Document:

Santarus, Inc. 2012 Bonus Plan

 Exhibit 10.1 
 SANTARUS, INC. 
 2012 BONUS PLAN* 

 

	*Excludes	those covered under the Field Sales Incentive Plans 

  
 Final Approved 

 Santarus, Inc. 
 2012 Bonus Plan 
 The Santarus, Inc. (“Santarus” or the “Company”) 2012
Bonus Plan (the “Plan”) is designed to offer employees a performance-based plan that rewards the achievement of corporate goals, as well as individual goals that are consistent with the corporate goals. 

Purpose of the Plan 
 The Plan is
designed to: 
  

	 	•	 	 Provide a bonus program that helps achieve overall corporate goals and enhances shareholder value 

 

	 	•	 	 Reward individuals for achievement of corporate and individual goals 

 

	 	•	 	 Encourage teamwork among all disciplines within the Company 

 

	 	•	 	 Offer an attractive bonus program to help attract and retain key employees 

 Plan Governance 
 The Compensation Committee of the Board of Directors is responsible for
reviewing and approving the Plan and any proposed modifications to the Plan. The President and CEO of Santarus is responsible for administration of the Plan; provided that the Compensation Committee of the Board of Directors is responsible for
reviewing and approving all compensation, including compensation under this Plan, for all officers, vice presidents, executive directors and any other employees with an annual base salary greater than or equal to $250,000. 

Eligibility 
 All regular employees of
the Company who are regularly scheduled to work at least 20 hours per week will be eligible to participate in the Plan, other than any employee eligible to participate in the Company’s Field Sales Incentive Plans. Temporary employees and
part-time employees (who are regularly scheduled to work less than 20 hours per week) are not included in this Plan. In order to be eligible to receive any bonus award (or “Bonus”) under this Plan, a participant: (a) must have
commenced their employment with the Company prior to November 15, 2012 and remained continuously employed through December 31, 2012 and until the time Bonuses are paid; and (b) must be an employee in good standing (e.g., not on a
performance improvement plan as of December 31, 2012 or an Unacceptable performer as determined during the 2012 review cycle), as determined by the Compensation Committee of the Board of Directors or the President and CEO of Santarus, as
applicable in their sole discretion. Employees joining during the bonus plan year will have their actual bonus amount prorated based on their actual time with the Company during the Plan year. 

  
 Final Approved 

 A participant whose employment terminates voluntarily prior to the payment of a Bonus award will not be
eligible to receive a Bonus award. Continued employment is a condition of vesting. If a participant’s employment is terminated involuntarily during the Plan year, or prior to payment of Bonus awards, it will be at the absolute discretion of the
Company whether or not a Bonus award payment is made. 
 Corporate and Individual Performance 

The President and CEO will present to the Compensation Committee of the Board of Directors a list of the overall corporate goals for the Plan year, which
is subject to approval by both the Compensation Committee and the independent members of the Board of Directors. All participants in the Plan will then develop a list of key individual goals, which will be approved by their manager and used for the
basis of the performance review and individual performance rating. 
 The total bonus pool for the Plan will be based on achievement of the 2012
corporate goals and, where applicable, the individual’s annual performance review rating. 
 Bonus Awards 

The Bonus will be paid in cash and is based on achievement of the 2012 corporate goals and achievement of individual goals. The Bonus will be calculated
by using the base salary as of December 31, 2012, weighting factor, target bonus percentage and goal multipliers as identified below: 

Weighting Factor 
 The relative weight
between the corporate and individual Bonus components will vary based on levels within the organization. The weighting factors will be reviewed annually and adjusted, as necessary or appropriate. The weighting for 2012 will be as follows:

  

									
	 Position
	  	Corporate	 	 	Individual	 
	 President and CEO
	  	 	100	% 	 			
	 Group K (EVP Level Officer)
	  	 	100	% 	 			
	 Group J (SVP Officers)
	  	 	100	% 	 			
	 Group I (Non-Officer VPs)
	  	 	80	% 	 	 	20	% 
	 Group H (Executive Directors)
	  	 	80	% 	 	 	20	% 
	 Group G (Senior Directors)
	  	 	80	% 	 	 	20	% 
	 Group F (Directors)
	  	 	80	% 	 	 	20	% 
	 Group E (Senior Managers)
	  	 	60	% 	 	 	40	% 
	 Group D (Managers)
	  	 	60	% 	 	 	40	% 
	 Group C
	  	 	40	% 	 	 	60	% 
	 Group A & B
	  	 	20	% 	 	 	80	% 

  
 Final Approved 

 Target Bonus Percentages 
 Bonus amounts will be determined by applying a “target bonus percentage” to the base salary of employees in the Plan. Following are the 2012 target bonus percentages: 

 

					
	 Position
	  	Target Bonus Percentages	 
	 President and CEO
	  	 	65	% 
	 Group K
	  	 	50	% 
	 Group J
	  	 	40	% 
	 Group I
	  	 	35	% 
	 Group H
	  	 	30	% 
	 Group G
	  	 	25	% 
	 Group F
	  	 	22	% 
	 Group E
	  	 	17	% 
	 Group D
	  	 	15	% 
	 Group C
	  	 	12	% 
	 Group B
	  	 	8	% 
	 Group A
	  	 	7	% 

 The base salary as of December 31, 2012 times the target bonus percentage will be used to establish the target Bonus
amount for the 2012 year. 
 Goal Multipliers 
 Corporate Goal Multiplier: The following scale will be used by the Compensation Committee of the Board of Directors and the independent members of the Board of Directors to determine the
“total corporate goal multiplier” based upon measurement of actual corporate performance versus the pre-established corporate goals. The Compensation Committee will evaluate each corporate goal as follows: 

 

			
	 Performance Category
	  	Goal Multiplier
	1. Performance for the year significantly exceeded the goal or was excellent in view of prevailing conditions	  	110%-200%
	2. Performance fully met the year’s goal or is considered achieved in view of prevailing conditions	  	100%-150%
	3. Performance for the year met some aspects of the goal but not all or met most aspects in view of prevailing conditions.	  	75%-100%
	4. The performance met at least 50% of the goal or met at least 50% in view of prevailing conditions.	  	50%- 75%
	5. The goal was not achieved and performance was not acceptable in view of prevailing conditions.	  	0%

  
 Final Approved 

 Each goal is evaluated separately, weighting applied and a total corporate goal multiplier is reached. A
total corporate goal multiplier of at least 50% is required prior to any payout of Bonuses under the Plan and the total corporate goal multiplier may not exceed 150%. 
 Individual Goal Multiplier: The “individual goal multiplier” will be determined by taking into account the performance rating (Pinnacle, Standing Ovation, Great Performance, etc.) given
to the individual through the 2012 review cycle as well as any other relevant criteria relating to the individual’s job performance during 2012. The specific multipliers for each performance rating level are as follows: 

 

					
	 Performance Rating:
	  	Multiplier	 
	 Pinnacle
	  	 	125	% 
	 Standing Ovation
	  	 	115	% 
	 Great Performance
	  	 	100	% 
	 Too New
	  	 	70	% 
	 Fair Performance
	  	 	50	% 

 Calculation of Bonus Amount 
 The example below shows a sample Bonus amount calculation under the Plan. First, a target Bonus amount is calculated for each Plan participant by multiplying the employee’s base salary by the target
bonus percentage. This dollar figure is then divided between the corporate component and the individual component based on the weighting factor for that position. This calculation establishes specific dollar target Bonus amounts for the performance
period for each of the corporate and individual components. 
 At the end of the performance period, corporate and individual goal multipliers
will be established using the criteria described above. The corporate goal multiplier, which is based on overall corporate performance, is used to calculate the corporate component of the Bonus amount for all Plan participants. This is accomplished
by multiplying the target corporate Bonus amount established for each individual by the total corporate goal multiplier. The individual goal multiplier, which is based on an individual’s performance rating, is used in the same way to calculate
the actual individual component of the Bonus amount. 

  
 Final Approved 

 Example: Actual Bonus Amount Calculation 

 

			
	 Group Level

Position
 Base Salary as of
December 31
 Target Bonus Percentage
 Performance Rating
 Target Bonus Amount
	  	 B
 Executive
Assistant
 $50,000
 8%

Standing Ovation
 $4,000

  

			
	Target Bonus Amount Components:	  	
	Target Bonus Amount based on corporate performance (20%):	  	$800
	Target Bonus Amount based on individual performance (80%):	  	$3,200

  

			
	Corporate Goal Multiplier	  	80%
	Individual Goal Multiplier	  	105%

  

			
	Actual Bonus Amount Calculation:	  	
	Corporate Bonus Amount	  	$640 ($800 x 80%)
	Individual Bonus Amount	  	$3,360 ($3,200 x 105%)
	Total Actual Cash Bonus Amount	  	$4,000

 Payment of the Bonus Amounts 
 Annual performance reviews for Plan participants will be completed by February 28, 2013. Payments of actual Bonus amounts will be made as soon as practical, but not later than March 15, 2013.
Participants’ entitlement to Bonuses under this Plan does not vest until the Bonuses are actually paid. This plan is not intended to be subject to Section 409A of the Internal Revenue Code of 1986, as amended. 

Company’s Absolute Right to Alter or Abolish the Plan 
 The Compensation Committee of the Board of Directors reserves the right in its absolute discretion to terminate and/or abolish all or any portion of the Plan at any time or to alter the terms and
conditions under which a Bonus will be paid. In the event of the Plan’s termination prior to the payment of a Bonus, such Bonus will not be payable under this Plan. Such discretion may be exercised any time before, during, and after the Plan
year is completed. No participant shall have any vested right to receive any payment until actual delivery of such compensation. Notwithstanding the generality of the foregoing, at the Company’s discretion all or a portion of a Bonus payment
may be made in shares of the Company’s common stock. 

  
 Final Approved 

 The Compensation Committee, in its discretion, may also determine whether to increase the payout under the
Plan for extraordinary achievement or to reduce payout if economic and business conditions warrant such action. 
 Employment
Duration/Employment Relationship 
 This Plan does not, and the Company’s policies and practices in administering this Plan do not,
constitute an express or implied contract or other agreement concerning the duration of any participant’s employment with the Company. The employment relationship of each participant is “at will” and may be terminated at any time by
the Company or by the participant with or without cause. 

