Document:

EX-4.3

 Exhibit 4.3 
  

 
  

TUYA INC. 
 AND 

THE BANK OF NEW YORK MELLON 
 As
Depositary             
 AND 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

Deposit Agreement 
 __________,
2021 
  
  

 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1. DEFINITIONS
	  	 	1	 
	 SECTION 1.1. American Depositary Shares
	  	 	1	 
	 SECTION 1.2. Commission
	  	 	2	 
	 SECTION 1.3. Company
	  	 	2	 
	 SECTION 1.4. Custodian
	  	 	2	 
	 SECTION 1.5. Deliver; Surrender
	  	 	2	 
	 SECTION 1.6. Deposit Agreement
	  	 	3	 
	 SECTION 1.7. Depositary; Depositary’s Office
	  	 	3	 
	 SECTION 1.8. Deposited Securities
	  	 	3	 
	 SECTION 1.9. Disseminate
	  	 	3	 
	 SECTION 1.10. Dollars
	  	 	3	 
	 SECTION 1.11. DTC
	  	 	4	 
	 SECTION 1.12. Foreign Registrar
	  	 	4	 
	 SECTION 1.13. Holder
	  	 	4	 
	 SECTION 1.14. Owner
	  	 	4	 
	 SECTION 1.15. Receipts
	  	 	4	 
	 SECTION 1.16. Registrar
	  	 	4	 
	 SECTION 1.17. Replacement
	  	 	4	 
	 SECTION 1.18. Restricted Securities
	  	 	5	 
	 SECTION 1.19. Securities Act of 1933
	  	 	5	 
	 SECTION 1.20. Shares
	  	 	5	 
	 SECTION 1.21. SWIFT
	  	 	5	 
	 SECTION 1.22. Termination Option Event
	  	 	5	 
		
	 ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN
DEPOSITARY SHARES
	  	 	6	 
	 SECTION 2.1. Form of Receipts; Registration and Transferability of American Depositary
Shares
	  	 	6	 
	 SECTION 2.2. Deposit of Shares
	  	 	7	 
	 SECTION 2.3. Delivery of American Depositary Shares
	  	 	8	 
	 SECTION 2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of
Receipts; Interchange of Certificated and Uncertificated American Depositary Shares
	  	 	9	 
	 SECTION 2.5. Surrender of American Depositary Shares and Withdrawal of Deposited
Securities
	  	 	10	 
	 SECTION 2.6. Limitations on Delivery, Registration of Transfer and Surrender of American
Depositary Shares
	  	 	11	 
	 SECTION 2.7. Lost Receipts, etc.
	  	 	11	 
	 SECTION 2.8. Cancellation and Destruction of Surrendered Receipts
	  	 	12	 
	 SECTION 2.9. DTC Direct Registration System and Profile Modification System
	  	 	12	 

  
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	 ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES
	  	 	12	 
	 SECTION 3.1. Filing Proofs, Certificates and Other Information
	  	 	12	 
	 SECTION 3.2. Liability of Owner for Taxes
	  	 	13	 
	 SECTION 3.3. Warranties on Deposit of Shares
	  	 	13	 
	 SECTION 3.4. Disclosure of Interests
	  	 	14	 
		
	 ARTICLE 4. THE DEPOSITED SECURITIES
	  	 	14	 
	 SECTION 4.1. Cash Distributions
	  	 	14	 
	 SECTION 4.2. Distributions Other Than Cash, Shares or Rights
	  	 	15	 
	 SECTION 4.3. Distributions in Shares
	  	 	16	 
	 SECTION 4.4. Rights
	  	 	17	 
	 SECTION 4.5. Conversion of Foreign Currency
	  	 	18	 
	 SECTION 4.6. Fixing of Record Date
	  	 	19	 
	 SECTION 4.7. Voting of Deposited Shares
	  	 	20	 
	 SECTION 4.8. Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited
Securities
	  	 	21	 
	 SECTION 4.9. Reports
	  	 	22	 
	 SECTION 4.10. Lists of Owners
	  	 	23	 
	 SECTION 4.11. Withholding
	  	 	23	 
		
	 ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
	  	 	23	 
	 SECTION 5.1. Maintenance of Office and Register by the Depositary
	  	 	23	 
	 SECTION 5.2. Prevention or Delay of Performance by the Company or the Depositary
	  	 	24	 
	 SECTION 5.3. Obligations of the Depositary and the Company
	  	 	25	 
	 SECTION 5.4. Resignation and Removal of the Depositary
	  	 	26	 
	 SECTION 5.5. The Custodians
	  	 	27	 
	 SECTION 5.6. Notices and Reports
	  	 	27	 
	 SECTION 5.7. Distribution of Additional Shares, Rights, etc.
	  	 	28	 
	 SECTION 5.8. Indemnification
	  	 	28	 
	 SECTION 5.9. Charges of Depositary
	  	 	29	 
	 SECTION 5.10. Retention of Depositary Documents
	  	 	30	 
	 SECTION 5.11. Exclusivity
	  	 	30	 
	 SECTION 5.12. Information for Regulatory Compliance
	  	 	30	 

  
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	 ARTICLE 6. AMENDMENT AND TERMINATION
	  	 	31	 
	 SECTION 6.1. Amendment
	  	 	31	 
	 SECTION 6.2. Termination
	  	 	31	 
		
	 ARTICLE 7. MISCELLANEOUS
	  	 	32	 
	 SECTION 7.1. Counterparts; Signatures; Delivery
	  	 	32	 
	 SECTION 7.2. No Third Party Beneficiaries
	  	 	33	 
	 SECTION 7.3. Severability
	  	 	33	 
	 SECTION 7.4. Owners and Holders as Parties; Binding Effect
	  	 	33	 
	 SECTION 7.5. Notices
	  	 	33	 
	 SECTION 7.6. Arbitration; Settlement of Disputes
	  	 	34	 
	 SECTION 7.7. Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial
Waiver
	  	 	35	 
	 SECTION 7.8. Waiver of Immunities
	  	 	36	 
	 SECTION 7.9. Governing Law
	  	 	36	 

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of __________, 2021 among TUYA INC., a company incorporated under the laws of the Cayman Islands (herein called the
Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder. 

W I T N E S S E T H: 
 WHEREAS,
the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit
Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and 

WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as set forth in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is
agreed by and between the parties hereto as follows: 
 ARTICLE 1. DEFINITIONS 

The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit
Agreement: 
 SECTION 1.1. American Depositary Shares. 

The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with
respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement
shall apply to both certificated and uncertificated American Depositary Shares. 
 Each American Depositary Share shall represent the number
of Shares specified in Exhibit A to this Deposit Agreement, except that, if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which
additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on
deposit per American Depositary Share after giving effect to that distribution, change or sale. 

  
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 SECTION 1.2. Commission. 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States. 
 SECTION 1.3. Company. 

The term “Company” shall mean Tuya Inc., a company incorporated under the laws of the Cayman Islands, and its successors. 

SECTION 1.4. Custodian. 

The term “Custodian” shall mean The Hongkong and Shanghai Banking Corporation Limited, as custodian for the Depositary in Hong Kong
for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively. 

SECTION 1.5. Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or
(ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 

(b) The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean
(i) registration of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an account at DTC designated by the person entitled to that delivery, (ii) registration
of those American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of a statement confirming that registration or (iii) if
requested by the person entitled to that delivery, execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares registered in the name requested by
that person. 

  
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 (c) The term “surrender”, when used with respect to American Depositary
Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American Depositary Shares not
evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts evidencing American Depositary Shares. 

SECTION 1.6. Deposit Agreement. 

The term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the
provisions of this Deposit Agreement. 
 SECTION 1.7. Depositary; Depositary’s Office. 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located at
240 Greenwich Street, New York, New York 10286. 
 SECTION 1.8. Deposited Securities. 

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this
Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement. 
 SECTION 1.9. Disseminate. 

The term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners, shall mean
(i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information available to Owners, which may include (A) sending the
information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet website and that it will be
sent in paper form upon request by the Owner, when that information is so available and is sent in paper form as promptly as practicable upon request. 

SECTION 1.10. Dollars. 

The term “Dollars” shall mean United States dollars. 

  
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 SECTION 1.11. DTC. 

The term “DTC” shall mean The Depository Trust Company or its successor. 

SECTION 1.12. Foreign Registrar. 

The term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other agent
of the Company for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares. 

SECTION 1.13. Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary
Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 

SECTION 1.14. Owner. 
 The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that purpose. 

SECTION 1.15. Receipts. 

The term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated
American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement. 

SECTION 1.16. Registrar. 

The term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American
Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement. 
 SECTION 1.17. Replacement.

 The term “Replacement” shall have the meaning assigned to it in Section 4.8. 

  
 - 4 - 

 SECTION 1.18. Restricted Securities. 

The term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule 144
under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the
Company, (iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of
the Cayman Islands, a shareholder agreement or the articles of association or similar document of the Company. 
 SECTION 1.19.
Securities Act of 1933. 
 The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as
from time to time amended. 
 SECTION 1.20. Shares. 

The term “Shares” shall mean Class A ordinary shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur
any change in nominal or par value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the
Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or
such exchange or conversion. 
 SECTION 1.21. SWIFT. 

The term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor. 
 SECTION 1.22. Termination Option Event. 

The term “Termination Option Event” shall mean any of the following events or conditions: 

(i) the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency
proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver,
liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that
unsecured claims against the Company are not expected to be paid; 

  
 - 5 - 

 (ii) the Shares are delisted, or the Company announces its intention to delist the Shares,
from a stock exchange outside the United States, and the Company has not applied to list the Shares on any other stock exchange outside the United States; 

(iii) the American Depositary Shares are delisted from a stock exchange in the United States on which the American Depositary Shares were
listed and, 30 days after that delisting, the American Depositary Shares have not been listed on another stock exchange in the United States, nor is there a symbol available for
over-the-counter trading of the American Depositary Shares in the United States; 

(iv) the Depositary has received notice of facts that indicate, or otherwise has reason to believe, that the American Depositary Shares have
become, or with the passage of time will become, ineligible for registration on Form F-6 under the Securities Act of 1933; or 

(v) an event or condition that is defined as a Termination Option Event in Section 4.1, 4.2 or 4.8. 

ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 

SECTION 2.1. Form of Receipts; Registration and Transferability of American Depositary Shares. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the
Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each
transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a
person that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.

  
 - 6 - 

 The Receipts and statements confirming registration of American Depositary Shares may have
incorporated in or attached to them such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder
or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts and American Depositary Shares are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer,
shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of
New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement to any Holder of
American Depositary Shares (but only to the Owner of those American Depositary Shares). 
 SECTION 2.2. Deposit of Shares. 

Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian. 

As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing
those deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a
Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and
(v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any
person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

  
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 The Depositary shall refuse, and shall instruct the Custodian to refuse, to accept Shares
for deposit if the Depositary has received a notice from the Company that the Company has restricted transfer of those Shares under the Company’s articles of association or any applicable laws or that the deposit would result in any violation
of the Company’s articles of association or any applicable laws. 
 At the request and risk and expense of a person proposing to
deposit Shares, and for the account of that person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates to the
Custodian for deposit under this Deposit Agreement. 
 The Depositary shall instruct each Custodian that, upon each delivery to a Custodian
of a certificate or certificates for Shares to be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can be accomplished, present that
certificate or those certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee. 

Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine. 
 SECTION 2.3. Delivery of American Depositary Shares. 

The Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with
the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon
receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon
the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American
Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers
of American Depositary Shares. 

  
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 SECTION 2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 
 The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt
evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the
Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United
States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto. 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose
of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same
aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon surrender of certificated
American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the
owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner
of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same
number of certificated American Depositary Shares. 
 The Depositary may appoint one or more
co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer
offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons
entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. 

  
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 SECTION 2.5. Surrender of American Depositary Shares and Withdrawal of Deposited
Securities. 
 Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby
and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited
Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by
that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or other property
of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to
the extent it would require delivery of a fraction of a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay. 

As a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary
may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering Owner execute and deliver to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order. 

Thereupon, the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this
Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities
represented by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission. 

If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery
will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall
direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American
Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner. 

  
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 SECTION 2.6. Limitations on Delivery, Registration of Transfer and Surrender of American
Depositary Shares. 
 As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares
or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or
instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 

The Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American
Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary
Shares for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary in this Deposit Agreement, only for
(i) temporary delays caused by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with voting at a shareholders’
meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the
Deposited Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993 or any successor to that
provision. 
 The Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit,
are Restricted Securities. 
 SECTION 2.7. Lost Receipts, etc. 

If a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by
that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and
in substitution for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and
(b) satisfy any other reasonable requirements imposed by the Depositary. 

  
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 SECTION 2.8. Cancellation and Destruction of Surrendered Receipts. 

The Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled. 

SECTION 2.9. DTC Direct Registration System and Profile Modification System. 

(a) Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System
(“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of
American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the
Depositary of prior authorization from the Owner to register that transfer. 
 (b) In connection with DRS/Profile, the parties acknowledge
that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on
behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the
Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the
Depositary. 
 ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

SECTION 3.1. Filing Proofs, Certificates and Other Information. 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper, or as the Company may reasonably require by written request to the Depositary. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the
distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are
made. The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, with copies of any information or other materials that the Depositary receives pursuant to this
Section, to the extent that the requested disclosure is permitted under applicable law. 

  
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 SECTION 3.2. Liability of Owner for Taxes. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is
made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or
other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency.
The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of Shares represented by each
American Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

SECTION 3.3. Warranties on Deposit of Shares. 

Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under this Section shall survive
the deposit of Shares and delivery of American Depositary Shares. 

  
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 SECTION 3.4. Disclosure of Interests. 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or
other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each
Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. Each Holder consents to the disclosure by the Depositary and the Owner or any other Holder through which it holds
American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees to use reasonable
efforts to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request. The Depositary may
charge the Company a fee and its expenses for complying with requests under this Section 3.4. 
 ARTICLE 4. THE DEPOSITED SECURITIES 

SECTION 4.1. Cash Distributions. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary shall be required to withhold and does withhold from
that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly.
However, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent. 

The Company or its agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to
such agency. 

  
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 If a cash distribution would represent a return of all or substantially all the value of the
Deposited Securities underlying American Depositary Shares, the Depositary may: 
 (i) require payment of or deduct the fee for surrender of
American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution; or 

(ii) sell all Deposited Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash
distribution, call for surrender of all those American Depositary Shares and require that surrender as a condition of making that cash distribution. 
 If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event. 
 SECTION 4.2. Distributions Other Than
Cash, Shares or Rights. 
 Subject to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other
than a distribution described in Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause the securities or property received by it to be
distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited
Securities held by them respectively, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided,
however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the
Depositary withhold an amount on account of taxes or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution
not to be lawful and feasible, the Depositary, after consultation with the Company to the extent practicable, may adopt such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the
Owners entitled thereto, all in the manner and subject to the conditions set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the
Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.2
that is sufficient to pay its fees and expenses in respect of that distribution. 

  
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 If a distribution to be made under this Section 4.2 would represent a return of all or
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may: 
 (i) require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution; or 

(ii) sell all Deposited Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call
for surrender of all those American Depositary Shares and require that surrender as a condition of making that distribution. 
 If the Depositary acts under
this paragraph, that action shall also be a Termination Option Event. 
 SECTION 4.3. Distributions in Shares. 

Whenever the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the
Depositary may, and if the Company so requests in writing, shall deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number
of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary
Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an
amount of the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell
the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If and to
the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited
Securities represented thereby. 
 If the Company declares a distribution in which holders of Deposited Securities have a right to elect
whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for
exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does
not require registration of any securities under the Securities Act of 1933 that has not been effected. 

  
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 SECTION 4.4. Rights. 

(a) If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if
requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent
rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b) If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the
securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The
Depositary shall (i) deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of
United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. For the avoidance of doubt, nothing in this Deposit
Agreement shall create any obligation on the part of the Company to file a registration statement with respect to rights or the underlying securities or to endeavor to have such a registration statement declared effective. 

(c) If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the
rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner. 

  
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 (d) If the Depositary will act under (a)(iii) above, the Depositary will use reasonable
efforts to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis
without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

(e) Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the
Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this Section 4.4. 

(f) The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or
exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 
 SECTION 4.5. Conversion of Foreign
Currency. 
 Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net
proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary or one of its agents or affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars
shall be distributed, as promptly as practicable, to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 

If a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any
government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license. 
 If the
Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or
agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary
to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 

  
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 If any conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay
Dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns
revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under this
Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation that the exchange rate used or obtained by it or its affiliate in
any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s
obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions made by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no obligation to obtain
the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to Owners, and the Depositary makes no representation that the rate is the most favorable rate
and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the Depositary may receive dividends or other distributions from the Company in Dollars that represent the proceeds of a conversion of
foreign currency or translation from foreign currency at a rate that was obtained or determined by or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible for, any foreign currency transactions and
neither it nor the Company makes any representation that the rate obtained or determined by the Company is the most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with the rate. 

SECTION 4.6. Fixing of Record Date. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that
kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will
assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the
Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to
receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or
(iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms
and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net
proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee
or charge, as the case may be. 

  
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 SECTION 4.7. Voting of Deposited Shares. 

(a) Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice
of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or
similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in which
those instructions may be given and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

(b) Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the
Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to
vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary. 
 (c)
There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff
Date. 

  
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 (d) In order to give Owners a reasonable opportunity to instruct the Depositary as to the
exercise of voting rights relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be
voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 40 days prior to the meeting date. 

