void ab initio. 
 14.3 ENTIRE
AGREEMENT. This Agreement embodies the entire agreement and understanding of the parties and their respective Affiliates with respect to the transactions contemplated hereby and supersedes and cancels all prior
written or oral commitments, arrangements or understandings with respect thereto. There are no restrictions, agreements, promises, warranties, covenants or undertakings with respect to the transactions contemplated hereby other than those expressly
set forth in this Agreement. 
 14.4 MODIFICATIONS, AMENDMENTS AND
WAIVERS. This Agreement may not be modified or amended except by an instrument or instruments in writing that expressly states that it is modifying or amending this Agreement and that is signed by the Company and
the holders of a majority of the New Preferred Shares owned by the Shareholders at the time of such modification or amendment. Any party hereto (or the holders of a majority of the New Preferred Shares then owned by the Shareholders) may, only by an
instrument in writing that expressly states that it is waiving compliance with this Agreement, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed
or complied with. Notwithstanding the foregoing, the terms and conditions of this Agreement as they apply to any investor in any of the Company’s securities or related parties may not be modified or amended in any manner that is material
adverse to such investor without the prior written consent of such investor. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or
power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The 

  
 -20-

 
waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have hereunder. 
 14.5
COUNTERPARTS. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original, and will become effective when
one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for
purposes of this Section 14.5, provided that receipt of copies of such counterparts is confirmed. 
 14.6
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK THAT APPLY TO CONTRACTS MADE AND PERFORMED ENTIRELY IN SUCH STATE. 

14.7 SUBMISSION TO JURISDICTION; WAIVER OF
JURY TRIAL. Each party to this Agreement, for itself and its Affiliates, hereby irrevocably and unconditionally: 
 (a) (i) agrees that any suit, action or proceeding instituted against it by any other party with respect to this Agreement may be instituted, and that any suit, action or proceeding by it against any
other party with respect to this Agreement shall be instituted, only in the courts of the State of New York, located in New York County or the U.S. District Court for the Southern District of New York (and appellate courts from any of the foregoing)
as the party instituting such suit, action or proceeding may in its sole discretion elect, (ii) consents and submits, for itself and its property, to the jurisdiction of such courts for the purpose of any such suit, action or proceeding
instituted against it by any other party and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law; 
 (b) agrees that service of all writs, process and summonses in any suit, action or proceeding pursuant to
Section 14.7(a) may be effected by the mailing of copies thereof by registered or certified mail, postage prepaid, to the Company or the applicable Shareholder, as the case may be, at the addresses for notices pursuant to Section 14.1
(with copies to such other Persons as specified therein); provided, however, that: (i) the Company agrees that the documents which start any proceedings and any other documents required to be served in relation to those
proceedings may be served on it by being delivered to National Corporate Research, Ltd. or, if different, its registered office for the time being, and if such Person is not or ceases to be effectively appointed to accept service of process on
behalf of the Company, the Company shall, appoint a further person in New York to accept service of process on its behalf and, failing such appointment within 30 days, the Shareholders jointly shall be entitled to appoint such a person by
written notice addressed to the Company and delivered to the Company; provided, however, that a copy of any such documents shall in each instance be delivered to Shearman & Sterling LLP at its address and fax number set forth
in Section 14.1; and (ii) nothing contained in this Section 14.7 shall affect the right of the Company or any Shareholder to serve process in any other manner permitted by law; 

  
 -21-

 (c) (i) waives any objection that it may now or hereafter have to the laying of venue
of any suit, action or proceeding arising out of or relating to this Agreement brought in any court specified in Section 14.7(a), (ii) waives any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum and (iii) agrees not to plead or claim either of the foregoing; 
 (d) WAIVES ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY; and 
 (e) to the extent it has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid
of execution, execution or otherwise) with respect to itself, or its property, hereby irrevocably waives such immunity in respect of its obligations with respect to this Agreement. 