  
 Final ApprovedShareholders Agreement dated July 23, 2010

 Exhibit 4.4 
 SHAREHOLDERS AGREEMENT 
 THIS SHAREHOLDERS AGREEMENT (the
“Agreement”) is made as of July 23, 2010 by and among: 
 (1) Newsummit Biopharma Holdings Limited (the
“Company”), an exempted company incorporated and existing under the laws of the Cayman Islands; 
 (2) Green Villa
Holdings Ltd. (the “BVI Company”), a business company incorporated and existing under the laws of the British Virgin Islands; 
 (3) Shanghai Newsummit Pharmaceutical Research Co., Ltd.

 (the “PRC Co”), a Sino-foreign equity joint venture established under the Laws of the PRC; 
 (4) Mr. Jun Ren (the “Founder”), a citizen of the PRC with passport number G00017712; and 
 (5) The entities listed on the attached Exhibit A (each an “Investor” and collectively the “Investors”); and 

(6) The individuals and entities listed on the attached Exhibit B (each an “Ordinary Shareholder”, and collectively the
“Ordinary Shareholders”). 
 WHEREAS, the Company and the Series A Preferred Shareholders have entered into a
Series A Preferred Share Purchase Agreement (the “Purchase Agreement”) dated June 13, 2010, whereby the Company agreed to issue, and the Investors agreed to subscribe, up to 1,319,212 Series A Preferred Share of the Company (the
“Purchased Shares”) at the purchase price of US$ 0.001 per Purchased Share; 
 WHEREAS, immediately prior
to the Closing (as defined in the Purchase Agreement), the Founder and the Ordinary Shareholders are the holders of the entire issued and outstanding share capital of the Company; and 

WHEREAS, the parties are entering into this Agreement to set out the terms governing their relationship with respect to the
Company. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties
agree as follows: 
 SECTION 1 
 Definitions 
 1.1 Definitions. In this Agreement, the
following terms have the meanings specified: 
 “1934 Act” shall mean the U.S. Securities Exchange Act of 1934, as
amended from time to time. 

  
 1 

 “Affiliate” shall mean, in relation to any Person, any Person directly or
indirectly Controlling, Controlled by or under common Control with, such Person. 
 “Agreement” shall have the meaning
assigned to it in the Preamble. 
 “Articles” means the Company’s Memorandum and Articles of Association, as
amended and restated from time to time. 
 “Board” shall mean the Board of Directors of the Company. 

“Board Observer” shall have the meaning assigned to it in Section 5.2. 

“Closing” or “Closing Date” shall have the meaning assigned to them in the Purchase Agreement. 

“Control” with respect to any third party, shall have the meaning ascribed to it in Rule 405 under Securities Act, and shall be
deemed to exist for any party (a) when such party holds at least fifty percent (50%) of the outstanding voting securities of such third party and no other party owns a greater number of outstanding voting securities of such third party,
(b) has power to direct the management and policies or appoint or remove members of the board of directors or other governing body of the entity, directly on indirectly, whether through the ownership of voting securities, contract or otherwise,
or (c) over other members of such party’s immediate family. Immediate family members include, without limitation, a person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law. The
terms “Controlling” and “Controlled” have meanings correlative to the foregoing. 
 “Conversion
Notice” shall have the meaning assigned to it in Section 6.1(c). 
 “Equity Securities” shall mean any
shares of, or securities convertible into or exercisable or exchangeable for any shares of, any class of shares in the Company’s capital stock, including, without limitation, its Ordinary Shares and Series A Preferred Share. 

“Form F-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the
Securities Act subsequently adopted by the U.S. Securities and Exchange Commission (“SEC”) which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Founder” shall have the meaning assigned to it in the Preamble. 

“Governmental Authority” shall mean any government or political subdivision thereof; any department, agency or instrumentality
of any government or political subdivision thereof; any court or arbitral tribunal; and the governing body of any securities exchange. 
 “Group Companies” shall mean Company and the entities listed on the attached Exhibit C, and each of them shall be referred to as a “Group Company”. 

“Holder” means any person or entity holding Registrable Securities or securities convertible into Registrable Securities, or
any assignee thereof in accordance with Section 3.12 hereof. 

  
 2 

 “Inclusion Election” shall have the meaning assigned to it in Section 6.1(b).

 “Initiating Holders” means any Holder or Holders who in the aggregate hold no less than two-thirds (2/3) of
the outstanding Registrable Securities. 
 “Intellectual Property” shall mean all patents, trademarks, service marks,
designs, domain names and utility models, copyrights, inventions, confidential information, brand names, database rights, know-how, business names, trade secrets, processes, compositions of matter, formulas and any other confidential or proprietary
information or rights situated in any country or countries, and the benefit of any of the foregoing (in each case whether registered or unregistered and including applications for the grant of any of the foregoing and the right to apply for any of
the foregoing in any part of world). 
 “Investor” or “Investors” shall have the meaning assigned to it in
the Preamble. 
 “Investor Director” shall have the meaning assigned to it in Section 6.1(b). 

“Investor Ordinary Shares” shall mean the 5,150,000 Ordinary Shares collectively held by the Lead Investors and 2,496,720
Ordinary Shares held by Sansar as of the Closing Date (as adjusted for stock splits, stock dividends, combinations or other recapitalizations). 
 “IPO” shall mean a firm commitment initial public offering of the Ordinary Share on an internationally recognized stock exchange, including, but not limited to, NYSE, NASDAQ and The Stock
Exchange of Hong Kong Limited (Main Board). 
 “Lead Investors” shall mean Sequoia Capital China Growth Fund I, L.P.
Sequoia Capital China Growth Partners Fund I, L.P., and Sequoia Capital China GF Principals Fund I, L.P. and their permitted assigns and successor in interest. 
 “Liquidation Event” shall mean unless otherwise waived by the Investors: (a) any consolidation, amalgamation or merger of the Company with or into any Person, or any other corporation
reorganization, including a sale or acquisition of equity securities of the Company, in which the Shareholders of the Company immediately before such transaction own less than 50% of the Company’s voting power immediately before such
transaction own less than 50% of the Company’s voting power immediately after such transaction (excluding any transaction effected solely for tax purpose or to change the Company’s domicile); or (b) the exclusive licensing of all or
substantially all of the Company’s Intellectual Property to a third party. 
 “New Securities” shall have the
meaning assigned to it in Section 7.1(d). 
 “Offered Shares” shall have the meaning assigned to it in
Section 6.1. 
 “Offering Shareholder” shall have the meaning assigned to it in Section 6.1. 

“Ordinary Share” shall mean an ordinary share of the Company, par value US$0.001. 

  
 3 

 “Person” shall mean any individual, firm, company, Governmental Authority, joint
venture, association, partnership or other entity (whether or not having separate legal personality). 
 “Proportionate
Share” in relation to a Shareholder at any time shall mean the proportion which the number of Ordinary Share then held by such Shareholder (assuming conversion of all the Series A Preferred Shares) bears to the aggregate number of Ordinary
Share then held by all Shareholders (assuming conversion of all of the then outstanding Series A Preferred Shares). 

“Promissory Note” shall have the meaning assigned to it in Section 9.1(c). 

“Purchase Price” shall mean the aggregate purchase price of US$ 9.854 for 1,319,212 Series A Preferred Share under the Purchase
Agreement. 
 “Qualified Auditor” shall mean the auditor of the Company, which, at any time, shall be a Big Four
accounting firm approved by the Board. 
 “Redemption Date” shall have the meaning assigned to it in
Section 9.1(a). 
 “Redemption Holder” shall have the meaning assigned to it in Section 9.1. 

“Redemption Notice” shall have the meaning assigned to it in Section 9.1(a). 

“Redemption Price” shall have the meaning assigned to it in Section 9.1. 

“Redemption Shares” shall have the meaning assigned to it in Section 9.1. 

“register,” “registered,” and “registration” refer to a registration effected by preparing and filing a
registration statement in compliance with the Securities Act and the subsequent declaration or ordering of the effectiveness of such registration statement. 
 “Registrable Securities” means: 
 (i) Ordinary Shares issuable or issued
upon conversion of the Series A Preferred Shares, and 
 (ii) any other Ordinary Share of the Company (a) issued as (or
issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in (i) above and
(b) owned or hereafter acquired by the Investors, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his or her rights under this Agreement are not assigned; provided, however,
that Ordinary Share or other securities shall cease to be treated as Registrable Securities if (A) when a registration statement covering such Registrable Securities has been declared effective under the Securities Act by the Commission whether
or not such Registrable Securities have been disposed of pursuant to such effective registration statement, (B) at any time when the entire amount of such Registrable Securities proposed to be sold by such Holder in a single sale are or, in the
opinion of counsel satisfactory to the Company and such Holder, each in their reasonable judgment, may be, so distributed to the public pursuant to Rule 144 (or any successor provision then in effect) under the Securities Act in any three
(3) month period or any such Registrable Securities have been sold in a sale made pursuant to Rule 144 of the Securities Act, or (C) such securities shall have ceased to be outstanding. 

  
 4 

 The number of “Registrable Securities then outstanding” shall be determined by the
number of Ordinary Share outstanding which are, and the number of Ordinary Share issuable pursuant to then exercisable or convertible securities which are, Registrable Securities. 

“Registration Expenses” means all out-of-pocket expenses incident to the Company’s performance of or compliance with
Section 3 of this Agreement, including, without limitation, all registration and filing fees, all fees and expenses of complying with state securities or “blue sky” laws (including reasonable fees and disbursements of
underwriters’ counsel in connection with any “blue sky” memorandum or survey), all printing expenses, all listing fees, all “road show” expenses of the Company and the underwriters, all registrars’ and transfer
agents’ fees, the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or “cold comfort” letters required by or incident to such performance and
compliance, the reasonable fees and disbursements of the Holder’s legal counsel, but excluding underwriting discounts and commissions. 
 “Sansar” shall mean Sansar Capital Special Opportunity Master Fund L.P. 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended and interpreted from time to time. 