SECTION 4.8. Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities. 

(a) The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer
made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 (b) If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a
transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that
have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American
Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited
Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute the money received upon that
Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1). If
the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted
into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective
holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or
substantially all of the Deposited Securities shall be a Termination Option Event. 

  
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 (c) If the Depositary is notified of or there occurs any change in nominal value or any
subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to
which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited
Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities or
other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities
under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it
deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event. 

(d) In the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary may
call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of
Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary
Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

(e) If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners,
and that condition shall be a Termination Option Event. 
 SECTION 4.9. Reports. 

The Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall
furnish reports and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any regulations of the
Commission. 

  
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 SECTION 4.10. Lists of Owners. 

Upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the
names, addresses and American Depositary Share holdings of all Owners. 
 SECTION 4.11. Withholding. 

If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in
the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in
proportion to the number of American Depositary Shares held by them respectively. 
 Services for Owners and Holders that may permit them to
obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement. 

Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
received by it. 
 ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

SECTION 5.1. Maintenance of Office and Register by the Depositary. 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the delivery,
registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 
 The
Depositary shall keep a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating
with Owners regarding the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 

  
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 The Depositary may close the register for delivery, registration of transfer or surrender
for the purpose of withdrawal from time to time as provided in Section 2.6. 
 If any American Depositary Shares are listed on one or
more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of those American Depositary Shares in accordance with any requirements of that
exchange or those exchanges. 
 The Company shall have the right, at all reasonable times, upon written request, to inspect the transfer and
registration records of the Depositary, the Registrar and any co-transfer agents or co-registrars and to require them to supply, at the Company’s expense (unless
otherwise agreed in writing between the Company and the Depositary), copies of such portion of their records as the Company may reasonably request. 

SECTION 5.2. Prevention or Delay of Performance by the Company or the Depositary. 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of
the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of
association or similar document of the Company, or any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or
persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes, floods, severe storms, fires, explosions, war, terrorism,
civil unrest, labor disputes, criminal acts or outbreaks of infectious disease; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites;
or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

(ii) for any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the
Depositary or the Company to take, or not take, any action that this Deposit Agreement provides the Depositary or the Company, as the case may be, may take); 

  
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 (iii) for the inability of any Owner or Holder to benefit from any distribution, offering,
right or other benefit that is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or 

(iv) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. 

Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for
any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not
make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 
 SECTION 5.3. Obligations
of the Depositary and the Company. 
 The Company assumes no obligation nor shall it be subject to any liability under this Deposit
Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 

The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including,
without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith, and the
Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. 
 Neither the Depositary nor the Company shall be
under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. 

Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 Neither the Depositary nor the
Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person
believed by it in good faith to be competent to give such advice or information. 

  
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 The Depositary shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential
liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
 The Depositary
shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. 

In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of
the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote. 
 The Depositary shall have no
duty to make any determination or provide any information as to the tax status of the Company. Neither the Depositary nor the Company shall have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning
or holding American Depositary Shares. Neither the Depositary nor the Company shall be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld
in respect of tax or any other tax benefit. 
 No disclaimer of liability under the United States federal securities laws is intended by any
provision of this Deposit Agreement. 
 SECTION 5.4. Resignation and Removal of the Depositary. 

The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become
effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2. 

The Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the
later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in this Section. 

If the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or
trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary
receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners
and their respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in the preceding sentence (i) the
successor shall become the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged and
released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as practical after
assuming the duties of Depositary. 

  
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 Any corporation or other entity into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.5.
The Custodians. 
 The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be
responsible solely to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives
notice that a Custodian is resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute
custodian or custodians, each of which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall notify the Company of the appointment of a substitute or additional Custodian as promptly as practicable. The Depositary shall
require any Custodian that resigns or is removed to deliver all Deposited Securities held by it to another Custodian. 
 SECTION 5.6.
Notices and Reports. 
 If the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to
4.4, or 4.6 to 4.8, or that effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as
soon as it is lawful and practical to give that notice. The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities exchange or is
required to make available generally to holders of Shares by publication or otherwise. 

  
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 The Company will arrange for the translation into English, if not already in English, to the
extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are made generally available by the Company to
holders of its Shares. If requested in writing by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise make them available to Owners in a manner that the
Company specifies as substantially equivalent to the manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary Shares are listed. The
Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination. 

The Company represents, as of the date of this Deposit Agreement, that the statements in Article 11 of the form of Receipt appearing as
Exhibit A to this Deposit Agreement with respect to the Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, or its qualification for exemption from registration under that Act
pursuant to Rule 12g3-2(b) under that Act, as the case may be, are true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of those
statements or if there is any change in the Company’s status regarding those reporting obligations or that qualification. 
 SECTION
5.7. Distribution of Additional Shares, Rights, etc. 
 If the Company or any affiliate of the Company determines to make any issuance
or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall
notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if reasonably requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either
(i) evidence satisfactory to the Depositary that the Distribution is registered under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that
the Distribution does not require, or, if made in the United States, would not require, registration under the Securities Act of 1933. 

The Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the
Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities. 
 SECTION 5.8. Indemnification.

 The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each
of them harmless from, any liability or expense (including, but not limited to any documented fees and expenses incurred in seeking, enforcing or collecting such indemnity and the documented, reasonable fees and expenses of counsel) that may arise
out of or in connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof or (b) acts performed or omitted, pursuant to the provisions of or in connection with
this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates,
except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 

  
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 The Depositary agrees to indemnify the Company, its directors, employees, agents and
affiliates and hold them harmless from any liability or expense (including, but not limited to any documented fees and expenses incurred in seeking, enforcing or collecting such indemnity and documented, reasonable fees and expenses of counsel) that
may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 

SECTION 5.9. Charges of Depositary. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all
such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the
Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6
and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

  
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 The Depositary may collect any of its fees by deduction from any cash distribution payable,
or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees. 
 In performing its duties
under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions. 

The Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 

SECTION 5.10. Retention of Depositary Documents. 

The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at
the times permitted by the laws or regulations governing the Depositary, unless the Company, at the Company’s expense, requests reasonably prior to such destruction that those papers be retained for a longer period or turned over to the
Company. 
 SECTION 5.11. Exclusivity. 

Without prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of
depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement. 

SECTION 5.12. Information for Regulatory Compliance. 

Each of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise
available to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of governmental or regulatory authorities. 

  
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 ARTICLE 6. AMENDMENT AND TERMINATION 

SECTION 6.1. Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding
American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to
effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 
 SECTION 6.2. Termination. 

(a) The Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of this
Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in
Section 5.4 or (ii) a Termination Option Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares then
outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date. 

(b) After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to
the Depositary under Sections 5.8 and 5.9. 

  
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 (c) At any time after the Termination Date, the Depositary may sell the Deposited Securities
then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the
Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged from all
obligations under this Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account
of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and (iii) to act as
provided in paragraph (d) below. 
 (d) After the Termination Date, if any American Depositary Shares shall remain outstanding, the
Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or
sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary
Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of
that kind that have not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities
until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the
Owners and need not give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section. 
 ARTICLE 7.
MISCELLANEOUS 
 SECTION 7.1. Counterparts; Signatures; Delivery. 

This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during regular business hours. 

  
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 The exchange of copies of this Deposit Agreement and manually-signed signature pages by
facsimile, or email attaching a pdf or similar bit-mapped image, shall constitute effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages so exchanged may
be used in lieu of the original Deposit Agreement and signature pages for all purposes and shall have the same validity, legal effect and admissibility in evidence as an original manual signature; the parties to this Deposit Agreement hereby agree
not to argue to the contrary. 
 SECTION 7.2. No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 
 SECTION 7.3.
Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby. 

SECTION 7.4. Owners and Holders as Parties; Binding Effect. 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of
this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein. 
 SECTION 7.5.
Notices. 
 Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing,
addressed to [Tuya Inc., _________________________________________, Attention: _____________,]1 or any other place to which the Company may have transferred its principal office with notice to the
Depositary. 
 Any and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in
English and personally delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed
writing, addressed to The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Office with notice to the
Company. 
  

	1 	 NTD: Company to provide. 

  
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 Delivery of a notice to the Company or Depositary by mail or air courier shall be deemed
effected when deposited, postage prepaid, in a post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or email shall be deemed effected when the recipient
acknowledges receipt of that notice. 
 A notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that
Owner. Dissemination in paper form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner as it appears on the transfer books for
American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request. Dissemination in
electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided by the Owner for that purpose. 

SECTION 7.6. Arbitration; Settlement of Disputes. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 
 The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have
no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of
the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall appoint one arbitrator as if there
were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration demand, the American Arbitration
Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country, whether or not a party is a
national of that country. 

  
 - 34 - 

 The arbitral tribunal shall have no authority to award any consequential, special or
punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit Agreement. 

SECTION 7.7. Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver. 

The Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement as the Company’s authorized
agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this
Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of process upon said
authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a written acceptance by
the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue
that designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance by that agent of
that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent in the United
States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to
the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

  
 - 35 - 

 SECTION 7.8. Waiver of Immunities. 

To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to
it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of
process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the
Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity of that kind and consents to relief and enforcement as provided
above. 
 SECTION 7.9. Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof
and thereof shall be governed by the laws of the State of New York. 

  
 - 36 - 

 IN WITNESS WHEREOF, TUYA INC. and THE BANK OF NEW YORK MELLON have duly executed this
Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

			
	TUYA INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON,

  as Depositary

		
	By:	 	  

		 	Name:
		 	Title:

  
 - 37 - 

 EXHIBIT A 

AMERICAN DEPOSITARY SHARES         

(Each American Depositary Share represents 

_____ deposited
Shares)                                 

THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
CLASS A ORDINARY SHARES OF 
 TUYA INC. 

(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 

The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that
                    , or registered assigns IS THE OWNER OF
                     
 AMERICAN
DEPOSITARY SHARES 
 representing deposited Class A ordinary shares (herein called “Shares”) of Tuya Inc., incorporated under the laws of the
Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share represents _____ Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a
custodian for the Depositary (herein called the “Custodian”) that, as of the date of the Deposit Agreement, was The Hongkong and Shanghai Banking Corporation Limited located in Hong Kong. The Depositary’s Office and its
principal executive office are located at 240 Greenwich Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S OFFICE ADDRESS IS 

240 GREENWICH STREET, NEW YORK, N.Y. 10286 

  
 A-1 

	1.	 THE DEPOSIT AGREEMENT. 

This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and
conditions set forth in the Deposit Agreement dated as of __________, 2021 (herein called the “Deposit Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued
thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties
of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein
called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Office in New York City and at the office of the Custodian. 

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by
and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement. 

 

	2.	 SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES. 

Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the
fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the
Deposited Securities, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as
instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or
other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose
of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for
giving that direction by cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the
Custodian’s office, except that, at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a
certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to
another address specified in the order received from the surrendering Owner. 

  
 A-2 

	3.	 REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND
SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES. 

The Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its
transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.9 of that Agreement), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred
American Depositary Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of
the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any
authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 

The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon
receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of
exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares. 

As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares or the presenter of the Receipt or
instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity
and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement. 

  
 A-3 

 The Depositary may refuse to accept deposits of Shares for delivery of American Depositary
Shares or to register transfers of American Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary or advisable to do so. The Depositary
may refuse surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary in
the Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with
voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares
or to the withdrawal of the Deposited Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993
or any successor to that provision. 
 The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at
the time of deposit, are Restricted Securities. 
  

	4.	 LIABILITY OF OWNER FOR TAXES. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be
payable by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary
Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares,
and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The
Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit
Agreement. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange
and distribute the net proceeds of that sale to the Owners entitled to them. 

  
 A-4 

	5.	 WARRANTIES ON DEPOSIT OF SHARES. 

Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the
Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

	6.	 FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the
distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are
made. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing
the Depositary to deliver to, or upon the written order of, the person or persons stated in that order, the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those
Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to
the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer
to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu
thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. The Depositary shall refuse, and shall instruct the Custodian to refuse, to accept Shares for deposit if the Depositary has received a notice from
the Company that the Company has restricted transfer of those Shares under the Company’s articles of association or any applicable laws or that the deposit would result in any violation of the Company’s articles of association or any
applicable laws. The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, with copies of any information or other materials which the Depositary receives
pursuant to Section 3.4 of the Deposit Agreement, to the extent that the requested disclosure is permitted under applicable law. 

  
 A-5 

	7.	 CHARGES OF DEPOSITARY. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for
the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4
of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made
pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant
to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above
which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other
charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities
(which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing those Owners for
those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

  
 A-6 

 The Depositary may collect any of its fees by deduction from any cash distribution payable,
or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees. 
 The Depositary may own and
deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 
 From time to time, the Depositary
may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or
share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the
Depositary and that may earn or share fees, spreads or commissions. 
  

	8.	 DISCLOSURE OF INTERESTS. 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or
other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each
Owner and Holder agrees to provide all information known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement. Each Holder consents to the disclosure by the Depositary and the Owner or other Holder
through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is known to that Owner or other Holder.

 

	9.	 TITLE TO AMERICAN DEPOSITARY SHARES. 

It is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or
holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under
the laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the
contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement
and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner. 

  
 A-7 

	10.	 VALIDITY OF RECEIPT. 

This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt
shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the
manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. 
  

	11.	 REPORTS; INSPECTION OF TRANSFER BOOKS. 

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports
with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system or at public reference facilities maintained by the Commission in Washington,
D.C.     
 The Depositary will make available for inspection by Owners at its Office any reports, notices and other
communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited
Securities by the Company. The Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are
required to be translated into English pursuant to any regulations of the Commission. 
 The Depositary will maintain a register of American
Depositary Shares and transfers of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating with Owners regarding the
business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 

  
 A-8 

	12.	 DIVIDENDS AND DISTRIBUTIONS. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other
cash distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto;
provided, however, that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed
to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. 
 If a cash
distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may: 

(i) require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that cash distribution; or 
 (ii) sell all Deposited Securities other than the subject cash
distribution and add any net cash proceeds of that sale to the cash distribution, call for surrender of all those American Depositary Shares and require that surrender as a condition of making that cash distribution. 

If the Depositary acts under this paragraph, that action shall also be a Termination Option Event. 

Subject to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than
a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by
it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for
accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among
the Owners entitled thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting such
distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as
provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any
distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell,
by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. 

  
 A-9 

 If a distribution to be made under Section 4.2 of the Deposit Agreement would represent
a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may: 
 (i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution; or 

(ii) sell all Deposited Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call for
surrender of all those American Depositary Shares and require that surrender as a condition of making that distribution. 
 If the Depositary acts under
this paragraph, that action shall also be a Termination Option Event. 
 Whenever the Depositary receives any distribution consisting
of a dividend in, or free distribution of, Shares, the Depositary may, and if the Company so requests in writing, shall deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares
received as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental
charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or
private sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the
Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in
Section 4.1of the Deposit Agreement. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the
additional Shares distributed on the Deposited Securities represented thereby. 
 If the Company declares a distribution in which holders of
Deposited Securities have a right to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the
Company, make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require
satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933 that has not been effected. 

  
 A-10 

 If the Depositary determines that any distribution received or to be made by the Depositary
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property
(including Shares and rights to subscribe therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those
taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
received by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and
are outside the scope of, the Deposit Agreement. 
  

	13.	 RIGHTS. 

(a) If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if
requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent
rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b) If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the
securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The
Depositary shall (i) deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of
United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. 

  
 A-11 

 (c) If the Depositary will act under (a)(ii) above, the Company and the Depositary will
enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an
account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by
that Owner. 
 (d) If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in
proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions
among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 (e) Payment or
deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of
securities or payment of cash proceeds under Section 4.4 of that Agreement. 
 (f) The Depositary shall not be responsible for any
failure to determine that it may be lawful or feasible to make rights available to or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights. 

14. CONVERSION OF FOREIGN CURRENCY. 
 Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can
in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary or one of its agents or affiliates or the Custodian shall convert or cause to be converted
by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed, as promptly as practicable, to the Owners entitled thereto. A cash distribution may be made upon an averaged or
other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.9 of the Deposit Agreement. 

  
 A-12 

 If a conversion of foreign currency or the repatriation or distribution of Dollars can be
effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license. 

If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a
reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same. 
 If any conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay
Dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns
revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the
Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation that the exchange rate used or obtained by it or its affiliate in
any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s
obligations under Section 5.3 of that Agreement. The methodology used to determine exchange rates used in currency conversions made by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no
obligation to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to Owners, and the Depositary makes no representation that the rate is the
most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the Depositary may receive dividends or other distributions from the Company in Dollars that represent the proceeds of
a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible for, any foreign currency
transactions and neither it nor the Company makes any representation that the rate obtained or determined by the Company is the most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with the
rate. 

  
 A-13 

	15.	 RECORD DATES. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a
distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7 of
the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of
the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be
responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that
dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which
that record date was fixed, or be responsible for that fee or charge, as the case may be. 
  

	16.	 VOTING OF DEPOSITED SHARES. 

(a) Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice
of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Island law and of the articles of association or
similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in which
those instructions may be given and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

  
 A-14 

 (b) Upon the written request of an Owner of American Depositary Shares, as of the date of
the request or, if a record date was specified by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under
the preceding paragraph shall, endeavor, in so far as practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The
Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary. 

(c) There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph
(a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 
 (d) In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company
shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 40 days prior to the meeting date. 

