Document:

EX-10.1

 Exhibit 10.1 

QUANTASING GROUP LIMITED SHARE INCENTIVE PLAN 

PREFACE 
 This
Plan is divided into two separate equity programs: (1) the option and share appreciation rights grant program set forth in Section 5 under which Eligible Persons (as defined in Section 3) may, at the discretion of the Administrator,
be granted Options and/or SARs, and (2) the share award program set forth in Section 6 under which Eligible Persons may, at the discretion of the Administrator, be awarded restricted or unrestricted Ordinary Shares. Section 2 of this
Plan contains the general rules regarding the administration of this Plan. Section 3 sets forth the requirements for eligibility to receive an Award grant under this Plan. Section 4 describes the authorized shares of the Company that may
be subject to Awards granted under this Plan. Section 7 contains other provisions applicable to all Awards granted under this Plan. Section 8 provides definitions for certain capitalized terms used in this Plan and not otherwise defined
herein. 
  

	1.	 PURPOSE OF THE PLAN. 

The purpose of this Plan is to promote the success of the Company and the interests of its shareholders by providing a means through which the
Company may grant equity-based incentives to attract, motivate, retain and reward certain officers, employees, directors and other eligible persons and to further link the interests of Award recipients with those of the Company’s shareholders
generally. 
  

	2.	 ADMINISTRATION. 

2.1 Administrator. This Plan shall be administered by and all Awards under this Plan shall be authorized by the
Administrator. The “Administrator” means the Board or one or more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be
comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of
directors may also delegate, to the extent permitted by the Companies Law, Cap 22 (as consolidated and revised) of the Cayman Islands and any other applicable law, to one or more officers of the Company, its powers under this Plan (a) to
designate the officers and employees of the Company and its Affiliates who will receive grants of Awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of, such Awards. The Board may
delegate different levels of authority to different committees with administrative and grant authority under this Plan. Unless otherwise provided in the Shareholders Agreement, the Memorandum and Articles of Association of the Company or the
applicable charter of any Administrator, a majority of the members of the acting Administrator shall constitute a quorum, and the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the
members of the Administrator shall constitute action by the acting Administrator. 

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

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

  

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

  

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

  

	 	(d)	 construe and interpret this Plan and any Award Agreement or other agreements defining the rights and
obligations of the Company, its Affiliates, and Participants under this Plan, make factual determinations with respect to the administration of this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and
regulations relating to the administration of this Plan or the Awards; 

  

	 	(e)	 cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or
terminate any or all outstanding Awards, subject to any required consent under Section 7.7.4; 

  

	 	(f)	 accelerate or extend the vesting or exercisability or extend the term of any or all outstanding Awards (within
the maximum ten-year term of Awards under Sections 5.4.2 and 6.5) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment
or services or other events of a personal nature); 

  

	 	(g)	 determine Fair Market Value for purposes of this Plan and Awards; 

 

	 	(h)	 determine the duration and purposes of leaves of absence that may be granted to Participants without
constituting a termination of their employment for purposes of this Plan; 

  

	 	(i)	 determine whether, and the extent to which, adjustments are required pursuant to Section 7.3 hereof and
authorize the termination, conversion, substitution or succession of awards upon the occurrence of an event of the type described in Section 7.3; and 

  

	 	(j)	 implement any procedures, steps, additional or different requirements as may be necessary to comply with any
laws of the People’s Republic of China (the “PRC”) that may be applicable to this Plan, any Award or any related documents, including but not limited to foreign exchange laws, tax laws and securities laws of the PRC.

  
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 2.3 Binding Determinations. Any action taken by, or inaction of, the
Company, any Affiliate, the Board or the Administrator relating or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding
upon all persons. Neither the Board nor the Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with
this Plan (or any Award), and all such persons shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting
therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time. 

2.4 Reliance on Experts. In making any determination or in taking or not taking any action under this Plan, the
Administrator may obtain and may rely upon the advice of experts, including employees of and professional advisors to the Company. No director, officer or agent of the Company or any of its Affiliates shall be liable for any such action or
determination taken or made or omitted in good faith. 
 2.5 Delegation. The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Company or any of its Affiliates or to third parties. 
  

	3.	 ELIGIBILITY. 

Awards may be granted under this Plan only to those persons that the Administrator determines to be Eligible Persons. An “Eligible
Person” means any person who qualifies as one of the followings at the time of grant of the respective Award: 
  

	 	(a)	 an officer (whether or not a director) or employee of the Company or any of its Affiliates;

  

	 	(b)	 any member of the Board; or 

 

	 	(c)	 any director of one of the Company’s Affiliates, or any individual consultant or advisor who renders or
has rendered bona fide services (other than services in connection with the offering or sale of securities of the Company or one of its Affiliates, as applicable, in a capital raising transaction or as a market maker or promoter of that
entity’s securities) to the Company or one of its Affiliates. 

 An advisor or consultant may be selected as an
Eligible Person pursuant to clause (c) above only if such person’s participation in this Plan would not adversely affect the Company’s compliance with any applicable laws. 

An Eligible Person may, but need not, be granted one or more Awards pursuant to Section 5 and/or one or more Awards pursuant to
Section 6. An Eligible Person who has been granted an Award under this Plan may, if otherwise eligible, be granted additional Awards under this Plan if the Administrator so determines. However, a person’s status as an Eligible Person is
not a commitment that any Award will be granted to that person under this Plan. 

  
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Furthermore, an Eligible Person who has been granted an Award under Section 5 is not necessarily entitled to an Award under Section 6, or vice versa, unless otherwise expressly
determined by the Administrator. 
 Each Award granted under this Plan must be approved by the Administrator at or prior to the grant of the
Award. 
  

	4.	 SHARES SUBJECT TO THE PLAN. 

4.1 Shares Available. Subject to the provisions of Section 7.3.1, the shares that may be delivered under this Plan
will be the Company’s authorized but unissued Ordinary Shares (and any of its Ordinary Shares held as treasury shares). The Ordinary Shares issued and delivered may be issued and delivered for any lawful consideration. 

4.2 Share Limit. Subject to the provisions of Section 7.3.1 and further subject to the share counting rules of
Section 4.3, the maximum number of Ordinary Shares that may be delivered pursuant to Awards granted under this Plan will not exceed 21,717,118 shares (the “Share Limit”) in the aggregate. 

4.3 Replenishment and Reissue of Unvested Awards. No Award may be granted under this Plan unless, on the date of grant,
the sum of (a) the maximum number of Ordinary Shares issuable at any time pursuant to such Award, plus (b) the number of Ordinary Shares that have previously been issued pursuant to Awards granted under this Plan, plus (c) the maximum
number of Ordinary Shares that may be issued at any time after such date of grant pursuant to Awards that are outstanding on such date, does not exceed the Share Limit. Ordinary Shares that are subject to or underlie Options or SARs granted under
this Plan that expire or for any reason are canceled or terminated without having been exercised (Ordinary Shares subject to or underlying the unexercised portion of such Options or SARs in the case of Options or SARs that were partially exercised),
as well as Ordinary Shares that are subject to Share Awards made under this Plan that are forfeited to the Company or otherwise repurchased by the Company prior to the vesting of such shares will again, except to the extent prohibited by law or
applicable listing or regulatory requirements, be available for subsequent Award grants under this Plan. Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with any Award under this Plan,
as well as any shares exchanged by a Participant or withheld by the Company or one of its Affiliates to satisfy the tax withholding obligations related to any Award, shall be available for subsequent Awards under this Plan. In the case of an
exercise of a SAR, only the number of shares actually issued in respect of such exercise shall be charged against this Plan’s Share Limit. Adjustments to the Share Limit pursuant to this Section 4.3 are subject to any applicable
limitations of the Code in the case of Awards intended to be Incentive Stock Options. 
 4.4 Reservation of Shares. The
Company shall at all times reserve a number of Ordinary Shares sufficient to cover the Company’s obligations and contingent obligations to deliver shares with respect to Awards then outstanding under this Plan. 

  
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	5.	 OPTION AND SAR GRANT PROGRAM. 

5.1 Option and SAR Grants in General. Each Option or SAR shall be evidenced by an Award Agreement in the form approved by
the Administrator. The Award Agreement evidencing an Option or SAR shall contain the terms established by the Administrator for that Award, as well as any other terms, provisions, or restrictions that the Administrator may impose on the Option or
SAR or any Ordinary Shares subject to the Option or SAR; in each case subject to the applicable provisions and limitations of this Section 5 and the other applicable provisions and limitations of this Plan. The Administrator may require that
the recipient of an Option or SAR promptly execute and return to the Company his or her Award Agreement evidencing the Award. In addition, the Administrator may require that the spouse of any married recipient of an Option or SAR also promptly
execute and return to the Company the Award Agreement evidencing the Award granted to the recipient or such other spousal consent form that the Administrator may require in connection with the grant of the Award. 