“Series A Preferred Share” shall mean a Series A Preferred Share of the Company, par value US$0.001 each, having the rights,
privileges and preferences as set forth in the Articles. 
 “Shareholders” shall mean the persons who hold Equity
Securities and “Shareholder” shall mean any one of them. 
 “Subsidiary” means, in relation to the Company,
any person that is Controlled by the Company, which includes each of the entities listed in Part 2 of Exhibit C. 

“Tag-Along Shares” shall have the meaning assigned to it in Section 6.1. 

“Third Party” or “Third Parties” shall have the meaning assigned to it in Section 6.1. 

“Transaction Documents” shall mean this Agreement, the Purchase Agreement, and the Articles. 

“UNCITRAL Rules” shall have the meaning assigned to it in Section 10.4. 

“US GAAP” shall mean the generally accepted accounting principles in the United States. 

“Violation” shall have the meaning as set forth in Section 3.9(a). 

  
 5 

 Capitalized terms used herein without definition shall have the meanings set forth in the
Purchase Agreement. 
 1.2 Jurisdiction. The terms of this Agreement are drafted primarily in contemplation of an
offering of securities in the United States of America. The parties recognize, however, the possibility that securities may be qualified or registered in a jurisdiction other than the United States of America for offering to the public or that the
Company might effect an offering in the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly: 
 (a) It is their intention that, whenever this Agreement refers to a law, form, process or institution of the United States of America but the parties wish to effectuate qualification or registration in a
different jurisdiction, reference in this Agreement to the laws or institutions of the United States shall be read as referring, mutatis mutandis, to the comparable laws or institutions of the jurisdiction in question; and 

(b) It is agreed that the Company will not undertake any listing of American Depositary Receipts, American Depositary
Shares or any other security derivative of the Ordinary Shares unless arrangements have been made reasonably satisfactory to a majority in interest of the Holders of then outstanding Registrable Securities to ensure that the spirit and intent of
this Agreement will be realized and that the Company is committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the
United States of America as if the Company had listed Ordinary Shares in lieu of such derivative securities. 
 SECTION 2

 Purpose of the Company 
 The business of the Company and its Subsidiaries shall be conducted in the best interests of the Company in accordance with the general principles of the then current business plan approved by the Board
and on sound commercial profit-making principles with the aim of generating the maximum achievable maintainable profits available for distribution to its Shareholders. 
 SECTION 3 
 Registration Rights 

3.1 Requested Registration. 
 (a) If the Company shall receive at any time not earlier than June 30, 2011 or within one (1) year after the effective date of an IPO (other than a registration statement relating either to the
sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or a SEC Rule 145 transaction), a written request from the Initiating Holders that the Company file a registration statement under the
Securities Act covering the registration of Registrable Securities covering (i) no less than twenty percent (20%) of the Registrable Securities held by the Initiating Holder, or (ii) if for less than twenty percent (20%) of the
Registrable Securities held by the Initiating Holder then for an anticipated aggregate offering price, net of underwriting discounts and commissions, equal to or exceeding US$5,000,000, then the Company shall, within ten (10) days after the
receipt thereof, give written notice of such request to all Holders and shall, subject to the limitations of sub-Section 3.1(b), use its best efforts to effect as soon as practicable, and in any event within ninety (90) days of the receipt
of such request, the registration under the Securities Act of all Registrable Securities which the Holders request to be registered in a written request given within twenty (20) days after the mailing of such notice by the Company in accordance
with Section 10.5. 

  
 6 

 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by
their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 3.1 and the Company shall include such information in the written notice referred to in
sub-Section 3.1(a). In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall (together with the Company as provided in sub-Section 3.3(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by an majority in interest of the
Initiating Holders and approved by the Company (except for the Company’s IPO, which underwriter shall be as selected by the Company). Subject to Section 3.1(a) but notwithstanding any other provision of this Section 3.1, if the
underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities which would otherwise be
underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among all Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of
Registrable Securities of the Company owned by each Holder. 
 (c) The Company is obligated to effect only two (2) such
registrations pursuant to this Section 3.1, provided that if the proposed registration of the Registrable Securities pursuant to this Section 3.1 is not consummated for any reason other than due to the action or inaction of the
Holders, such registration shall not be deemed to constitute a registration for purposes of this sentence. 
 (d)
Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 3.1, a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment
of the Board of the Company, it would be seriously detrimental to the Company and its shareholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have
the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month
period; provided further, that the Company shall not register any other of its shares during such twelve (12) month period. A demand right under Section 3.1(a) or Section 3.1(b) shall not be deemed to have been exercised until such
deferred registration shall have been effected. 

  
 7 

 (e) Notwithstanding the foregoing, the Company shall not be obligated to effect, or to take
any action to effect, any such registration pursuant to this Section 3.1 during the period starting with the date of filing of, and ending on a date one hundred and eighty (180) days after the effective date of, a Company-initiated
registration; provided the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective and further provided, that the Holders are entitled to join such registration subject to
Section 3.2 (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) 
 3.2 Company Registration. If the Company undertakes to register (including for this purpose a registration effected by the Company for Shareholders other than the Holders) any of its
Ordinary Share or other securities under the Securities Act in connection with a public offering of such securities (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding
the initial public offering of the Company’s securities in relation to which the provisions of this Section 3.2 shall not apply and other than a registration relating either to the sale of securities to participants in a Company stock
option, stock purchase or similar plan or to a SEC Rule 145 transaction, or a registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the
Registrable Securities), the Company shall, at least thirty (30) days prior to filing such registration statement, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty
(20) days after mailing of such notice by the Company in accordance with Section 10.5, the Company shall, subject to the provisions of Section 3.7, use its best efforts to cause to be registered under the Securities Act all of the
Registrable Securities that each such Holder has requested to be registered. If a Holder decides not to include all or any of its Registrable Securities in such registration by the Company, such Holder shall nevertheless continue to have the right
to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company, all upon the terms and conditions set forth herein. 

3.3 Obligations of the Company. Whenever required under this Section 3 to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep
such registration statement effective for up to one hundred and twenty (120) days. 
 (b) Prepare and file with the SEC
such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement. 
 (c) Furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

  
 8 

 (d) Use its best efforts to register and qualify the Registrable Securities covered by such
registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify
to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event of
any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter
into and perform its obligations under such an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(g) Furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 3, on the date
that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 3, if such securities are being sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance
as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a letter dated such date, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities. 
 3.4 Furnish Information. It shall be a condition precedent
to the obligations of the Company to take any action pursuant to this Section 3 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. 
 3.5 Registration Expenses. All Registration Expenses shall be paid by the Company; provided, however, that all underwriting discounts and selling commissions applicable to the Registrable
Securities shall be borne by the Holders selling such Registrable Securities, in proportion to the number of Registrable Securities sold by each such Holder. 
 3.6 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Section 3 after three (3) years following the Company’s IPO.

  
 9 

 3.7 Underwriting Requirements. In connection with any offering involving an
underwriting of shares being issued by the Company, the Company shall not be required under Section 3.2 to include any of the Holders’ Registrable Securities in such underwriting unless they accept the terms of the underwriting as agreed
upon between the Company and the underwriters selected by it (provided that such underwriters shall be of internationally recognized reputation), and then only in such quantity as will not, in the opinion of the underwriters, jeopardize the success
of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by Shareholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters
reasonably believe compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities requested by Shareholders to be included in such
offering, which the underwriters believe will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling Shareholders according to the total amount of securities entitled to be included
therein owned by each selling Shareholder or in such other proportions as shall mutually be agreed to by such selling Shareholders) if so justified together with the exclusion of other Equity Securities from the underwriting in proportion to the
number of Registrable Securities and other Equity Securities that may be included in the underwriting; but in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below twenty-five percent
(25%) of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case the selling Shareholders may be excluded entirely if the underwriters make
the determination described above and no other Shareholder’s securities are included or (ii) notwithstanding (i) above, any shares being sold by a Shareholder exercising a demand registration right similar to that granted in
Section 3.1 be excluded from such offering. 
 3.8 Delay of Registration. No Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3. 

3.9 Indemnification. In the event any Registrable Securities are included in a registration statement under this
Section 3: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, any underwriter
(as defined in the Securities Act) for such Holder and each person, if any, who Controls such Holder or underwriter within the meaning of the Securities Act or the 1934 Act, against any losses, claims, damages, or liabilities (joint or several) to
which they may become subject under the Securities Act, the 1934 Act or other applicable law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or
alleged violation by the Company of the Securities Act, the 1934 Act, any state securities law or any rule or regulation promulgated under the Securities Act, and the Company will pay as incurred to each such Holder, underwriter or Controlling
person, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided that the Company will not be liable in any such case to the extent that any
such loss, claim, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by such Holder or underwriter and stated to be specifically for use therein; and
provided further that the indemnity agreement contained in this sub-Section 3.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or Controlling person. 

  
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 (b) To the extent permitted by law, each selling Holder, severally, will indemnify and hold
harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who Controls the Company, any underwriter, any other Holder selling securities in such registration statement and any
Controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the 1934 Act or other applicable
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified
pursuant to this sub-Section 3.9(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this sub-Section 3.9(b) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided that in no event shall any indemnity under this
sub-Section 3.9(b) exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an
indemnified party under this Section 3.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 3.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 3.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 3.9. 

  
 11 

 (d) If the indemnification provided for in this Section 3.9 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense 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 in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. 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. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The
obligations of the Company and Holders under this Section 3.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 3, and otherwise. 

3.10 Reports Under Securities Exchange Act of 1934. With a view to making available to the Holders the benefits of Rule 144
promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company agrees
to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times
after ninety (90) days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public; 
 (b) take such action, including the voluntary registration of its Ordinary Share under Section 12 of the 1934 Act, as is necessary to enable the Holders to utilize Form F-3 for the sale of their
Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its Ordinary Share to the general public is declared
effective; 
 (c) file with the SEC in a timely manner all reports and other documents required of the Company under the
Securities Act and the 1934 Act; and 

  
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 (d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the
Company), the Securities Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report, if any, of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any
rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

3.11 Form F-3 Registration. In case the Company shall receive from any Holder or Holders of the Registrable Securities a
written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 

(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and

 (b) as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and
as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any
other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any
such registration, qualification or compliance, pursuant to this Section 3.11, (i) if Form F-3 is not available for such offering by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than US$1,000,000];
(iii) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of the Company it would be seriously detrimental to the Company and its
shareholders for such Form F-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement for a period of not more than one hundred and twenty (120) days
after receipt of the request of the Holder or Holders under this Section 3.11; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period; or (iv) in any particular jurisdiction in
which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so
requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 3.11 shall not be counted as demands for registration or registrations effected pursuant
to Section 3.1 or 3.2. The Company shall not be obligated to effect more than two (2) registrations under this Section 3.11 within any twelve (12) month period. 