 

	17.	 TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 (a) The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange
offer or similar offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the
Depositary may require. 

  
 A-15 

 (b) If the Depositary receives a written notice that Deposited Securities have been redeemed
for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company, shall (i) if
required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for
surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and
those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit
Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of
doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding
American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the
preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no
fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event. 

(c) If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the
Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary
shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities or other property delivered to it in that Replacement.
However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new
Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited
Securities had been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event. 
 (d) In the case of
a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for
surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary
Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

  
 A-16 

 (e) If there are no Deposited Securities with respect to American Depositary Shares,
including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those
American Depositary Shares, upon notice to Owners, and that condition shall be a Termination Option Event. 
  

	18.	 LIABILITY OF THE COMPANY AND DEPOSITARY. 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of
the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of
association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a
person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war,
terrorism, civil unrest, labor disputes, criminal acts or outbreaks of infectious disease; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or
websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or
criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

(ii) for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the
Depositary or the Company to take, or not take, any action that the Deposit Agreement provides the Depositary or the Company, as the case may be, may take); 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or 
 (iv) for any
special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. 

  
 A-17 

 Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit
Agreement applies, or an offering to which Section 4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on
behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or
Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary
shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in
respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or
non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith
to be competent to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been
signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as
Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited
Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the
effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither the Depositary nor the Company shall have any liability for any tax consequences that may be
incurred by Owners or Holders as a result of owning or holding American Depositary Shares. Neither the Depositary nor the Company shall be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit,
reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the United States federal securities laws is intended by any provision of the Deposit Agreement. 

  
 A-18 

	19.	 RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the
Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 90 days’ prior written notice
of that removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit
Agreement. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians. 
  

	20.	 AMENDMENT. 

The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding
American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to
effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 
  

	21.	 TERMINATION OF DEPOSIT AGREEMENT. 

(a) The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the
Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in
Section 5.4 of that Agreement or (ii) a Termination Option Event has occurred. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares
then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date. 

  
 A-19 

 (b) After the Termination Date, if any American Depositary Shares shall remain outstanding,
the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of that Agreement. 

(c) At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may
thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain
outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except
(i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in
accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph
(d) below. 
 (d) After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to
Deposited Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon
deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement
and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept
surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would
interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may
discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under
the Deposit Agreement except as provided in Section 6.2 of that Agreement. 

  
 A-20 

	22.	 DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

(a) Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration
System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of
American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the
Depositary of prior authorization from the Owner to register that transfer. 
 (b) In connection with DRS/Profile, the parties acknowledge
that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on
behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The
parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on
the part of the Depositary. 
  

	23.	 ARBITRATION; SETTLEMENT OF DISPUTES. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 
 The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have
no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of
the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall appoint one arbitrator as if there
were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration demand, the American Arbitration
Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country, whether or not a party is a
national of that country. 

  
 A-21 

 The arbitral tribunal shall have no authority to award any consequential, special or
punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit Agreement. 

 

	24.	 APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF
IMMUNITIES. 

 The Company has (i) appointed Cogency Global Inc. located at 122 East 42nd Street, 18th Floor New York,
NY 10168 as the Company’s authorized agent in the United States upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American
Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that
service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the Company or any of its properties, assets or revenues may
have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the
enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement. 

  
 A-22EX-4.4

 Exhibit 4.4 

FIFTH AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

THIS FIFTH AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (this “Agreement”) is entered into on September 11, 2019 (the “Signing
Date”), by and among: 
 (1)     Tuya Inc., a company duly established and existing under the laws of the Cayman Islands (the
“Company”), 
 (2)     Tuya (HK) Limited, a directly wholly owned subsidiary of the Company duly established and
existing under the laws of Hong Kong (the “HK Co”), 
 (3)     Hangzhou Tuya Information Technology Co., Ltd. (杭州涂鸦信息技术有限公司), a wholly foreign owned enterprise
incorporated under the Laws of the PRC (the “WFOE”), 
 (4)     Hangzhou Tuya Technology Co., Ltd. (杭州涂鸦科技有限公司), a company duly established and existing under the laws of
the PRC (“Domestic Company” and together with the WFOE, the “Local Affiliates”), 
 (5)     the
parties listed on Part I of Exhibit A attached hereto (the “Key Holders”, and each a “Key Holder”), 
 (6)
    the parties listed on Part II of Exhibit A attached hereto (the “Founder Holdcos”, and each a “Founder Holdco”), 

(7)     the parties listed on Part III of Exhibit A (the “Investors”, and each an
“Investor”) attached hereto; and 
 (8)     Future Fund Investment Company No. 1 Pty Ltd (ACN 130 318 188), an
Australian proprietary company (“FF Beneficial Investor”). 
 Each of the forgoing parties is referred to herein individually as a
“Party” and collectively as the “Parties”. 
 RECITALS 

A.    The Company owns one hundred percent (100%) interest in the HK Co. The HK Co owns one hundred percent (100%) interest in the WFOE.

 B.     The Group Companies, certain Investors, the Key Holders and the Founder Holdcos are parties to that certain Fourth Amended and
Restated Shareholders’ Agreement dated May 2, 2018 (the “Prior Agreement”). 
 C.    The Prior Agreement may be
amended or modified by an instrument in writing signed by the Company, the Key Holders holding a majority of the outstanding Ordinary Shares held by Key Holders then providing services to any Group Company as employees or consultants, and the
investors holding a majority of the outstanding Preferred Shares then held by the investors party to the Prior Agreement. 
 D.     The
Company and certain investors are entering into that certain Series D Preferred Share Purchase Agreement dated as of September 11, 2019 (the “Share Purchase Agreement”). 

 E.     The Company, the undersigned Key Holders and the undersigned Investors, together
constituting the requisite parties necessary to amend the Prior Agreement, desire to amend and restate the Prior Agreement. 
 F.    
The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein on the terms and conditions set forth herein. 

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

 

	1.	 DEFINITIONS 

Unless otherwise defined in this Agreement, capitalized terms used in this Agreement shall have the meanings set forth in Exhibit B.

  

	2.	 CORPORATE GOVERNANCE 

2.1    Board of Directors. 

(i)    From and after the Initial Closing, the Company shall have a board of directors (the “Board”)
consisting of up to five (5) directors as follows: 
 (a)     New Enterprise Associates 14, L.P., NEA 15
Opportunity Fund, L.P. and their Affiliates (collectively “NEA”) shall be entitled to designate two (2) directors of the Board who are elected by the holders of the Series A Preferred Shares (the “Series A
Directors”). The Series A Directors shall initially be Scott Sandell and Carmen Chang. 
 (b)     The holders
of a majority of the Ordinary Shares then outstanding, voting as a single class, shall be entitled to designate three (3) directors of the Board (the “Ordinary Directors”), one of whom shall be the Company’s then-current
chief executive officer (the “CEO Director”). The Ordinary Directors shall initially be Xueji Wang and Liaohan Chen, with the third Ordinary Director seat being vacant. If there is a vacancy among the Ordinary Directors (other than
the CEO Director), the CEO Director shall be entitled to two (2) votes. 
 (ii)     Any Shareholder or group of
Shareholders entitled to designate any individual to be elected as a director of the Board pursuant to this Section 2.1 shall have the right to remove any such director occupying such position(s) (other than the CEO
Director, who shall remain an Ordinary Director so long as such individual is serving as the chief executive officer of the Company) and to fill any vacancy caused by the death, disability, retirement, resignation or removal of any director
occupying such position. If a vacancy is created on the Board at any time by the death, disability, retirement, resignation or removal of any director designated pursuant to Section 2.1, the replacement to fill such vacancy shall be
designated in the same manner, in accordance with Section 2.1, as the director whose seat was vacated. 

  
 2 

 (iii)     At each election of the directors of the Board, each
Shareholder shall vote at any meeting of members, such number of Shares as may be necessary, or in lieu of any such meeting, shall give such Shareholder’s written consent, as the case may be, with respect to such number of Shares to keep the
Board constituted in the manner provided in this Section 2.1 and in addition (a) as may be necessary to cause the election or re-election as members of the Board, and during such period to continue
in office, each of the individuals designated pursuant to this Section 2.1 and (b) against any nominees not designated pursuant to this Section 2.1. 

2.2    Board Meetings. The Board shall meet at least once every quarter, unless the Board otherwise approves (so
long as such approval includes the approval of at least one Series A Director). A quorum for a Board meeting shall consist of three (3) directors, which shall include at least one Series A Director; provided, that if there is a vacancy among
the Ordinary Directors (other than the CEO Director), a quorum for a Board meeting may also consist of the CEO Director and one Series A Director. The non-employee members of the Board shall be entitled to
reimbursement from the Company for all reasonable out of pocket expenses related to Board meetings. 
 2.3    
Indemnity. The Company shall indemnify the directors to the maximum extent permitted by the law of the jurisdiction in which the Company is organized. The Company shall also provide a customary indemnification agreement which contains
indemnity provisions for the Series A Directors, the Investors and their respective limited partners and general partners. 

2.4     Boards of Other Group Companies. At the request of the holders of a majority of the Preferred Shares then
outstanding, the number of directors on the board of any Group Company (other than the Company) shall be constituted in the same manner as the Board, and the provisions in this Section 2 shall apply mutatis mutandis
to the board of each such Group Company. The Parties shall take all steps required to give effect to the first sentence of this Section 2.4. 

2.5     Protective Provisions. 

(i)     Approval by Holders of Preferred Shares. For so long as at least twenty percent (20%) of the Preferred
Shares originally issued pursuant to the applicable share purchase agreements remain outstanding, the Company and each other Group Company shall not, and the Company, the Key Holders and the Founder Holdcos (collectively, the
“Covenantors”) shall cause each Group Company not to, take any of the actions listed on Section 1(a) of the Exhibit C attached hereto without obtaining the prior consents of parties as set forth
therein. 
 (ii)     Approval by Holders of Series D Preferred Shares. For so long as all of the Series D
Preferred Shares originally issued to Tencent Mobility Limited (“Tencent”) pursuant to the Share Purchase Agreement remain outstanding, the Company and each other Group Company shall not, and the Covenantors shall cause each Group
Company not to, take any of the actions listed on Section 1(b) of the Exhibit C attached hereto without obtaining the prior consents of parties as set forth therein. 

  
 3 

 2.6    Information and Inspection Rights. 

(i)    Information. The Company shall, and each Covenantor shall cause the Company to, deliver, as soon as
practicable (but in any event within the timeframes specified below), to each Investor holding at least five percent (5%) of the Company’s outstanding Preferred Shares (each, a “Major Investor”) the following documents or
reports: 
 (a)     no later than thirty (30) days prior to the beginning of each fiscal year, the consolidated
budget, including capital expenditure plan, of the Company (including its subsidiaries) for such fiscal year and, as soon as prepared, any updated budgets prepared by the Company (including without limitation, any updated budget prepared after the
second and/or third quarter of such year, as may be requested by a Major Investor); 
 (b)     within ninety
(90) days after the end of each fiscal year, the audited consolidated financial statements for such fiscal year, prepared in accordance with the International Financial Reporting Standards or U.S. generally accepted accounting principles,
applied on a consistent basis, and audited by an accredited accounting firm of international repute reasonably acceptable to the Major Investors; 

(c)     within thirty (30) days after the end of each fiscal quarter, the unaudited consolidated quarterly financial
statements and key operating metrics of the Company for such quarter, including a comparison of actual results against the budgeted results for such period; and 

(d)     such other financial and business information and other information relating to the financial condition,
business, prospects or corporate affairs of the Company as a Major Investor may reasonably request from time to time. 
 Notwithstanding
anything to the contrary, nothing herein or in the other Transaction Documents shall require the Company to provide the Major Investor with material non-public technical information of the Company. 

(ii)     Inspection. The Company will afford each Major Investor or its duly designated representatives at their
own cost, during normal business hours following reasonable notice, to visit and inspect the relevant Group Company, and to examine the books of account and records of the Group Company, and to discuss the affairs, finances and accounts of the Group
Company with the directors, officers, management employees, accountants, legal counsel and investment bankers of such entities. 

  
 4 

 2.7    Waiver. The Company acknowledges that each Investor and
the FF Beneficial Investor will likely have, from time to time, information that may be of interest to the Group Companies (“Information”) regarding a wide variety of matters including, by way of example only, (i) a Preferred
Shareholder’s technologies, plans and services, and plans and strategies relating thereto, (ii) current and future investments a Preferred Shareholder has made, may make, may consider or may become aware of with respect to other companies
and other technologies, products and services, including, without limitation, technologies, products and services that may be competitive with those of the Group Companies, and (iii) developments with respect to the technologies, products and
services, and plans and strategies relating thereto, of other companies, including, without limitation, companies that may be competitive with any Group Company. The Company recognizes that a portion of such Information may be of interest to the
Group Companies. Such Information may or may not be known by the Series A Directors. The Company, as a material part of the consideration for entering into this Agreement, agrees that the Series A Directors (and, for the avoidance of doubt, each
Preferred Shareholder) shall not have any duty to disclose any Information to the Group Companies, or permit any Group Company to participate in any projects or investments based on any Information, or to otherwise take advantage of any opportunity
that may be of interest to any Group Company if it were aware of such Information, and hereby waives, to the extent permitted by law, any claim based on the corporate opportunity doctrine or otherwise that could limit an Investor’s or the FF
Beneficial Investor’s ability to pursue opportunities based on such Information or that would require any Preferred Shareholder or any Series A Director to disclose any such Information to any Group Company or offer any opportunity relating
thereto to any Group Company, provided that such Information is not presented to, acquired, created or developed by, or otherwise comes into the possession of a Series A Director (or a Preferred Shareholder) (A) solely in his or her capacity as
a director of any Group Company or (B) from the Company, Group Companies or any officer, director, employee or any other Affiliate of any Group Company, in each case, acting on behalf of any Group Company. The Covenantors hereby irrevocably
agree that each Series A Director is a nominee of the Preferred Shareholder who appoints him or her and that the Series A Director shall be entitled to, and the Preferred Shareholder who nominates him or her can require him or her to, report all
matters concerning the Group Companies, including but not limited to, matters discussed at any meeting of the Board, and that the Series A Director may take advice and obtain instructions from his or her nominating Preferred Shareholder.
Notwithstanding the foregoing, the Series A Director shall undertake general fiduciary obligations to the Company according to the Companies Law of the Cayman Islands (as amended) or any other applicable laws. 

 

	3.	 PREEMPTIVE RIGHTS 

3.1     Preemptive Right. The Company hereby grants to each Major Investor (each an “Offeree”) a
right (the “Preemptive Right”) to purchase up to its pro rata share of any New Securities (as defined below) that the Company may, from time to time after the Initial Closing, propose to sell or issue. For the purposes of the
Preemptive Right hereunder, each Offeree’s “pro rata share” shall be determined according to the aggregate number of all Ordinary Shares converted or convertible from the Preferred Shares held by such Offeree immediately prior to the
issuance of the New Securities in relation to the aggregate number of all Shares, options and warrants (calculated on a fully-diluted and as converted to Ordinary Shares basis) then outstanding immediately
prior to the issuance of the New Securities. For the purpose of the Preemptive Right hereunder, the term “New Securities” shall have the meaning as defined in the Memorandum and Articles but shall exclude any Series D Preferred
Shares issued by the Company under the Share Purchase Agreement. 
 (i)     Issuance Notice. In
the event the Company proposes to undertake an issuance of New Securities, it shall give each Offeree written notice (an “Issuance Notice”) of such intention, describing (a) the type of New Securities, (b) the identity of
the prospective subscriber, and (c) the price and the general terms upon which the Company proposes to issue such New Securities. Each of the Offerees shall have twenty (20) days after its receipt of the Issuance Notice to agree to
purchase up to such Offeree’s respective pro rata share of such New Securities for the price and upon the terms specified in the Issuance Notice by giving written notice to the Company and stating therein the quantity of New Securities to be
purchased. 
 (ii)     If any such Offeree fails to exercise its right to purchase its full pro rata
share of the New Securities, the Company shall deliver a written notice (the “Additional Issuance Notice”) promptly after the expiration of the aforementioned twenty (20) day period to each Offeree that elected to purchase its
entire pro rata share of the New Securities (an “Exercising Offeree”) to offer such Exercising Offerees the additional right to purchase such unpurchased New Securities by notifying the Company in writing within five (5) days
after receipt of the Additional Issuance Notice; provided, however, that if the Exercising Offerees desire to purchase in aggregate more than the number of such unpurchased New Securities, then such unpurchased New Securities will be allocated to
the extent necessary among the Exercising Offerees in accordance with their relative pro rata shares based on the number of the unpurchased New Securities such Exercising Offerees have elected to purchase pursuant to this Section 3.1. 

  
 5 

 3.2    Sales by the Company. For a period of ninety
(90) days following the expiration of the twenty (20) day period provided in Section 3.1(i) and the five (5) day period provided in Section 3.1(ii), if applicable, the Company may sell any New
Securities with respect to which the Offerees’ rights under this Section 3 were not exercised, to the purchasers identified in the Issuance Notice and at a price and upon terms not more favorable to the purchasers
thereof than specified in the Issuance Notice. In the event the Company has not entered into an agreement for the sale of such New Securities within such ninety (90) day period, the Company shall not and the other Covenantors shall cause the
Company not to thereafter issue or sell any New Securities, without first again offering such securities to the Offerees in the manner provided in this Section 3. 
  