5.2 Incentive Stock Option Status. The Administrator will designate each Option granted under this Plan to a U.S.
resident as either an Incentive Stock Option or a Nonqualified Option, and such designation shall be set forth in the applicable Award Agreement. Any Option granted under this Plan to a U.S. resident that is not expressly designated in the
applicable Award Agreement as an Incentive Stock Option will be deemed to be designated a Nonqualified Option under this Plan and not an “incentive stock option” within the meaning of Section 422 of the Code. Incentive Stock Options
shall be subject to the provisions of Section 5.5 in addition to the provisions of this Plan applicable to Options generally. The Administrator may designate any Option granted under this Plan to a
non-U.S. resident in accordance with the rules and regulations applicable to options in the jurisdiction in which such person is a resident. 

5.3 Option or SAR Price. 

5.3.1 Option Pricing Limits. Subject to the following provisions of this Section 5.3.1, the Administrator will determine the
purchase price per share of the Ordinary Shares covered by each Option (the “exercise price” of the Option) at the time of the grant of the Option, which exercise price will be set forth in the applicable Award Agreement. Unless approved
the Board, the exercise price of an Option will be either of the following, which may be determined at the sole discretion of the Administrator: 
  

	 	(a)	 the par value of an Ordinary Share; 

 

	 	(b)	 in the case of an Incentive Stock Option and subject to clause (c) below, certain discount of the Fair
Market Value of an Ordinary Share on the date of grant which shall be set forth in the Award Agreement; or 

  

	 	(c)	 in the case of an Incentive Stock Option granted to a Participant described in Section 5.5.4, certain
increase of the Fair Market Value of an Ordinary Share on the date of grant which shall be set forth in the Award Agreement; 

  

	 	(d)	 other prices as determined by the Administrator. 

  
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 5.3.2 Payment Provisions. The Company will not be obligated to deliver
certificates for the Ordinary Shares to be purchased upon the exercise of an Option unless and until it receives full payment of the exercise price therefor, all related withholding obligations under Section 7.6 have been satisfied, and all
other conditions to the exercise of the Option set forth herein or in the Award Agreement have been satisfied. The purchase price of any Ordinary Shares purchased upon the exercise of an Option must be paid in full at the time of each purchase in
such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation, one or a combination of the following methods: 
  

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

 

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

 

	 	(c)	 the delivery of previously owned Ordinary Shares; 

 

	 	(d)	 by a reduction in the number of Ordinary Shares otherwise deliverable pursuant to the Award;

  

	 	(e)	 subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise”; or

  

	 	(f)	 if authorized by the Administrator or specified in the applicable Award Agreement, by a promissory note of the
Participant consistent with the requirements of Section 5.3.3. 

 In no event shall any shares newly-issued by the
Company be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable law. Ordinary Shares used to satisfy the exercise price of an Option (whether previously-owned
shares or shares otherwise deliverable pursuant to the terms of the Option) shall be valued at their Fair Market Value on the date of exercise. Unless otherwise expressly provided in the applicable Award Agreement, the Administrator may eliminate or
limit a Participant’s ability to pay the purchase or exercise price of any Award by any method other than cash payment to the Company. The Administrator may take all actions necessary to alter the method of Option exercise and the exchange and
transmittal of proceeds with respect to Participants resident in the PRC not having permanent residence in a country other than the PRC in order to comply with applicable PRC foreign exchange and tax regulations and any other applicable PRC laws and
regulations. 
 5.3.3 Acceptance of Notes to Finance Exercise. The Company may, with the Administrator’s approval in each
specific case, accept one or more promissory notes from any Eligible Person in connection with the exercise of any Option; provided that any such note shall be subject to the following terms and conditions: 

 

	 	(a)	 The principal of the note shall not exceed the amount required to be paid to the Company upon the exercise,
purchase or acquisition of one or more Awards under this Plan and the note shall be delivered directly to the Company in consideration of such exercise, purchase or acquisition. 

 

	 	(b)	 The initial term of the note shall be determined by the Administrator; provided that the term of the note,
including extensions, shall not exceed a period of five years. 

  
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	 	(c)	 The note shall provide for full recourse to the Participant and shall bear interest at a rate determined by the
Administrator, but not less than the interest rate necessary to avoid the imputation of interest under the Code or other applicable tax law, rules or regulations, and to avoid any adverse accounting consequences in connection with the exercise,
purchase or acquisition. 

  

	 	(d)	 If the employment or services of the Participant by or to the Company and its Affiliates terminates, the unpaid
principal balance of the note shall become due and payable on the 30th business day after such termination; provided, however, that if a sale of the shares acquired on exercise of the Option would cause such Participant to incur liability under
Section 16(b) of the Exchange Act, the unpaid balance shall become due and payable on the 10th business day after the first day on which a sale of such shares could have been made without incurring such liability assuming for these purposes
that there are no other transactions (or deemed transactions) in securities of the Company by the Participant subsequent to such termination. 

  

	 	(e)	 If required by the Administrator or by applicable law, the note shall be secured by a pledge of any shares or
rights financed thereby or other collateral, in compliance with applicable law. 

 The terms, repayment provisions, and
collateral release provisions of the note and the pledge securing the note shall conform with all applicable rules and regulations, including those of the Federal Reserve Board of the United States and any applicable law, as then in effect. 

5.3.4 Base Price of SARs. The Administrator will determine the base price per share of the Ordinary Shares covered by each SAR
at the time of the grant of the SAR, which base price will be set forth in the applicable Award Agreement. 
 5.4
Vesting; Term; Exercise Procedure. 
 5.4.1 Vesting. Except as provided in Section 5.8, an Option or SAR
may be exercised only to the extent that it is vested and exercisable. The Administrator will determine the vesting and/or exercisability provisions of each Option or SAR (which may be based on performance criteria, passage of time or other factors
or any combination thereof), which provisions will be set forth in the applicable Award Agreement. Unless the Administrator otherwise expressly provides, once exercisable an Option or SAR will remain exercisable until the expiration or earlier
termination of the Option or SAR. 
 5.4.2 Term. Each Option and SAR shall expire not more than 10 years after its date of
grant. Each Option and SAR will be subject to earlier termination as provided in or pursuant to Sections 5.6 and 7.3 or the terms of the applicable Award Agreement. 

5.4.3 Exercise Procedure. Subject to applicable provisions under this Plan, any exercisable Option or SAR will be deemed to be
exercised when (a) the applicable exercise procedures in the related Award Agreement have been satisfied (or, in the absence of any such procedures in the related Award Agreement, the Company has received written notice of such exercise from
the Participant), and (b) in the case of an Option, the Company has received any required payment made in accordance with Section 5.3 and Section 7.6, and (c) in the case of an Option or SAR, the Company has received any written
statement required pursuant to Section 7.5.1. 

  
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 5.4.4 Fractional Shares/Minimum Issue. Fractional share interests will be
disregarded, while may be accumulated. The Administrator, however, may determine that cash, other securities, or other property will be paid or transferred in lieu of any fractional share interests. No Option or SAR may be exercised as to fewer than
100 shares (subject to adjustment pursuant to Section 7.3.1) at one time unless the number as to which the Award is exercised is the total number at the time then subject to the vested and exercisable portion of the Award. 

5.5 Limitations on Grant and Terms of Incentive Stock Options. 

5.5.1 US$100,000 Limit. To the extent that the aggregate Fair Market Value of shares with respect to which incentive stock
options (within the meaning of Section 422 of the Code) first become exercisable by a Participant in any calendar year exceeds US$100,000, taking into account both Ordinary Shares subject to Incentive Stock Options under this Plan and shares
subject to incentive stock options under all other plans of the Company or any of its Affiliates, such options will be treated as Nonqualified Options. For this purpose, the Fair Market Value of the shares subject to options will be determined as of
the date the options were awarded. In reducing the number of options treated as incentive stock options to meet the US$100,000 limit, the most recently granted options will be reduced (re-characterized as
Nonqualified Options) first. To the extent a reduction of simultaneously granted options is necessary to meet the US$100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which Ordinary Shares are to be
treated as shares acquired pursuant to the exercise of an incentive stock option. 
 5.5.2 Other Code Limits. Incentive Stock
Options may only be granted to individuals that are employees, advisors or consultants of the Company or one of its Affiliates and satisfy the other eligibility requirements of the Code. Any Award Agreement relating to Incentive Stock Options will
contain or shall be deemed to contain such other terms and conditions as from time to time are required in order that the Option be an “incentive stock option” as that term is defined in Section 422 of the Code. 

