Document:

Exhibit 10.1
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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FIRST AMENDMENT TO CREDIT AGREEMENT
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This First Amendment to Credit Agreement (this “Amendment”) is made as of August 21, 2020 by and among Accolade, Inc. (“Borrower”), the financial institutions signatory hereto (the “Lenders”) and Comerica Bank, as agent for the Lenders (in such capacity, “Agent”).
RECITALS
A.          Borrower, Agent and Lenders entered into that certain Credit Agreement, dated as of July 19, 2019 (as amended or otherwise modified from time to time, the “Credit Agreement”).
B.          Borrower has requested that Agent and the Lenders make certain amendments to the Credit Agreement, all as set forth herein and Agent and the Lenders are willing to do so, but only on the terms and conditions set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, Borrower, Agent and the Lenders agree as follows:
1.           The following definitions in Section 1.1 of the Credit Agreement are amended and restated in their entireties to read as follows:
“Base Rate” shall mean for any day, that rate of interest which is equal to the sum of the Applicable Margin plus the greatest of (a) the Prime Rate for such day, (b) the Federal Funds Effective Rate in effect on such day, plus one percent (1.0%), (c) the LIBOR Rate plus one percent (1.0%) and (d) the Applicable Floor; provided, however, for purposes of determining the Base Rate during any period that LIBOR Rate is unavailable as determined under Sections 11.3 or 11.4 hereof, the Base Rate shall be determined without reference to clause (c) above.
“Change of Control” shall mean any transaction or series of related transactions in which (a) any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of more than 35% of the shares of all classes of Equity Interests then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Directors of Borrower, who did not have such power before such transaction or (b) Borrower ceases to own and control, free and clear of any Liens (other than Liens permitted by Section 8.2 hereof), directly or indirectly, all of the Equity Interests in each of its Subsidiaries, or failing to have the power to direct or cause the direction of the management and policies of each such Subsidiary.
“Covenant Revenue” shall mean, the sum, without duplication, of the revenue of the Borrower and its Domestic Subsidiaries, calculated on a Consolidated basis in accordance with GAAP for the six (6) month period most recently ended on or prior to such date of determination.
“Eurodollar-based Rate” shall mean a per annum interest rate which is equal to the sum
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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of the Applicable Margin, plus the quotient of:
(a)         the LIBOR Rate, divided by
(b)         a percentage equal to 100% minus the maximum rate on such date at which the Agent is required to maintain reserves on ‘Eurocurrency Liabilities’ as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as the Agent is required to maintain reserves against a category of liabilities which includes eurocurrency deposits or includes a category of assets which includes eurocurrency loans, the rate at which such reserves are required to be maintained on such category,
such sum to be rounded upward, if necessary, in the discretion of the Agent, to the seventh decimal place.
“LIBOR Rate” shall mean,
(a)    with respect to the principal amount of any Eurodollar-based Advance outstanding hereunder, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to the relevant Eurodollar-Interest Period, commencing on the first day of such Eurodollar-Interest Period, appearing on Page BBAM of the Bloomberg Financial Markets Information Service at or about 11:00 a.m. (London, England time) (or soon thereafter as practical), two (2) Business Days prior to the first day of such Eurodollar-Interest Period.  In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service), the “LIBOR Rate” shall be determined by reference to such other publicly available service for displaying LIBOR rates as may be agreed upon by the Agent and the Borrower, or, in the absence of such agreement, the “LIBOR Rate” shall, instead, be the per annum rate equal to the average (rounded upward, if necessary, to the nearest one-sixteenth of one percent (1/16%)) of the rate at which the Agent is offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or soon thereafter as practical), two (2) Business Days prior to the first day of such Eurodollar-Interest Period in the interbank LIBOR market in an amount comparable to the principal amount of the relevant Eurodollar-based Advance which is to bear interest at such Eurodollar-based Rate and for a period equal to the relevant Eurodollar-Interest Period; and
(b)    with respect to the principal amount of any Base Rate Advance outstanding hereunder, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one (1) month appearing on Page BBAM of the Bloomberg Financial Markets Information Service at or about 11:00 a.m. (London, England time) (or soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding Business Day.  In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service), the “LIBOR Rate” shall be determined by reference to such other publicly available service for displaying eurodollar rates as may be agreed upon by the Agent and the Borrower, or, in the absence of such agreement, the “LIBOR Rate” shall, instead, be the per
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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annum rate equal to the average of the rate at which the Agent is offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or soon thereafter as practical) on such day in the interbank eurodollar market in an amount comparable to the principal amount of the Indebtedness hereunder which is to bear interest at such “LIBOR Rate” and for a period equal to one (1) month;
provided, however, that in no event shall the LIBOR Rate be less than the Applicable Floor.
2.           Section 1.1 of the Credit Agreement is amended by amending and restating clause (c) of the definition of “Eligible Monthly Recurring Revenue” to read in its entirety as follows:
“(c)   Recurring Revenue from contracts for base fees where the customer has allowed any account receivable for base fees to age more than ninety (90) days past the invoice date; provided that, (i) with respect to such contracts with [***], such 90-day aging period shall be [***] days until the earlier to occur of (x) [***] failure to pay the Borrower by [***] all amounts due under invoices outstanding as of such date and (y) [***] and (ii) with respect to such contracts with [***], such 90-day aging period aging period shall not apply until the earlier to occur of (x) [***] failure to pay the Borrower by [***] all amounts due under invoices outstanding as of such date and (y) [***];”
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3.           Section 1.1 of the Credit Agreement is amended by adding the following definition in the appropriate alphabetical order to read in its entirety as follows:
“Applicable Floor” shall mean (a) with respect to the LIBOR Rate, one-half percent (0.50%) per annum, and (b) with respect to the Base Rate, one and one-half percent (1.50%) per annum.”
4.           Section 1.1 of the Credit Agreement is amended by deleting the definitions of “Daily Adjusting LIBOR Rate” and “LIBOR Floor” therein.
5.           Section 7.1 of the Credit Agreement is amended by adding the following clause (d) to the end thereof:
“(d) Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials publicly filed by the Borrower or any of its Subsidiaries with the shall mean the Securities and Exchange Commission (or any Governmental Authority succeeding to any or all of its functions) or with any other securities exchange, or otherwise distributed to its shareholders generally.”
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6.           Section 7.9 of the Credit Agreement is amended by amending and restating subsection (b) thereof to read in its entirety as follows:
“(b)  Covenant Revenue  Maintain Covenant Revenue of not less than the amounts set forth in the table below for each six-month measuring period:
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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	Six Month Measuring Period Ending
	Covenant Revenue