	4.	 SHARE TRANSFER RIGHTS AND RESTRICTIONS 

4.1    Restrictions on Ordinary Shares Owned by Key Holders. Any proposed transfer of any interest in any Shares now
or hereafter owned or held by a Key Holder, either directly or indirectly (in each case, a “Transfer”) shall be made in compliance with the terms of this Section 4. 

4.2    Right of First Refusal and Right of Co-Sale. Each Investor shall have the right of first refusal and the
right of co-sale with respect to Transfers by a Key Holder or a Founder Holdco as set forth on Exhibit D. 

4.3    Prohibited Transfers Void. Any transfer of Shares of the Company not made in compliance with this Agreement
shall be null and void as against the Company, shall not be recorded on the books of the Company and shall not be recognized by the Company. 

4.4    Transfer Defined. For the purpose of this Agreement, the term “transfer” shall include any direct
or indirect transfer, sale, assignment or pledge, and its verb form and the terms of “transferor” and “transferee” shall have the meaning correlative to the foregoing. In the case that any Ordinary Share is held by its ultimate
beneficial owner through one or more levels of holding companies, any transfer, repurchase, or new issuance of the shares of such holding companies or similar transactions that have the effect of changing the beneficial ownership of such Ordinary
Share shall be deemed an indirect transfer of such Ordinary Shares. The Parties agree that the restrictions on the transfer of the Ordinary Shares contained in this Agreement shall apply to such indirect transfer and shall not be circumvented by
means of any indirect transfer of the Ordinary Shares. 
  

	5.	 ADDITIONAL AGREEMENTS 

5.1     Registration Rights. The Company hereby grants to the Shareholders such registration rights as set forth on
Exhibit E. 

  
 6 

 5.2     Drag-Along Rights. Each Party hereby acknowledges and
agrees to the drag-along rights as set forth on Exhibit F. 
 5.3    Tax Matters. The Group Companies
shall comply with the applicable tax laws and comply with all record-keeping, reporting, and other requirements necessary for an Investor’s or the FF Beneficial Investor’s compliance with any applicable tax laws. The Group Companies shall
use their respective commercially reasonable effort to avoid adverse tax status (such as “PRC resident enterprise” for any Group Company organized outside the PRC under the PRC tax laws, or “controlled foreign corporation”,
“passive foreign investment company” or “United States real property holding corporation” under the U.S. tax laws). The Company shall also provide each Investor and the FF Beneficial Investor with any information reasonably
requested by such Investor or the FF Beneficial Investor to enable them to comply with any applicable U.S. tax laws and to make the appropriate tax determination or election (including the determination of whether the Company is a “controlled
foreign corporation,” “passive foreign investment company” or “United States real property holding corporation” under the US tax laws). For the avoidance of doubt, all out-of-pocket
expenses incurred by any Group Company resulting from complying with the forgoing shall be borne by the Company. 

5.4    Share Grants. Unless otherwise approved by the Board (including the affirmative vote of at least one Series
A Director), all future employees of the Company who shall purchase, or receive options to purchase, Ordinary Shares following the Signing Date shall be required to execute share purchase or option agreements providing for (a) vesting of shares
over a four (4) year period with the first fifty percent (50%) of such shares vesting following two (2) years of continued employment or services, and the remaining shares vesting in equal annual installments over the following two
(2) years thereafter and (b) a one hundred eighty (180) day lockup period (plus an additional period of up to eighteen (18) days) in connection with the Company’s initial public offering. The Company shall retain a right of
first refusal on transfers until the Company’s initial public offering and the right to repurchase unvested shares at cost. 

5.5    Memorandum and Articles. In the event of any conflict or inconsistency between any of the terms of this
Agreement and any of the terms of the Memorandum and Articles, the terms of this Agreement shall prevail in all respects, the Parties shall give full effect to and act in accordance with the provisions of this Agreement over the provisions of the
Memorandum and Articles, and the Parties hereto shall exercise all voting and other rights and powers (including to procure any required alteration to the Memorandum and Articles to resolve such conflict or inconsistency) to make the provisions of
this Agreement effective. 
 5.6    Commitment; Forfeiture. Each Key Holder agrees that, except as otherwise
approved from time to time by the Board (including the affirmative consent of at least one Series A Director) and a majority of the then-outstanding Preferred Shares, (i) such Key Holder shall refrain from acting in other positions, engage in
any other job, or receive financial benefit or advantage from third parties in connection with provision of services during the period of time between the date hereof and such Key Holder’s resignation or termination from the Group Companies,
(ii) during such Key Holder’s employment, such Key Holder shall devote all of his or her work effort exclusively towards the fulfillment of his or her service obligations with the Group Companies and use his or her best efforts to promote
the interest and business of the Group Companies and (iii) during such Key Holder’s employment and a two (2) year period following the termination of his or her employment, such Key Holder shall not, directly or indirectly, invest in
, work for or provide service to a business that is competitive with a material part of the business conducted by any Group Company or the Business, provided that, a Key Holder may own no more than five percent (5%) of the outstanding equity
securities of a business solely as a passive investor without holding any board or management positions (including without limitation directors, observers and officers) in such business or being involved in the operation of such business, provided
further that, in any event that a Key Holder inadvertently breaches the foregoing sentence by owning more than five percent (5%) of the outstanding equity securities of the relevant business, such Key Holder may have sixty (60) days to cure
such breach by reducing the shareholding percentage to five percent (5%) or less within such sixty (60)-day period. Notwithstanding the foregoing, this Section 5.6 shall not apply to Yongming Wu. 

  
 7 

 5.7    Proprietary Information and Inventions Agreements. Each
Group Company shall require all employees and consultants with access to confidential information to execute and deliver an Inventions Agreement (as defined in the Share Purchase Agreement), unless otherwise determined by the Board, including at
least one Series A Director. 
 5.8    FCPA. Each Group Company represents that it shall not (and shall not
permit any of its subsidiaries or affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any
item of value to, directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the
“FCPA”)), in each case, in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Each Group Company further represents that it shall (and
shall cause each of its subsidiaries and affiliates to) cease all of its or their respective activities, as well as remediate any actions taken by such Group Company, its subsidiaries or affiliates, or any of their respective directors, officers,
managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Each Group Company further represents that it shall (and shall cause
each of its subsidiaries and affiliates to) maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other
applicable anti-bribery or anti-corruption law. Upon request, each Group Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. Each Group Company shall promptly notify each Investor if such Group Company becomes aware of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action
related to the FCPA or any other anti-corruption law. Each Group Company shall, and shall cause any direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. Each Group
Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or formed in the future, to comply in all material respects with all applicable laws. 

 

	6.	 TERMINATION 

This Agreement and all rights and covenants contained herein, including but not limited to those contained in Sections 2, 3,
4 and 5 (with the exception of the registration rights granted under Section 5.1, which shall survive the closing of a Qualified IPO in accordance with their terms), shall terminate on the closing of (a) a Qualified
IPO or (b) a Deemed Liquidation Event after which the Investors cease to be Shareholders of the Company. 

  
 8 

	7.	 MISCELLANEOUS 

7.1    Confidentiality. From the Signing Date, each Party shall, and shall cause any Person who is controlled by
such Party to, keep confidential the terms, conditions, and existence of this Agreement, the other transaction documents and any related documentation, the identities of any of the Parties, and other information of a
non-public nature received from any other Party or prepared by such Party exclusively in connection herewith or therewith (collectively, the “Confidential Information”) except as the Company,
the FF Beneficial Investor and the Investors shall mutually agree otherwise; provided, that any Party hereto may disclose Confidential Information or permit the disclosure of Confidential Information (a) to the extent required by applicable
laws or the rules of any stock exchange or requested by any Government Official in his or her official capacity; provided that such Party shall, where practicable and to the extent permitted by applicable laws, provide the other Parties with prompt
written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other Parties) a protective order, confidential treatment or other appropriate remedy; and in such event, such Party shall furnish
only that portion of the information which is legally required or requested to be disclosed and shall exercise reasonable efforts to keep such information confidential to the extent reasonably requested by any such other Parties, (b) to its
officers, directors, employees, and professional advisors on a need-to-know basis for the performance of its obligations in connection herewith so long as such Party
advises each Person to whom any Confidential Information is so disclosed as to the confidential nature thereof, (c) in the case of each Investor and the FF Beneficial Investor, to its auditors, counsel, directors, officers, employees,
shareholders, partners, other Investors, the FF Beneficial Investor or (in the case of the FF Investor or the FF Beneficial Investor) to each other Future Fund Disclosure Party, (d) to its current or bona fide prospective investor, investment
bankers and any Person otherwise providing substantial debt or equity financing to such Party so long as the Party advises each Person to whom any Confidential Information is so disclosed as to the confidential nature thereof, and (e) in the
case of Tencent, to its Affiliates and officers, directors, employees, and professional advisors of its Affiliates on a need-to-know basis for the performance of its
obligations in connection herewith so long as Tencent advises each Person to whom any Confidential Information is so disclosed as to the confidential nature thereof; provided that in the cases of clauses (b), (c), (d) and (e), such disclosing Party
shall be responsible for any disclosure or misuse of Confidential Information by the Person receiving such information from the disclosing Party. For the avoidance of doubt, Confidential Information does not include information that (i) was
already in the possession of the receiving Party before such disclosure by the disclosing Party, (ii) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this
Section 7.1, or (iii) is or becomes available to the receiving Party from a third party who has no confidentiality obligations to the disclosing Party. Each Party shall not make any announcement regarding the consummation of the
transaction contemplated by this Agreement, other transaction documents and any related documentation in a press release, conference, advertisement, announcement, professional or trade publication, marketing materials or otherwise to the general
public without the prior written consent of the Parties identified in such announcement and Tencent. 

7.2    Governing Law. This Agreement shall be governed by and construed under the laws of Hong Kong, without regard
to principles of conflict of laws thereunder. 
 7.3    Dispute Resolution. 

(i)    Any dispute, controversy or claim arising out of, in connection with or relating to this Agreement, including the
existence, interpretation, validity, invalidity, performance, breach or termination thereof, or any dispute regarding non-contractual obligations arising out of or relating to it (each, a “Dispute”) shall be referred to and finally
resolved by arbitration administered by the Hong Kong International Arbitration Centre (the “HKIAC”) under the HKIAC Administered Arbitration Rules in force when the Arbitration Notice is submitted. 

  
 9 

 (ii)    The seat of the arbitration shall be Hong Kong. There shall be
three (3) arbitrators. One (1) arbitrator shall be designated by the claimant or group of claimants, and one (1) arbitrator shall be designated by the respondent or group of respondents. Such arbitrators shall designate the third
arbitrator. Where the group of claimants or group of respondents consists of Investors, the arbitrator designated by such group of claimants or group of respondents shall be selected by a majority vote of the Preferred Shares then-held by such Investors. Each arbitrator shall be qualified to practice law in Hong Kong. The arbitration shall be conducted in the English language. 

(iii)    Each party to the arbitration shall cooperate with each other party in making full disclosure of and providing
complete access to all information and documents requested by such other party in connection with such arbitration proceedings, subject only to any doctrine of legal privilege or any confidentiality obligations binding on such party. 

(iv)    The costs of arbitration (including legal fees and expenses, tribunal fees, and administrative fees) shall be
borne by the losing party, unless otherwise determined by the arbitral tribunal. 
 (v)    During the course of the
arbitral tribunal’s adjudication of the Dispute, the parties shall continue to fulfill their respective obligations and shall be entitled to exercise their rights under this Agreement except with respect to the part in Dispute and under
adjudication. 
 (vi)     The award of the arbitral tribunal shall be final and binding upon the parties thereto, and
the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 
 (vii)    Any party
to the Dispute shall be entitled to seek preliminary injunctive relief from any court of competent jurisdiction pending the conclusion of the arbitration. 

7.4    Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, by electronic mail, facsimile or registered or certified mail (postage
prepaid, return receipt requested) to the respective Parties at the addresses specified in the Part IV of the Exhibit A (with an electronic copy provided to the corresponding email address listed in the Part IV of the Exhibit
A) (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 7.4). 

7.5    Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties whose rights or obligations hereunder are affected by such terms and conditions. This Agreement, and the rights and obligations hereunder, shall
not be assigned, except that (i) an Investor other than FF Investor may assign its rights and obligations hereunder to any third parties with the written consent of the Company, and (ii) the FF Investor may assign its rights and
obligations hereunder to any third parties with the written consents of the FF Beneficial Investor and the Company. Notwithstanding the foregoing, (a) each Investor may assign its rights and obligations to an Affiliate of it without consent of
the Company or any other parties to this Agreement; and (b) the FF Investor and the FF Beneficial Investor may transfer or assign any or all of their respective rights or obligations under this Agreement to any FF Permitted Transferee and
otherwise with the consent of the Company. 

  
 10 

 7.6    Severability. In case any provision of the Agreement shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or
unenforceable under any such applicable laws in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law. 

7.7    Waiver and Amendment. Any Party may (A) extend the time for the performance of any of the obligations
or other acts of another Party, (B) waive any inaccuracies in the representations and warranties of another Party contained herein or in any document delivered by another Party pursuant hereto or (C) waive compliance with any of the
agreements of another Party or conditions to such Party’s obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party to be bound thereby. Any waiver of any term or
condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any Party to assert any of its rights hereunder
shall not constitute a waiver of any of such rights. This Agreement may not be amended or modified, and no provision hereof may be waived, except by an instrument in writing signed by the Company, the Key Holders holding a majority of the
outstanding Ordinary Shares held by Key Holders then providing services to any Group Company as employees or consultants, and the Investors holding a majority of the outstanding Preferred Shares then held by the Investors, which instrument, to the
extent applicable, is approved in accordance with Article 8.4(B)(2)(a) of the Memorandum and Articles and the corresponding provision in Exhibit C to this Agreement; provided that any extension, waiver, amendment or modification of this Agreement
that adversely changes the rights or obligations of (i) an Investor in a manner different than the other Investors shall also require the written consent of such Investor (or the FF Beneficial Investor in the case where FF Investor’s
consent is required under this subsection 7.7(i)); (ii) the Series D Preferred Shares in a manner different than the other series of Preferred Shares shall also require the written consent of the Preferred Shareholders holding a majority of the
outstanding Series D Preferred Shares (it being understood that the authorization or issuance of any future security pari passu with the Series D Preferred Shares (which (X) in no event is deemed as Series D Preferred Shares (or any sub class
or series of the Series D Preferred Shares); and (Y) in no event vote together with the Series D Preferred Shares as a single class or series (except for voting together with all Preferred Shares or all Shares) or senior to the Series D
Preferred Shares will not be an adverse amendment); and (iii) a Key Holder in a manner different than the other Key Holders shall also require the written consent of such Key Holder. 

  
 11 

 7.8    Interpretation. For all purposes of this Agreement, except
as otherwise expressly provided, (a) the defined terms shall have the meanings assigned to them in its definition and include the plural as well as the singular, (b) all references in this Agreement to designated “Sections” and
other subdivisions are to the designated Sections and other subdivisions of the body of this Agreement unless explicitly stated otherwise, (c) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms,
(d) the words “herein”, “hereof”, and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, (e) the word “knowledge”
means, with respect to a person’s “knowledge”, the actual knowledge of such person and that knowledge which should have been acquired by it after making due inquiry, (f) all references in this Agreement to designated exhibits are
to the exhibits attached to this Agreement unless explicitly stated otherwise, (g) the titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement,
(h) any reference in this Agreement to any “Party” or any other Person shall be construed so as to include its successors in title, permitted assigns and permitted transferees, (i) any reference in this Agreement to any agreement
or instrument is a reference to that agreement or instrument as amended or novated, (j) this Agreement is jointly prepared by the Parties and should not be interpreted against any Party by reason of authorship, and (k) the term
“including” and its variants shall be non-exclusive. 
 7.9    Additional Key Holder. Notwithstanding
anything to the contrary contained herein, if the Company issues additional Ordinary Shares of the Company after the date hereof, any holder of such new Ordinary Shares that represent no less than 1% of the Company’s then total outstanding
share capital on a fully-diluted basis shall, and the Covenantors shall procure such holder to, become a party to this Agreement as a “Key Holder” by executing and delivering an additional counterpart signature page to this Agreement. Such
holder shall thereafter be deemed a “Key Holder” for all purposes hereunder, and no action or consent by the Parties shall be required for such joinder to this Agreement. 

7.10    Additional Investor. Notwithstanding anything to the contrary contained herein, if the Company issues
additional shares of the Series D Preferred Shares after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such Series D Preferred Shares may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional
Investor. 
 7.11     Entire Agreement. This Agreement constitutes the entire agreement of the Parties with
respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. 

7.12    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

7.13    The FF Investor Limitation of Liability. The FF Investor enters into and is liable under (a) this
Agreement, (b) any other document or agreement which the FF Investor may be required to provide under this Agreement and (c) any document or agreement executed by the Company or any other person as agent or attorney of the FF Investor
under this Agreement only in its capacity as custodian for the FF Beneficial Investor, and to the extent that it is actually indemnified by the FF Beneficial Investor. To the extent this Section 7.13 operates to reduce the
amounts for which the FF Investor would otherwise be liable to any person, the FF Beneficial Investor will pay or procure the payment of such amounts to such person. 

  
 12 

 (The remainder of this page has been left intentionally blank) 

  
 13 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	COMPANY:	 		 	Tuya Inc.
				