14.8 SEVERABILITY. To the fullest extent permissible under applicable law, the parties hereto hereby
waive any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered or
held invalid, illegal or unenforceable in any respect in any jurisdiction shall be ineffective, but such ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such
jurisdiction only as to a particular Person or Persons or under any particular circumstance or circumstances, such provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under such
particular circumstance or circumstances, as the case may be; (b) without limitation of clause (a), such provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or
unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction shall not render invalid, illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b),
such ineffectiveness shall not render invalid, illegal or unenforceable this Agreement or any of the remaining provisions hereof. 
 14.9 NO PRESUMPTION. With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or
has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to
the issue of which party hereto actually prepared, drafted or requested any term or condition of this Agreement or any agreement or instrument subject hereto. 
 14.10 NO THIRD PARTY BENEFICIARY. Except for the Persons indemnified pursuant to Section 8(a) or 8(b), this
Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement, except that any nominee holding Class B Shares or New Preferred Shares beneficially for an Investor may enforce this Agreement as if it

  
 -22-

 
were the Class B Shareholder, provided, however, that (i) the name of any such nominee shall be previously disclosed to the Company in writing, and (ii) such nominee will
have no investment discretion with respect to the Class B Shares or New Preferred Shares and such Investor will remain the beneficial owner of the Class B Shares or New Preferred Shares for all purposes. 

14.11 NON-RECOURSE. No past, present or future director, officer, employee,
incorporator, member, manager, partner, shareholder, Affiliate, agent, attorney, consultant, representative or principal of the Company or any Affiliate of the Company shall have any liability for any liabilities of the Company under this Agreement
or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. 
 14.12
SPECIFIC PERFORMANCE. Each of the parties hereto acknowledges that the others would not have an adequate remedy at law for money damages in the event that any of the covenants or agreements set
forth in this Agreement were not performed in accordance with its terms and therefore, each of the parties agrees that the others shall be entitled to specific performance, injunctive and other equitable relief in addition to any other remedy to
which it may be entitled at law or in equity (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond). 
 14.13 BUSINESS DAYS. If any date provided for in this Agreement shall fall on a day that is not a Business Day, the date provided for shall be deemed to
refer to the next Business Day. 
 14.14 ELECTRONIC EXECUTION. Delivery of
an executed counterpart of a signature page of this Agreement and any other Transaction Document by telecopy or electronic format (including pdf) shall be effective as delivery of a manually executed counterpart of this Agreement or other
Transaction Document. 
 14.15 CAPTIONS. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement, and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

[The next page is the signature page] 

  
 -23-

 The parties have executed and delivered this Third Amended and Restated Registration Rights
Agreement as of the date first written above. 
  

					
	AZUL S.A.
		
	By:	 	/s/ Renato Covelo
		 	  

		 	Name:	 	Renato Covelo
		 	Title:	 	Attorney-In-Fact

 [Shareholder signature pages begin on the next page] 

 
					
	Fidelity Mt. Vernon Street Trust: Fidelity
	Growth Company Fund
		
	By:	 	/s/ Kenneth Robins
		 	  

		 	Name:	 	Kenneth Robins
		 	Title:	 	Treasurer
	
	Address:
	
	Ball & Co
	C/o Citibank N.A/Custody
	IC&D Lock Box
	P.O Box 7247-7057
	Philadelphia, P.A 19170-7057
	Account #: 206681
	Email: fidelity.tpacd@citi.com
	Fax number: 813-604-1415

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	Fidelity Securities Fund: Fidelity Blue Chip
	Growth Fund
		
	By:	 	/s/ Kenneth Robins
		 	  

		 	Name:	 	Kenneth Robins
		 	Title:	 	Treasurer
	
	Address:
	
	Ball & Co
	C/o Citibank N.A/Custody
	IC&D Lock Box
	P.O Box 7247-7057
	Philadelphia, P.A 19170-7057
	Account #: 849453
	Email: fidelity.tpacd@citi.com
	Fax number: 813-604-1415