	August 31, 2020
	$61,000,000

	November 30, 2020
	$64,000,000

	February 28, 2021
	$83,000,000

	May 31, 2021
	$92,000,000

	August 31, 2021
	$82,000,000

	November 30, 2021
	$83,000,000

	February 28, 2022, and the last day of each fiscal quarter of the Borrower thereafter
	$100,000,000

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7.           Section 11.3 of the Credit Agreement is amended and restated in its entirety to read as follows:
“11.3     Circumstances Affecting LIBOR Rate Availability.  If for any reason
(a) the Agent or the Majority Lenders (after consultation with the Agent) shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of any requested Eurodollar-based Advance (including any continuation of, or conversion into, a Eurodollar-based Advance), other than as a result of a Benchmark Transition Event, (b) the Agent or the Majority Lenders (after consultation with the Agent) shall determine (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to such Advance, other than as a result of a Benchmark Transition Event, or (c) the Majority Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to the Lenders of making or maintaining such Advance during such Interest Period, then the Agent (and in the case of clause (c) above, upon notice from the Majority Lenders) will promptly give notice thereof to the Borrower and the Lenders.  Thereafter, until the Agent notifies the Borrower that such circumstances no longer exist, (i) the obligation of Lenders to make Advances which bear interest at or by reference to the LIBOR Rate, and the right of the Borrower to convert an Advance to or refund an Advance as an Advance which bears interest at or by reference to the LIBOR Rate shall be suspended, and (ii) effective upon the last day of each Eurodollar-Interest Period related to any existing Eurodollar-based Advance, each such Eurodollar-based Advance shall automatically be converted into an Advance which bears interest at or by reference to the Base Rate (without regard to the satisfaction of any conditions to conversion contained elsewhere herein).”
8.           The following is added as new Section 11.11 to the Credit Agreement to read as follows:
“11.11   Effect of Benchmark Transition Event.
(a)         Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Agent and the Borrower may amend this Agreement to
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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replace the LIBOR Rate with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Agent has posted such proposed amendment to all Lenders and the Borrower, so long as the Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Majority Lenders.  Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Majority Lenders have delivered to the Agent written notice that such Majority Lenders accept such amendment.  No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section 11.11 will occur prior to the applicable Benchmark Transition Start Date.
(b)         In connection with the implementation of a Benchmark Replacement, the Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(c)         The Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Agent or Majority Lenders pursuant to this Section 11.11, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 11.11.
(d)        Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for any (i) Eurodollar-based Advance, or (ii) conversion to or continuation of any Eurodollar-based Advance, in each case, to be made, converted or continued during any Benchmark Unavailability Period and, if no such revocation is made, the Borrower will be deemed to have converted any such request into a request for a Base Rate Advance or conversion to a Base Rate Advance; provided that, during any Benchmark Unavailability Period, the component of the Base Rate based upon the LIBOR Rate will not be used in any determination of the Base Rate.
(e)         As used in this Section 11.11:
“Benchmark Replacement” shall mean the sum of: (a) the alternate benchmark rate (which may include Term SOFR or SOFR) that has been selected by the Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for Dollar-
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than one percent (1%), the Benchmark Replacement will be deemed to be one percent (1%) for the purposes of this Agreement.
“Benchmark Replacement Adjustment” shall mean, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Agent and the Borrower  giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.
“Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Replacement Date” shall mean the earlier to occur of the following events with respect to the LIBOR Rate:
(1)         in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the LIBOR Rate; or
(2)         in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
“Benchmark Transition Event” shall mean the occurrence of one or more of the following events with respect to the LIBOR Rate:
(1)         a public statement or publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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provide the LIBOR Rate;
(2)         a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or
(3)         a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate announcing that the LIBOR Rate is no longer representative.
“Benchmark Transition Start Date” shall mean (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Agent or the Majority Lenders, as applicable, by notice to the Borrower, Agent (in the case of such notice by the Majority Lenders) and the Lenders, as applicable).
“Benchmark Unavailability Period” shall mean, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with this Section 11.11 and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to this Section 11.11.
“Early Opt-in Election” shall mean the occurrence of:
(a)         (i) a determination by the Agent or (ii) a notification by the Majority Lenders to the Agent and the Borrower that the Majority Lenders have determined that Dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in this Section 11.11, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate,
(b)         (i) the election by the Agent or (ii) the election by the Majority Lenders to declare that an Early Opt-in Election has occurred, and
(c)         the provision, as applicable, by (i) the Agent of written notice of such
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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election to the Lenders and the Borrower, or (ii) the Majority Lenders of written notice of such election to the Agent.
“Federal Reserve Bank of New York’s Website” shall mean the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
“Relevant Governmental Body” shall mean the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“SOFR” with respect to any day shall mean the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
“Term SOFR” shall mean the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Unadjusted Benchmark Replacement” shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment.”
9.           This Amendment shall become effective (according to the terms hereof) on the date (the “First Amendment Effective Date”) that the following conditions have been fully satisfied by Borrower:
(a)         Agent shall have received via facsimile or PDF (followed by the reasonably prompt delivery of original signatures after the First Amendment Effective Date) counterpart originals of this Amendment, in each case duly executed and delivered by Agent, Borrower and the Lenders.
(b)         Agent shall have received a fully executed secretary’s certificate with respect to each Credit Party, in substantially the form delivered by Borrower on the Effective Date (the “Secretary’s Certificate”).