		 		 	By:	 	 /s/ Xueji
WANG                                        

		 		 	Name:	 	Xueji WANG
		 		 	Title:	 	Director
			
	HK COMPANY:	 		 	Tuya (HK) Limited
				
		 		 	By:	 	 /s/ Xueji
WANG                                        

		 		 	Name:	 	Xueji WANG
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	DOMESTIC COMPANY:	 		 	Hangzhou Tuya Technology Co., Ltd. (杭州涂鸦科技有限公司)
				
		 		 	By:	 	 /s/ Liaohan CHEN

		 		 	Name:	 	Liaohan CHEN
		 		 	Title:	 	Legal representative

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	WFOE:	 		 	 Hangzhou Tuya Information Technology Co., Ltd.

(杭州涂鸦信息技术有限公司
)

				
		 		 	By:	 	 /s/ Liaohan CHEN

		 		 	Name:	 	Liaohan CHEN
		 		 	Title:	 	Legal representative

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	KEY HOLDER:	 		 		 	Xueji WANG
				
		 		 		 	 /s/ Xueji WANG

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	KEY HOLDER:	 		 		 	Liaohan CHEN
				
		 		 		 	 /s/ Liaohan CHEN

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	KEY HOLDER:	 		 		 	Yaona LIN
				
		 		 		 	 /s/ Yaona LIN

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	KEY HOLDER:	 		 		 	Ruixin ZHOU
				
		 		 		 	 /s/ Ruixin ZHOU

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	KEY HOLDER:	 		 		 	Peihong CHEN
				
		 		 		 	 /s/ Peihong CHEN

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	KEY HOLDER:	 		 		 	Yongming WU
				
		 		 		 	 /s/ Yongming WU

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	TUYA GROUP INC.
				
		 		 	By:	 	 /s/ Xueji WANG

		 		 	Name:	 	Xueji WANG
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	TENET GROUP LIMITED
				
		 		 	By:	 	 /s/ Xueji WANG

		 		 	Name:	 	Xueji WANG
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	TUYA TECHNOLOGY INC.
				
		 		 	By:	 	 /s/ Liaohan CHEN

		 		 	Name:	 	Liaohan CHEN
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	UNILEO LIMITED
				
		 		 	By:	 	 /s/ Liaohan CHEN

		 		 	Name:	 	Liaohan CHEN
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	ANYWINK LIMITED
				
		 		 	By:	 	 /s/ Yaona LIN

		 		 	Name:	 	Yaona LIN
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	VALGOLDEN LIMITED
				
		 		 	By:	 	 /s/ Ruixin ZHOU

		 		 	Name:	 	Ruixin ZHOU
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	VOLINKS LIMITED
				
		 		 	By:	 	 /s/ Peihong CHEN

		 		 	Name:	 	Peihong CHEN
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	FOUNDER HOLDCO:	 		 	PLUS FORCE ENTERPRISE LTD.
				
		 		 	By:	 	 /s/ Yongming WU

		 		 	Name:	 	Yongming WU
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Agate Treasure Limited
				
		 		 	By:	 	 /s/ WU YONGMING

		 		 	Name:	 	WU YONGMING
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Best Choice Golbal Limited
				
		 		 	By:	 	 /s/ WU YONGMING

		 		 	Name:	 	WU YONGMING
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTORS:	 		 	New Enterprise Associates 14, L.P.
		 		 	By: NEA Partners 14, L.P., its general partner
		 		 	By: NEA 14, GP, LTD, its general partner
				
		 		 	By:	 	 /s/ Louis S. Citron

		 		 	Name:	 	Louis S. Citron
		 		 	Title:	 	Chief Legal Officer
			
		 		 	NEA 15 Opportunity Fund, L.P.
		 		 	By: NEA Partners 15-OF, L.P., its general partner
		 		 	By: NEA 15, GP, LLC, its general partner
				
		 		 	By:	 	 /s/ Louis S. Citron

		 		 	Name:	 	Louis S. Citron
		 		 	Title:	 	Chief Legal Officer

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Wind Media Holdings Inc.
				
		 		 	By:	 	 /s/ Shan LI

		 		 	Name:	 	Shan LI
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Xincheng Investment Limited
				
		 		 	By:	 	 /s/ Zhiguo LI

		 		 	Name:	 	Zhiguo LI
		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Global Bridge Capital USD Fund I, L.P.
				
		 		 	By:	 	 /s/ Qing Gao

		 		 	Name:	 	Qing Gao
		 		 	Title:	 	Manager

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Quadrille Technologies III FPCI
				
		 		 	By:	 	 /s/ Chevalier

		 		 	Name:	 	Chevalier
		 		 	Title:	 	President
			
		 		 	Quadrille Tuya, LLC
				
		 		 	By:	 	 /s/ Chevalier

		 		 	Name:	 	Chevalier
		 		 	Title:	 	
                     
                    

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	TengQi Holdings Limited
				
		 		 	By:	 	 /s/ FEI Hanying

		 		 	Name:	 	FEI Hanying
		 		 	Title:	 	Director
			
		 		 	For and on behalf of
		 		 	TengQi Holdings Limited
				
		 		 		 	 Fei Hanying

		 		 		 	Authorized Signature(s)

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	CMC MASTER FUND, L.P.
				
		 		 	By:	 	 /s/ Fernando Sucre

		 		 	Name:	 	Fernando Sucre
		 		 	Title:	 	COO & CFO, CM Capital Advisors, LLC, the Manager of CMC Master Fund Partners, LLC, the General Partner of CMC Master Fund, L.P.

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	CHINA BROADBAND CAPITAL PARTNERS IV, L.P.
				
		 		 	By:	 	 /s/ Oliver Ao

		 		 	Name:	 	Oliver Ao
		 		 	Title:	 	

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Brandon Christie
				
	 	 	 	 	 /s/ Brandon Christie
	 	9/8/19

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

							
	 INVESTOR: EXECUTED on behalf

of THE NORTHERN TRUST
 COMPANY (ABN 62 126 279 918),
a
 company incorporated in the State of
 Illinois in the United
States of America, in
 its capacity as custodian for the Future

Fund Investment Company No.1 Pty Ltd
 (ACN 130 318 188), by

JONATHAN CARSTENS
 being a person who, in accordance with

the laws of that territory, is acting under
 the authority of the
company in the
 presence of:
  

/s/ Natasha Hammond-Marks

Signature of witness
 NATASHA
HAMMOND-MARKS
 Name of witness (block letters)
 LEVEL 42, 120
COLLINS ST
 MELBOURNE VIC 3000
 Address of witness

Date: 11 SEPTEMBER 2019
	 		 	 )
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
	 	 /s/ Jonathan Carstens

By executing this agreement the signatory
 warrants that the
signatory is duly authorized to
 execute this agreement on behalf of THE

NORTHERN TRUST COMPANY

	 		 		 	
	 	
		 	
	 	
	 	

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

					
	FF BENEFICIAL INVESTOR:	 		 	
			
	Executed by Future Fund Investment Company No.1 Pty Ltd (ACN 130 318 188) in accordance with section 127(1) of the Corporations Act 2001 (Cth) by:	 		 	
			
	 /s/ PAUL MANN
	 		 	 /s/ KYLIE YONG

	Signature of Director	 		 	Signature of Company Secretary
			
	 PAUL MANN
	 		 	 KYLIE YONG

	Name of Director	 		 	Name of Company Secretary
			
	 11 SEPTEMBER 2019
	 		 	 11 SEPTEMBER 2019

	Date	 		 	Date
			
	  
	 		 	  

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 IN WITNESS WHEREOF, the Parties have duly executed this Fifth Amended and Restated
Shareholders’ Agreement as of the date first above written. 
  

									
	INVESTOR:	 		 		 	Tencent Mobility Limited
					
		 		 		 	By:	 	 /s/ Ma
Huateng                    

		 		 		 	Name:	 	Ma Huateng
		 		 		 	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Shareholders’ Agreement] 

 EXHIBIT A 

PARTIES 
 Part I Key Holders 

 

	1.	 Xueji WANG (王学集 ), a citizen of
PRC with the PRC Identification number                    . 

 

	2.	 Liaohan CHEN ( 陈燎罕), a citizen of
PRC with the PRC Identification number                    . 

 

	3.	 Yaona LIN (林耀纳 ), a citizen of
PRC with the PRC Identification number                    . 

 

	4.	 Ruixin ZHOU (周瑞鑫 ), a citizen of
PRC with the PRC Identification number                    . 

 

	5.	 Peihong CHEN (陈沛泓), a citizen of
PRC with the PRC Identification number                    . 

 

	6.	 Yongming WU, a citizen of Republic of Singapore with the Passport
number                    . 

 Part
II Founder Holdcos 
  

	1.	 Tuya Group Inc., a company duly established and existing under the laws of British Virgin Islands which is
wholly owned by Xueji WANG. 

  

	2.	 Tenet Group Inc., a company duly established and existing under the laws of British Virgin Islands ultimately
wholly owned by the trustee of a trust constituted under the laws of the Cayman Islands, with Xueji (Jerry) Wang being the settlor of the trust. 

  

	3.	 Tuya Technology Inc., a company duly established and existing under the laws of British Virgin Islands which is
collectively owned by Liaohan Chen, Yaona LIN, Ruixin ZHOU and Peihong CHEN. 

  

	4.	 PLUS FORCE ENTERPRISE LTD., a company duly established and existing under the laws of British Virgin Islands
which is wholly owned by Yongming WU. 

  

	5.	 Unileo Limited, a company duly established and existing under the laws of British Virgin Islands which is
wholly owned by Liaohan CHEN. 

  

	6.	 Anywink Limited, a company duly established and existing under the laws of British Virgin Islands which is
wholly owned by Yaona LIN. 

  

	7.	 Valgolden Limited, a company duly established and existing under the laws of British Virgin Islands which is
wholly owned by Ruixin ZHOU. 

  

	8.	 Volinks Limited, a company duly established and existing under the laws of British Virgin Islands which is
wholly owned by Peihong CHEN. 

  
 EXHIBIT A 

 Part III Investors 
  

	1.	 New Enterprise Associates 14, L.P. 

 

	2.	 NEA 15 Opportunity Fund, L.P. 

 

	3.	 Wind Media Holdings Inc. 

 

	4.	 Xincheng Investment Limited 

 

	5.	 GTY Holdings Limited 

 

	6.	 Global Bridge Capital USD Fund I, L.P. 

 

	7.	 Quadrille Technologies III FPCI 

 

	8.	 Quadrille Tuya, LLC 

  

	9.	 TengQi Holdings Limited 

 

	10.	 FF Investor 

  

	11.	 CMC Master Fund, L.P. 

 

	12.	 China Broadband Capital Partners IV, L.P. 

 

	13.	 Brandon Christie 

  

	14.	 Tencent Mobility Limited 

 

	15.	 Agate Treasure Limited 

 

	16.	 Best Choice Global Limited 

Part IV Notice Addresses 
 For the purpose of the notice
provisions contained in this Agreement, the following are the initial addresses of each party: 
 If to the Key Holders (except for Yongming WU) / the
Group Companies: 
 Address: Room 701, Tower 3, Zhe Shang Cai Fu Center, No. 87 Gudun Road, Xihu District, 

Hangzhou (杭州市西湖区古墩路 87号浙商财富中心 3号楼 701室) 
 Attention: Xueji WANG
(王学集) 

Telephone:                      

Email:                      

If to Yongming WU / PLUS FORCE ENTERPRISE LTD / AGATE TREASURE LIMITED / BEST CHOICE GLOBAL LIMITED: 

Address:                      

Attention: Yongming WU 

  
 EXHIBIT A 

 If to the Investors or the FF Beneficial Investor: 

If to New Enterprise Associates 14, L.P.: 
 At the address
shown on the signature page hereto. 
 If to NEA 15 Opportunity Fund, L.P.: 

At the address shown on the signature page hereto. 
 If to
Wind Media Holdings Inc.: 
 Address: 1805 YINTAI Centre Tower A, 2 Jianguomenwai Street, Chaoyang District, Beijing 100022, China 

Attention: Gina 
 Telephone:
                     
 Email:
                     
 With a copy to: 

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, L.L.P. 

Address: Suite 2101, Building C 
 Yintai Center, #2 Jianguomenwai
Ave 
 Beijing 100022 China 
 Attention: Jerry Ku 

Fax:                      

If to Xincheng Investment Limited: 
 Address:
                     
 Attention: Zhiguo LI 

If to GTY Holdings Limited: 
 Address: Suite 1213, 12/F
West Tower, Genesis Beijing, No. 8 Xinyuan South Road, Beijing, PRC 
 Attention: Jing HONG 

If to Global Bridge Capital USD Fund I, L.P.: 
 Address:
28th Floor, China World Office 2, No. 1 Jian Guo Men Wai Avenue, Beijing 100004, P.R. China 

Attention: Chang LIU 

Telephone:                     

Email:                      

If to Quadrille Technologies III FPCI or Quadrille Tuya LLC: 

Address: c/o Quadrille Capital, 16 Place de la Madeleine, 75008 Paris, France 

Attention: David Shu 
 If to TengQi Holdings Limited: 

Address: Room 1905, Building A, No. 688 Dalian Road, Shanghai 200082, China 

Telephone:                      

Email:                      

  
 EXHIBIT A 

 If to the FF Investor: 

Address: Level 47 
 80 Collins Street 

Melbourne VIC 3000 Australia 
 Telephone:
                     
 Attention: Jonathan Carstens 

Email(s):                     

With a copy to the FF Beneficial Investor. 
 If to the FF
Beneficial Investor 
 Address: Level 42 
 120 Collins
Street 
 Melbourne VIC 3000 
 Australia 

Telephone:                      

Attention: Company Secretary 
 Email(s):
                     
 If to CMC Master Fund,
L.P.: 
 Address: 525 University Avenue, Suite 200, Palo Alto, CA 94301 

Telephone:                      

Email:                      

If to China Broadband Capital Partners IV, L.P.: 

Address: Ju Fu Dian, Ritan Park, Ritan North Road, Chaoyang District, Beijing 100020, China 

Telephone:                      

Email:                      

If to Brandon Christie: 
 Address:
                     
 Telephone:
                     
 If to Tencent: 

Tencent Mobility Limited 
 c/o Tencent Holdings Limited 

Level 29, Three Pacific Place 
 1 Queen’s Road East
Wanchai, Hong Kong 
 Attention: Compliance and Transactions Department 

Email:                      

with a copy to: 
 Tencent Binhai Towers, No.33 Haitian 2nd Road,
Nanshan District 
 Shenzhen 518054, PRC 
 Attention: Mergers
and Acquisitions Department 
 Email:
                     

  
 EXHIBIT A 

 EXHIBIT B 

DEFINITIONS 
  

			
	“Additional Issuance Notice”	  	has the meaning set forth in Section 3.1(ii).
		
	“Additional Transfer Notice”	  	has the meaning set forth in Section 1.2(ii) of Exhibit D hereof.
		
	“Affiliate”	  	means with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified Person, including, without limitation, any partner,
officer, director, member or employee of such Person and any venture capital fund now or hereafter existing that is controlled by or under common control with one or more general partners (or member thereof) or managing members (or member thereof)
of, or shares the same management company (or member thereof) with, such Person; and in the case of the FF Investor or the FF Beneficial Investor, shall include any FF Permitted Transferee.
		
	“Arbitration Notice”	  	has the meaning set forth in Section 7.3(i).
		
	“Board”	  	means the board of directors of the Company.
		
	“Business”	  	has the meaning set forth in the Share Purchase Agreement.
		
	“CEO Director”	  	has the meaning set forth in Section 2.1(i)(b).
		
	“Co-Sale Shareholder”	  	has the meaning set forth in Section 2.1 of Exhibit D hereof.
		
	“Company”	  	has the meaning set forth in the preamble hereof.
		
	“Confidential Information”	  	has the meaning set forth in Section 7.1.
		
	“Covenantors”	  	has the meaning set forth in Section 2.5(i).
		
	“Deemed Liquidation Event”	  	has the meaning set forth in the Memorandum and Articles.
		
	“Dispute”	  	has the meaning set forth in Section 7.3(i).
		
	“Domestic Company”	  	has the meaning set forth in the preamble hereof.
		
	“Drag Holder”	  	has the meaning set forth in Section 1 of Exhibit F hereof.
		
	“Drag Notice”	  	has the meaning set forth in Section 1 of Exhibit F hereof.
		
	“Eligible Holder”	  	has the meaning set forth in Section 1.2(iii) of Exhibit D hereof.

  
 EXHIBIT B 

			
	“Exercising Offeree”	 	has the meaning set forth in Section 3.1(ii).
		
	“Exercising Shareholder”	 	has the meaning set forth in Section 1.2(iv) of Exhibit D hereof.
		
	“Family Members”	 	has the meaning set forth in Section 3.4 of Exhibit D hereof.
		
	“FCPA”	 	has the meaning set forth in Section 5.8.
		
	“FF Beneficial Investor”	 	has the meaning set forth in the preamble hereof.
		
	“FF Investor”	 	means The Northern Trust Company (ABN 62 126 279 918), a company incorporated in the State of Illinois in the United States of America, in its capacity as custodian for the FF Beneficial Investor.
		
	“FF Permitted Transferee”	 	means (i) the Future Fund Board of Guardians, (ii) any person controlling, controlled by, or under common control with, the Future Fund Board of Guardians, (iii) the trustee of a trust in which all or substantially
all of the beneficial interests are held directly or indirectly by the Future Fund Board of Guardians or any person controlling, controlled by, or under common control with, the Future Fund Board of Guardians or (iv) any custodian for any of
the foregoing persons described in subsections (i)-(iii)
		
	“Founder Holdcos”	 	has the meaning set forth in the preamble hereof.
		