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	WP — NEW AIR, LLC
		
	By:	 	/s/ Therese Mrozek
		 	  

		 	Name:	 	Therese Mrozek
		 	Title:	 	Authorized Signatory
	Address:
	
	c/o Weston Presidio
	One Ferry Building, Suite 350
	San Francisco, CA 94111-4226
	Fax No.: (415) 398-0770
	E-mail Address: tmrozek@westonpresidio.com
	Attention: Therese Mrozek

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
			
	AZUL HOLDCO LLC
		
	By:	 	/s/ Aryeh Davis
		 	  

	Name:	 	Aryeh Davis
	Title:	 	Authorized Signatory
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.:
	E-mail Address: aryeh@pequotcap.com
	Attention: Aryeh Davis

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	MARACATU, LLC
		
	By:	 	/s/ Daniel S. Peterson
		 	  

		 	Name:	 	Daniel S. Peterson
		 	Title:	 	President
	
	Address:
	
	2825 East Cottonwood Parkway, Suite 400
	Salt Lake City, UT 84121
	Fax No.: (801) 365-0181
	E-mail Address: dan@petersonpartnerslp.com
	Attention: Daniel Peterson

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	GIF MERCURY LLC
		
	By:	 	/s/ Luiz Henrique Fraga
		 	  

		 	Name:	 	Luiz Henrique Fraga
		 	Title:	 	Officer
	Address:
	Gávea Investimentos Ltda.
	Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon
	22440-035, Rio de Janeiro, RJ, Brasil
	E-mail: emeyn@gaveainvest.com.br
	 Attention: Christopher Meyn
  

with a copy to:

	
	Gávea Investimentos Ltda.
	Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon
	22440-035, Rio de Janeiro, RJ, Brasil
	Attention: Luiz Henrique Fraga
	
	GIF II FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES
		
	By:	 	 /s/ Luiz Henrique Fraga

		 	  

		 	Name:	 	Luiz Henrique Fraga
		 	Title:	 	Officer
	Address:
	Gávea Investimentos Ltda.
	Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon
	22440-035, Rio de Janeiro, RJ, Brasil
	E-mail: emeyn@gaveainvest.com.br
	 Attention: Christopher Meyn
  

with a copy to:

	
	Gávea Investimentos Ltda.
	Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon
	22440-035, Rio de Janeiro, RJ, Brasil
	Attention: Luiz Henrique Fraga

 [Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement]

  
 

 

 
					
	ZDBR LLC
		
	By:	 	 /s/ Kevin Cannon

		 	  

		 	Name:	 	Kevin Cannon
		 	Title:	 	CEO of Manager
	
	Address:
	
	c/o Zweig-DiMenna Associates, Inc.
	900 Third Avenue, 31st Floor
	New York, NY 10022
	Fax No.: (212) 451-1450
	E-mail Address:
	KCannon@zweig-dimenna.com
	Attention: Kevin Cannon

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
									
	CIA BOZANO
				
	By:	 	 /s/ Sergio Eraldo de Salles Pinto
	 		 	 /s/ Lucianne Nigri Finkelsztain

		 	  
	 		 	  

		 	Name:	 	SERGIO ERALDO DE SALLES PINTO	 		 	Lucianne Nigri Finkelsztain
		 	Title:	 	Presidente	 		 	Diretora
	
	Address:
	
	Rua Visconde de Ouro Preto no 5 – 11 andar
	Botafogo – Rio de Janeiro, RJ Brasil
	CEP: 22250-180
	Fax No.: (55) (21) 3237-9129

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
									
	KADON EMPREENDIMENTOS S.A.
				