(c)         Agent shall have received payment of all out of pocket expenses incurred in connection with this Amendment (including legal fees).
10.         Borrower hereby certifies to the Agent and the Lenders as of the First Amendment Effective Date that (a) execution and delivery of this Amendment and the performance by each of the Credit Parties of its obligations under the Credit Agreement as amended hereby (herein, as so amended, the “Amended Credit Agreement”) are within such undersigned’s powers, have been duly authorized, are not in contravention of law or the terms of its articles of incorporation or bylaws or other organic documents of the parties thereto, as applicable, and except as have been previously obtained do not require the consent or approval, material to the amendments contemplated in this Amendment, of any governmental body, agency or authority, and the Amended Credit Agreement will constitute the valid and binding obligations of such undersigned parties enforceable in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting the
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law), (b) the representations and warranties set forth in Article 6 of the Amended Credit Agreement are true and correct in all material respects on and as of the First Amendment Effective Date (except to the extent such representations specifically relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date), (c) there have been no changes to any Credit Party’s constitutional documents other than as set forth in the Secretary’s Certificate (as defined below) and (d) on and as of the First Amendment Effective Date, after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.
11.         Except as specifically set forth above, this Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement (including without limitation all conditions and requirements for Advances and any financial covenants), any of the Notes issued thereunder or any of the other Loan Documents. Nor shall this Amendment constitute a waiver or release by the Agent or the Lenders of any right, remedy, Default or Event of Default under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Notes issued thereunder or any of the other Loan Documents. Furthermore, this Amendment shall not affect in any manner whatsoever any rights or remedies of the Lenders with respect to any other non-compliance by Borrower with the Credit Agreement or the other Loan Documents, whether in the nature of a Default or Event of Default, and whether now in existence or subsequently arising, and shall not apply to any other transaction.
12.         MD Insider, Inc., party to that certain Guaranty, dated as of September 17, 2019 (the “Guaranty”) hereby ratifies and confirms its obligations under the Amended Credit Agreement and the applicable Guaranty, and agrees that the Guaranty remains in full force and effect after giving effect to the effectiveness of this Amendment, subject to no setoff, defense or counterclaim. MD Insider, Inc. confirms that this reaffirmation is not required by the terms of the Guaranty and need not be obtained in connection with any prior or future amendments or extensions of additional credit to Borrower.
13.         Borrower and each other Credit Party hereby acknowledges and agrees that this Amendment and the amendments contained herein do not constitute any course of dealing or other basis for altering any obligation of Borrower, any other Credit Party, or any other party or any right, privilege or remedy of the Lenders under the Credit Agreement, any other Loan Document, any other agreement or document, or any contract or instrument.
14.         Except as specifically defined to the contrary herein, capitalized terms used in this Amendment shall have the meanings set forth in the Credit Agreement.
15.         This Amendment is a Loan Document.
16.         This Amendment may be executed in counterparts in accordance with Section 13.9 of the Credit Agreement.
17.         AS FURTHER CONSIDERATION FOR THE AGREEMENTS AND UNDERSTANDINGS HEREIN, EACH OF THE CREDIT PARTIES HEREBY RELEASES AGENT, EACH LENDER, AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, AFFILIATES,
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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SUBSIDIARIES, SUCCESSORS AND ASSIGNS FROM ANY LIABILITY, CLAIM, RIGHT OR CAUSE OF ACTION WHICH NOW EXISTS, OR HEREAFTER ARISES, WHETHER KNOWN OR UNKNOWN, ARISING FROM OR IN ANY WAY RELATED TO FACTS IN EXISTENCE AS OF THE DATE HEREOF. BY WAY OF EXAMPLE AND NOT LIMITATION, THE FOREGOING INCLUDES ANY CLAIMS IN ANY WAY RELATED TO ACTIONS TAKEN OR OMITTED TO BE TAKEN BY AGENT OR ANY LENDER UNDER THE LOAN DOCUMENTS, THE BUSINESS RELATIONSHIP WITH AGENT AND/OR ANY LENDER AND ALL OTHER OBLIGATIONS OF ANY NATURE OR UNDERSTANDINGS (ACTUAL OR ALLEGED), ANY BANKING RELATIONSHIPS THAT ANY CREDIT PARTY HAS OR MAY HAVE HAD WITH AGENT OR ANY LENDER AT ANY TIME AND FOR ANY REASON.
It is understood by each of the Credit Parties and it is each Credit Party’s intention that the release set forth in the preceding paragraph (the “Release Paragraph”) shall be effective as a full and final accord and satisfactory release of each and every matter specifically referred to in the Release Paragraph. In furtherance of this intention, each Credit Party acknowledges that it is familiar with, and upon advice of counsel, does hereby waive, any and all rights they may have or acquired under California Civil Code Section 1542, which reads as follows:
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“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release which if known by him or her must have materially affected his or her settlement with the debtor.”
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18.         This Amendment shall be construed in accordance with and governed by the laws of the State of California.
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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WITNESS the due execution hereof as of the day and year first above written.
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	COMERICA BANK,
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	as Administrative Agent and a Lender
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	By:
	/s/ Walter Weston
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	Walter Weston
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	Its:
	Senior Vice President
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[Signature Page to First Amendment to Credit Agreement (16873953)]
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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	WESTERN ALLIANCE BANK, 
as Lender
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	By:
	/s/ Whitley Mayberry
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	Whitley Mayberry
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	Its:
	Relationship Manager
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[Signature Page to First Amendment to Credit Agreement (16873953)]
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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTS, MARKED BY [***], HAS BEEN OMITTED BECAUSE ACCOLADE, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ACCOLADE, INC. IF PUBLICLY DISCLOSED.
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	ACCOLADE, INC., 
as Borrower
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	By:
	/s/ Stephen H. Barnes
	​

	​
	Stephen H. Barnes
	​

	Its:
	Chief Financial Officer
	​

​
​
	​

	​

	​

	MD INSIDER, INC.,
	​

	​
	​

	​
	​

	By:
	/s/ Stephen H. Barnes
	​

	​
	Stephen H. Barnes
	​

	Its:
	President
	​

​

[Signature Page to First Amendment to Credit Agreement (16873953)]
​Exhibit
10.1

 

股权质押协议

Share Pledge Agreement

 

本股权质押协议(下称“本协议”)由下列各方于2020年【6】月【15】日在中华人民共和国(下称“中国”)
杭州签订:

This
Share Pledge Agreement (this “Agreement”) has been executed by and among the following parties on 【】,
2020 in Hangzhou, the People’s Republic of China (“China” or the “PRC”):

 

	甲方:	浙江耐瓦伦特新能源汽车有限公司(以下称“质权人”),一家于中国杭州市注册成立的外商独资有限公司,其注册地址位于浙江省杭州市钱塘新区金沙湖畔商业中心1幢4层401
	Party
    A:	Zhejiang Navalant
    New Energy Automobile Co. Ltd.(hereinafter “Pledgee”), a wholly foreign owned enterprise with limited liability
    which is incorporated and established in Hangzhou City, China, with its registered address at Room 401, Floor 4, Building
    1, Jinsha Lake Commercial Center, Qiantang New  Area, Hangzhou City, Zhejiang Province;
	 	 
	乙方:	张水波、陈德稳、李可贞、陈琴芳、邓满兰(以下称“出质人”),均为中国境内自然人;及
	Party
    B:	Shuibo Zhang,
    Dewen Chen, Kezhen Li, Qinfang Chen and Manlan Deng are natural persons in China; and
	 	 
	丙方:	浙江九紫新能源汽车有限公司,一家于中国杭州市注册成立的有限公司,其注册地址位于浙江省杭州市江干区九环路48号8幢2层210室。
	Party C:	Zhejiang Jiuzi
    New Energy Automobile Co., Ltd., a limited liability company incorporated and established in Hangzhou City, China, with
    its registered address at Room 210, Floor 4, Building 8, 48 Jiuhuan Road, Jianggan District, Hangzhou city, Zhejiang Province.
	 	 
	 	在本协议中,质权人、出质人和丙方以下各称“一方”,合称“各方”。
	 	In this Agreement,
    each of Pledgee, Pledgors and Party C shall be referred to as a "Party" respectively, and they shall be collectively
    referred to as the "Parties".

 

     

     

    

 

鉴于:

Whereas:

 

	1.	出质人是中国境内自然人,拥有丙方100%的股权。丙方是一家在中国杭州注册成立的有限责任公司。丙方有意在此确认出质人和质权人在本协议下的权利和义务并提供必要的协助登记该质权;
	 	Pledgors are natural
    persons in China, and hold 100% of the equity interest of Party C. Party C is a limited liability company registered
    in Hangzhou, China. Party C acknowledges the respective rights and obligations of Pledgors and Pledgee under this Agreement,
    and intends to provide any necessary assistance in registering the Pledge;
	 	 
	2.	质权人是一家在中国注册的外商独资企业。质权人与丙方于杭州签订了独家业务合作协议;

	 	Pledgee is a wholly
    foreign-owned enterprise registered in China. Pledgee and Party C have executed an Exclusive Business Cooperation Agreement
    in Hangzhou;

 

	3.	为了保证丙方履行独家业务合作协议项下的义务,按照约定向质权人支付服务费等到期款项,出质人以其在丙方中拥有的全部股权向质权人就业务合作协议项下丙方的付款义务做出质押担保。
	 	To ensure that Party
    C fully performs its obligations under the Exclusive Business Cooperation Agreement and pay the service fees thereunder
    to the Pledgee when the same becomes due, Pledgors hereby pledge to the Pledgee all of the equity interest he holds in Party
    C as security for payment of the service fees by Party C under the Business Cooperation Agreement.
	 	 
	 	为了履行业务合作协议的条款,各方商定按照以下条款签订本协议。
	 	To perform the provisions
    of the Business Cooperation Agreement, the Parties have mutually agreed to execute this Agreement upon the following terms.

 

    2

     

    

 

	1.	定义
	 	Definitions
	 	 
	 	除非本协议另有规定,下列词语含义为:
	 	Unless otherwise
    provided herein, the terms below shall have the following meanings:

 

	 	1.1	质权:指出质人根据本协议第2条给予质权人的担保物权,即指质权人所享有的,以出质人质押给质权人的股权折价或拍卖、变卖该股权的所得优先受偿的权利。
	 	 	Pledge: shall refer
    to the security interest granted by Pledgors to Pledgee pursuant to Article 2 of this Agreement, i.e., the right of Pledgee
    to be compensated on a preferential basis for the proceeds from the conversion, auction or sales of the Equity Interest.
	 	 	 
	 	1.2	股权:指出质人现在和将来合法持有的其在丙方的全部股权权益。
	 	 	Equity Interest:
    shall refer to all of the equity interest lawfully held now and hereafter acquired by Pledgors in Party C.
	 	 	 
	 	1.3	质押期限:指本协议第3条规定的期间。
	 	 	Term of Pledge:
    shall refer to the term set forth in Section 3 of this Agreement.
	 	 	 
	 	1.4	业务合作协议:指丙方与质权人于2020年【6】月【15】日签订的独家业务合作协议。
	 	 	Business Cooperation
    Agreement: shall refer to the Exclusive Business Cooperation Agreement executed by and between Party C and Pledgee on 【】,
    2020.

 

    3

     

    

 

	 	1.5	违约事件:指本协议第7条所列任何情况。
	 	 	Event of Default:
    shall refer to any of the circumstances set forth in Article 7 of this Agreement.
	 	 	 
	 	1.6	违约通知:指质权人根据本协议发出的宣布违约事件的通知。
	 	 	Notice of Default:
    shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default.

 

	2.	质权
	 	The Pledge
	 	 
	 	作为丙方按时和全额支付业务合作协议项下质权人应得的任何或全部的款项,包括但不限于业务合作协议中规定的服务费的担保(无论该等费用的到期应付是由于到期日的到来、提前收款的要求或其它原因),出质人特此将其现有或将拥有的丙方的全部股权权益质押给质权人。
	 	As collateral security
    for the timely and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of
    any or all of the payments due by Party C, including without limitation the services fees payable to the Pledgee under the
    Business Cooperation Agreement, Pledgors hereby pledge to Pledgee a first security interest in all of Pledgors' right, title
    and interest, whether now owned or hereafter acquired by Pledgors, in the Equity Interest of Party C.