  
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 3.12 Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant to this Section 3 may be assigned by a Holder to a transferee or assignee of such Registrable Securities; provided, that such transfer or assignment shall be effective only if : (a) prior to such
transfer or assignment, the Company is furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned or transferred; (b) it
involves the transfer or assignment of all and not less than all of the Registrable Securities then held by the transferor, which shall be no less than 100,000 shares of such Registrable Securities; (c) immediately following such transfer or
assignment the further disposition of such securities by the transferee or assignee is restricted under the Securities Act; and (d) the transferee or assignee agrees to be bound by the terms and conditions of this Shareholders Agreement as a
shareholder hereunder and, if there’s more than one transferee or assignee that are related, such transferees or assignees shall agree to act through a single representative. 

3.13 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective
holder to include such Equity Securities in any registration filed under Section 3.1 or Section 3.2. 
 3.14
“Market Stand-Off” Agreement. To the extent reasonably requested by the underwriter, so long as a Holder shall hold issued and outstanding Equity Securities of the Company, such Holder shall not and shall not purport to, during
the period of ten (10) days prior to, and during the period up to 180 days following the effective date of a registration statement of the Company filed under the Securities Act, effect any public sale or distribution or register or offer to
sell or sell or otherwise transfer or dispose of any Ordinary Share of the Company held by it at any time during such period except Ordinary Share included in such registration; provided that the Company will cause all other Shareholders (other than
Shareholders who acquired Equity Securities in a registered public offering) to agree not to effect any public sale or distribution, or register, or offer to sell or sell or otherwise transfer or dispose of any such Ordinary Share of the Company
held by it at any time during the period of ten (10) days prior to, and during the period up to 180 days following the effective date of a registration statement of the Company filed under the Securities Act. 

SECTION 4 

Information and Inspection Rights 
 4.1 Information Rights. The Company covenants and agrees that, commencing from the date of this Agreement, the Company will: 

(a) Annual Reports. Furnish to the Investors, as soon as practicable and in any event within 90 days after the end of each
fiscal year of the Company, annual audited financial statements, including an audited consolidated balance sheet and a statement of stockholders’ equity as of the end of such fiscal year and an audited consolidated statement of income of the
Company and its Subsidiaries, and an audited consolidated statement of cash flows of the Company and its Subsidiaries, for such year and a schedule as to sources and application of funds for such year, setting forth in each case in comparative form
the figures from the Company’s previous fiscal year, and all prepared in reasonable detail and in accordance with US GAAP and audited and certified by the Qualified Auditor. 

  
 14 

 (b) Monthly Reports. Furnish to the Investors, as soon as practicable, and in any
case within twenty-one (21) days of the end of each calendar month, monthly unaudited financial statements, including an unaudited balance sheet, an unaudited statement of income and an unaudited statement of cash flows and a schedule as to the
sources and application of funds for such month and for the current fiscal year to date including a comparison to plan figures for such period. 
 (d) Annual Budget. Furnish to the Investors, as soon as practicable, and in any case no later than thirty (30) days prior to the end of each fiscal year of the Company, a comprehensive
operating budget forecasting the Company’s operating plan, forecast of revenues, expenses and cash position on a month to month basis, and investment plans for the next immediate fiscal year. 

(f) Other Information. Furnish additional information that the Investors may reasonably require for tax or other purposes,
including notifying the Investors of any litigation or potential for litigation that a Group Company may be involved in. 

4.2 Inspection Rights. In addition to any other information rights required by applicable law to be available to
Shareholders, the Company shall permit each Investor, at such Investor’s expense, to visit and inspect the Company and Subsidiaries’ properties, to examine their books, accounts and records, and to discuss their affairs, finances and
accounts with its officers, employees, accountants and lawyers, all during normal business hours of the Company or the Subsidiaries, as the case may be, as may be requested by such Investor. 

4.3 Termination of Information and Inspection Rights. The information rights provided under Section 4.1 above and the
inspection rights provided under Section 4.2 above shall terminate upon the occurrence of a Qualified IPO. 
 4.4
United States Tax Matters. 
 (a) The Company shall not, without the written consent of each Holder, issue or
transfer shares in the Company or any other Group Company to any investor if following such issuance or transfer the Company or any other Group Company, in the determination of counsel or accountants for each of the Holders, would be a
“Controlled Foreign Corporation” (a “CFC”) as defined in the United States Internal Code of 1986, as amended (the “Code”) with respect to the shares held by any Holder. No later than two (2) months following the
end of each Company taxable year, the Company shall provide the following information to the Holders: (i) the Company and other Group Company’s register of members as of the end of the last day of such taxable year; and (ii) a report
regarding the Company or other Group Company’s status as a CFC. In addition, the Company shall provide the Holders with access to such other company information as may be required by such Holders to determine the Company or other Group
Company’s status as a CFC, to determine whether each such Holder is required to report its pro rata portion of the Company or other Group Company’s “Subpart F income” (as defined in the Code) on its United States federal income
tax return, or to allow such Holder to otherwise comply with applicable United States federal income tax laws. In the event that the Company or any other Group Company is determined by counsel or accountants for each of the Holders to be a CFC as
defined in the Code (or any successor thereto) with respect to the shares held by such Holder, the Company agrees to use commercially reasonable efforts to avoid generating for any taxable year in which the Company or any other Group Company is a
CFC, “Subpart F income,” as such term is defined in Section 952 of the Code. The Company and the shareholders of the Company shall take necessary actions and provide necessary cooperation as reasonably requested by the a Holder based
on the professional opinions of the counsels or accountants of such Holder, in order to comply with relevant regulations regarding CFC matters. 

  
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 (b) Each Group Company shall use its best efforts to avoid being a “Passive Foreign
Investment Company” (a “PFIC”) within the meaning of Section 1297 of the Code (or any successor thereto). The Company agrees, if requested by any Holder to cooperate with such Holder, including providing any documentation
reasonably requested by such Holder, to determine annually whether the Company and each of the entities in which the Company owns or proposes to acquire an equity or ownership interest (directly or indirectly) is or may become a PFIC (including
whether any exception to PFIC status may apply). In connection with a “Qualified Electing Fund” election made by the Holders pursuant to Section 1295 of the Code or a “Protective Statement” filed by the Holders pursuant to
Treasury Regulation Section 1.1295-3, as amended (or any successor thereto), the Company shall provide annual financial information to the Holders to the satisfaction of the Holders and shall provide each Holder with such other company
information as may be required for purposes of filing U.S. federal income tax returns in connection with such Qualified Electing Fund election or Protective Statement. The Company and the shareholders of the Company shall take necessary actions and
provide necessary cooperation as reasonably requested by the a Holder based on the professional opinions of the counsels or accountants of such Holder, in order to comply with relevant regulations regarding PFIC matters. 

(c) The Company shall obtain representations, warranties and covenants from each entity in which it invests or has invested substantially
to the effect of the representations, warranties and covenants contained in the foregoing Sections 4.4(a) and (b) and such additional representations, warranties and covenants as shall be necessary to allow the Company to comply with the
provisions of the foregoing Sections 4.4(a) and (b). 
 (d) Except to the extent that at least two-thirds (2/3) of the
Holders elects otherwise, each Group Company shall take such actions, including making an election to be treated as a corporation or refraining from making an election to be treated as a partnership, as may be required to ensure that at all times
each Group Company is treated as a corporation for United States federal income tax purposes. 
 SECTION 5 

Board Representation and Protective Provisions 
 5.1 Size of the Board. Subject to Section 5.2, the Articles shall provide for a Board with three (3) directors immediately after the Closing, consisting of (a) the Founder,
(b) one (1) director of the Board appointed by the Ordinary Shareholder, initially being Liang Jixian, and (c) one (1) director of the Board jointly appointed by the Lead Investors, initially being Neil Shen (the “Investor
Director”). 

  
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 5.2 Board Observers. So long as each Investor (other than the Lead Investors),
together with its Affiliates, continue to hold Series A Preferred Shares, the Company shall invite a representative designated by each Investor to attend all meetings of its Board in a nonvoting capacity (each such person a “Board
Observer”) and, in this respect, shall give such Board Observer copies of all notices, minutes, consents and other materials that it provides to its directors; provided that such Board Observer shall agree (and each Investor hereby agrees) to
hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided to such Board Observer, except that such information may be shared by such representative with the Investor; and provided further that the
Company reserves the right to withhold any information and to exclude such Board Observer from any meeting or portion thereof and withhold such information and documents if access to such information or attendance at such meeting could adversely
affect the attorney-client privilege between the Company and its counsel, would result in disclosure of trade secret or other proprietary information the Board in good faith determines should not be disclosed to the representative, or concerns the
relationship between such Board Observer (or the Investor designating such Board Observer) and the Company. 
 5.3 Acts of
the Company Requiring Investors’ Approval. So long as any Series A Preferred Share remain outstanding and notwithstanding any other contrary provision in the Articles, the undertaking of any of the following actions by the Company
(whether by amendment of the Articles or otherwise, whether in a single transaction or a series of related transactions, and whether or not in the ordinary course of business) shall require the prior written consent of holders of at least two-thirds
(2/3) of the then outstanding Series A Preferred Shares voting as a separate class: 
 (a) alter or change the rights,
preferences or privileges of the Series A Preferred Shares; 
 (b) authorize or issue any Equity Security rights, preferences or
privileges senior to or on a parity with the Series A Preferred Share; 
 (c) authorize any new issuance of any Equity
Securities of the Company, other then (i) any issuance of Ordinary Shares upon conversion of the Series A Preferred Shares, (ii) the issuance of Ordinary Shares (or options or warrants exercisable for or convertible into such Ordinary
Shares) under employee equity incentive plans approved by the Board (including the consent of the Investor Director); 
 (d)
amend or waive any provision of the Articles in a manner that would alter or change the rights, preferences or privileges of the Series Preferred Shares; 
 (e) increase or decrease the number of authorized shares of Ordinary Shares or Series A Preferred Shares of the Company; 
 (f) redeem or repurchase, or take such action that results in the redemption or repurchase of any Ordinary Share (other than pursuant to (i) equity incentive agreements with service providers giving
the Company the right to repurchase shares upon the termination of services, (ii) Section 9 of this Agreement or Article 20 of the Articles or (iii) as otherwise approved by the Board (including the consent of the Investor Director);