5.5.3 ISO Notice of Sale Requirement. Any Participant who exercises an Incentive Stock Option shall give prompt written notice
to the Company of any sale or other transfer of the Ordinary Shares acquired on such exercise if the sale or other transfer occurs within (a) two year after the exercise date of the Option, or (b) four years after the grant date of the
Option. 
 5.5.4 Limits on 10% Holders. Unless otherwise approved by the Administrator, no Incentive Stock Option may be
granted to any person who, at the time the Incentive Stock Option is granted, owns (or is deemed to own under Section 424(d) of the Code) outstanding shares of the Company (or any of its Affiliates) possessing more than 10% of the total
combined voting power of all classes of shares of the Company (or any of its Affiliates), unless the exercise price of such Incentive Stock Option is at least 110% of the Fair Market Value of the shares subject to the Incentive Stock Option and the
Incentive Stock Option by its terms is not exercisable more than five years after the date the Incentive Stock Option is granted. 

  
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 5.6 Effects of Termination of Employment on Options and SARs.

 5.6.1 Termination for Death, Disability or Retirement. Unless otherwise provided in the applicable Award Agreement
(consistent with applicable securities laws) and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates terminates as a
result of the Participant’s death, Total Disability or retirement: (x) in respect of the Option or SAR (or portion thereof) that is vested and/or exercisable on the Severance Date, the Participant (or his or her Personal Representative or
Beneficiary, in the case of the Participant’s Total Disability or death, respectively), will have until the date that is two (2) months after the Participant’s Severance Date to exercise the Participant’s Option or SAR (or
portion thereof), and (y) in respect of the Option or SAR (or portion thereof) that is not vested and/or exercisable on the Severance Date, such Option or SAR (or portion thereof) shall terminate on the Severance Date at nil consideration. For
the avoidance of doubt, the Option or SAR, to the extent exercisable for the 2-month period following the Participant’s Severance Date and not exercised during such period, shall terminate at the close of
business on the last day of the 2-month period. Notwithstanding anything to the contrary and subject to applicable law, the Company shall be entitled (but not an obligation) to reacquire the Participant’s
vested and/or exercised Option or SAR at a price of 50% of the Fair Market Value as of the latest practicable date prior to the Severance Date within 6 months from the Participant’s Severance Date. 

5.6.2 Dismissal for Cause. Unless otherwise provided in the applicable Award Agreement (consistent with applicable securities
laws) and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates terminates for Cause, the Participant’s Option or
SAR, whether such Option or SAR are then vested and/or exercisable or not, shall terminate on the Participant’s Severance Date, and the Company shall have the right (but not an obligation) to repurchase all the shares and/or equities acquired
by the Participant as a result of the vesting or exercise of Participant’s Option or SAR at a purchase price equals to the exercise price the Participant paid to the Company.  

5.6.3 Other Terminations of Employment. Unless otherwise provided in the applicable Award Agreement (consistent with applicable
securities laws) and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates terminates for any reason other than a
termination by such entity because of the Participant’s death, Total Disability, retirement or Cause, (x) the Participant will have until the date that is two (2) months after the Participant’s Severance Date to exercise his or
her Option or SAR (or portion thereof) to the extent that it was vested and exercisable on the Severance Date, and (y) the Participant’s Option or SAR shall terminate on the Participant’s Severance Date to the extent that it was not
vested or exercisable on the Severance Date. For the avoidance of doubt, the Option or SAR, to the extent exercisable for the 2-month period following the Participant’s Severance Date and
not exercised during such period, shall terminate at the close of business on the last day of the 2-month period. Notwithstanding anything to the contrary and subject to applicable law, the Company shall
be entitled (but not an obligation) to reacquire the Participant’s vested and/or exercised Option or SAR at a price of 30% of the Fair Market Value as of the latest practicable date prior to the Severance Date within six (6) months from
the Participant’s Severance Date. 

  
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 5.7 Option and SAR Repricing/Cancellation and Regrant/Waiver of
Restrictions. Subject to Section 4 and Section 7.7 and the specific limitations on Options and SARs contained in this Plan, the Administrator from time to time may authorize, generally or in specific cases only, for the benefit of
any Eligible Person, any adjustment in the exercise or base price, the vesting schedule, the number of shares subject to, or the term of, an Option or SAR granted under this Plan by cancellation of an outstanding Option or SAR and a subsequent
regranting of the Option or SAR, by amendment, by substitution of an outstanding Option or SAR, by waiver or by other legally valid means. Such amendment or other action may result in, among other changes, an exercise or base price that is higher or
lower than the exercise or base price of the original or prior Option or SAR, provide for a greater or lesser number of Ordinary Shares subject to the Option or SAR, or provide for a longer or shorter vesting or exercise period. 

5.8 Early Exercise Options and SARs. The Administrator may, in its discretion, designate any Option or SAR as an
“early exercise Option” or “early exercise SAR” which, by express provision in the applicable Award Agreement, may be exercised prior to the date such Option or SAR has vested. If the Participant elects to exercise all or a
portion of an early exercise Option or SAR before it is vested, the Ordinary Shares acquired under the Option or SAR which are attributable to the unvested portion of the Option or SAR shall be Restricted Shares. The applicable Award Agreement will
specify the extent (if any) to which and the time (if ever) at which the Participant will be entitled to dividends, voting and other rights in respect of such Restricted Shares prior to vesting, and the restrictions imposed on such shares and the
conditions of release or lapse of such restrictions. Unless otherwise expressly provided in the applicable Award Agreement, such Restricted Shares shall be subject to the provisions of Sections 6.6 through 6.9 below. 

 

	6.	 SHARE AWARD PROGRAM. 

6.1 Share Awards in General. Each Share Award shall be evidenced by an Award Agreement in the form and substance approved
by the Administrator. The Award Agreement evidencing a Share Award shall contain the terms established by the Administrator for that Share Award, as well as any other terms, provisions, or restrictions that the Administrator may impose on the Share
Award; in each case subject to the applicable provisions and limitations of this Section 6 and the other applicable provisions and limitations of this Plan. The Administrator may require that the recipient of a Share Award promptly execute and
return to the Company his or her Award Agreement evidencing the Share Award. In addition, the Administrator may require that the spouse of any married recipient of a Share Award also promptly execute and return to the Company the Award Agreement
evidencing the Share Award granted to the recipient or such other spousal consent form that the Administrator may require in connection with the grant of the Share Award. 

6.2 Types of Share Awards. The Administrator shall designate whether a Share Award shall be a Restricted Share Award, and
such designation shall be set forth in the applicable Award Agreement. 
 6.3 Purchase Price. 

6.3.1 Pricing Limits. Subject to the following provisions of this Section 6.3, the Administrator will determine the
purchase price per share of the Ordinary Shares covered by each Share Award at the time of grant of the Award. In no case will such purchase price be less than the par value of the Ordinary Shares. 

  
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 6.3.2 Payment Provisions. The Company will not be obligated to record in the
Company’s register of members, or issue certificates evidencing, Ordinary Shares awarded under this Section 6 unless and until it receives full payment of the purchase price therefor and all other conditions to the purchase, as determined
by the Administrator, have been satisfied, at which point the relevant shares shall be issued and noted in the Company’s register of members. The purchase price of any shares subject to a Share Award must be paid in full at the time of the
purchase in such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation, one or a combination of the methods set forth in clauses (a) through (f) in Section 5.3.2 and/or past
services rendered to the Company or any of its Affiliates. 
 6.4 Vesting. The restrictions imposed on the Ordinary
Shares subject to a Restricted Share Award (which may be based on performance criteria, passage of time or other factors or any combination thereof) will be set forth in the applicable Award Agreement. 

6.5 Term. A Share Award shall either vest or be forfeited not more than 10 years after the date of grant. Each Share
Award will be subject to earlier termination as provided in or pursuant to Sections 6.8 and 7.3. Any payment of cash or delivery of shares in payment for a Share Award may be delayed until a future date if specifically authorized by the
Administrator in writing and by the Participant. Payment of Awards may be in the form of cash, Ordinary Shares, other Awards or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose. The Administrator
may also require or permit Participants to elect to defer the issuance of shares or the settlement of Awards in cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements
include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares. 