 

    4

     

    

 

	3. 	质押期限
	 	Term of Pledge

 

	 	3.1	本质权自本协议项下的股权出质在相应的工商行政管理机关登记之日起生效,质权有效期持续到业务合作协议下所有丙方欠付质权人的款项结清为止。出质人和丙方应(1)自本协议签署之日起3个工作日内,将本协议的质权登记在丙方股东名册上,并(2)自本协议签署之日起15个工作日内向相应的工商行政管理机关申请登记本协议项下的质权。各方共同确认,为办理股权质押工商登记手续,各方及丙方其他股东应将本协议或者一份按照丙方所在地工商行政管理部门要求的形式签署的、真实反映本协议项下质权信息的股权质押合同(以下简称“工商登记质押合同”)提交给工商管理机关,工商登记质押合同中未约定事项,仍以本协议约定为准。出质人和丙方应当按照中国法律法规和有关工商行政管理机关的各项要求,提交所有必要的文件并办理所有必要手续,保证质权在递交申请后尽快获得登记。
	 	 	The Pledge shall
    become effective on such date when the pledge of the Equity Interest contemplated herein has been registered with relevant
    administration for industry and commerce (the “AIC”). The Pledge shall be continuously valid until all payments
    due under the Business Cooperation Agreement have been fulfilled by Party C. Pledgors and Party C shall (1) register the Pledge
    in the shareholders' register of Party C within 3 business days following the execution of this Agreement, and (2) submit
    an application to the AIC for the registration of the Pledge of the Equity Interest contemplated herein within 15 business
    days following the execution of this Agreement. The parties covenant that for the purpose of registration of the Pledge, the
    parties hereto and all other shareholders of Party C shall submit to the AIC this Agreement or an equity interest pledge contract
    in the form required by the AIC at the location of Party C which shall truly reflect the information of the Pledge hereunder
    (the “AIC Pledge Contract”). For matters not specified in the AIC Pledge Contract, the parties shall be bound
    by the provisions of this Agreement. Pledgors and Party C shall submit all necessary documents and complete all necessary
    procedures, as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity Interest
    shall be registered with the AIC as soon as possible after filing.

 

	 	3.2	质押期限内,如丙方未按业务合作协议交付服务费等费用,质权人有权但无义务按本协议的规定处分质权。
	 	 	During the Term
    of Pledge, in the event Party C fails to pay the exclusive service fees in accordance with the Business Cooperation Agreement,
    Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions of this Agreement.

 

    5

     

    

 

	4.	质权凭证的保管
	 	Custody of Records
    for Equity Interest subject to Pledge

 

	 	4.1	在本协议规定的质押期限内,出质人应将其在丙方的股权出资证明书及记载质权的股东名册交付质权人保管。出质人应在本协议签订之日起一周内将上述股权出资证明书及股东名册交付给质权人。质权人将在本协议规定的全部质押期间一直保管这些项目。
	 	 	During the Term
    of Pledge set forth in this Agreement, Pledgors shall deliver to Pledgee's custody the capital contribution certificate for
    the Equity Interest and the shareholders' register containing the Pledge within one week from the execution of this Agreement.
    Pledgee shall have custody of such items during the entire Term of Pledge set forth in this Agreement.
	 	 	 
	 	4.2	在质押期限内,质权人有权收取因股权宣告或产生的部分或全部的红利。
	 	 	Pledgee shall have
    the right to collect any and all dividends declared or generated in connection with the Equity Interest during the Term of
    Pledge.

 

	5.	出质人的声明和保证
	 	Representations
    and Warranties of Pledgors

 

	 	5.1	出质人是股权唯一的合法所有人。
	 	 	Pledgors are the
    sole legal and beneficial owner of the Equity Interest.
	 	 	 
	 	5.2	质权人有权以本协议规定的方式处分并转让股权。
	 	 	Pledgee shall have
    the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth in this Agreement.

 

	 	5.3	除本质权之外,出质人未在股权上设置任何其他质押权利或其他担保权益。
	 	 	Except for the Pledge,
    Pledgors have not placed any security interest or other encumbrance on the Equity Interest.

 

    6

     

    

 

	6.	出质人的承诺和确认
	 	Covenants and
    Further Agreements of Pledgors

 

	 	6.1	在本协议存续期间,出质人向质权人承诺,出质人将:
	 	 	Pledgors hereby
    covenant to the Pledgee, that during the term of this Agreement, Pledgors shall:

 

	 	 	6.1.1	除履行由出质人与质权人、丙方于本协议签署日签订的《独家购买权合同》外,未经质权人事先书面同意,不得转让股权,不得在股权上设立或允许存在任何担保或其他债务负担;
	 	 	 	not transfer the
    Equity Interest, place or permit the existence of any security interest or other encumbrance on the Equity Interest, without
    the prior written consent of Pledgee, except for the performance of the Exclusive Option Agreement executed by Pledgors, the
    Pledgee and Party C on the execution date of this Agreement;
	 	 	 	 
	 	 	6.1.2	遵守并执行所有有关权利质押的法律、法规的规定,在收到有关主管机关就质权发出或制定的通知、指令或建议时,于五日内向质权人出示上述通知、指令或建议,同时遵守上述通知、指令或建议,或按照质权人的合理要求或经质权人同意就上述事宜提出反对意见和陈述;
	 	 	 	comply with the
    provisions of all laws and regulations applicable to the pledge of rights, and within 5 days of receipt of any notice, order
    or recommendation issued or prepared by relevant competent authorities regarding the Pledge, shall present the aforementioned
    notice, order or recommendation to Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit
    objections and representations with respect to the aforementioned matters upon Pledgee's reasonable request or upon consent
    of Pledgee;
	 	 	 	 
	 	 	6.1.3	将任何可能导致对出质人股权或其任何部分的权利产生影响的事件或收到的通知,以及可能改变出质人在本协议中的任何保证、义务或对出质人履行其在本协议中义务可能产生影响的任何事件或收到的通知及时通知质权人。
	 	 	 	promptly notify
    Pledgee of any event or notice received by Pledgors that may have an impact on Pledgee's rights to the Equity Interest or
    any portion thereof, as well as any event or notice received by Pledgors that may have an impact on any guarantees and other
    obligations of Pledgors arising out of this Agreement.