	“Future Fund Disclosure Party”	 	means the FF Investor, the FF Beneficial Investor, the Future Fund Board of Guardians, the Future Fund Management Agency, each wholly-owned subsidiary of the Future Fund Board of Guardians and each director, officer, employee,
professional adviser or investment administration service provider of any of the foregoing.
		
	“Government Official”	 	means (a) any official or employee of any Governmental Authority, or any department, agency, or instrumentality thereof (including without limitation commercial entities owned or controlled, directly or indirectly, by a
Governmental Authority), (b) any political party or official thereof, or any candidate for political office, in the PRC or any other country, or (c) any official or employee of any public international organization.
		
	“Governmental Authority”	 	means the government of any nation, province, state, city, locality or other political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government, regulation or compliance, and any corporation or other entity owned or controlled, through share or capital ownership or otherwise, by any of the foregoing.

  
 EXHIBIT B 

			
	“Group Company”	  	means each of the Company, the HK Co, the WFOE and Domestic Company, together with each Subsidiary of any of the foregoing and “Group” refers to all of Group Companies collectively.
		
	“Hong Kong”	  	means the Hong Kong Special Administrative Region of the PRC.
		
	“HK Co”	  	has the meaning set forth in the preamble hereof.
		
	“HKIAC”	  	has the meaning set forth in Section 7.3(i).
		
	“Information”	  	has the meaning set forth in Section 2.7.
		
	“Initial Closing”	  	has the meaning set forth in the Share Purchase Agreement.
		
	“Investor”	  	has the meaning set forth in the preamble hereof.
		
	“Issuance Notice”	  	has the meaning set forth in Section 3.1(i).
		
	“Key Holder” or “Key Holders”	  	has the meaning set forth in the preamble hereof.
		
	“Local Affiliates”	  	has the meaning set forth in the preamble hereof.
		
	“Major Investor”	  	has the meaning set forth in Section 2.6(i).
		
	“Memorandum and Articles”	  	means the Company’s Memorandum and Articles of Association, as may be amended and/or restated from time to time.
		
	“NEA”	  	means New Enterprise Associates 14, L.P., NEA 15 Opportunity Fund, L.P. and their Affiliates.
		
	“New Securities”	  	has the meaning set forth in Section 3.1.
		
	“Offered Shares”	  	has the meaning set forth in Section 1.1 of Exhibit D hereof.
		
	“Offeree”	  	has the meaning set forth in Section 3.1.
		
	“Offeror”	  	has the meaning set forth in Section 1 of Exhibit F.
		
	“Ordinary Directors”	  	has the meaning set forth in Section 2.1(i)(b).
		
	“Ordinary Shares”	  	means the Company’s Ordinary Shares, par value US$0.00005 per share.
		
	“Party”	  	has the meaning set forth in the preamble hereof.

  
 EXHIBIT B 

			
	“Person”	  	shall be construed as broadly as possible and shall include an individual, a partnership (including a limited liability partnership), a company, an association, a joint stock company, a limited liability company, a trust, a joint
venture, a legal person, an unincorporated organization and a governmental authority.
		
	“PRC”	  	means the People’s Republic of China, but solely for the purposes of this Agreement, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and the islands of Taiwan.
		
	“Preemptive Right”	  	has the meaning set forth in Section 3.1.
		
	“Preferred Shares”	  	means the Series A Preferred Shares, Series A-1 Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares.
		
	“Preferred Shareholder”	  	means the holders of the Preferred Shares.
		
	“Prospective Purchaser”	  	has the meaning set forth in Section 1.1 of Exhibit D hereof.
		
	“Qualified Acquisition”	  	has the meaning set forth in Exhibit F hereof.
		
	“Qualified Acquisition Offer”	  	has the meaning set forth in Exhibit F hereof.
		
	“Qualified IPO”	  	has the meaning set forth in the Memorandum and Articles.
		
	“Re-allotment Notice”	  	has the meaning set forth in Section 1.2(iv) of Exhibit D hereof.
		
	“Remaining Offered Shares”	  	has the meaning set forth in Section 1.2(ii) of Exhibit D hereof.
		
	“Right of Co-Sale”	  	has the meaning set forth in Section 2.1 of Exhibit D hereof.
		
	“Right of First Refusal”	  	has the meaning set forth in Section 1.2(i) of Exhibit D hereof.
		
	“ROFR Option Period”	  	has the meaning set forth in Section 1.2(iii) of Exhibit D hereof.
		
	“Series A Director”	  	has the meaning set forth in Section 2.1(i)(a).
		
	“Share Purchase Agreement”	  	has the meaning set forth in the recitals hereof.
		
	“Shares”	  	means the Ordinary Shares and the Preferred Shares.

  
 EXHIBIT B 

			
	“Shareholders”	  	means the holders of the Ordinary Shares and the holders of the Preferred Shares.
		
	“Signing Date”	  	has the meaning set forth in the preamble hereof.
		
	“Series A Preferred Shares”	  	means the Company’s Series A Preferred Shares, par value US$0.00005 per share.
		
	“Series A-1 Preferred Shares”	  	means the Company’s Series A-1 Preferred Shares, par value US$0.00005 per share.
		
	“Series B Preferred Shares”	  	means the Company’s Series B Preferred Shares, par value US$0.00005 per share.
		
	“Series C Preferred Shares”	  	means the Company’s Series C Preferred Shares, par value US$0.00005 per share.
		
	“Series D Issue Price”	  	has the meaning set forth in the Memorandum and Articles.
		
	“Series D Preferred Shares”	  	means the Company’s Series D Preferred Shares, par value US$0.00005 per share.
		
	“Subsequent Closing”	  	has the meaning set forth in the Share Purchase Agreement.
		
	“Subsidiary”	  	means, with respect to a Person, any corporation, partnership, joint venture, limited liability company or other entity: (i) of which at least a majority of the securities or other interests having voting power to elect a
majority of the board of directors or others performing similar functions for such entity is directly or indirectly owned by the subject Person (either alone or through or together with one or more of its Subsidiaries); or (ii) which is
directly or indirectly otherwise controlled by the subject Person.
		
	“Transfer Notice”	  	has the meaning set forth in Section 1.1 of Exhibit D hereof.
		
	“Transfer”	  	has the meaning set forth in Section 4.1.
		
	“Transferor”	  	has the meaning set forth in Section 1.1 of Exhibit D hereof.
		
	“U.S.”	  	means the United States of America.
		
	“US$”	  	means the lawful currency of the United States of America.
		
	“WFOE”	  	has the meaning set forth in the preamble hereof.

  

  
 EXHIBIT B 

 EXHIBIT C 

PROTECTIVE PROVISIONS 
  

	1.	 Matters Requiring Special Shareholder Approval. 

(a)    Approval by Holders of Preferred Shares. For so long as twenty percent (20%) of the Preferred Shares
originally issued pursuant to the applicable share purchase agreements remain outstanding, in addition to any other vote or consent required elsewhere in this Agreement, the Memorandum and Articles or by any applicable statute, the Company shall not
take, and the Company shall cause each Group Company not to take, and the Covenantors shall cause the Company and each Group Company not to take, any of the actions listed below, whether by merger, scheme of arrangement, amendment, recapitalization,
consolidation or otherwise, without obtaining the prior consents the Preferred Shareholders holding a majority of the outstanding Preferred Shares: 

(i)    any amendment, alteration or repeal of any provision of the Memorandum and Articles that materially
adversely alters or changes the voting or other powers, preferences, or other special rights, privileges or restrictions of the Preferred Shares (whether by merger, consolidation or otherwise) (it being understood that the authorization of a new
series of Preferred Share shall not be deemed to adversely affect the Preferred Shares); 
 (ii)    any
increase in the authorized number of Preferred Shares; 
 (iii)    any authorization, designation or
issuance, whether by reclassification or otherwise, of any new class or series of shares or any other equity or debt securities convertible into equity securities of the Company ranking senior to the Preferred Shares in right of redemption,
liquidation preference, voting or dividends or any increase in the authorized or designated number of any such new class or series; 

(iv)    any redemption or repurchase with respect to Ordinary Shares (excluding shares repurchased upon
termination of an employee or consultant pursuant to a restricted share purchase agreement), unless approved by the Board (including at least one Series A Director); 

(v)    any action that results in the payment or declaration of a dividend on any Ordinary Shares or
Preferred Shares, unless approved by the Board (including at least one Series A Director); 
 (vi)    any
voluntary dissolution or liquidation of the Company or any reclassification or recapitalization of the outstanding share capital of the Company, unless approved by the Board (including at least one Series A Director); 

(vii)    any increase or decrease in the authorized number of members of the Board; 

(viii)    any interested party transaction, unless approved by the Board (including at least one Series A
Director and a majority of the disinterested directors); or 

  
 EXHIBIT C 

 (ix)    any agreement or commitment by any Group Company
to do any of the foregoing items. 
 Notwithstanding any other provision in this Agreement, where any act or matter specified in
Section 1(a) of this Exhibit C requires the approval of the Shareholders in accordance with applicable law, and the approval of the holders of a majority of the Preferred Shares then outstanding has not yet been obtained, the holders of
a majority of the Preferred Shares then outstanding shall have the voting rights equal to all the Shareholders of the Company who vote in favor of the resolution plus one. 

(b)    Approval by Holders of Series D Preferred Shares. For so long as all of the Series D Preferred Shares
originally issued to Tencent pursuant to the Share Purchase Agreement remain outstanding, in addition to any other vote or consent required elsewhere in this Agreement, the Memorandum and Articles or by any applicable statute, the Company shall not,
and the Company shall cause each Group Company not to, and the Covenantors shall cause the Company and each Group Company not to, take, permit to occur, approve, authorize, or agree or commit to do any of the actions listed below, whether in a
single transaction or a series of related transactions, directly or indirectly, by amendment, merger, consolidation, scheme of arrangement, recapitalization, amalgamation or otherwise, without obtaining the prior written consent of the Preferred
Shareholders holding a majority of the outstanding Series D Preferred Shares: 
 (i)    any amendment or
change of the rights, preferences, privileges or powers of, or the restrictions set forth in the Memorandum and Articles of Association (and any future amendments thereof) and any other constitutional documents, and the Shareholders Agreement (and
any other agreements among the shareholders) provided for the benefit of the Series D Preferred Shares so as to affect the Series D Preferred Shares adversely and in a manner different than any other series of Preferred Shares (it being understood
that the authorization or issuance of any future security pari passu with the Series D Preferred Shares (which (A) in no event is deemed as Series D Preferred Shares (or any sub class or series of the Series D Preferred Shares); and (B) in
no event vote together with the Series D Preferred Shares as a single class or series (except for voting together with all Preferred Shares or all Shares) or senior to the Series D Preferred Shares will not be an adverse amendment); 

(ii)    any action that creates, authorizes the creation of or issues (other than the issuance of Series D
Preferred Shares pursuant to the Share Purchase Agreement) any Series D Preferred Shares (including any sub class or series of the Series D Preferred Shares) or other security convertible into or exercisable for Series D Preferred Shares or sub
class or series of Series D Preferred Shares, having rights, preferences or privileges on parity with the Series D Preferred Shares, or increase the authorized number of Series D Preferred Shares; 

(iii)    any purchase, repurchase, redemption or retirement of any equity securities in which immediately
after such purchase, repurchase, redemption or retirement, the cash and cash equivalents of the Company and its Subsidiaries in aggregate would be less than the aggregate Series D Issue Price, other than repurchases pursuant to share
restriction agreements or agreements under the Company’s stock option plan, as approved by the Board, upon termination of a director, employee or consultant; and 

  
 EXHIBIT C 

 (iv)     any declaration, set aside or payment of a
dividend or other distribution, or the adoption of, or any change to, the dividend policy of the Company. 
 2.       Each
Shareholder agrees to vote all of its Shares from time to time and at all times, in whatever manner shall be necessary to authorize an increase in the authorized share capital of the Company so that there will be sufficient Ordinary Shares available
for conversion of all of the then-outstanding Preferred Shares at any time that an adjustment to the relevant conversion price with respect to the Preferred Shares is made under the Memorandum and Articles. 

  
 EXHIBIT C 

 EXHIBIT D 

RIGHT OF FIRST REFUSAL AND RIGHT OF CO-SALE 

 

	1.	 RIGHTS OF FIRST REFUSAL. 

1.1     Transfer Notice. If any Key Holder or Founder Holdco (each a “Transferor”) proposes to
transfer, through one or a series of transactions, any Ordinary Shares to one or more third party purchasers (each, a “Prospective Purchaser” and collectively, the “Prospective Purchasers”), then the Transferor
shall give the Company, the FF Beneficial Investor and each Investor a written notice of the Transferor’s intention to make the transfer (the “Transfer Notice”), which shall include (a) a description of the Ordinary Shares
to be transferred (the “Offered Shares”), (b) the identity of the Prospective Purchaser(s) and (c) the consideration and the material terms and conditions upon which the proposed transfer is to be made. The Transfer Notice
shall certify that the Transferor has received a definitive offer from the Prospective Purchaser(s) on the terms set forth in the Transfer Notice. 

1.2     Right of First Refusal. 

(i)     The Company shall have an option (a “Right of First Refusal”) for a period of ten
(10) days from receipt of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material terms and conditions as described in the Transfer Notice. The Company may exercise such Right of First
Refusal and purchase all or any portion of the Offered Shares by notifying the Transferor in writing before expiration of such ten (10) day period as to the number of such shares that it wishes to purchase. If the Company gives the Transferor
notice that it desires to purchase such shares, then payment for the Offered Shares shall be made by check or wire transfer against delivery of the Offered Shares to be purchased at a time and place agreed upon between the parties, which time shall
be no later than forty-five (45) days after the Company’s receipt of the Transfer Notice, unless the Transfer Notice contemplated a later closing with the Prospective Purchaser. If the Company fails to purchase any or all of the Offered
Shares by exercising the Right of First Refusal granted in this Section 1.2(i) within the period provided, the remaining Offered Shares shall be subject to the options granted to the Preferred Shareholders pursuant to Sections
1.2(ii) through 1.2(v). 
 (ii)     Subject to the Company’s Right of First Refusal set
forth in Section 1.2(i), if at any time the Transferor proposes a transfer, then, within five (5) days after the Company has declined to purchase all, or a portion, of the Offered Shares or the Company’s option to purchase the
Offered Shares has expired, the Transferor shall give each Preferred Shareholder and the FF Beneficial Investor an “Additional Transfer Notice” that shall include all of the information and certifications required in a Transfer
Notice and shall additionally identify the Offered Shares that the Company has declined to purchase (the “Remaining Offered Shares”) and reference such Preferred Shareholder’s rights of first refusal and co-sale rights with respect to the proposed Transfer contained in this Agreement. 

  
 EXHIBIT D 

 (iii)     Each Investor (each an “Eligible
Holder”) shall have a Right of First Refusal for a period of twenty (20) days following receipt of the Additional Transfer Notice (the “ROFR Option Period”) to elect to purchase all or any portion of its respective pro
rata share of the Remaining Offered Shares set out in the Additional Transfer Notice at the same price and subject to the same material terms and conditions as described in the Additional Transfer Notice, by notifying the Transferor and the Company
in writing (with a copy to each other Party) before expiration of the ROFR Option Period as to the number of such Remaining Offered Shares that it wishes to purchase. For the purposes of the Right of First Refusal hereunder, each Eligible
Holder’s “pro rata share” shall be determined according to the aggregate number of all Ordinary Shares converted or convertible from the Preferred Shares held by such Eligible Holder on the date of the Additional Transfer Notice in
relation to the aggregate number of the all Ordinary Shares converted or convertible from the Preferred Shares held by all Eligible Holders on such date. 

(iv)     If any such Eligible Holder fails to exercise its right to purchase its full pro rata share of the
available Remaining Offered Shares, the Transferor shall deliver a written notice (the “Re-allotment Notice”) within five (5) days after the expiration of the ROFR Option Period to each
Eligible Holder that elected to purchase its entire pro rata share of the Remaining Offered Shares (an “Exercising Shareholder”) (with a copy to each other Party). The Exercising Shareholder shall have a right of re-allotment, and may exercise an additional right to purchase such unpurchased Remaining Offered Shares by notifying the Transferor and the Company in writing within ten (10) days after receipt of the Re-allotment Notice; provided, however, that if the Exercising Shareholders desire to purchase in aggregate more than the number of such unpurchased Remaining Offered Shares, then such unpurchased Remaining Offered
Shares will be allocated to the extent necessary among the Exercising Shareholders in accordance with their relative pro rata shares based on the number of the unpurchased Remaining Offered Shares such Exercising Shareholders have elected to
purchase pursuant to this Section 1.2(iv) of this Exhibit. 
 (v)     Each Eligible Holder
shall be entitled to apportion Offered Shares to be purchased among its Affiliates, provided that such Eligible Holder notifies the Company and the Transferor in writing. 

1.3     Procedure. If any Eligible Holder gives the Transferor notice that it desires to purchase Remaining Offered
Shares, and, as the case may be, its re-allotment, then payment for the Remaining Offered Shares to be purchased shall be by wire transfer in immediately available funds of the appropriate currency, against
delivery of such Remaining Offered Shares to be purchased, at a place agreed to by the Transferor and all the participating Eligible Holders and at the time of the scheduled closing therefor, no later than forty-five (45) days after the
Company’s and the participating Eligible Holder’s receipt of the Transfer Notice. 