 (g) enter into any agreement that results in any merger, consolidation, share acquisition or other corporate reorganization,
or any transaction or series of transactions in which in excess of 50% of the Company’s voting power is transferred or in which all or substantially all of the assets of the Company are sold; 

(h) increase or decrease the number of directors serving on the Company’s Board;

  
 17 

 (i) undertake the liquidation, dissolution or winding up of the Company, 

(j) pay or declare, or take any action that results in the payment or declaration of any dividend on the Ordinary Shares before payment
of any dividends on the Series A Preferred Shares; 
 (k) extend any loan or undertake any guarantee, in each case by the
Company, for indebtedness in excess of US$100,000 in the aggregate to or of any third party, other than (i) advances to employees of the Company in the ordinary course of business consistent with its past practices or (ii) as otherwise
approved by the Board (including the consent of the Investor Director); 
 (l) incur debt or issue debt securities in excess of
US$250,000, other than (i) trade debts incurred in the ordinary course of business and consistent with its past practices or (ii) as otherwise approved by the Board (including consent of an Investor Director); 

(m) acquire business/assets from a third party in excess of US$250,000; 

(n) appoint or replace the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of the Company; 

(o) enter into any transaction involving both the Company and a shareholder or any of the Company’s employees, officers, directors
or shareholders or any affiliate of a shareholder or any of its officers, directors or shareholders other than in the ordinary course of business on an arms-length basis and consistent with its past practice; 

(p) appoint or remove the Qualified Auditor of the Company or any material change in the accounting and financial policies of the
Company; 
 (q) increase in the compensation of any employee of the Company with monthly salary of at least RMB40,000 by more
than fifty percent (50%) in a twelve (12) month period, other than annual salary adjustment in the ordinary course of business as approved by the Board; 
 (r) undertake any items of expenditure outside the annual budget in excess of US$100,000 per month, individually or in the aggregate, or 

(s) undertake any of the above actions with respect to any direct or indirect subsidiary or affiliate. 

Notwithstanding anything to the contrary, this Section 5.3 shall in no event apply to any actions taken in connection with the
performance or compliance by the Company or the Founder of their respective obligations under the Settlement Deed, including without limitation, any payment of money to Carlyle thereunder. 

5.4 Subsidiaries. It is agreed that the board of directors of any Subsidiary and other new subsidiaries acquired by the
Company from time to time, shall, insofar as permissible under applicable laws, have the same board composition with the Company as determined in accordance with Section 5.1, and the Company, the Founder and the Investors shall procure that
such persons are appointed to the relevant board of directors. 

  
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 5.5 Removal of Investor Director. The Investor Director may not be removed
from office unless such removal is directed or approved by the Lead Investors. 
 5.6 Drag-along. In the event
that the Founder, the Board and the Investors holding at least two-thirds (2/3) of the Series A Preferred Shares (including all shares resulting from conversion of the Series A Preferred Shares) approve either: (i) a transaction or series
of related transactions in which a Person, or a group of related Persons, propose to acquire from shareholders of the Company shares representing more than fifty percent (50%) of the outstanding Equity Securities of the Company, or (ii) a
transaction that qualifies as a Liquidation Event (collectively referred to as a “Sale of the Company”), then the Ordinary Shareholders hereby agrees with respect to all Equity Securities that it holds: 

(A) in the event such transaction requires the approval of shareholders, (i) to be present, in person or by proxy, as a holder of
shares, at any shareholder meeting to vote on the approval of a Sale of the Company and be counted for the purposes of determining the presence of a quorum at such meetings if the matter is to be brought to a vote at a shareholder meeting, after
receiving proper notice of such meetings; and (ii) to vote (in person, by proxy or by action by written consent, as applicable) all shares held by such shareholder in favor of such Sale of the Company and in opposition of any and all other
proposals that could reasonably be expected to delay or impair the ability of the Company to consummate such Sale of the Company; 
 (B) to refrain from exercising any dissenters’ rights of rights of appraisal under applicable law at any time with respect to such Sale of the Company; 

(C) to execute and deliver all required documentation and take such other action in support of the Sale of the Company as shall
reasonably be requested by the Company; and 
 (D) not to deposit, and to cause their Affiliates not to deposit, except as
provided in this Agreement, any voting securities owned by such Party or Affiliate in a voting trust or subject any such voting securities to any arrangement or agreement with respect to the voting of such securities, unless specifically requested
to do so by the acquirer in connection with a Sale of the Company. 
 SECTION 6 

Co-Sale Right 
 6.1 Co-Sale Right. Subject to the terms and conditions specified in this Section 6, if the Founder proposes to offer for sale or otherwise transfer any Equity Securities (the
“Offered Shares”) owned by the Founder (the “Offering Shareholder”) to any person (individually a “Third Party” and collectively, “Third Parties”) in a bona fide transaction or series of transactions, directly
or indirectly, such sale or other disposition shall not be permitted unless the Investors agree in writing to the sale. Provided that the Investors have approved such sale in writing, such Offering Shareholder shall offer, or cause the Third Party
to offer, as the case may be, to each Investor, at the Investor’s sole option, the right to elect to include in the sale or other disposition to the Third Party all or a portion of the Equity Securities then held by such Investor based on its
or his Co-Sale Pro Rata Portion (as defined below) of the Offered Shares (the “Tag-Along Shares”) on the same terms offered by or to the Third Party: 
 (a) Each time an Offering Shareholder proposes to offer or otherwise transfer any Equity Securities owned by such Offering Shareholder, such Offering Shareholder shall deliver a notice to the Investors
stating (i) the Offering Shareholder’s bona fide intention to offer such Offered Shares for sale, (ii) the number of shares constituting the Offered Shares and (iii) the price and terms, if any, upon which the Offering
Shareholder proposes to offer or the Third Party proposes to purchase such Offered Shares. 

  
 19 

 (b) At any time within 30 days after the giving of the notice described in
Section 6.1(a) hereof, each Investor may make an election to include the Tag-Along Shares in such a sale or other disposition (the “Inclusion Election”) by giving written notice of its Inclusion Election to the Offering Shareholder
and specifying the number of Tag-Along Shares that the Investor intends to transfer, together with a limited power-of-attorney authorizing such Offering Shareholder to sell or otherwise dispose of such Tag-Along Shares pursuant to the terms of such
Third Party’s offer. 
 (c) In the event an Investor issues an Inclusion Election, the Investor shall deliver to the
Company written notice (the “Conversion Notice”) of the Investor’s election to convert such number of Series A Preferred Shares, and together with any Ordinary Shares owned by the Investor, shall be equal in number to the maximum
number of the Tag-Along Shares. The Company shall issue a new certificate in the name of the Investor evidencing any Series A Preferred Shares which had been evidenced by the certificate delivered to the Company pursuant to this Section 6.1(c)
above and not converted in accordance with the Conversion Notice and the Company shall deliver such new certificate to the Investor. The sale of the Tag-Along Shares by the Investor pursuant to this Section 6 shall be on the same terms and
conditions, including the price per share and the date of sale or other disposition, as are received by the Offering Shareholder and stated in the notice described in Section 6.1(a). At the consummation of the sale or other disposition of
Equity Securities of the Offering Shareholder and the Investor to the Third Party, there shall be remitted to the Investor the total sales price attributable to the Tag-Along Shares which the Investor sold or otherwise disposed of pursuant thereto
minus a pro rata share of the reasonable expenses equal to the proportion which the number of Tag-Along Shares sold by the Investor bore to the aggregate number of Equity Securities sold by the Offering Shareholder and the Investor to the Third
Party. 
 (d) If within 30 days after the notice described in Section 6.1(a) hereof is given, the Investor has not accepted
the offer to make an Inclusion Election, the Investor will be deemed to have waived any and all of its rights with respect to the sale or purchase of such Offered Shares. The Offering Shareholder shall have 120 days after such 30-day period in which
to sell or otherwise dispose of the Offered Shares to the Third Party at a price and on terms not more favorable to the Offering Shareholder than were set forth in such notice. If, at the end of such 120-day period, the Offering Shareholder has not
completed the sale of Offered Shares in accordance with the terms set forth in such notice, all the restrictions on sale contained in this Agreement with respect to such Offered Shares shall again be in effect. 

(e) For the purpose of this Section 6.1, the Co-Sale Pro Rata Portion of each Investor shall mean the product obtained by
multiplying (i) the aggregate number of the Offered Shares by (ii) a fraction, the numerator of which is the number of Ordinary Shares (on an as-converted basis) owned by such Investor at the time of the sale or transfer and the
denominator of which is the combined number of Ordinary Shares (on an as-converted basis) at the time owned by the Offering Shareholder and the Investors exercising the co-sale right hereunder. 

  
 20 

 6.2 Termination of Co-Sale Right. The co-sale rights provided in Sections 6.1
shall terminate with immediate effect after the consummation of the Company’s Qualified IPO. 
 SECTION 7 

Right of First Offer 
 7.1 Right of First Offer. Subject to the terms and conditions specified in this Section 7, the Company hereby grants to each Investor a right of first offer with respect to future sales
by the Company of its New Securities (as hereinafter defined). Each Investor shall be entitled to purchase its Proportionate Share of the New Securities on the terms and conditions as such New Securities are offered. 

(a) In the event the Company proposes to issue New Securities, it shall give the Investor written notice (the “Issue Notice”)
of its intention stating (i) a description of the New Securities it proposes to issue, (ii) the number of New Securities it proposes to offer, (iii) the price at which, and other terms on which, it proposes to offer such New
Securities and (iv) the number of New Securities that the Investor has the right to purchase under this Section 7.1, based on the Investor’s Proportionate Share. 