 

    7

     

    

 

	 	6.2	出质人同意,质权人按本协议条款取得的对质权享有的权利,不应受到出质人或出质人的继承人或出质人之委托人或任何其他人通过法律程序的中断或妨害。
	 	 	Pledgors agree that
    the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed
    by Pledgors or any heirs or representatives of Pledgors or any other persons through any legal proceedings.
	 	 	 
	 	6.3	出质人向质权人保证,为保护或完善本协议对偿付业务合作协议项下服务费等费用的担保,出质人将诚实签署,并促使其他与质权有利害关系的当事人签署质权人所要求的所有的权利证书、契约和/或履行并促使其他有利害关系的当事人履行质权人所要求的行为,并为本协议赋予质权人之权利、授权的行使提供便利,与质权人或其指定的人(自然人/法人)签署所有的有关股权所有权的文件,并在合理期间内向质权人提供其认为需要的所有的有关质权的通知、命令及决定。
	 	 	To protect or perfect
    the security interest granted by this Agreement for payment of the service fees under the Business Cooperation Agreement,
    Pledgors hereby undertake to execute in good faith and to cause other parties who have an interest in the Pledge to execute
    all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgors also undertake to perform and to cause
    other parties who have an interest in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee
    of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents regarding ownership
    of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons). Pledgors undertake to provide Pledgee
    within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by Pledgee.
	 	 	 
	 	6.4	出质人向质权人保证,出质人将遵守、履行本协议项下所有的保证、承诺、协议、陈述及条件。如出质人不履行或不完全履行其保证、承诺、协议、陈述及条件,出质人应赔偿质权人由此遭受的一切损失。
	 	 	Pledgors hereby
    undertake to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement.
    In the event of failure or partial performance of its guarantees, promises, agreements, representations and conditions, Pledgors
    shall indemnify Pledgee for all losses resulting therefrom.

 

    8

     

    

 

	7.	违约事件
	 	Event of Breach

 

	 	7.1	下列事项均被视为违约事件:
	 	 	The
    following circumstances shall be deemed Event of Default:
	 	 	 
	 	 	7.1.1	丙方未能按期、完整履行任何业务合作协议项下的责任,包括但不限于丙方未能按期足额支付业务合作协议项下的应付的服务费等费用或有违反该协议其他义务的行为;
	 	 	 	Party C fails to
    fully and timely fulfill any liabilities under the Business Cooperation Agreement, including without limitation failure to
    pay in full any of the service fees payable under the Business Cooperation Agreement or breaches any other obligations
    of Party C thereunder;
	 	 	 	 
	 	 	7.1.2	出质人或丙方实质违反本协议的任何条款;
	 	 	 	Pledgors or Party
    C have committed a material breach of any provisions of this Agreement;
	 	 	 	 
	 	 	7.1.3	除本协议第6.1.1条的约定外,出质人舍弃出质的股权或未获得质权人书面同意而擅自转让或意图转让出质的股权;和
	 	 	 	Except as expressly
    stipulated in Section 6.1.1, Pledgors transfer or purport to transfer or abandon the Equity Interest pledged or assign the
    Equity Interest pledged without the written consent of Pledgee; and
	 	 	 	 
	 	 	7.1.4	丙方的继承人或代管人只能履行部分或拒绝履行业务合作协议项下的支付责任。
	 	 	 	The successor or
    custodian of Party C is capable of only partially perform or refuses to perform the payment obligations under the Business
    Cooperation Agreement.

 

    9

     

    

 

	 	7.2	如知道或发现本第7.1条所述的任何事项或可能导致上述事项的事件已经发生,出质人应立即以书面形式通知质权人。
	 	 	Upon notice or discovery
    of the occurrence of any circumstances or event that may lead to the aforementioned circumstances described in Section 7.1,
    Pledgors shall immediately notify Pledgee in writing accordingly.
	 	 	 
	 	7.3	除非第7.1条下的违约事件在质权人向出质人发出要求其修补此违约行为通知后的二十(20)天之内已经按质权人要求获得救济,质权人在其后的任何时间,可向出质人发出书面违约通知,要求依据第8条履行其处理股权的权利。
	 	 	Unless an Event
    of Default set forth in this Section 7.1 has been successfully resolved to Pledgee's satisfaction within twenty (20) days
    after the Pledgee delivers a notice to the Pledgors requesting ratification of such Event of Default, Pledgee may issue a
    Notice of Default to Pledgors in writing at any time thereafter, demanding the Pledgors to immediately dispose of the Pledge
    in accordance with the provisions of Article 8 of this Agreement.

 

	8.	质权的行使
	 	Exercise
    of Pledge
	 	 	 
	 	8.1	在业务合作协议所述的服务费等费用未全部偿还前,未经质权人书面同意,出质人不得转让本质权和其拥有的丙方股权。
	 	 	Prior to the full
    payment of the service fees described in the Business Cooperation Agreement, without the Pledgee's written consent, Pledgors
    shall not assign the Pledge or the Equity Interest in Party C.
	 	 	 
	 	8.2	在质权人行使其质押权利时,质权人可以向出质人发出书面违约通知。
	 	 	Pledgee may issue
    a Notice of Default to Pledgors when exercising thePledge.

 

    10

     

    

 

	 	8.3	受限于第7.3条的规定,质权人可在按第7.2条发出违约通知之后的任何时间里对质权行使处分的权利。质权人决定行使处分质权的权利时,出质人即不再拥有任何与股权有关的权利和利益。
	 	 	Subject to the provisions
    of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default
    in accordance with Section 7.2. Once Pledgee elects to enforce the Pledge, Pledgors shall cease to be entitled to any rights
    or interests associated with the Equity Interest.
	 	 	 
	 	8.4	在违约时,根据中国有关法律的规定,质权人有权按照法定程序处置质押股权。仅在中国法律允许的范围内,对于处置的所得,质权人无需给付出质人;出质人特此放弃其可能有的向质权人要求任何质押股权处置所得的权利;同样,出质人对质权人在该质押股权处置后的亏空也不承担任何义务。
	 	 	In the event of
    default, Pledgee is entitled to dispose of the Equity Interest pledged in accordance with applicable PRC laws. Only to the
    extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of
    the Equity Interest, and Pledgors hereby waive any rights they may have to demand any such accounting from Pledgee; Likewise,
    in such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after such disposition of the
    Equity Interest pledged.
	 	 	 