  
 EXHIBIT D 

	2.	 RIGHT OF CO-SALE. 

2.1     Right of Co-Sale. To the extent the Company and the Eligible Holders
do not exercise their Rights of First Refusal as to all of the Offered Shares proposed to be sold by the Transferor to the Prospective Purchaser(s), each Eligible Holder that elects not to purchase all or any portion of its respective pro rata share
of the Offered Shares shall have the right (the “Right of Co-Sale”) to participate in such sale to sell to the Prospective Purchaser(s) its pro-rata
share of the Remaining Offered Shares not purchased pursuant to the Right of First Refusal, on the same terms and conditions as specified in the Additional Transfer Notice as offered to the Transferor by notifying the Transferor in writing (with a
copy to each other Party) within the ROFR Option Period (each such Eligible Holder, a “Co-Sale Shareholder”). Such Co-Sale Shareholder’s notice to
the Transferor shall indicate the number of Shares the Co-Sale Shareholder wishes to sell under its Right of Co-Sale. To the extent one or more Eligible Holders exercise
Right of Co-Sale, the number of Ordinary Shares of the Company that the Transferor may sell in the proposed transfer shall be correspondingly reduced proportionally. For the purposes of the Right of Co-Sale hereunder, each Co-Sale Shareholder’s “pro rata share” shall be determined according to the aggregate number of all Ordinary Shares converted or
convertible from the Preferred Shares held by such Co-Sale Shareholder on the date of the Additional Transfer Notice in relation to the aggregate number of all Shares (calculated on an as converted to Ordinary
Shares basis) held by the Transferor and all the Co-Sale Shareholders on such date. 

2.2     Procedure. The sale of the Shares to the Prospective Purchaser(s) by the
Co-Sale Shareholders shall be consummated simultaneously with the sale by the Transferor. To the extent that any Prospective Purchaser prohibits the exercise of a
Co-Sale Shareholder’s Right of Co-Sale hereunder, the Transferor shall not sell to such Prospective Purchaser any Shares unless and until, simultaneously with such
sale, the Transferor shall purchase from such Co-Sale Shareholder such Shares that such Co-Sale Shareholder would otherwise be entitled to sell to the Prospective
Purchaser pursuant to its Right of Co-Sale. Notwithstanding anything herein to the contrary, in the event a sale of the Shares by the Transferor and the Co-Sale
Shareholders constitutes a Deemed Liquidation Event, all proceeds from the sale by the Transferor and the Co-Sale Shareholders shall be distributed pursuant to Article 8.2 of the Memorandum and Articles. 

 

	3.	 NON-EXERCISE OF RIGHTS 

3.1     Transfer of Remaining Offered Shares. To the extent that the Company and the Eligible Holders have not
exercised their Right of First Refusal hereunder to purchase all Offered Shares, subject to the right of the Eligible Holders to exercise their Co-Sale Right hereunder, the Transferor shall have a period of
sixty (60) days from the expiration of the ROFR Option Period in which to sell the remaining Offered Shares to the Prospective Purchaser upon terms and conditions (including the purchase price) no more favorable to the Prospective Purchaser
than those specified in the Transfer Notice. The Parties agree that the Prospective Purchaser, prior to and as a condition to the consummation of any sale, shall execute and deliver to the Parties instruments assuming the obligations of such
Transferor under this Agreement with respect to the Offered Shares, and the transfer shall not be effective and shall not be recognized by any Party until such instruments are so executed and delivered. 

3.2     Re-invocation of Rights. In the event the Transferor does not
consummate the transfer of any Offered Shares to the Prospective Purchaser within such sixty (60) day period, the Right of First Refusal and Right of Co-Sale shall be
re-invoked and shall be applicable to any subsequent disposition of such Offered Shares by the Transferor until such rights lapse in accordance with the terms of this Exhibit. 

3.3     Subsequent Transfer. The exercise or non-exercise of the Right of
First Refusal and Right of Co-Sale by the Company or an Eligible Holder in respect of a particular proposed transfer contemplated by a Transferor shall not adversely affect the Right of First Refusal and Right
of Co-Sale of the Company or such Eligible Holder (where applicable) in respect of subsequent proposed transfer contemplated by such Transferor. 

  
 EXHIBIT D 

 3.4     Exceptions. Notwithstanding anything to the contrary in
the foregoing, the Right of First Refusal and the Right of Co-Sale shall not apply (i) upon a Transfer by a Key Holder made for bona fide estate planning purposes, either during his lifetime or on death
by will or intestacy to his spouse, child (natural or adopted), or any other direct lineal descendant of such Key Holder (or his spouse) (all of the foregoing collectively referred to as “Family Members”), or any custodian or
trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by, such Key Holder or any such Family Members, or (ii) any Transfer that is approved by the Board
(including at least one Series A Director) to such Transferor’s spouse, ex-spouse, domestic partner, lineal descendant or antecedent, brother or sister, the adopted child or adopted grandchild, or the
spouse or domestic partner of any child, adopted child, grandchild or adopted grandchild, or a trust or trusts for the exclusive benefit of such Transferor, or Transfer of Offered Shares by such Transferor by devise or descent; provided that, in
each case, (i) such Prospective Purchaser agrees to be bound by the Right of First Refusal and Right of Co-Sale as set forth on Exhibit D; and (ii) such Transfer is effected in compliance with
all applicable laws. 

  
 EXHIBIT D 

 EXHIBIT E 

REGISTRATION RIGHTS 

1.         Definitions. The following terms used in this Exhibit shall have the meanings ascribed to the below:

 “Commission” means (i) with respect to any offering of securities in the United States, the Securities and Exchange
Commission of the United States or any other federal agency at the time administering the Securities Act and (ii) with respect to any offering of securities in a jurisdiction other than the United States, the regulatory body of the jurisdiction
with authority to supervise and regulate the offering and sale of securities in that jurisdiction. 
 “Exchange Act” means
the United States Securities Exchange Act of 1934, as amended. 
 “Form F-3” means
Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect. 

“Form S-3” means Form S-3 promulgated by the
Commission under the Securities Act or any successor form or substantially similar form then in effect. 
 “Holders” means
the holders of Registrable Securities who are parties to this Agreement from time to time, and their transferees that become parties to this Agreement from time to time. 

“Initiating Holders” means, with respect to a request duly made under Section 2.1 or 2.2 of this Exhibit
to Register any Registrable Securities, the Holders initiating such request. 
 “IPO” means the first firm underwritten
registered public offering by the Company of its Ordinary Shares pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or another governmental authority for a public offering
in a jurisdiction other than the United States. 
 “Registrable Securities” means (i) the Ordinary Shares issued or
issuable upon conversion of the Preferred Shares, (ii) any Ordinary Shares owned or hereafter acquired by any Preferred Shareholder, and (iii) any Ordinary Shares of the Company issued as a dividend or other distribution with respect to,
in exchange for, or in replacement of, the shares referenced in (i) and (ii) herein. 
 “Registration” means a
registration effected by preparing and filing a Registration Statement and the declaration or ordering of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings
concomitant with the foregoing. 
 “Registration Statement” means a registration statement prepared on Form F-1, F-3, S-1, or S-3 under the Securities Act (including, without limitation, Rule 415 under
the Securities Act), or on any comparable form in connection with registration in a jurisdiction other than the United States. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Violation” has the meaning set forth in Section 5.1(i) of this Exhibit. 

  
 EXHIBIT E 

 Except where the context requires otherwise, capitalized terms used herein without
definition shall have the meanings set forth in the Exhibit B of this Agreement. 
 2.       Demand
Registration. 
 2.1     Registration Other Than on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time or from time to time after the earlier of (i) the third (3rd) anniversary of the date of the Initial Closing or (ii) the date that is six
(6) months after the closing of the IPO, Holder(s) holding at least 20% of the Registrable Securities (the “Initiating Holders”) may request in writing that the Company effect a Registration for at least 25% of their
Registrable Securities (or any lesser percentage if the anticipated gross receipts from the offering exceed US$5,000,000) on any internationally recognized exchange that is reasonably acceptable to such requesting Holder(s). Upon receipt of such a
request, the Company shall (x) promptly give written notice of the proposed Registration to all other Holders (and, if the FF Investor is a Holder, to the FF Beneficial Investor) and (y) as soon as practicable, use its reasonably best
efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written
notice, to be Registered and/or qualified for sale and distribution in such jurisdiction as the Initiating Holders may request. Notwithstanding the foregoing, the Company shall not be obligated to effect more than two (2) Registrations pursuant
to this Section 2.1 of this Exhibit that have been declared and ordered effective; provided that if the sale of all of the Registrable Securities sought to be included pursuant to this Section 2.1 of this Exhibit is not
consummated for any reason other than due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this
Section 2.1 of this Exhibit. 
 2.2     Registration on Form F-3
or Form S-3. Subject to the terms of this Agreement, if the Company qualifies for registration on Form F-3 or Form S-3 (or
any comparable form for Registration in a jurisdiction other than the United States), any Holder may request the Company to file, in any jurisdiction in which the Company has had a registered underwritten public offering, a Registration Statement on
Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including without limitation any registration statement
filed under the Securities Act providing for the registration of, and the sale on a continuous or a delayed basis by the Holders of all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be
adopted by the Commission. Upon receipt of such a request, the Company shall (i) promptly give written notice of the proposed Registration to all other Holders (and, if the FF Investor is a Holder, to the FF Beneficial Investor) and
(ii) as soon as practicable, use its reasonably best efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen
(15) days after the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction within sixty (60) days of the receipt of such request. The Company shall be obligated to effect no
more than two (2) Registrations that have been declared and ordered effective within any twelve (12)-month period pursuant to this Section 2.2 of this Exhibit. If the sale of all of the Registrable Securities sought to be included
pursuant to this Section 2.2 of this Exhibit is not consummated for any reason other than due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to
constitute one of the Registration rights granted pursuant to this Section 2.2 of this Exhibit. 

  
 EXHIBIT E 

 2.3       Right of Deferral. 

(i)     The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section 2
of this Exhibit: 
 (a)     if, within ten (10) days of the receipt of any request of the Holders to Register any
Registrable Securities under Section 2.1 or 2.2 of this Exhibit, the Company gives notice to the Initiating Holders (and, if the FF Investor is an Initiating Holder, to the FF Beneficial Investor) of its bona fide intention to
effect the filing for its own account of a Registration Statement of Ordinary Shares within sixty (60) days of receipt of that request; provided that the Company is actively employing in good faith its reasonably best efforts to cause that
Registration Statement to become effective within sixty (60) days of the receipt of that request; provided further, that the Holders are entitled to join such Registration subject to Section 3 of this Exhibit (other than a registration of
securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan); 

(b)     during the period starting with the date of filing by the Company of, and ending six (6) months following the
effective date of any Registration Statement pertaining to Ordinary Shares of the Company; provided, that the Holders are entitled to join such Registration subject to Section 3 of this Exhibit (other than a registration of securities in
a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan); or 
 (c)     in any
jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such Registration or qualification, unless the Company is already subject to service of process in such jurisdiction; or 

(d)     with respect to the registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), if Form F-3 is not available for such offering by the Holders, or 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 of less than US$2,000,000.

  
 EXHIBIT E 

 (ii)     If, after receiving a request from Holders pursuant to
Section 2.1 or 2.2 of this Exhibit, the Company furnishes to the Holders (and, if the FF Investor is a Holder, to the FF Beneficial Investor) a certificate signed by the chief executive officer of the Company stating that, in the
good faith judgment of the Board, it would be materially detrimental to the Company or its members for a Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such
filing would be materially detrimental, provided, that that the Company may not utilize this right and/or the deferral right contained in this clause (ii) for more than ninety (90) days on any one occasion or for more than once during any
twelve (12) month period; provided, further, that the Company may not Register any other of its securities during such period (except for Registrations contemplated by Section 3.3(iii) of this Exhibit). 

2.4     Underwritten Offerings. If, in connection with a request to Register Registrable Securities under
Section 2.1 or 2.2 of this Exhibit, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so advise the Company as part of the request, and the Company shall include such
information in the written notice to the other Holders described in Sections 2.1 and 2.2 of this Exhibit. 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 underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering (unless otherwise mutually agreed by a majority-in-interest of the Initiating Holders and such Holder, taken together) to the extent provided herein. All Holders proposing to distribute their securities through such underwritten offering shall
enter into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected for such underwritten offering by the Company and reasonably acceptable to the holders of a majority of the
voting power of all Registrable Securities proposed to be included in such Registration. Notwithstanding any other provision of this Agreement, if the managing underwriter advises the Company that marketing factors (including without limitation the
aggregate number of securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to
be underwritten in a Registration pursuant to Section 2.1 or 2.2 of this Exhibit, the underwriters may (i) in the event the offering is the Company’s IPO, exclude from the underwritten offering all of the Registrable
Securities (so long as the only securities included in such offering are those sold for the account of the Company), or (ii) otherwise exclude the Registrable Securities requested to be Registered but only after first excluding all other equity
securities from the Registration and underwritten offering and so long as the number of Registrable Securities to be included in the Registration is allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities requested by such Holders to be included. Any Registrable Securities excluded or withdrawn from such underwritten offering shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the
above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares. 
  

  
 EXHIBIT E 

 3.     Piggyback Registrations. 

3.1     Registration of the Company’s Securities. Subject to the terms of this Agreement, if the Company
proposes to Register for its own account any of its equity securities, or for the account of any holder (other than a Holder) of equity securities any of such holder’s equity securities, in connection with the public offering of such securities
(except as set forth in Section 3.3(iii) of this Exhibit), the Company shall promptly give to each Holder (and, if the FF Investor is a Holder, to the FF Beneficial Investor) written notice of such Registration and, upon the written
request of any Holder given within fifteen (15) days after delivery of such notice, the Company shall, subject to Section 3.3 of this Exhibit, include in such Registration any Registrable Securities thereby requested to be
Registered by such Holder. If a Holder decides not to include all or any of its Registrable Securities (or if, in accordance with Section 3.3, some or all of its Registrable Securities are not included) 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. 
 3.2     Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
Registration initiated by it under Section 3.1 of this Exhibit prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein. The expenses of such withdrawn Registration shall be borne by
the Company in accordance with Section 4.3 of this Exhibit. 
  

	 	3.3	 Underwriting Requirements. 

(i)     In connection with any offering involving an underwriting of the Company’s equity securities,
the Company shall not be required to Register the Registrable Securities of a Holder under this Section 3 of this Exhibit unless such Holder’s Registrable Securities are included in the underwritten offering and such Holder enters
into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering as have been agreed upon between the
Company and the underwriters. In the event the underwriters advise Holders seeking Registration of Registrable Securities pursuant to this Section 3 of this Exhibit in writing that market factors (including the aggregate number of
Registrable Securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be
underwritten, the underwriters may (i) in the event the offering is the Company’s IPO, exclude all of the Registrable Securities (so long as the only securities included in such offering are those sold for the account of the Company and no
securities of other selling shareholders are included), or (ii) otherwise exclude the Registrable Securities requested to be Registered, provided that (A) no Registrable Securities shall be excluded unless all other equity securities
(except for securities sold for the account of the Company) are excluded from the Registration and underwriting and so long as the number of Registrable Securities to be included in such Registration is allocated among all Holders in proportion, as
nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included and (B) the amount of Registrable Securities to be included in such Registration shall not be reduced below twenty five percent
(25%) of the total amount of securities included in such Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the
nearest one hundred (100) shares. 
  

  
 EXHIBIT E 

 (ii)     If any Holder disapproves the terms of any
underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or
withdrawn from the underwritten offering shall be withdrawn from the Registration. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any Registration proceeding begun pursuant to Section 2.1 or
2.2 of this Exhibit if the Registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata
based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless such withdrawal is due to an action or inaction of the Company or an event outside of the reasonable control of such Holders. 

(iii)     Exempt Transactions. The Company shall have no obligation to Register any Registrable
Securities under this Section 3 of this Exhibit in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share plan, or (ii) relating to a corporate
reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the laws of another jurisdiction, as applicable). 