6.6 Share Certificates; Fractional Shares. Share certificates evidencing Restricted Shares will bear a legend making
appropriate reference to the restrictions imposed hereunder and will be held by the Company or by a third party designated by the Administrator until the restrictions on such shares have lapsed, the shares have vested in accordance with the
provisions of the Award Agreement and Section 6.4, and any related loan has been repaid. Fractional share interests will be disregarded, while may be accumulated. The Administrator, however, may determine that cash, other securities, or other
property will be paid or transferred in lieu of any fractional share interests. 
 6.7 Dividend and Voting Rights.
Unless otherwise provided in the applicable Award Agreement, a Participant holding Restricted Shares will be entitled to cash dividend for all Restricted Shares issued even though they are not vested, but such rights will terminate immediately as to
any Restricted Shares which cease to be eligible for vesting or are repurchased by the Company. Notwithstanding anything to the contrary, prior to the Public Offering Date, voting rights attached on the Restricted Shares held by Participant(s), even
though they are not vested, shall irrevocably be entrusted to LI Peng (李鹏) or other entity designated by LI Peng (李鹏). 

  
 11 

 6.8 Termination of Employment; Return to the Company. 

6.8.1 Termination for Reasons other than Cause. Unless otherwise provided in the applicable Award Agreement (consistent with
applicable securities laws) and subject to earlier termination pursuant to or as contemplated by Section 6.5 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates terminates as a result of the
Participant’s death, Total Disability, retirement or otherwise without a Cause: (x) in respect of the Restricted Shares that are vested and are not subject to any lock-up restriction on the Severance
Date, Company shall be entitled (but not the obligation) to, within six (6) months after the Severance Date, repurchase such Restricted Shares from the Participant (or his or her Personal Representative or Beneficiary, in the case of the
Participant’s Total Disability or death, respectively) at the price of 50% of the Fair Market Value as of the latest practicable date prior to the Severance Date, (y) in respect of the Restricted Shares that are vested but are subject to lock-up restriction on the Severance Date, the Company shall be entitled (but not the obligation) to, within six (6) months after the Severance Date, repurchase such Restricted Shares from the Participant (or
his or her Personal Representative or Beneficiary, in the case of the Participant’s Total Disability or death, respectively) at a price equal to 30% of the Fair Market Value as of the latest practicable date prior to the Severance Date, and
(z) in respect of the Restricted Shares that are not vested on the Severance Date, such Restricted Shares shall be forfeited to and reacquired by the Company in such manner and on such terms as the Administrator provides at the original
purchase price of the Restricted Shares (without interest). 
 6.8.2 Dismissal for Cause. Unless otherwise provided in the
applicable Award Agreement (consistent with applicable securities laws) and subject to earlier termination pursuant to or as contemplated by Section 6.5 or 7.3, if a Participant’s employment by or service to the Company or any of its
Affiliates terminates for Cause, the Participant’s Restricted Shares shall be forfeited to and reacquired by the Company in such manner and on such terms as the Administrator provides at the original purchase price of the Restricted Shares
(without interest), whether or not the Restricted Shares are then vested.  
 6.9 Waiver of Restrictions.
Subject to Sections 4 and 7.7 and the specific limitations on Share Awards contained in this Plan, the Administrator from time to time may authorize, generally or in specific cases only, for the benefit of any Eligible Person, any adjustment in the
vesting schedule, or the restrictions upon or the term of, a Share Award granted under this Plan by amendment, by substitution of an outstanding Share Award, by waiver or by other legally valid means. 

 

	7.	 PROVISIONS APPLICABLE TO ALL AWARDS. 

7.1 Rights of Eligible Persons, Participants and Beneficiaries. 

7.1.1 Employment Status. No Person shall have any claim or rights to be granted an Award (or additional Awards, as the case may
be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 

7.1.2 No Employment/Service Contract. Nothing contained in this Plan (or in any other documents under this Plan or related to
any Award) shall confer upon any Eligible Person or Participant any right to continue in the employ or other service of the Company or any of its Affiliates, constitute any contract or agreement of employment or other service or affect an
employee’s status as an employee at will, nor shall interfere in any way with the right of the Company or any Affiliate to change such person’s compensation or other benefits, or to terminate his or her employment or other service, with or
without cause at any time. Nothing in this Section 7.1.2, or in Section 7.3 or 7.15, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract. An Award Agreement
shall not constitute a contract of employment or service. 

  
 12 

 7.1.3 Plan Not Funded. Awards payable under this Plan will be payable in
Ordinary Shares or from the general assets of the Company, and (except as to the share reservation provided in Section 4.4) no special or separate reserve, fund or deposit will be made to assure payment of such Awards. No Participant,
Beneficiary or other person will have any right, title or interest in any fund or in any specific asset (including Ordinary Shares, except as expressly provided) of the Company or any of its Affiliates by reason of any Award hereunder. Neither the
provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan will create, or be construed to create, a trust of any kind or a fiduciary relationship
between the Company or any of its Affiliates and any Participant, Beneficiary or other person. To the extent that a Participant, Beneficiary or other person acquires a right to receive payment pursuant to any Award hereunder, such right will be no
greater than the right of any unsecured general creditor of the Company. 
 7.1.4 Charter Documents. The Shareholders
Agreement and the Memorandum and Articles of Association of the Company, as may lawfully be amended from time to time, may provide for additional restrictions and limitations with respect to the Ordinary Shares (including additional restrictions and
limitations on the voting or transfer of Ordinary Shares) or priorities, rights and preferences as to securities and interests prior in rights to the Ordinary Shares. These restrictions and limitations are in addition to (and not in lieu of) those
set forth in this Plan or any Award Agreement and are incorporated herein by this reference. 
 7.2 No Transferability;
Limited Exception to Transfer Restrictions. 
 7.2.1 Limit on Exercise and Transfer. Unless otherwise expressly
provided in (or pursuant to) this Section 7.2, by applicable law and by the Award Agreement, as the same may be amended: 
  

	 	(a)	 all Awards are non-transferable and will not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 

  

	 	(b)	 Awards will be exercised only by the Participant; and 

 

	 	(c)	 amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and,
in the case of Ordinary Shares, registered in the name of, the Participant. 

 Neither the Participant (nor any permitted
transferee) may, directly or indirectly, offer, sell or transfer or dispose of (i) any of the Ordinary Shares acquired upon exercise of the Option or any interest therein prior to the second anniversary of the Public Offering Date, or such
lesser period of time as the Administrator may permit, or (ii) any of the Restricted Shares or any interest therein during the period commencing on the date of grant of such Restricted Shares and ending the second anniversary of the Public
Offering Date, or such lesser period of time as the Administrator may permit. 
 In addition, the shares shall be subject to the
restrictions set forth in the applicable Award Agreement. 
 7.2.2 Further Exceptions to Limits on Transfer. The exercise and
transfer restrictions in Section 7.2.1 will not apply to: 
  

	 	(a)	 transfers to the Company; 

  
 13 

	 	(b)	 transfers by gift or domestic relations order to one or more “family members” (as that term is
defined in SEC Rule 701 promulgated under the Securities Act) of the Participant, including transfers to a trust in which the Participant (or other family member) has more than 50% of the beneficial interest, a foundation in which the Participant
(or other family member) controls the management of assets, or an entity in which the Participant (or other family member) owns more than 50% of the voting interest, so long as such transfer is expressly authorized by the Administrator and is in
compliance with all applicable laws; 

  

	 	(c)	 the designation of a Beneficiary to receive benefits if the Participant dies or, if the Participant has died,
transfers to or exercises by the Participant’s Beneficiary, or, in the absence of a validly designated Beneficiary, transfers by will or the laws of descent and distribution; or 

 

	 	(d)	 if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by
the Participant’s duly authorized legal representative. 

 Notwithstanding anything else in this Section 7.2.2
to the contrary, but subject to compliance with all applicable laws, Incentive Stock Options and Restricted Share Awards will be subject to any and all transfer restrictions under the Code applicable to such awards or necessary to maintain the
intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all applicable laws, any contemplated transfer by gift or domestic relations order to one or more family members of a Participant as
referenced in clause (b) above is subject to the condition precedent that the transfer be approved by the Administrator in order for it to be effective. The Administrator may, in its sole discretion, withhold its approval of any such proposed
transfer. 
 7.3 Adjustments; Changes in Control. 

7.3.1 Adjustments. Subject to Section 7.3.2 below, upon (or, as may be necessary to effect the adjustment, immediately
prior to) any reclassification, recapitalization, share split (including a share split in the form of a share dividend) or reverse share split; any merger, combination, consolidation, or other reorganization; any
split-up, spin-off, or similar extraordinary dividend distribution in respect of the Ordinary Shares; or any exchange of Ordinary Shares or other securities of the
Company, or any similar, unusual or extraordinary corporate transaction in respect of the Ordinary Shares; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Ordinary Shares (or other
securities) that thereafter may be made the subject of Awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of Ordinary Shares (or other securities or
property) subject to any outstanding Awards, (3) the grant, purchase, exercise or base price of any outstanding Awards, and/or (4) the securities, cash or other property deliverable upon exercise or vesting of any outstanding Awards, in
each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding Awards. 