	 	8.5	质权人依照本协议处分质权时,出质人和丙方应予以必要的协助,以使质权人实现其质权。
	 	 	When Pledgee disposes
    of the Pledge in accordance with this Agreement, Pledgors and Party C shall provide necessary assistance to enable Pledgee
    to enforce the Pledge in accordance with this Agreement.

 

	9.	转让
	 	Assignment

 

	 	9.1	除非经质权人事先同意,出质人无权赠予或转让其在本协议项下的权利义务。
	 	 	Without Pledgee's
    prior written consent, Pledgors shall not have the right to assign or delegate its rights and obligations under this Agreement.

 

    11

     

    

 

	 	9.2	本协议对出质人及其继任人和经许可的受让人均有约束力,并且对质权人及每一继任人和受让人有效。
	 	 	This Agreement shall
    be binding on Pledgors and its successors and permitted assigns, and shall be valid with respect to Pledgee and each of its
    successors and assigns.
	 	 	 
	 	9.3	质权人可以在任何时候将其在业务合作协议项下的所有或任何权利和义务转让给其指定的人(自然人/法人),在这种情况下,受让人应享有和承担本协议项下质权人享有和承担的权利和义务,如同其作为原协议方应享有和承担的一样。质权人转让业务合作协议项下的权利和义务时,应质权人要求,出质人应就此转让签署有关协议和/或文件。
	 	 	At any time, Pledgee
    may assign any and all of its rights and obligations under the Business Cooperation Agreement to its designee(s) (natural/legal
    persons), in which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the
    original party to this Agreement. When the Pledgee assigns the rights and obligations under the Business Cooperation Agreement,
    upon Pledgee's request, Pledgors shall execute relevant agreements or other documents relating to such assignment.
	 	 	 
	 	9.4	因转让所导致的质权人变更后,应质权人要求,出质人应与新的质权人签订一份内容与本协议一致的新质押协议,并在相应的工商行政管理机关进行登记。
	 	 	In the event of
    a change in Pledgee due to an assignment, Pledgors shall, at the request of Pledgee, execute a new pledge agreement with the
    new pledgee on the same terms and conditions as this Agreement, and register the same with the relevant AIC.
	 	 	 
	 	9.5	出质人应严格遵守本协议和各方单独或共同签署的其他有关协议的规定,包括独家购买权合同和对质权人的授权委托书,履行各协议项下的义务,并不进行任何足以影响协议的有效性和可强制执行性的作为/不作为。除非根据质权人的书面指示,出质人不得行使其对质押股权还留存的权利。
	 	 	Pledgors shall strictly
    abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties hereto or any
    of them, including the Exclusive Option Agreement and the Power of Attorney granted to Pledgee, perform the obligations hereunder
    and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining
    rights of Pledgors with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgors except in accordance
    with the written instructions of Pledgee.

 

    12

     

    

 

	10.	终止
	 	Termination
	 	 
	 	在业务合作协议项下的服务费等费用偿还完毕,并且丙方不再承担业务合作协议项下的任何义务之后,本协议终止,并且在尽早合理可行的时间内,质权人应取消或解除本协议。
	 	Upon the full payment
    of the service fees under the Business Cooperation Agreement and upon termination of Party C's obligations under the Business
    Cooperation Agreement, this Agreement shall be terminated, and Pledgee shall then cancel or terminate this Agreement as soon
    as reasonably practicable.

 

	11.	手续费及其他费用
	 	Handling Fees
    and Other Expenses
	 	 
	 	一切与本协议有关的费用及实际开支,其中包括但不限于法律费用、工本费、印花税以及任何其他税收、费用等全部由丙方承担。
	 	All fees and out
    of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and
    any other taxes and fees, shall be borne by Party C.
	 	 
	12.	保密责任
	 	Confidentiality
	 	 
	 	各方承认及确定有关本协议、本协议内容,以及彼此就准备或履行本协议而交换的任何口头或书面资料均被视为保密信息。各方应当对所有该等保密信息予以保密,而在未得到另一方书面同意前,不得向任何第三者披露任何保密信息,惟下列信息除外:(a)公众人士知悉或将会知悉的任何信息(惟并非由接受保密信息之一方擅自向公众披露);(b)根据适用法律法规、股票交易规则、或政府部门或法院的命令而所需披露之任何信息;或(c)由任何一方就本协议所述交易而需向其股东、投资者、法律或财务顾问披露之信息,而该股东、法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密,需依本协议承担违约责任。无论本协议以任何理由终止,本条款仍然生效。
	 	The Parties acknowledge
    that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection
    with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall maintain
    confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall
    not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be
    in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation
    to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other
    government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or
    financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels
    or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure
    of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential
    information by such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive the termination
    of this Agreement for any reason.

 

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	13.	适用法律和争议的解决
	 	Governing Law
    and Resolution of Disputes

 

	 	13.1	本协议的订立、效力、解释、履行、修改和终止以及争议的解决均适用中国法律。
	 	 	The execution, effectiveness,
    construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed
    by the laws of China.
	 	 	 
	 	13.2	因解释和履行本协议而发生的任何争议,本协议各方应首先通过友好协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面通知后30天之内争议仍然得不到解决,则任何一方均可将有关争议提交给中国国际经济贸易仲裁委员会,由该会按照其仲裁规则仲裁解决。仲裁应在杭州进行,使用之语言为中文。仲裁裁决是终局性的,对各方均有约束力。
	 	 	In the event of
    any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute
    through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either
    Party's request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant
    dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration
    Rules. The arbitration shall be conducted in Hangzhou, and the language used in arbitration shall be Chinese. The arbitration
    award shall be final and binding on all Parties.
	 	 	 
	 	13.3	因解释和履行本协议而发生任何争议或任何争议正在进行仲裁时,除争议的事项外,本协议各方仍应继续行使各自在本协议项下的其他权利并履行各自在本协议项下的其他义务。
	 	 	Upon the occurrence
    of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute,
    except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under
    this Agreement and perform their respective obligations under this Agreement.