(b) Within fifteen (15) days after the Issue Notice is given (in accordance with Section 10.5), the Investor may elect to
purchase, at the price and on the terms specified in the Issue Notice, up to the number of New Securities proposed to be issued that the Investor has the right to purchase based on the Investor’s Proportionate Share, respectively. An election
to purchase shall be made in writing and must be given to the Company within such fifteen (15) day period (in accordance with Section 10.5). 
 (c) If any Investor fails to exercise its right to purchase its Proportionate Share of any New Securities (each, a “Non-Exercising Investor”), the Company shall, within five (5) days after
the expiration of the fifteen (15) day period described in Section 7.1 (b), deliver written notice specifying the aggregate number of unpurchased New Securities that were eligible for purchase by all Non-Exercising Investors (the
“Remaining Securities”) to each Investor that exercised its right to purchase its Proportionate Share of the New Securities (each, an “Exercising Investor”). Each Exercising Investor shall have a right of overallotment, and may
exercise an additional right to purchase the Remaining Securities by notifying the Company in writing within fifteen (15) days after receipt of the notice by the Company pursuant to the prior sentence of this Section 7.1(b); provided,
however, that if the Exercising Investors desire to purchase in aggregate more than the number of Remaining Securities, then the Remaining Securities will be allocated to the extent necessary among the Exercising Investors in accordance with their
relative pro rata shares. The closing of the sale of New Securities by the Company to the Investor upon exercise of its rights under this Section 7.1 shall take place simultaneously with the closing of the sale of New Securities to third
parties. 

  
 21 

 (d) The Company shall have one hundred twenty (120) days after the last date on which
the Investor’s right of first offer lapsed to enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within thirty (30) days from the execution thereof) to sell the New Securities
which the Investors did not elect to purchase under this Section 7.1, at or above the price and upon terms not materially more favorable to the investors of such securities than the terms specified in the initial Issue Notice given in
connection with such sale. In the event the Company has not entered into an agreement to sell the New Securities within such one hundred twenty (120) day period (or sold and issued New Securities in accordance with the foregoing within thirty
(30) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such New Securities to the Investors in the manner provided in this Section 7.1. 

(e) “New Securities” shall mean any shares or any other securities convertible into or exercisable for any shares of, any class
of the Company’s capital stock; provided that “New Securities” does not include: (i) the Ordinary Share issuable upon conversion of the Series A Preferred Share; (ii) Equity Securities issued pursuant to the acquisition of
another business entity by the Company approved by the Board by merger, purchase of substantially all of the assets of such entity, or other reorganization whereby the Company owns not less than a majority of the voting power of such entity;
(iii) Equity Securities issued or issuable to officers, directors, employees and consultants of the corporation as part of the Company’s stock option plan approved by the Board; (iv) the Company’s Equity Securities issued in
connection with any stock split, stock dividend or recapitalization of the Company in which all the Investors are entitled to participate on a pro rata basis; and (v) the Company’s Equity Securities issued to financial institutions in
connection with the extension of credit to the corporation or in connection with the lease of equipment and in both cases for other than equity financing purposes and approved by the Board. 

7.2 Termination of Right of First Offer. The right of first offer granted under Section 7.1 shall expire upon the
consummation of the Company’s IPO. 
 SECTION 8 

Covenants 
 8.1 Company Charter Documents; Memorandum and Articles of Association; Ranking of Preference Shares. The Company will ensure that no alteration or amendment is made to the constitutional or
charter documents of any of the Group Companies except in accordance with this Agreement. 

  
 22 

 8.2 Performance of Agreements. The Company shall abide by and perform all the
obligations of the Company set forth in this Agreement. 
 8.3 Pari Passu Rights. The Company shall ensure that,
if in the good faith judgment of the Board, any party that becomes a Shareholder of the Company after the date hereof, receives right of first offer or registration rights that are superior to those granted to the Investors herein, the Company and
the Founder shall agree to an amendment of this Agreement to provide for right of first offer and registration rights to the Investors that are pari passu to those rights granted to the subsequent Shareholders. 

8.4 Anti-corruption Laws. The Company shall not, and it shall ensure that none of the Group Companies nor any of their
respective officers, directors, agents, employees or any other Persons associated with or acting on behalf of the Company or any Group Company, directly or indirectly take any action that would cause the Company or any Group Company to be in
violation of, any anti-bribery or anti-corruption laws applicable to the Company or such Group Company, including without limitation, the Foreign Corrupt Practices Act, to the extent applicable. 

8.5 Compliance with Applicable Laws. The Company shall materially comply with all applicable laws, including applicable
laws in the People’s Republic of China that may be applicable to the Company or its Subsidiary. 
 8.6 Additional
Covenants. After the Closing, each of the Group Companies shall ensure that (i) such Group Company has duly executed an employment agreement with each of its employees in compliance with applicable laws, and (ii) each Key Employee
and each key technical employee of the Company have entered into a proprietary information and inventions assignment agreement in a form and substance reasonably acceptable to the Company and the Lead Investors. 

8.7 Confidentiality. Except as may be required by applicable laws, none of the parties hereto shall issue a press release
or public announcement or otherwise make any disclosure concerning this Agreement or the transactions contemplated hereby without prior approval by the other parties hereto; provided, however, that nothing in this Agreement shall restrict any party
from disclosing information (a) that is already publicly available, (b) that was known to such party on a non-confidential basis prior to its disclosure by the other party, (c) that may be required or appropriate in response to any
summons or subpoena or in connection with any litigation, provided that such party will use reasonable efforts to notify the other party in advance of such disclosure so as to permit the other party to seek a protective order or otherwise contest
such disclosure, and such party will use reasonable efforts to cooperate, at the expense of the other party, with the other party in pursuing any such protective order, (d) to such party’s officers, directors, shareholders, advisors,
employees, members, partners, controlling persons, auditors or counsel as may be reasonably required or (e) to Persons from whom releases, consents or approvals are required, or to whom notice is required to be provided, pursuant to the
transactions contemplated by the Transaction Documents or any requirement of applicable law. Without limiting the generality of the foregoing, the Investors shall be entitled to disclose the terms hereunder for the purposes of fund reporting or
inter-fund reporting or to their fund manager, other funds managed by their fund manager and their respective auditors, counsel, directors, officers, employees, shareholders or investors. Nothing in this Agreement shall restrict the Company from
making disclosure concerning this Agreement in its filings in connection with its public securities offerings or proposed initial public offering. 

  
 23 

 8.8 Shareholders Covenant. Each Shareholder agrees to refrain from taking any
action (or refuse to take any action) that would cause any Group Company to violate, or otherwise cause any Group Company to not be able to perform, its obligations under Section 8.2, Section 8.4, Section 8.5, Section 8.6 and
Section 8.7. 
 SECTION 9 
 Redemption 
 9.1 Redemption at Option of Investors. At
any time after the fifth anniversary of the Closing Date, any one or more holder of Series A Preferred Shares (each, a “Redemption Holder”), acting severally or jointly, may require the Company to redeem all and not less than all of the
then outstanding Series A Preferred Shares held by such holder or holders (“Redemption Shares”) at an amount equal to the higher of (such amount payable for redemption, the “Redemption Price”) 

(1) the Purchase Price applicable to such holder or holders of Series A Preferred Share plus accrued and unpaid dividends with an annual
return of 15% on such Purchase Price for each year such Series A Preferred Share were outstanding up until the date of redemption (calculated on a pro rata basis in case of a partial year), and 

(2) the fair market value of such Redemption Shares as determined by an independent appraiser as mutually agreed by the Company and such
Redemption Holder(s), exclusive of any consideration for the liquidity or minority ownership discounts. 
 (a) Redemption
Notice. Each Redemption Holder shall exercise its redemption right set forth in this Section 9.1 by giving written notice (“Redemption Notice”) to the Company at any time specifying (i) the number of Redemption Shares that
the Redemption Holder is requesting the Company to redeem, (ii) a redemption date (the “Redemption Date”) that is at least fifteen (15) calendar days from the date of the Redemption Notice, and (iii) the total Redemption
Price payable by the Company assuming the redemption is completed on the Redemption Date specified in the Redemption Notice. 

(b) Completion of Redemption. The Company shall, on the Redemption Date, redeem the Redemption Shares requested to be redeemed in
the Redemption Notice in immediately available funds at the Redemption Price. 

  
 24 

 (c) Insufficient Funds for Redemption. If on the Redemption Date, the Company has
insufficient funds with which to fully and legally redeem the number of Redemption Shares set forth in the Redemption Notice, then subject to Section 9.1(d), the Company shall redeem all of the Redemption Shares under the Redemption Notice but
allocate funds available to pay the Redemption Price to such holders of Redemption Shares on a pro rata basis, and then issue to such holders of Redemption Shares with respect to the unpaid portion of the Redemption Price, a one-year promissory note
dated as of the Redemption Date to each holder of Redemption Shares which were not able to be redeemed on the Redemption Date (each a “Promissory Note”, and collectively, the “Promissory Notes”), which will bear interest at the
compounded rate of five percent (5%) per annum, with an aggregate principal amount equal to the Redemption Price of such Redemption Shares that are not redeemed. The Promissory Notes shall become due and payable twelve (12) months from the
Redemption Date. The Promissory Notes shall be freely assignable by the holders thereof. If the Company is unable to satisfy its obligations under a Promissory Note when due, the holder of the Promissory Note may, but is not obligated to, extend the
repayment date by another six (6) months, provided, however, the Company shall provide collaterals with a fair market value no less than the aggregate principal amount outstanding on the Promissory Notes to secure its repayment obligations
under such Promissory Notes. 
 (d) Redemption of Investor Ordinary Shares. The holder of any Investor Ordinary Shares
(including any future assignees and transferees that acquires the Investor Ordinary Shares pursuant to this Agreement and Articles) is entitled to include such Investor Ordinary Shares as part of the Redemption Shares being submitted for redemption
under the Redemption Notice except that the redemption price for such Investor Ordinary Shares being submitted for redemption shall be US$2.136 per share (as adjusted for any share splits, share dividends, combinations, recapitalizations or similar
transactions) and the redemption of such Investor Ordinary Shares shall be subordinate to the redemption of the Series A Preferred Shares, such that the Company shall first redeem in full the Series A Preferred Shares that are part of the Redemption
Shares (and shall have paid the Redemption Price therefore in full) from funds of the Company legally available for redemption, before the Company shall be permitted to redeem any part of the Investor Ordinary Shares being included as part of the
Redemption Shares (and pay any part of the redemption price payable thereon). 
 SECTION 10 

Miscellaneous 
 10.1 Availability of Ordinary Shares. The Company hereby covenants that at all times there shall be made available, free of any liens, for issuance and delivery upon conversion of all the
Series A Preferred Shares the maximum number of Ordinary Share or other shares of share capital of the Company as are from time to time reasonably expected to be issuable upon conversion of all the Series A Preferred Shares and, from time to time,
will take all steps necessary to increase its authorized share capital to provide for sufficient number of Ordinary Share reasonably expected to be issuable upon conversion of all the Series A Preferred Shares. 