  
 14 

 Unless otherwise expressly provided in the applicable Award Agreement, upon (or, as may be
necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding paragraph or a sale of all or substantially all of the business or assets of the Company as an entirety, the Administrator shall equitably
and proportionately adjust the performance standards applicable to any then-outstanding performance-based Awards to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding
performance-based Awards. 
 It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a
manner that satisfies applicable legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with
respect to such adjustment) requirements. 
 Without limiting the generality of Section 2.3, any good faith determination by the
Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.3.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons. 

Unless otherwise expressly provided by the Administrator, in no event shall a conversion of one or more outstanding shares of the
Company’s preferred share (if any) or any new issuance of securities by the Company for consideration be deemed, in and of itself, to require an adjustment pursuant to this Section 7.3.1. 

7.3.2 Consequences of a Change in Control Event. Upon the occurrence of a Change in Control Event, the Administrator may make
provision for a cash payment in settlement of, or for the assumption, substitution or exchange of any or all outstanding Awards (or the cash, securities or other property deliverable to the holder(s) of any or all outstanding Awards) based upon, to
the extent relevant in the circumstances, the distribution or consideration payable to holders of the Ordinary Shares upon or in respect of such event. 

The Administrator may, in its sole discretion, provide in the applicable Award Agreement or by an amendment thereto for the accelerated
vesting of one or more Awards to the extent such Awards are outstanding upon a Change in Control Event or such other events or circumstances as the Administrator may provide. 

The Administrator may adopt such valuation methodologies for outstanding Awards as it deems reasonable in the event of a cash, securities or
other property settlement. In the case of Options and SARs, but without limitation on other methodologies, the Administrator may base such settlement solely upon the excess (if any) of the amount payable upon or in respect of such event over the
exercise or base price of the Option or SAR, as applicable, to the extent of the then vested and exercisable shares subject to the Option or SAR. 

In any of the events referred to in this Section 7.3.2, the Administrator may take such action contemplated by this Section 7.3.2
prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the Participant to realize the benefits intended to be conveyed with respect to the underlying shares.
Without limiting the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the applicable event and/or reinstate the original terms of the Award if an event giving rise to acceleration does not occur.

  

  
 15 

 7.3.3 Early Termination of Awards. Upon the occurrence of a Change in Control
Event, each then-outstanding Award (whether or not vested and/or exercisable, shall terminate, subject to any provision that has been expressly made by the Administrator, through a plan of reorganization or otherwise, for the survival, substitution,
assumption, exchange or other continuation or settlement of such Award and provided that, in the case of Options and SARs that will not survive or be substituted for, assumed, exchanged, or otherwise continued or settled in the Change in Control
Event, the holder of such Award shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding and vested Options and SARs in accordance with their terms before the termination
of the Awards (except that in no case shall more than ten days’ notice of the impending termination be required). For purposes of this Section 7.3, an Award shall be deemed to have been “assumed” if (without limiting other
circumstances in which an Award is assumed) the Award continues after the Change in Control Event, and/or is assumed and continued by a Parent (as such term is defined in the definition of Change in Control Event) following a Change in Control
Event, and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the Award, for each Ordinary Share subject to the Award immediately prior to the Change in Control Event, the
consideration (whether cash, shares, or other securities or property) received in the Change in Control Event by the shareholders of the Company for each Ordinary Share sold or exchanged in such transaction (or the consideration received by a
majority of the shareholders participating in such transaction if the shareholders were offered a choice of consideration); provided, however, that if the consideration offered for an Ordinary Share in the transaction is not solely the ordinary
shares of a successor company or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the Award, for each share subject to the Award, to be solely ordinary shares (as applicable) of the successor
company or a Parent equal in Fair Market Value to the per share consideration received by the shareholders participating in the Change in Control Event. 

7.3.4 Other Acceleration Rules. The Administrator may override the provisions of this Section 7.3 as to any Award by
express provision in the applicable Award Agreement and may accord any Participant a right to refuse any acceleration, whether pursuant to the Award Agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any
Incentive Stock Option accelerated in connection with a Change in Control Event (or such other circumstances as may trigger accelerated vesting of the Incentive Stock Option) shall remain exercisable as an Incentive Stock Option only to the extent
the applicable US$100,000 limitation on Incentive Stock Options is not exceeded. To the extent exceeded, the accelerated portion of the Option shall be exercisable as a Nonqualified Option. 

7.4 Termination of Employment or Services. 

7.4.1 Events Not Deemed a Termination of Employment. Unless the Administrator otherwise expressly provides with respect to a
particular Award, if a Participant’s employment by or service to the Company or an Affiliate terminates but immediately thereafter the Participant continues in the employ of or service to another Affiliate or the Company, as applicable, the
Participant shall be deemed to have not had a termination of employment or service for purposes of this Plan and the Participant’s Awards. Unless the express policy of the Company or the Administrator otherwise provides, a Participant’s
employment relationship with the Company or any of its Affiliates shall not be considered terminated solely due to any sick leave, military leave, or any other leave of absence authorized by the Company or any Affiliate or the Administrator;
provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not more than three (3) months. In the case of any Participant on an approved leave of absence,
continued vesting of the Award while on leave from the employ of or service with the Company or any of its Affiliates will be suspended until the Participant returns to service, unless the Administrator otherwise provides or applicable law otherwise
requires. In no event shall an Award be exercised after the expiration of the term of the Award set forth in the Award Agreement. 

  
 16 

 7.4.2 Effect of Change of Affiliate Status. For purposes of this Plan and any
Award, if an entity ceases to be an Affiliate, a termination of employment or service will be deemed to have occurred with respect to each Eligible Person in respect of such Affiliate who does not continue as an Eligible Person in respect of another
Affiliate that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Affiliate that is sold, spun-off or otherwise divested (or its successor or
a direct or indirect parent of such Affiliate or successor) assumes the Eligible Person’s award(s) in connection with such transaction. 

7.4.3 Administrator Discretion. Notwithstanding the provisions of Section 5.6 or 6.8, in the event of, or in anticipation
of, a termination of employment or service with the Company or any of its Affiliates for any reason, the Administrator may accelerate the vesting and exercisability of all or a portion of the Participant’s Award, and/or, subject to the
provisions of Sections 5.4.2 and 7.3, extend the exercisability period of the Participant’s Option or SAR upon such terms as the Administrator determines and expressly sets forth in or by amendment to the Award Agreement. 

7.4.4 Termination of Consulting or Affiliate Services. If the Participant is an Eligible Person solely by reason of clause
(c) of Section 3, the Administrator shall be the sole judge of whether the Participant continues to render services to the Company or any of its Affiliates, unless a written contract or the Award Agreement otherwise provides. If, in these
circumstances, the Company or any Affiliate notifies the Participant in writing that a termination of the Participant’s services to the Company or any Affiliate has occurred for purposes of this Plan, then (unless the contract or the Award
Agreement otherwise expressly provides), the Participant’s termination of services with the Company or Affiliate for purposes of this Plan shall be the date specified by the Company or Affiliate in the notice. 

7.5 Compliance with Laws. 

7.5.1 General. This Plan, the granting and vesting of Awards under this Plan, and the offer, issuance and delivery of Ordinary
Shares, the acceptance of promissory notes and/or the payment of money under this Plan or under Awards are subject to compliance with all applicable federal and state laws, applicable foreign laws, rules and regulations (including but not limited to
state and federal securities laws, and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any
person acquiring any securities under this Plan will, if requested by the Company, provide such assurances and representations to the Company as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and
accounting requirements. 

  
 17 

 7.5.2 Compliance with Securities Laws. No Participant shall sell, pledge or
otherwise transfer Ordinary Shares acquired pursuant to an Award or any interest in such shares except in accordance with the express terms of this Plan and the applicable Award Agreement. Any attempted transfer in violation of this Section 7.5
shall be void and of no effect. Without in any way limiting the provisions set forth above, no Participant shall make any disposition of all or any portion of Ordinary Shares acquired or to be acquired pursuant to an Award, except in compliance with
all applicable federal and state securities laws and unless and until: 
  

	 	(a)	 there is then in effect a registration statement under the Securities Act covering such proposed disposition
and such disposition is made in accordance with such registration statement; 

  

	 	(b)	 such disposition is made in accordance with Rule 144 under the Securities Act; or 

 

	 	(c)	 such Participant notifies the Company of the proposed disposition and furnishes the Company with a statement of
the circumstances surrounding the proposed disposition, and, if requested by the Company, furnishes to the Company an opinion of counsel acceptable to the Company’s counsel, that such disposition will not require registration under the
Securities Act and will be in compliance with all applicable securities laws. 