	By:	 	 /s/ Francisco José Teixeira Fernandes
	 		 	 /s/ Sergio Eraldo de Salles Pinto

		 	  
	 		 	  

		 	Name:	 	Francisco José Teixeira Fernandes 	 		 	SERGIO ERALDO DE SALLES PINTO
		 	Title:	 	Diretor 	 		 	Presidente
		 	CPF 758.535.317-00	 		 	

  

			
	Address:
	
	Rua Visconde de Ouro Preto no 5 – 11 andar
	Botafogo – Rio de Janeiro, RJ Brasil
	CEP: 22250-180
	Fax No.: (55) (21) 3237-9129
	E-mail Address:	 	eraldo@bozano.com.br
		 	lnigri@bozano.com.br

 

					
	BOZANO HOLDINGS LTD.
		
	By:	 	/s/ Sergio Eraldo de Salles Pinto
		 	  

		 	Name:	 	SERGIO ERALDO DE SALLES PINTO
		 	Title:	 	Presidente

  

			
	Address:
	
	Rua Visconde de Ouro Preto no 5 – 11 andar
	Botafogo – Rio de Janeiro, RJ Brasil
	CEP: 22250-180
	Fax No.: (55) (21) 3237-9129
	E-mail Address:	 	eraldo@bozano.com.br
		 	lnigri@bozano.com.br

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
	
	 /s/ David Neeleman

	  
 DAVID
NEELEMAN

	
	Address:
	
	Alameda Surubiju, no 2.010/2.050, parte, Bloco A,
	Alphaville, Centro Industrial e Empresarial,
	Barueri, SP
	Fax No.: (5511) 4134-9890
	Attention: David Neeleman
	
	 /s/ Gianfranco Zioni Beting

	  
 GIANFRANCO ZIONI
BETING

	
	Address:
	
	Rua Eliseu Visconti
	188 - Morumbi
	Fax No.: (5511) 3758-9076
	Attention: Gianfranco Zioni Beting
	
	 /s/ Regis Da Silva Brito

	  
 REGIS DA SILVA
BRITO

	
	Address:
	
	Rua Olinda Muller 1686
	Taquara - RS
	Fax No.: (51) 3541-5490
	Attention: Regis Da Silva Brito

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 1 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: David Neeleman
	
	SALEB II FOUNDER 2 LLC
		
	By:	 	 /s/ Gerald B. Lee

		 	  

		 	Name:	 	GERALD B. LEE
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: Gerald B. Lee

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 3 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: Thomas Eugene Kelly
	
	SALEB II FOUNDER 4 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (206) 361-7290
	Attention: Tom Anderson

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 5 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (718) 709-3600
	Attention: Carol Elizabeth Archer
	
	SALEB II FOUNDER 6 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (801) 770-3090
	Attention: Cindy England

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 7 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (301) 279-9728
	Attention: Robert Land
	
	SALEB II FOUNDER 8 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (44) 1428-685965
	Attention: Robert Milton

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 9 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (801) 363-4968
	Attention: Mark Neeleman
	
	SALEB II FOUNDER 10 LLC
		
	By:	 	 /s/ Marlon Yahir Ramirez

		 	  

		 	Name:	 	Marlon Yahir Ramirez
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (801) 990-3097
	Attention: Marlon Ramirez

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 11 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: John Rodgerson
	
	SALEB II FOUNDER 12 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (203) 966-2740
	Attention: Maximilian Urbahn

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 13 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (801) 365-0181
	Attention: Joel Peterson
	
	SALEB II FOUNDER 14 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: Amir Nasruddin

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	SALEB II FOUNDER 15 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: Jason Ward
	
	SALEB II FOUNDER 16 LLC
		
	By:	 	 /s/ John Rodgerson

		 	  

		 	Name:	 	John Rodgerson
		 	Title:	 	Manager
	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: John Daly

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	JJL BRAZIL, LLC
		
	By:	 	 /s/ James J. Liautaud

		 	  

		 	Name:	 	JAMES J LIAUTAUD
		 	Title:	 	MANAGER
	
	Address:
	
	2212 Fox Drive
	Champaign, IL 61820
	Fax No.: (217) 359-2956
	E-mail Address:
	Attention: Nic Mueth

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	MORRIS AZUL, LLC
		
	By:	 	 /s/ June M. Morris

		 	  