10.2 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the
parties hereto, and their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

10.3 Governing Law. This Agreement is governed and shall be construed in all respects in accordance with, the laws of the
Cayman Islands. 

  
 25 

 10.4 Dispute Resolution. In the event the parties are unable to settle any
dispute between them regarding this Agreement through negotiations, such dispute shall he referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules
(“UNCITRAL Rules”) in effect, which rules are deemed to be incorporated by reference into this Section 10.4, subject to the following: The arbitration tribunal shall consist of three arbitrators to be appointed according to the
UNCITRAL Rules. The language of the arbitration shall be English. Notwithstanding anything in this Agreement or in the UNCITRAL Rules or otherwise, the arbitration tribunal shall not have the power to award injunctive relief or any other equitable
remedy of any kind against the Investor unless such award both (i) is expressly appealable to and subject to de novo review by the courts of Hong Kong, and (ii) would not, if upheld, have the effect of impairing, restricting, or imposing
any conditions on the right or ability of the Investor or its Affiliates to conduct its respective business operations or to make or dispose of any other investments. The prevailing party shall be entitled to reasonable attorney’s fees, costs
and necessary disbursements in addition to any other relief to which such party may be entitled. 
 10.5 Notices.
Any notice required or permitted by this Agreement shall be in writing addressed (a) if to a Holder of Registrable Securities, at such address as such Holder shall have furnished the Company in writing, or, until any such Holder so furnishes an
address to the Company, then to and at the address of the last Holder of such shares who has so furnished an address to the Company or (b) if to the Company or the Founder, one copy should be sent to its address set forth above or at such other
address as the Company or the Founder shall have furnished to the Holders. Such notice shall be effective when given, and shall in any event be deemed to be given upon receipt, or, if earlier, (a) seven (7) calendar days after deposit with
the applicable postal service, if delivered by registered or certified airmail, postage prepaid, (b) upon delivery, if delivered by hand, (c) two business days after the business day of deposit with DHL or similar overnight international
courier, freight prepaid or (d) one business day after the business day of facsimile transactions, if delivered by facsimile transmission with copy by registered or certified airmail mail, postage prepaid. 

10.6 Assignment. Subject to the provisions of Section 3.12 hereof, no party may, nor may purport to, assign any of its
rights or obligations under this Agreement in whole or in part, nor grant, declare, create or dispose of any right or interest in it otherwise than pursuant to a transfer of Equity Securities to a Third Party in accordance with the terms of this
Agreement, provided, however, that the rights of any Investor hereunder are otherwise assignable by such Investor (i) to any other Investor, (ii) to an Affiliate of such Investor, and (iii) subject to the approval of the Board, to an
assignee or transferee who acquires all and not less than all of the Series A Preferred Shares held by an Investor, and each such assignee having execute a deed of accession and become a party to this Agreement as an Investor. 

10.7 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 10.8 Amendment and Waiver. Any
provision of this Agreement may be amended, waived or modified with the written consent of with the written consent of the Company, the Founder, the holders of at least a simple majority of the outstanding Ordinary Shares, and the Investors and
shall be binding on all such parties. In the event that an underwriting agreement is entered into between the Company and any Holder, and such underwriting agreement contains terms differing from this Agreement, as to any such Holder the terms of
such underwriting agreement shall govern. 
 10.9 Rights of Holders. Each Holder of Registrable Securities shall
have the absolute right to exercise or refrain from exercising any right or rights that such Holder may have by reason of this Agreement, including, without limitation, the right to consent to the waiver or modification of any obligation under this
Agreement, and such Holder shall not incur any liability to any other holder of any securities of the Company as a result of exercising or refraining from exercising any such right or rights. 

  
 26 

 10.10 Delays or Omissions. Except as expressly provided herein, no delay or
omission to exercise any right, power or remedy accruing to either party (“First Party”), upon any breach or default of the other party (the “Defaulting Party”) under this Agreement, shall impair any such right, power or remedy
of the First Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofor or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of the First Party of any breach or default under this Agreement, or any waiver on the part of the
First Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to either
party, shall be cumulative and not alternative. 
 10.11 Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, portions of such provisions, or such provisions in their invalid or entirety, to the extent necessary, shall be severed from this Agreement, and the balance of this Agreement shall be valid and
enforceable in accordance with its terms. 
 10.12 No partnership or agency. Nothing in this Agreement (or any of
the arrangements contemplated by it) shall be deemed to constitute a partnership between the parties nor, save as may be expressly set out in it, constitute either party the agent of the other party for any purpose. 

10.13 Announcements. No announcement or circular in connection with the existence or the subject matter of this Agreement
shall be made or issued by or on behalf of the Company, the Founder or the Investors without the prior written approval of the Company, the Founder and the Investors (such approval not to be unreasonably withheld or delayed). This shall not affect
any announcement or circular required by law or the rules of any stock exchange. If a party has an obligation to make or issue any announcement required by law or by any stock exchange or by any governmental authority, the relevant party shall give
the other parties every reasonable opportunity to comment on any announcement or release before it is made or issued (provided that this shall not have the effect of preventing the party making the announcement or release from complying with its
legal and/or stock exchange obligations.) 
 10.14 Entire Agreement; Amendment. This Agreement, the Purchase
Agreement and the Articles of Association set out the entire agreement and understanding between the parties in respect of the ownership of the Equity Securities of the Company, including the Series A Preferred Shares, by the Investors, as well as
setting forth the relationship among the parties hereto, and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting such subject matter. 

  
 27 

 10.15 Accession to this Agreement. Each party agrees that, if any Shareholder
transfers any Equity Securities to any third party transferee, insofar as such transfer is permitted under this Agreement or the Articles, such Shareholder shall cause such third party transferee to execute a deed of accession in form and substance
approved by the Board of Directors and become a party to, and to be bound by, this Agreement (and each other relevant Transaction Documents), assuming all the rights and obligations of such Shareholder under this Agreement (and each other relevant
Transaction Documents) with respect to the Equity Securities to be transferred. 
 10.16 Shareholders Agreement to
Control. If and to the extent that there are inconsistencies between the provisions of this Agreement and those of the Articles, the terms of this Agreement shall control. The parties agree to take all actions necessary or advisable, as
promptly as practicable after the discovery of such inconsistency, to amend the Articles to the extent legally permissible so as to eliminate such inconsistency. 
 10.17 Incorporation of Certain Provisions from the Articles. The following provisions of the Articles shall be incorporated by reference into this Agreement and shall be enforceable as if
such provisions were part of this Agreement: (i) Article 12(a) (Right of First Refusal); (ii) Article 17 and 18 (Conversion Rights);and (vi) Article 106 (Dividend Right and Liquidation Preference). 

[Signature Page Follows] 

  
 28 

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above
written. 
  

			
	NEWSUMMIT BIOPHARMA HOLDINGS LIMITED
	 For and on behalf of
 NEWSUMMIT BIOPHARMA HOLDINGS LIMITED

	
	 /s/ Jun Ren

	Authorized Signature(s)
	By:	 	Jun Ren
	Its:	 	Director
	
	GREEN VILLA HOLDINGS LTD.
	GREEN VILLA HOLDINGS LTD.
	
	 /s/ Jun Ren

	Authorized Signature(s)
	By:	 	Jun Ren
	Its:	 	Director
	
	SHANGHAI NEWSUMMIT PHARMACEUTICAL RESEARCH CO. LTD.
	

	 /s/ Jun Ren

	By:	 	Jun Ren
	Its:	 	
	
	REN JUN
	
	 /s/ Ren Jun

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above
written. 
 SEQUOIA CAPITAL CHINA GROWTH FUND I, L.P. 
 SEQUOIA CAPITAL CHINA GROWTH PARTNERS FUND I, L.P. 
 SEQUOIA CAPITAL CHINA GF PRINCIPALS
FUND I, L.P. 
  

					
	By:	 	Sequoia Capital China Growth Fund Management I, L.P.
		 	A Cayman Islands exempted limited partnership
	Its:	 	General Partner of each
			
		 	By:	 	SC China Holding Limited
		 		 	A Cayman Islands limited liability company
		 	Its:	 	General Partner

					
		
		 	 /s/ Jimmy Wong

		 	Name:	 	Jimmy Wong
		 		 	Authorized Signatory

  

					
	 PREIPO CAPITAL PARTNERS LIMITED
 For and on behalf of
 PreIPO Capital Partners Limited
	 		 	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND L.P.
			
	 /s/ Kezhong Wu
	 		 	  

	Authorized Signature(s)	 		 	By:
	By: Kezhong Wu	 		 	Its:
	Its: Director	 		 	

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above
written. 
 SEQUOIA CAPITAL CHINA GROWTH FUND I, L.P. 
 SEQUOIA CAPITAL CHINA GROWTH PARTNERS FUND I, L.P. 
 SEQUOIA CAPITAL CHINA GF PRINCIPALS
FUND I, L.P. 
  

					
	By:	 	Sequoia Capital China Growth Fund Management I, L.P.
		 	A Cayman Islands exempted limited partnership
	Its:	 	General Partner of each
			
		 	By:	 	SC China Holding Limited
		 		 	A Cayman Islands limited liability company
		 	Its:	 	General Partner

					
		
		 	 /s/ Jimmy Wong

		 	Name:	 	Jimmy Wong
		 		 	Authorized Signatory

  

					
	PREIPO CAPITAL PARTNERS LIMITED	 		 	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND L.P.
			