 Notwithstanding anything else herein to
the contrary, neither the Company or any Affiliate has any obligation to register the Ordinary Shares or file any registration statement under either federal or state securities laws, nor does the Company or any Affiliate make any representation
concerning the likelihood of a public offering of the Ordinary Shares or any other securities of the Company or any Affiliate. 

7.5.3 Share Legends. All certificates evidencing Ordinary Shares issued or delivered under this Plan shall bear the following
legends and/or any other appropriate or required legends under applicable laws: 
 “OWNERSHIP OF THIS CERTIFICATE, THE SHARES EVIDENCED
BY THIS CERTIFICATE AND ANY INTEREST THEREIN ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER UNDER APPLICABLE LAW AND UNDER AGREEMENTS WITH THE COMPANY, INCLUDING RESTRICTIONS ON SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION.”

 “THE SHARES ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST REFUSAL AND CALL RIGHTS TO REPURCHASE THE SHARES UNDER THE
COMPANY’S SHARE INCENTIVE PLAN AND AGREEMENTS WITH THE COMPANY THEREUNDER.” 

  
 18 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE
ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.” 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE ACT, NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER
THE SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF
COUNSEL TO THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH ANY OTHER APPLICABLE SECURITIES LAWS.” 

7.5.4 Confidential Information. Any financial or other information relating to the Company obtained by Participants in
connection with or as a result of this Plan or their Awards shall be treated as confidential. 
 7.6 Tax Withholding.
Upon any exercise, vesting, or payment of any Award or upon the disposition of Ordinary Shares acquired pursuant to the exercise of an Incentive Stock Option prior to satisfaction of the holding period requirements of Section 422 of the Code,
the Company or any of its Affiliates shall have the right at its option to: 
  

	 	(a)	 require the Participant (or the Participant’s Personal Representative or Beneficiary, as the case may be)
to pay or provide for payment of at least the minimum amount of any taxes which the Company or Affiliate may be required to withhold with respect to such Award event or payment; 

 

	 	(b)	 deduct from any amount otherwise payable (in respect of an Award or otherwise) in cash to the Participant (or
the Participant’s Personal Representative or Beneficiary, as the case may be) the minimum amount of any taxes which the Company or Affiliate may be required to withhold with respect to such Award event or payment; or 

 

	 	(c)	 reduce the number of Ordinary Shares to be delivered by (or otherwise reacquire shares held by the Participant)
the appropriate number of Ordinary Shares, valued at their then Fair Market Value, to satisfy the minimum withholding obligation. 

In any case where a tax is required to be withheld (including taxes in the PRC where applicable) in connection with the delivery of Ordinary
Shares under this Plan (including the sale of Ordinary Shares as may be required to comply with foreign exchange rules in the PRC for Participants resident in the PRC), the Administrator may in its sole discretion (subject to Section 7.5) grant
(either at the time of the Award or thereafter) to the Participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Company reduce the number of shares to be delivered by (or
otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the minimum applicable
withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed the minimum whole number of shares required for tax withholding under applicable law. The Company may, with the Administrator’s approval,
accept one or more promissory notes from any Eligible Person in connection with taxes required to be withheld upon the exercise, vesting or payment of any Award under this Plan; provided that any such note shall be subject to terms and conditions
established by the Administrator and the requirements of applicable law. Any such note need not otherwise comply with the provisions of Section 5.3.3. 

  
 19 

 7.7 Plan and Award Amendments, Termination and Suspension. 

7.7.1 Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in
whole or in part. No Awards may be granted during any period that the Board suspends this Plan. 
 7.7.2 Approval. To the
extent then required by applicable law or any applicable listing agency or required under Sections 162, 422 or 424 of the Code or other applicable tax law, rules or regulations, to preserve the intended tax consequences of this Plan, or deemed
necessary or advisable by the Board, any amendment to this Plan shall be subject to the approval of the Board or the Members in accordance with the charter documents of the Company. 

7.7.3 Amendments to Awards. Without limiting any other express authority of the Administrator under (but subject to) the express
limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a Participant, and
(subject to the requirements of Sections 2.2 and 7.7.4) may make other changes to the terms and conditions of Awards. 
 7.7.4
Limitations on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan or amendment of any outstanding Award shall, without written consent of the Participant, affect in any manner materially adverse to the
Participant any rights or benefits of the Participant or obligations of the Company under any Award granted under this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7.3 shall not
be deemed to constitute changes or amendments for purposes of this Section 7.7. 
 7.8 Privileges of Share
Ownership. Except as otherwise expressly authorized by the Administrator, a Participant will not be entitled to any privilege of share ownership as to any Ordinary Shares not actually delivered to and held of record by the Participant.
Except as expressly required by Section 7.3.1, no adjustment will be made for dividends or other rights as a shareholder for which a record date is prior to such date of delivery. 

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

  
 20 

 7.10 Effective Date of the Plan. This Plan is effective upon the
Effective Date. 
 7.11 Term of the Plan. Unless earlier terminated by the Board, this Plan will terminate at the close
of business on the day before the 10th anniversary of the Effective Date. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board, no
additional Awards may be granted under this Plan, but previously granted Awards (and the authority of the Administrator with respect thereto, including the authority to amend such Awards) shall remain outstanding in accordance with their applicable
terms and conditions and the terms and conditions of this Plan. 
 7.12 Termination of the Plan Prior to a Public
Offering. If, prior to the expiration of this Plan, the Company has been unable to complete a public offering and become listed on a recognized national or international securities exchange due to macro-economic or market condition or any
other exterior reason that makes the public offering and listing inappropriate but the Company has otherwise met the listing requirements and conditions of any recognized national or international securities exchange, the Company may, upon
expiration of this Plan, cancel all the outstanding Awards and, in exchange thereof, pay the holders of the Awards, in cash or other form of consideration as approved by the Board. 

7.13 Governing Law/Severability. 

7.13.1 Choice of Law. This Plan, the Awards, all documents evidencing Awards and all other related documents will be governed
by, and construed in accordance with, the laws of the Cayman Islands. 
 7.13.2 Severability. If it is determined that any
provision of this Plan or an Award Agreement is invalid and unenforceable, the remaining provisions of this Plan and/or the Award Agreement, as applicable, will continue in effect provided that the essential economic terms of this Plan and the Award
can still be enforced. 
 7.14 Captions. Captions and headings are given to the sections and subsections of this Plan
solely as a convenience to facilitate reference. Such headings will not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof. 

7.15 Non-Exclusivity of Plan. Nothing in this Plan will limit or be deemed to
limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Ordinary Shares, under any other plan or authority. 

  
 21 

 7.16 No Restriction on Corporate Powers. The existence of this Plan,
the Award Agreements, and the Awards granted hereunder, shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize: (a) any adjustment, recapitalization, reorganization
or other change in the Company’s or any Affiliate’s capital structure or its business; (b) any merger, amalgamation, consolidation or change in the ownership of the Company or any Affiliate; (c) any issue of bonds, debentures,
capital, preferred or prior preference shares ahead of or affecting the Company’s authorized shares or the rights thereof; (d) any dissolution or liquidation of the Company or any Affiliate; (e) any sale or transfer of all or any part
of the Company or any Affiliate’s assets or business; or (f) any other corporate act or proceeding by the Company or any Affiliate. No Participant, Beneficiary or any other person shall have any claim under any Award or Award Agreement
against any member of the Board or the Administrator, or the Company or any employees, officers or agents of the Company or any Affiliate, as a result of any such action. 

7.17 Other Company Compensation or Benefit Programs. Payments and other benefits received by a Participant under an Award
made pursuant to this Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any
Affiliate, except where the Administrator or the Board expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments
under any other plans or arrangements of the Company or any Affiliate. 
 7.18 Clawback Policy. The Awards granted
under this Plan are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require
repayment or forfeiture of Awards or any Ordinary Shares or other cash or property received with respect to the Awards (including any value received from a disposition of the shares acquired upon payment of the Awards). 

 

	8.	 DEFINITIONS. 

“Administrator” has the meaning given to such term in Section 2.1. 

“Affiliate” means any corporation, entity or person that is directly or indirectly Controlled by the Company; 

“Award” means an award of any Option, SAR or Share Award, or any combination thereof, whether alternative or cumulative,
authorized by and granted under this Plan. 
 “Award Agreement” means any writing, approved by the Administrator, setting
forth the terms of an Award that has been duly authorized and approved. 
 “Award Date” means the date upon which the
Administrator took the action granting an Award or such other date as the Administrator designates as the Award Date at the time of the grant of the Award. 