		 	Name:	 	JUNE M. MORRIS
		 	Title:	 	MANAGER
	
	Address:
	
	4277 Park Terrace Drive
	Salt Lake City, UT 84124
	Fax No.: (801) 273-7734
	E-mail Address:

 
			
	Attention:	 	June M. Morris
		 	G. Mitchell Morris

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
	
	 /s/ John Rodgerson

	  
 MIGUEL
DAU

	
	Address:
	
	Corporation Trust Center
	1209 Orange Street
	Wilmington, New Castle
	Delaware 19801
	Fax No.: (11) 4134-9890
	Attention: Miguel Dau
	
	 /s/ John Rodgerson

	  
 JOÃO CARLOS
FERNANDES

	
	Address:
	
	Alameda Rosas, 231
	Norada das Flores
	Aldeia da Serra, Santana do Parnaiba
	São Paulo
	Fax No.:
	Attention: João Carlos Fernandes

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
					
	STAR SABIA LLC
		
	By:	 	 /s/ Ronald Cami

		 	  

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President & Secretary
	
	Address:
	
	c/o TPG Capital, L.P.
	301 Commerce Street, Suite 3300
	Fort Worth, TX 76102
	Fax No.: (817) 871-4001
	Attention: General Counsel

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
	
	 /s/ Carolyn Trabuco

	  
 CAROLYN
TRABUCO

	
	Address:
	
	 221 Sherwood Farm Rd

	 Fairfield, CT 06824 USA

	Fax No.: 203-255-6509
	Attention: John Rodgerson

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

 
	
	 /s/ Sergio Eraldo Sales Pinto

	  
 SERGIO ERALDO SALES
PINTO

	
	Address: 
	
	Rua Visconde de Ouro Preto no 5 – 11 andar
	Botafogo – Rio de Janeiro, RJ Brasil
	CEP: 22250-180
	Fax No.: (55) (21) 3237-9129
	E-mail Address: eraldo@bozano.com.br

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement] 

									
	TRIP PARTICIPAÇÕES S.A.	 		 		 	
					
	By:	 	 /s/ Renan Chieppe
	 		 	By:	 	 /s/ Jose Mario Caprioli Santos

	Name:	 	  
 Renan
Chieppe
	 		 	Name:	 	  
 JOSE MARIO CAPRIOLI
SANTOS

	Title:	 	DIRECTOR	 		 	Title:	 	
				
	Address:	 		 		 	
				
	Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901	 		 		 	
	Cidade de Cariacica, Estado do Espírito Santo, Brasil	 		 		 	
	E-mail address: ricardov@aguiabranca.com.br	 		 		 	
				
	TRIP INVESTIMENTOS LTDA.	 		 		 	
					
	By:	 	 /s/ Renan Chieppe
	 		 	By:	 	 /s/ Jose Mario Caprioli Santos

	Name:	 	  
 Renan
Chieppe
	 		 	Name:	 	  
 JOSE MARIO CAPRIOLI
SANTOS

	Title:	 	DIRECTOR	 		 	Title:	 	
				
	Address:	 		 		 	
				
	Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901	 		 		 	
	Cidade de Cariacica, Estado do Espírito Santo, Brasil	 		 		 	
	E-mail address: ricardov@aguiabranca.com.br	 		 		 	
				
	RIO NOVO LOCAÇÕES LTDA.	 		 		 	
					
	By:	 	 /s/ Nilton Chieppe
	 		 	By:	 	 /s/ Decio Luiz Chieppe

	Name:	 	  
 Nilton
Chieppe
	 		 	Name:	 	  
 Decio Luiz
Chieppe

	Title:	 	DIRECTOR	 		 	Title:	 	Director
				
	Address:	 		 		 	
				
	Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901	 		 		 	
	Cidade de Cariacica, Estado do Espírito Santo, Brasil	 		 		 	
	E-mail address: ricardov@aguiabranca.com.br	 		 		 	

  

[Shareholder Signature Page to Third Amended and Restated Registration Rights Agreement]

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