	 /s/ Kezhong Wu
	 		 	 /s/ Richard B. Astorga

	By: Kezhong Wu	 		 	By: Richard B. Astorga
	Its: Director	 		 	Its: Chief Operating Officer

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	 

	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	 

	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	 

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	 /s/ Li Chen

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	 

	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	 /s/ Richard B. Astorga
	 		 	  

	By: Richard B. Astorga	 		 	By:
	Its: Chief Operating Officer	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	 /s/ Yasuhiro Hashimoto

		 		 	By: Yasuhiro Hashimoto
		 		 	Its: CEO Asia Private Equity Capital
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	 /s/ Yasuhiro Hashimoto

	By:	 		 	By: Yasuhiro Hashimoto
	Its:	 		 	Its: CEO Asia Private Equity Capital
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	 /s/ Ren Jun
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

 

					
	BIOTEK DEVELOPMENT LIMITED	 		 	GOLDSMART CONSULTANTS LIMITED
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	BRITURE MANAGEMENT LTD.	 		 	NEW WEALTH INVESTMENT HOLDINGS LTD
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Bai Yi

	 		 	MA GLOBAL PRIVATE EQUITY FUND I
			
	  
	 		 	  

		 		 	By:
		 		 	Its:
			
	SANSAR CAPITAL SPECIAL OPPORTUNITY MASTER FUND LP	 		 	MEDIBIC PRE IPO CHINA FUND II
			
	  
	 		 	  

	By:	 		 	By:
	Its:	 		 	Its:
			
	Ren Jun	 		 	GINKGO CAPITAL LIMITED
			
	  
	 		 	 

	By:	 		 	By:
	Its:	 		 	Its:

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above written. 

SEQUOIA CAPITAL CHINA GROWTH FUND I, L.P. 
 SEQUOIA CAPITAL CHINA GROWTH PARTNERS FUND I, L.P. 
 SEQUOIA CAPITAL CHINA GF PRINCIPALS
FUND I, L.P. 
  

					
	By:	 	Sequoia Capital China Growth Fund Management I, L.P.
		 	A Cayman Islands exempted limited partnership
	Its:	 	General Partner of each
			
		 	By:	 	SC China Holding Limited
		 		 	A Cayman Islands limited liability company
		 	Its:	 	General Partner

					
		
		 	 /s/ Jimmy Wong

		 	Name:	 	Jimmy Wong
		 		 	Authorized Signatory

 IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first above
written. 
  

	
	FIRST INVEST HOLDINGS LIMITED
	
	 

	By:
	Its:

 Exhibit A 
 Investors 
  

			
	NAMES	 	ADDRESS
		
		 	Registered office:
	Sequoia Capital China Growth Fund I, L.P.	 	
		 	Cricket Square, Hutchins Dr., P.O. Box 2681,
		 	Grand Cayman KY1-1111, Cayman Islands
		
		 	Business office:
		
		 	Suite 2215, Two Pacific Place, 88 Queensway,
		 	Hong Kong, PRC
		
		 	Registered office:
	Sequoia Capital China Growth Partners Fund I, L.P.	 	
		 	Cricket Square, Hutchins Dr., P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands
		
		 	Business office:
		
		 	Suite 2215, Two Pacific Place, 88 Queensway,
		 	Hong Kong, PRC
		
		 	Registered office:
	Sequoia Capital China GF Principals Fund I, L.P.	 	
		 	Cricket Square, Hutchins Dr., P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands
		
		 	Business office:
		
		 	Suite 2215, Two Pacific Place, 88 Queensway, Hong Kong, PRC
		
		 	Registered office:
	Preipo Capital Partners Limited	 	
		 	P.O.Box 957, Offshore Incorporations Centre,
		 	Road Town, Tortola, British Virgin Islands
		
		 	Registered office:
	Sansar Capital Special Opportunity Master Fund LP	 	
		 	Sansar Capital Management LLC, 8th floor, 152 West 57th Street, New York, NY 10019

 Exhibit B 
 Ordinary Shareholders 
  

			
	 Name
	  	 Address

		
	Biotek Development Limited	  	Registered office:
		
		  	Portcullis TrustNet (BVI) Limited Portcullis TrustNet Chambers, P.O. Box 3444 Road Town, Tortola, British Virgin Islands
		
		  	Business office:
		
		  	 25-306 He Shi Yuan, East Gate of Yuan Ming Yuan, Haidian District, Beijing, China.

 
 Post code: 100084

		
	Goldsmart Consultants Limited	  	Registered office:
		
		  	The registered agent of the Company Will be Offshore Incorporations Limited of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin
Islands.
		
		  	Business office:
		
		  	 25-306 He Shi Yuan, East Gate of Yuan Ming Yuan, Haidian District, Beijing, China.

 
 Post code: 100084

		
	Briture Management Ltd.	  	Registered office
		
		  	Portcullis TrustNet (BVI) Limited Portcullis TrustNet Chambers, P.O. Box 3444 Road Town, Tortola, British Virgin Islands
		
		  	Business office:
		
		  	 25-306 He Shi Yuan, East Gate of Yuan Ming Yuan, Haidian District, Beijing, China.

 
 Post code: 100084

		
	New Wealth Investment Holdings LTD	  	Registered office:
		
		  	PALM GROVE HOUSE, P.O. BOX 438, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS.
		
		  	Business office:
		
		  	 Rm 1603, Jingtai Tower No. 24 Jian Guo Men Wai Avenue Chaoyang District Beijing

 
 Post code: 100022

		
	Bai Yi 

	  	 Room 1708, Rongchao Economic Trade Center, No. 4028 Jintian Road, Futian district, Shenzhen

 
 Post Code:
518035

  

			
	 Name
	  	 Address

		
	Sequoia Capital China Growth Fund I, L.P.	  	 Registered office:
  

Cricket Square, Hutchins Dr., P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands

 
 Business office:

 
 Suite 2215, Two Pacific Place, 88 Queensway, Hong Kong, PRC

		
	Sequoia Capital China Growth Partners Fund I, L.P.	  	 Registered office:
  

Cricket Square, Hutchins Dr., P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands

 
 Business office:

 
 Suite 2215, Two Pacific Place, 88 Queensway, Hong Kong, PRC

		
	Sequoia Capital China GF Principals Fund I, L.P.	  	 Registered office:
  

Cricket Square, Hutchins Dr., P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands

 
 Business office:

 
 Suite 2215, Two Pacific Place, 88 Queensway, Hong Kong, PRC

		
	Sansar Capital Special Opportunity Master Fund LP	  	 Sansar Capital Management LLC

152 West 57th Street
 8th floor

New York, NY 10019

		
	MA Global Private Equity Fund I	  	Wako Blidg. 5/F, Uchikanda 1-15-6, Chiyoda, Tokyo 101-0047, JAPAN
		
	MediBic Pre IPO China Fund II	  	Wako Blidg. 5/F, Uchikanda 1-15-6, Chiyoda, Tokyo 101-0047, JAPAN
		
	Ginkgo Capital Limited	  	 Registered office:
  

Commerce Chambers, P.O. Box 2208, Road Town, Tortola, British Virgin Islands

 
 Correspondence:

 
 Room 206, 2nd Floor, Alliance Building, 130-136 Connaught Road, Central, Hong
Kong

		
	Jun Ren	  	Unit 12, Building 2, No. 2, Pingjiang Road, Xuhui District, Shanghai
		
	First Invest Holdings Limited	  	Offshore Incorporations Limited, P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands

 Exhibit C 
 List of Group Companies 
 PART 1 

 

					
	 Company Name
	  	 Share Capital

	Newsummit Biopharma Holdings Limited	  	Authorized share capital of US$50,000 divided into 5,000,000 shares of par value of US$0.01 each; 5,000,000 issued ordinary shares.
	
	PART 2
			
	 No.
	 	 Company Name
	  	 Share Capital

	1	 	Green Villa Holdings Ltd.	  	Authorized share capital of US$60,000 divided into 60,000 shares of par value of US$1.00 each; Ren Jun and Sequoia hold 40,000 ordinary shares and 13,333 ordinary shares
respectively.
	2	 	Newsummit Biopharma (USA) Corp.	  	Authorized to issue no more than 1,000 shares of stock, to be designated as Common Stock, with a par value of $.01 per share; Green Villa holds 1 share of common stock for the
consideration of $1.00.
	3	 	Shanghai Newsummit Biopharma R&D Co., Ltd.	  	 Total Investment: RMB25.1million

Registered Capital: RMB25.1million
 Paid-in
Capital: RMB25.1million

	4	 	Shanghai Newsummit Biopharma Co., Ltd.	  	 Total Investment: N/A

Registered Capital: RMB100million
 Paid-in
Capital: RMB100million

	5	 	Shanghai Xingaofeng Newsummit Biopharma Co., Ltd.	  	 Total Investment: US$19.98million
 Registered Capital: US$19.98million
 Paid-in Capital: US$12.99million

	6	 	Shanghai Urban Newsummit Biopharma Co., Ltd.	  	 Total Investment: N/A

Registered Capital: RMB44million
 Paid-in
Capital: RMB44million

	7	 	Dalian Newsummit Biopharmaceutical Technology Service	  	 Total Investment: N/A

Registered Capital: RMB3million
 Paid-in Capital:
RMB3million

	8	 	Taizhou Newsummit Biopharma Co., Ltd.	  	 Total Investment: N/A

Registered Capital: RMB69.908348million
 Paid-in
Capital: RMB69.908348million

	9	 	Tianjin Newsummit Biopharma Co., Ltd.	  	 Total Investment: N/A

Registered Capital: RMB50million
 Paid-in
Capital: RMB20million

	10	 	Nanjing Newsummit Biopharma Co., Ltd.	  	 Total Investment: RMB30million

Registered Capital: RMB30million
 Paid-in
Capital: RMB30million

	11	 	Wuhan Biolake New Drug Incubation Public Service Platform	  	 Total Investment: RMB30million

Registered Capital: RMB30million
 Paid-in
Capital: RMB30million

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]