4.     Registration Procedures. 

4.1     Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration
of any Registrable Securities held by the Holders, the Company shall, as expeditiously as reasonably possible: 
 (i)
    Prepare and file with the Commission a Registration Statement with respect to those Registrable Securities and use its reasonably best efforts to cause that Registration Statement to become effective, and, upon the request of
the Holders holding a majority of the Registrable Securities Registered thereunder, keep the Registration Statement effective for up to one hundred eighty (180) days or, if earlier, until the distribution thereunder has been completed;
provided, however, that (a) such one hundred eighty (180) day period shall be extended for a period of time equal to the period any Holder refrains from selling any Registrable Securities included in such Registration at the written
request of the underwriter(s) for such Registration, and (b) in the case of any Registration of Registrable Securities on Form F-3 or Form S-3 that are intended to
be offered on a continuous or delayed basis, subject to compliance with applicable rules promulgated by the Securities and Exchange Commission, such one hundred eighty (180) day period shall be extended, if necessary, to keep the Registration
Statement or such comparable form, as the case may be, effective until all such Registrable Securities are sold; 
 (ii)
    Prepare and file with the Commission amendments and supplements to that Registration Statement and the prospectus used in connection with the Registration Statement as may be necessary to comply with the provisions of
applicable securities laws with respect to the disposition of all securities covered by the Registration Statement; 
 (iii)
    Furnish to the Holders (and, if the FF Investor is a Holder, to the FF Beneficial Investor) the number of copies of a prospectus, including a preliminary prospectus, required by applicable securities laws, and any other
documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 
  

  
 EXHIBIT E 

 (iv)     Use its reasonably best efforts to Register and qualify the
securities covered by the Registration Statement under the securities laws of any jurisdiction, as reasonably requested by the Holders, provided, that the Company shall not be required to qualify to do business or file a general consent to service
of process in any such jurisdictions; 
 (v)         In the event of any underwritten public
offering, enter into and perform its obligations under an underwriting agreement, in customary form, with the managing underwriter(s) of the offering; 

(vi)     Promptly notify each Holder of Registrable Securities covered by the Registration Statement at any time when a
prospectus relating thereto is required to be delivered under applicable securities laws (including, if the FF Investor is such a Holder, the FF Beneficial Investor) of (a) the issuance of any stop order by the Commission, or (b) the
happening of any event or the existence of any condition as a result of which any prospectus included in the 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 under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or amend such prospectus to comply
with law, and at the request of any such Holder promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of
such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under
which they were made or such prospectus, as supplemented or amended, shall comply with law; 
 (vii)     At the request
of any Holder requesting Registration of Registrable Securities pursuant to this Agreement, furnish to each Holder (including, if the FF Investor is such a Holder, the FF Beneficial Investor), on the date that such Registrable Securities are
delivered for sale in connection with a Registration pursuant to this Agreement, (i) an opinion, dated the date of the sale, of the counsel representing the Company for the purposes of the Registration, in form and substance as is customarily
given to underwriters in an underwritten public offering; and (ii) a comfort letter dated the date of the sale, 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; 

(viii)     Otherwise comply with all applicable rules and regulations of the Commission to the extent applicable to the
applicable registration statement and use its reasonably best efforts to make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the first month of the
Company’s first fiscal quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month period, subject to any proper and necessary extensions; 

  
 EXHIBIT E 

 (ix)     Not, without the prior consent of the holders of at least a
majority of voting power of the then outstanding Registrable Securities, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Rule 405 promulgated under the Securities Act; 

(x)     Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to the Registration
Statement and, where applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; and 

(xi)     Take all reasonable action necessary to list the Registrable Securities on the primary exchange on which the
Company’s securities are then traded or, in connection with an IPO, the primary exchange on which the Company’s securities will be traded. 

4.2     Information from Holder. It shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Agreement with respect to the Registrable Securities of any selling Holder that such Holder (or, in the case of the FF Investor, the FF Beneficial Investor) 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. 

4.3     Expenses of Registration. All expenses, other than the underwriting discounts and selling commissions
applicable to the sale of Registrable Securities pursuant to this Agreement (which shall be borne by the Holders requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in such
Registration), incurred in connection with Registrations, filings or qualifications pursuant to this Agreement, including (without limitation) all Registration, filing and qualification fees, printers’ and accounting fees, fees and
disbursements of counsel for the Company and reasonable fees and disbursement of one counsel for all selling Holders, shall be borne by the Company. The Company shall not, however, be required to pay for any expenses of any Registration proceeding
begun pursuant to this Agreement if the Registration request is subsequently withdrawn at the request of a majority-in-interest of the Holders requesting such
Registration (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be thereby Registered in the withdrawn Registration), unless all of the Holders of the Registrable
Securities agree to forfeit their right to one demand registration pursuant to Section 2; provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or
prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be
required to pay any of such expenses and shall retain their rights pursuant to Section 2. In addition, the Company shall not be required to pay for expense for any special audit conducted for the purpose of such Registration in excess of
US$25,000 (in which case, all participating Holders shall bear such excess special audit expense pro rata based upon the number of Registrable Securities to be Registered in such Registration). 

  
 EXHIBIT E 

 5.     Registration-Related Indemnification. 

5.1     Company Indemnity. 

(i)     To the maximum extent permitted by law, the Company will indemnify and hold harmless each Holder (which, for the
purposes of this Section 5.1 of this Exhibit includes the FF Beneficial Investor for so long as the FF Investor is a Holder), such Holder’s partners, officers, directors, shareholders and legal counsel, any underwriter (as defined
in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under laws which are
applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification, or compliance, 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 (each a “Violation”): (a) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, on the effective
date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), (b) the omission or alleged omission to state in the Registration Statement, on the effective date thereof (including
any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any violation or
alleged violation by the Company of applicable securities laws, or any rule or regulation promulgated under applicable securities laws. The Company will reimburse each such Holder, underwriter or controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. 

(ii)     The indemnity agreement contained in this Section 5.1 of this Exhibit 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 or delayed), 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 solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information furnished in a certificate expressly for use in
connection with such Registration by any such Holder, such Holder’s partners, officers, directors, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act)
such Holder or underwriter. Further, the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any Holder or other aforementioned person, or any person controlling such Holder, from whom the
person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most current prospectus was not sent or given by or on behalf of such Holder or other aforementioned person to such person, if
required by law to have been so delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or
liability. 

  
 EXHIBIT E 

 5.2     Holder Indemnity. 

(i)     Except as provided in Section 7.13 of this Agreement, to the maximum extent permitted by law, each
selling Holder that has included Registrable Securities in a Registration will, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, legal counsel and accountants, any underwriter, any other Holder selling
securities in connection with such Registration and each Person, if any, who controls (within the meaning of the Securities Act) the Company, such underwriter or other Holder (which includes the FF Beneficial Investor for so long as the FF Investor
is a Holder), against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under applicable securities laws, or any rule or regulation promulgated under applicable securities laws,
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 in a certificate expressly for use in connection with such Registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 5.2 of this
Exhibit, for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action. No Holder’s liability under this Section 5.2 of this
Exhibit shall exceed the net proceeds (less underwriting discounts and selling commissions) received by such Holder from the offering of securities made in connection with that Registration. 

(ii)     The indemnity contained in this Section 5.2 of this Exhibit 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 or delayed). 

5.3     Notice of Indemnification Claim. Promptly after receipt by an indemnified party under
Section 5.1 or 5.2 of this Exhibit 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
Section 5.1 or 5.2 of this Exhibit, 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 indemnifying parties. An indemnified party (together with all other indemnified parties that may be
represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonably incurred 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, to the extent so prejudiced, of any liability to the indemnified party
under this Section 5 of this Exhibit, but the omission 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 5 of
this Exhibit. 

  
 EXHIBIT E 

 5.4     Contribution. If any indemnification provided for in
Section 5.1 or 5.2 of this Exhibit 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 herein, 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. No
Holder’s liability under this Section 5.4 of this Exhibit, when combined with such Holder’s liability under Section 5.2 of this Exhibit, shall exceed the net proceeds (less underwriting discounts and selling
commissions) received by such Holder from the offering of securities made in connection with that Registration. 

5.5     Underwriting Agreement. 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. 

5.6     Survival. The obligations of the Company and Holders under this Section 5 of this Exhibit shall
survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement. 
 6.
    Additional Registration-Related Undertakings. 
 6.1     Reports under the Exchange
Act. With a view to making available to the Holders (which, for the purposes of this Section 6.1 of this Exhibit, includes the FF Beneficial Investor for so long as the FF Investor is a Holder) the benefits of Rule 144 promulgated
under the Securities Act and any comparable provision of any applicable securities laws 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 or Form S-3 (or any comparable form in a jurisdiction other than the United States), the Company agrees to: 

(i)     make and keep public information available, as those terms are understood and defined in Rule 144 (or comparable
provision, if any, under applicable securities laws in any jurisdiction where the Company’s securities are listed), at all times following ninety (90) days after the effective date of the first Registration under the Securities Act filed
by the Company for an offering of its securities to the general public; 

  
 EXHIBIT E 

 (ii)     file with the Commission in a timely manner all reports and
other documents required of the Company under all applicable securities laws; and 
 (iii)     for three (3) years
after the Company becomes subject to the reporting requirements of the Securities Act and the Exchange Act, and for so long as the Holder holding at least 5,000,000 Registrable Securities (as appropriately adjusted for any share split, dividend,
combination, or other recapitalization or similar events), furnish to any such Holder upon request of a written statement by the Company as to its compliance with the reporting requirements of the applicable securities laws, or at any time after it
has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under applicable securities laws of any jurisdiction where the Company’s securities are listed), a copy of the most recent annual or quarterly report of the Company and such
other reports and documents as filed by the Company with the Commission, and such other information as may be reasonably requested in availing any Holder of any rule or regulation of the Commission, that permits the selling of any such securities
without Registration or pursuant to Form F-3 or Form S-3 (or any form comparable thereto under applicable securities laws of any jurisdiction where the Company’s
Securities are listed). 
 6.2     Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of holders of at least a majority of the then outstanding Registrable Securities held by all Holders, enter into any agreement with any holder or prospective holder of any equity
securities of the Company that would allow such holder or prospective holder (i) to include such equity securities in any Registration filed under Section 2 or 3 of this Exhibit, unless under the terms of such agreement such
holder or prospective holder may include such equity securities in any such Registration only to the extent that the inclusion of such equity securities will not reduce the amount of the Registrable Securities of the Holders that are included,
(ii) to demand Registration of their equity securities, or (iii) cause the Company to include such equity securities in any Registration filed under Section 2 or 3 of this Exhibit on a basis pari passu with or more
favorable to such holder or prospective holder than is provided to the Holders of Registrable Securities. The Company represents and warrants that a valid amendment of the Prior Agreement constitutes consent referred to herein. 

  
 EXHIBIT E 

 6.3     “Market
Stand-Off’ Agreement. Each Shareholder agrees, if so required by the managing underwriter(s) in an underwritten offering, that it will not during the period commencing on the date of the final
prospectus relating to the Company’s IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days from the date of such final prospectus) (i) lend, offer,
pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, any equity securities of the Company (other than those included in such offering) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the equity securities of the Company, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of equity securities of the Company or such other securities, in cash or otherwise; provided,
that (x) all directors, officers and all other holders of at least 1% of the outstanding share capital of the Company must be bound by restrictions at least as restrictive as those applicable to any such holder pursuant to this
Section 6.3 of this Exhibit, (y) this Section 6.3 of this Exhibit shall not apply to the extent that any other members subject to substantially similar restrictions are released, and (z) the lockup agreements shall
permit such holders to transfer their Registrable Securities to their respective Affiliates so long as the transferees enters into the same lockup agreement. Notwithstanding the foregoing, if (i) during the last seventeen (17) days of the
one hundred eighty (180)-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (ii) prior to the expiration of the one
hundred eighty (180)-day restricted period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of
the one hundred eighty (180)-day period, the restrictions imposed by this Section 6.3 shall continue to apply until the expiration of the eighteen (18)-day
period beginning on the issuance of the earnings release or the occurrence of the material news or material event. The underwriters in connection with the Company’s IPO are intended third party beneficiaries of this Section 6.3 of this
Exhibit and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the Company may place restrictive legends on the certificates and impose
stop-transfer instructions with respect to the Registrable Securities of each shareholder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. In no circumstances will the FF
Investor be required to execute any agreements pursuant to this Section 6.3 of this Exhibit unless such agreement contains a limitation of liability provision substantially in the form of Section 7.13 of this Agreement. 

6.4     Termination of Registration Rights. The registration rights set forth in Sections 2 and 3 of
this Exhibit above shall terminate on the earlier of (i) the date that is four (4) years after the date of closing of a Qualified IPO and (ii) with respect to any Holder, the date on which such Holder may sell all of such
Holder’s Registrable Securities under Rule 144 of the Securities Act in any ninety (90)-day period. 

6.5     Exercise of Preferred Shares. Notwithstanding anything to the contrary provided in this Agreement, the
Company shall have no obligation to register Registrable Securities which, have not been exercised, converted or exchanged, as applicable, for Ordinary Shares. 

  
 EXHIBIT E 

 6.6     Jurisdiction. The terms of this Exhibit are drafted
primarily in contemplation of an offering of securities in the United States of America. The Parties recognize, however, the possibility that securities may be qualified or registered for offering to the public in a jurisdiction other than the
United States of America where registration rights have significance or that the Company might effect an offering in the United States of America in the form of American depositary receipts or American depositary shares. Accordingly: 

(i)     It is their intention that, whenever this Exhibit or any other provision of this Agreement refers to a law, form,
process or institution of the United States of America but the parties wish to effectuate qualification or registration in a different jurisdiction where registration rights have significance, such references 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 

(ii)     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 Company’s Ordinary Shares unless arrangements have been made reasonably satisfactory to a majority-in-interest of the
Shareholders 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 Shareholders 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. 

7.     Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Exhibit may be assigned (but only with all related obligations) by (i) a Holder that is a partnership, to any partner, retired partner or affiliated fund of such Holder, (ii) a Holder that is a limited liability company, to any member or
former member of such Holder, (iii) a Holder who is an individual, to such Holder’s family member or trust for the benefit of such Holder or such Holder’s family member, (iv) a Holder that is a corporation to its shareholders in
accordance with their interests in the corporation, or (v) to any other Person acquiring at least 1,000,000 shares (as appropriately adjusted for any share split, dividend, combination or other recapitalization or similar events) of Registrable
Securities; provided (in all cases) (a) the Company is, given prompt written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such
transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement; and (c) such assignments shall be effective only if immediately following such transfer the further disposition of such
securities by the transferee or assignee is restricted under the Securities Act. Notwithstanding the foregoing, the FF Investor and the FF Beneficial Investor may transfer or assign any of their respective rights or obligations pursuant to this
Exhibit to any FF Permitted Transferee without prior written consent, and otherwise with the consent of the Company or any other Party. 

  
 EXHIBIT E 

 EXHIBIT F 

DRAG-ALONG RIGHTS 
 1.     If
prior to the closing of the Qualified IPO, the Company receives a firm offer (the “Qualified Acquisition Offer”) from a third party acquirer (the “Offeror”) for a Share Sale or a Deemed Liquidation Event (the
“Qualified Acquisition”), whether structured as a merger, reorganization, asset sale, share sale, sale of control of the Company, or otherwise, that is approved by (1) a majority of the Board, (2) holders of a majority of
the outstanding Preferred Shares, voting together as a single class on an as-if converted basis and (3) holders of a majority of the outstanding Ordinary Shares, voting as a separate class (the holders of
Shares in the foregoing (2) and (3) are collectively referred to as “Drag Holders”), then the Company shall promptly deliver a written notice (the “Drag Notice”) to notify each other Member of the Company and
the material terms and conditions of such proposed Qualified Acquisition, whereupon each such Member shall, in accordance with instructions received from the Company, participate in such Qualified Acquisition by: 

(a)     voting all of such Shareholder’s voting Shares (or otherwise consent in writing) (i) to approve such
Qualified Acquisition, (ii) against any other consolidation, recapitalization, amalgamation, merger, sale of securities, sale of assets, business combination, or transaction that would interfere with, delay, restrict or otherwise adversely
affect such Qualified Acquisition, and (iii) against any action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the definitive agreement(s) related
to such Qualified Acquisition or that could result in any of the conditions to the closing obligations under such agreement(s) not being fulfilled; 

(b)     selling, at the same time as the Drag Holders sell to the Offeror, in the Qualified Acquisition, all of its Shares
or the same percentage of its Shares as the Drag Holders sell, on the same terms and conditions provided in such Qualified Acquisition Offer; provided however, that such terms and conditions, including with respect to price paid or received per
Share of the Company, may differ as between different classes of Shares of the Company in accordance with their relative liquidation preferences as set forth in Article 8.2 of the Memorandum and Articles. Each such Shareholder furthermore agrees to
take all necessary actions in connection with the consummation of such Qualified Acquisition; 
 (c)     refraining from
exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to such Qualified Acquisition; and 

(d)     executing and delivering all related documentation and take such other action in support of the Qualified
Acquisition as shall reasonably be requested by the Company; 

  
 EXHIBIT F 

 provided that (i) such Qualified Acquisition shall be deemed a liquidation of
the Company and the proceeds therefrom shall be distributed in accordance with liquidation preferences as set forth in Article 8.2 of the Memorandum and Articles, (ii) each Shareholder shall be entitled to receive the same relative form of
consideration as each other in the Qualified Acquisition, (iii) no Shareholder who is not an employee or officer or controlling shareholder of a Group Company nor the FF Beneficial Investor shall be required to make any representations or
warranties other than with respect to itself (including due authorization, title to shares, enforceability of applicable agreements, and similar representations and warranties), (iv) each Shareholder (which includes the FF Beneficial Investor for so
long as the FF Investor is a Shareholder) shall severally, not jointly, join on a pro rata basis (based upon relative proceeds received in such transaction) in any indemnification or other obligations that are part of the terms and conditions of
such Qualified Acquisition (other than those that relate specifically to a particular Shareholder (which includes the FF Beneficial Investor for so long as the FF Investor is a Shareholder)) but only up to the net proceeds paid to such Shareholder
(which includes the FF Beneficial Investor for so long as the FF Investor is a Shareholder) in connection with such Qualified Acquisition and (v) each Shareholder (which includes the FF Beneficial Investor for so long as the FF Investor is a
Shareholder) shall bear a proportionate share (based upon the relative proceeds received in such transaction) of the Drag Holders’ expenses incurred in the transaction, including, without limitation, legal, accounting and investment banking
fees and expenses. 
 2.     In the event that any Shareholder fails for any reason to comply with Section 1 above after the
Drag Notice, such Shareholder hereby grants an irrevocable power of attorney and proxy to any director of the Company approving the Qualified Acquisition to take all necessary actions and execute and deliver all documents deemed by such director to
be reasonably necessary to effectuate the terms hereof. Except for Section 1 above, none of the transfer restrictions set forth in this Agreement shall apply in connection with a Qualified Acquisition, anything in this Agreement to the
contrary notwithstanding. 

  
 EXHIBIT F

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