  
 22 

 “Beneficiary” means the person, persons, trust or trusts designated by a
Participant, or, in the absence of a designation, entitled by will or the laws of descent and distribution, to receive the benefits specified in the Award Agreement and under this Plan if the Participant dies, and means the Participant’s
executor or administrator if no other Beneficiary is designated and able to act under the circumstances. 
 “Board” means
the Board of Directors of the Company. 
 “Cause” with respect to a Participant means (unless otherwise expressly provided
in the applicable Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a termination of
employment or service based upon a finding by the Company or any of its Affiliates, acting in good faith and based on its reasonable belief at the time, that the Participant: 
  

	 	(a)	 has been negligent in the discharge of his or her duties to the Company or any Affiliate, has refused to
perform stated or assigned duties or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

  

	 	(b)	 has failed to meet his or her performance target set by the Company or any Affiliate; 

 

	 	(c)	 has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of
confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

  

	 	(d)	 has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or
policy of the Company or any of its Affiliates; or has been convicted of, or pled guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

 

	 	(e)	 has breached any of the provisions of any agreement with the Company or any of its Affiliates (including
without limitation any non-compete obligation); 

  

	 	(f)	 has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the
reputation, business or assets of, the Company or any of its Affiliates; 

  

	 	(g)	 has requested for termination of, or refused to renew, his or her employment or service; or

  

	 	(h)	 has improperly induced a vendor, customer or employee to break or terminate any contract or relationship with
the Company or any of its Affiliates or induced a principal for whom the Company or any Affiliate acts as agent to terminate such agency relationship. 

A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Administrator) on the
date on which the Company or any Affiliate first delivers written notice to the Participant of a finding of termination for Cause. 

  
 23 

 “Change in Control Event” means any of the following: 

 

	 	(a)	 Approval by shareholders of the Company (or, if no shareholders’ approval is required, by the Board alone)
of the complete dissolution or liquidation of the Company, other than in the context of a Business Combination that does not constitute a Change in Control Event under paragraph (c) below; 

 

	 	(b)	 The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding Ordinary
Shares of the Company (the “Outstanding Company Ordinary Shares”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that, for purposes of this paragraph (b), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly from the Company,
(B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate or a successor, (D) any acquisition by any entity pursuant to a Business
Combination, (E) any acquisition by a Person described in and satisfying the conditions of Rule 13d-1(b) promulgated under the Exchange Act, or (F) any acquisition by a Person who is the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the Outstanding Company Ordinary Shares and/or the Outstanding Company Voting Securities on the Effective Date (or
an affiliate, heir, descendant, or related party of or to such Person); 

  

	 	(c)	 Consummation of a reorganization, amalgamation, merger, statutory share exchange or consolidation or similar
corporate transaction involving the Company or any other entity a majority of whose outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company (a “Subsidiary”), a sale or other disposition
of all or substantially all of the assets of the Company, or the acquisition of assets or shares of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such
Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Ordinary Shares and the Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding ordinary shares and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case
may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets directly or through one or more
subsidiaries (a “Parent”)), and (2) no Person (excluding any individual or entity described in clauses (C), (E) or (F) of paragraph (b) above) beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding ordinary shares of the entity resulting from such Business Combination or the combined voting
power of the then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination; 

  
 24 

 provided, however, that a transaction shall not constitute a Change in Control Event if it
is in connection with the underwritten public offering of the Company’s securities. 
 “Code” means the U.S. Internal
Revenue Code of 1986, as amended from time to time. 
 “Company” means QuantaSing Group Limited, an exempted company
organized under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands, and its successors. 

“Control” means the power or authority, whether exercised or not, to direct the business, management and policies of a
person, directly or indirectly, or by effective control whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power
to direct the vote of more than 50% of the votes entitled to be cast at a meeting of the members or shareholders of such person or power to control the composition of the board of directors of such person; the terms “Controlled” and
“Controlling” have the meaning correlative to the foregoing. 
 “Effective Date” means the date the Board
approved this Plan. 
 “Eligible Person” has the meaning given to such term in Section 3 of this Plan. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time. 

“Fair Market Value”, for purposes of this Plan and unless otherwise determined or provided by the Administrator in the
circumstances, means as follows: 
  

	 	(a)	 If the Ordinary Shares are listed or admitted to trade on the New York Stock Exchange, Hong Kong Exchanges or
other national or international securities exchange (the “Exchange”), the Fair Market Value shall equal the closing price of an Ordinary Share as reported on the composite tape for securities on the Exchange for the date in
question, or, if no sales of Ordinary Shares were made on the Exchange on that date, the closing price of an Ordinary Share as reported on said composite tape for the immediately preceding day on which sales of Ordinary Shares were made on the
Exchange. The Administrator may, however, provide with respect to one or more Awards that the Fair Market Value shall equal the closing price of an Ordinary Share as reported on the composite tape for securities listed on the Exchange on the last
trading day preceding the date in question or the average of the high and low trading prices of an Ordinary Share as reported on the composite tape for securities listed on the Exchange for the date in question or the most recent trading day.

  

	 	(b)	 If the Ordinary Shares are not listed or admitted to trade on a national or international securities exchange,
the Fair Market Value shall be the value as reasonably determined by the Administrator for purposes of the Award in the circumstances (with the expectation being that, in the case of a valuation as of a transaction in which Ordinary Shares or
similar securities are being sold or exchanged, such determination by the Administrator will be principally based on the value of the consideration received by the holders of the securities sold or exchanged in such transaction).

  
 25 

 The Administrator also may adopt a different methodology for determining Fair Market Value
with respect to one or more Awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Award(s) (for example, and without limitation, the Administrator may provide
that Fair Market Value for purposes of one or more Awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). 

Any determination as to Fair Market Value made pursuant to this Plan shall be made without regard to any restriction other than a restriction
which, by its terms, will never lapse, and shall be conclusive and binding on all persons with respect to Awards granted under this Plan. 

“Incentive Stock Option” means an Option that is designated and intended as an “incentive stock option” within the
meaning of Section 422 of the Code (if applicable), the award of which contains such provisions (including but not limited to the receipt of shareholder approval of this Plan, if the award is made prior to such approval) and is made under such
circumstances and to such persons as may be necessary to comply with that section. 
 “Nonqualified Option” means an Option
that is not an “incentive stock option” within the meaning of Section 422 of the Code (if applicable) and includes any Option designated or intended as a Nonqualified Option and any Option designated or intended as an Incentive Stock
Option that fails to meet the applicable legal requirements thereof. 
 “Option” means an option to purchase Ordinary
Shares granted under Section 5 of this Plan. The Administrator will designate any Option granted to an employee of the Company or an Affiliate as a Nonqualified Option or an Incentive Stock Option and may also designate any Option as an Early
Exercise Option. 
 “Ordinary Shares” means the Company’s Ordinary Shares, par value US$0.0001 per share, and such
other securities or property as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under Section 7.3.1 of this Plan. 

“Participant” means an Eligible Person who has been granted and holds an Award under this Plan. 

“Personal Representative” means the person or persons who, upon the disability or incompetence of a Participant, have
acquired on behalf of the Participant, by legal proceeding or otherwise, the power to exercise the rights or receive benefits under this Plan by virtue of having become the legal representative of the Participant. 

“Plan” means this QuantaSing Group Limited Share Incentive Plan, as it may hereafter be amended from time to time. 

  
 26 

 “Public Offering Date” means the date of the initial public offering of the
equity securities of the Company under the Securities Act (or another applicable law under a jurisdiction other than the United States of America), as the case may be, and listed or quoted on a recognized national or international securities
exchange. 
 “Restricted Shares” means Ordinary Shares awarded to a Participant under this Plan, subject to payment of such
consideration and such conditions on vesting (which may include, among others, the passage of time, specified performance objectives or other factors) and such transfer and other restrictions as are established in or pursuant to this Plan and the
related Award Agreement, to the extent such Ordinary Shares remain unvested and restricted under the terms of the applicable Award Agreement. 

“Restricted Share Award” means an award of Restricted Shares. 