 

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	14.	通知
	 	Notices

 

	 	14.1	本协议项下要求或发出的所有通知和其他通信应通过专人递送、挂号邮寄、邮资预付或商业快递服务或传真的方式发到该方下列地址。每一通知还应再以电子邮件送达。该等通知视为有效送达的日期按如下方式确定:
	 	 	All notices and
    other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by
    registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such party
    set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which notices shall be deemed
    to have been effectively given shall be determined as follows:

 

	 	14.2	通知如果是以专人递送、快递服务或挂号邮寄、邮资预付发出的,,则以于设定为通知的地址在接收或拒收之日为有效送达日。
	 	 	Notices given by
    personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date
    of receipt or refusal at the address specified for notices.
	 	 	 
	 	14.3	通知如果是以传真发出的,则以成功传送之日为有效送达日(应以自动生成的传送确认信息为证)。
	 	 	Notices given by
    facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated
    confirmation of transmission).
	 	 	 
	 	14.4	为通知的目的,各方地址如下:
	 	 	For the purpose
    of notices, the addresses of the Parties are as follows:

 

	 	甲方:	 浙江耐瓦伦特新能源汽车有限公司
	 	PartyA:	 Zhejiang Navalant New Energy Automobile Co. Ltd.

	 	地址:	浙江省杭州市钱塘新区金沙湖畔商业中心1幢4层401
	 	Address:	Room 401, Floor 4, Building 1, Jinsha Lake Commercial Center,
    Qiantang New  Area, Hangzhou City, Zhejiang Province
	 	收件人:	张水波
	 	Attn:	Shuibo Zhang
	 	电话:	13012833295
	 	Phone:	 
	 	传真:	 
	 	Facsimile:	 

 

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	 	乙方:	张水波、陈德稳、李可贞、陈琴芳、邓满兰
	 	Party B:	Shuibo Zhang, Dewen Chen, Kezhen Li, Qinfang Chen, Manlan
    Deng
	 	地址:	浙江省杭州市江干区九环路48号8幢2层210室
	 	Address:	Room 210, Floor 4, Building 8, 48 Jiuhuan
    Road, Jianggan District, Hangzhou city, Zhejiang Province
	 	收件人:	张水波
	 	Attn:	Shuibo Zhang
	 	电话:	13012833295
	 	Phone:	 
	 	传真:	 
	 	Facsimile:	 
	 	 	 

 

	 	丙方:	浙江九紫新能源汽车有限公司
	 	Party B:	Zhejiang Jiuzi New Energy Automobile Co., Ltd.
	 	地址:	浙江省杭州市江干区九环路48号8幢2层210室
	 	Address:	Room 210, Floor 4, Building 8, 48 Jiuhuan Road, Jianggan District,
    Hangzhou city, Zhejiang Province
	 	收件人:	张水波
	 	Attn:	Shuibo Zhang
	 	电话:	13012833295
	 	Phone:	 
	 	传真:	 
	 	Facsimile:	 

 

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	 	14.5	任何一方可按本条规定随时给其他各方发出通知来改变其接收通知的地址。
	 	 	Any Party may at
    any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof.

 

	15.	分割性
	 	Severability
	 	 
	 	如果本协议有任何一条或多条规定根据任何法律或法规在任何方面被裁定为无效、不合法或不可执行,本协议其余规定的有效性、合法性或可执行性不应因此在任何方面受到影响或损害。双方应通过诚意磋商,争取以法律许可以及双方期望的最大限度内有效的规定取代那些无效、不合法或不可执行的规定,而该等有效的规定所产生的经济效果应尽可能与那些无效、不合法或不能强制执行的规定所产生的经济效果相似。
	 	In the event that
    one or several of the provisions of this Contract are found to be invalid, illegal or unenforceable in any aspect in accordance
    with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Contract shall
    not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
    unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions
    of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect
    of those invalid, illegal or unenforceable provisions.
	 	 
	16.	附件
	 	Attachments
	 	 
	 	本协议所列附件,为本协议不可分割的组成部分。
	 	The attachments
    set forth herein shall be an integral part of this Agreement.

 

    17

     

    

 

	17.	生效
	 	Effectiveness

 

	 	17.1	本协议的任何修改、补充或变更,均须采用书面形式,经各方签字或盖章并按规定办理政府登记(如需)后生效。
	 	 	Any amendments,
    changes and supplements to this Agreement shall be in writing and shall become effective upon completion of the governmental
    filing procedures (if applicable) after the affixation of the signatures or seals of the Parties.

 

	 	17.2	本协议以中文和英文书就,一式三份,质权人、出质人和丙方各持一份,具有同等效力;中英文版本如有冲突,应以中文版为准。
	 	 	This
    Agreement is written in Chinese and English in three copies. Pledgors, Pledgee and Party C shall hold one copy respectively.
    Each copy of this Agreement shall have equal validity. In case there is any conflict between the Chinese version and the English
    version, the Chinese version shall prevail.

 

本页其余部分刻意留为空白

The Remainder of this page is intentionally
left blank

 

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有鉴于此,双方已使得经其授权的代表于文首所述日期签署了本独家业务合作协议并即生效,以昭信守。

IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Business Cooperation Agreement as of the date first above written.

 

	甲方:	浙江耐瓦伦特新能源汽车有限公司
	Party A:	Zhejiang Navalant
    New Energy Automobile Co. Ltd.
	签字:	 
	By:	 
	姓名:	张水波
	Name:	Shuibo Zhang
	职位:	法定代表人
	Title:	Legal Representative

 

	乙方:	张水波、陈德稳、李可贞、陈琴芳、邓满兰
	Party B:	Shuibo Zhang,
    Dewen Chen, Kezhen Li, Qinfang Chen,Manlan Deng
	签字:	 
	By:	 

 

	丙方:	浙江九紫新能源汽车有限公司
	Party C:	Zhejiang Jiuzi
    New Energy Automobile Co., Ltd.
	签字:	 
	By:	 
	姓名:	张水波
	Name:	Shuibo Zhang
	职位:	法定代表人
	Title:	Legal Representative

 

    19

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