“SAR” means a share appreciation right, representing the right, subject to the terms and conditions of the Plan and the
applicable Award Agreement, to receive a payment, in cash and/or Ordinary Shares (as specified in the applicable Award Agreement), equal to the excess of the Fair Market Value of an Ordinary Share on the date the SAR is exercised over the “base
price” of the SAR, which base price shall be set forth in the applicable Award Agreement. 
 “Securities Act” means
the U.S. Securities Act of 1933, as amended from time to time. 
 “Severance Date” with respect to a particular Participant
means, unless otherwise provided in the applicable Award Agreement: 
  

	 	(a)	 if the Participant is an Eligible Person under clause (a) of Section 3 and the Participant’s
employment by the Company or any of its Affiliates terminates (regardless of the reason), the last day that the Participant is actually employed by the Company or such Affiliate (unless, immediately following such termination of employment, the
Participant is a member of the Board or, by express written agreement with the Company or any of its Affiliates, continues to provide other services to the Company or any Affiliate as an Eligible Person under clause (c) of Section 3, in
which case the Participant’s Severance Date shall not be the date of such termination of employment but shall be determined in accordance with clause (b) or (c) below, as applicable, in connection with the termination of the
Participant’s other services); 

  

	 	(b)	 if the Participant is not an Eligible Person under clause (a) of Section 3 but is an Eligible Person
under clause (b) thereof, and the Participant ceases to be a member of the Board (regardless of the reason), the last day that the Participant is actually a member of the Board (unless, immediately following such termination, the Participant is
an employee of the Company or any of its Affiliates or, by express written agreement with the Company or any of its Affiliates, continues to provide other services to the Company or any Affiliate as an Eligible Person under clause (c) of
Section 3, in which case the Participant’s Severance Date shall not be the date of such termination but shall be determined in accordance with clause (a) above or (c) below, as applicable, in connection with the termination of
the Participant’s employment or other services); 

  
 27 

	 	(c)	 if the Participant is not an Eligible Person under clause (a) or clause (b) of Section 3 but is
an Eligible Person under clause (c) thereof, and the Participant ceases to provide services to the Company or any of its Affiliates as determined in accordance with Section 7.4.4 (regardless of the reason), the last day that the
Participant actually provides services to the Company or such Affiliate as an Eligible Person under clause (c) of Section 3 (unless, immediately following such termination, the Participant is an employee of the Company or any of its
Affiliates or is a member of the Board, in which case the Participant’s Severance Date shall not be the date of such termination of services but shall be determined in accordance with clause (a) or (b) above, as applicable, in connection
with the termination of the Participant’s employment or membership on the Board). 

 “Share Award”
means an award granted under Section 6 of this Plan. A Share Award may include: (a) Restricted Shares, share bonuses, performance shares, share units, phantom shares, dividend equivalents, or similar rights to purchase or acquire Ordinary
Shares, whether at a fixed or variable price or ratio related to the Ordinary Shares, upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any combination thereof; or
(b) any similar securities with a value derived from the value of or related to the Ordinary Shares and/or returns thereon. 

“Total Disability” means a “total and permanent disability” within the meaning of Section 22(e)(3) of the Code
and, with respect to Awards other than Incentive Stock Options, such other disabilities, infirmities, afflictions, or conditions as the Administrator may include. 

  
 28EX-10.2

 Exhibit 10.2 

QUANTASING GROUP LIMITED 

2021 GLOBAL SHARE PLAN (Adopted by the Company’s Board of Directors on May 31, 2022) 

1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel for positions
of substantial responsibility, to provide additional incentives to selected Employees, Directors, and Consultants and to promote the success of the Company’s business by offering these individuals an opportunity to acquire a proprietary
interest in the success of the Company or to increase this interest, by issuing them Shares or by permitting them to purchase Shares. The Plan permits the grant of Options and Share Purchase Rights as the Administrator may determine. 

2. Definitions. For the purposes of this Plan, the following terms shall have the following meanings: 

(a) “Acquisition Date” means, with respect to Shares, the respective dates on which the Shares are sold or issued under the
Plan pursuant to an Award. 
 (b) “Administrator” means the Board or any of its Committees as shall be administering the
Plan in accordance with Section 4 hereof. 
 (c) “Applicable Law” means any applicable legal requirements relating to
the administration of and the issuance of securities under equity securities-based compensation plans, including, without limitation, the requirements of U.S. state corporate laws, U.S. federal and state securities laws, U.S. federal law, the Code,
the laws of the Cayman Islands, the laws of the People’s Republic of China, and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted and the applicable laws, rules and regulations of any
other country or jurisdiction where Awards are granted under the Plan. For all purposes of this Plan, references to statutes shall be deemed to include any rules and regulations promulgated pursuant to authority set forth in such statutes and
references to statutes and regulations shall be deemed to include any successor statutes or regulations, to the extent reasonably appropriate as determined by the Administrator. 

(d) “Award” means an Option or a Share Purchase Right or other types of award approved by the Administrator or granted to a
Participant pursuant to this Plan. 
 (e) “Award Agreement” means a written or electronic agreement between the Company and
a Participant, the form(s) of which shall be approved from time to time by the Administrator, evidencing the terms and conditions of an individual Award granted under the Plan, and includes any documents attached to or incorporated into the Award
Agreement. The Award Agreement is subject to the terms and conditions of the Plan. 
 (f) “Board” means the Board of
Directors of the Company. 
 (g) “Cause” means, as determined by the Committee and unless otherwise provided in an
applicable agreement with the Company or a Subsidiary, (i) a Participant’s unauthorized misuse of the Company or a Parent or Subsidiary of the Company’s trade secrets or proprietary information, (ii) a Participant’s
conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (iii) a Participant’s committing an act of fraud against the Company or a Parent or Subsidiary of the Company, (iv) a Participant’s gross
negligence or willful misconduct in the performance of his or her duties that has had or will have a material adverse effect on the Company or Parent or Subsidiary of the Company’ reputation or business, (v) a Participant’s violation
of applicable laws or regulations or internal regulation of the Company or a Parent or Subsidiary of the Company or labor agreement, or a Participant’s breach of employment agreement or other similar agreement between the Participant and the
Company or a Parent or Subsidiary of the Company, or (vi) a Participant directly or indirectly own, manage, be engaged in, operate, control, work for, consult with, render services for, do business with, maintain any interest in (proprietary,
financial or otherwise) or participate in the ownership, management, operation, or control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is within, similar to, competing to or related to the business
(as determined by the Company) as then conducted by the Company or its affiliates. 

  
 1 

 (h) “Change in Control” means unless as otherwise defined in the Award
Agreement, the occurrence of any of the following events: 
 (i) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act) becomes the “beneficial owner’’ (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of
the total voting power represented by the Company’s then outstanding voting securities; or 
 (ii) the consummation of the sale,
lease, or disposition by the Company of all or substantially all of the Company’s assets; or 
 (iii) the consummation of a scheme of
arrangement, merger, consolidation or other similar business combination involving the Company and any other corporation or corporations, other than a scheme of arrangement, merger, consolidation or other similar business combination that would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after the scheme of arrangement, merger, consolidation or other similar business combination. 

Anything in the foregoing to the contrary notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is to
change the legal jurisdiction of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In
addition, a sale by the Company of its securities in a transaction, the primary purpose of which is to raise capital for the Company’s operations and business activities including, without limitation, an initial public offering of Shares under
the Securities Act or other Applicable Law, shall not constitute a Change in Control. 
 (i) “Code” means the U.S. Internal
Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code. 

(j) “Committee” means a committee of Directors or of other individuals satisfying Applicable Laws as authorized by the Board
in accordance with Section 4 hereof. 

  
 2 

 (k) “Company” means QuantaSing Group Limited, a company organized under the
laws of the Cayman Islands, or any successor corporation thereto. 
 (l) “Consultant” means any natural person who is
engaged by the Company, or any Parent, Subsidiary or variable interest entity whose financial statements are intended to be consolidated with the Company, any Parent or Subsidiary to render consulting or advisory services to such entity and who is
compensated for the services; provided that the term “Consultant,” does not include (i) Employees or (ii) securities promoters. 

(m) “Date of Grant” means the date an Award is granted to a Participant in accordance with Section 14 hereof. 

(n) “Director” means a member of the Board. 

(o) “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 

(p) “Employee” means, subject to Section 13 hereof, any person, including officers and Directors, employed by the
Company or any Parent or Subsidiary. Neither service as a Director nor payment of a director’s fee by the Company or any Parent or Subsidiary shall be sufficient to constitute “employment” by the Company or any Parent or Subsidiary.

 (q) “Exercise Price” means the amount, if any, for which one Share may be purchased upon exercise of an Option, as
specified by the Administrator in the applicable Award Agreement in accordance with Section 6(b) hereof. 
 (r) “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (s)
“Exchange Program” means a program under which outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower Exercise Prices or Purchase Prices and different terms), Awards of a
different type, and/or cash, and/or the Exercise Price or Purchase Price of an outstanding Award is reduced. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion. 

(t) “Fair Market Value” means, as of any date, the value of the Shares determined as follows: 

(i) if the Shares are listed on any established stock exchange or a national market system, including, without limitation, the New York Stock
Exchange, the Nasdaq National Market or the Nasdaq SmallCap Market of the Nasdaq Stock Market, the Fair Market Value shall be the closing sales price for the Shares (or the closing bid, if no sales were reported) as quoted on such exchange or system
on the day of determination, as reported in the Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii) if
the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean of the high bid and low asked prices for the Shares on the day of determination, as reported in the Wall
Street Journal or any other source as the Administrator deems reliable; or 

  
 3 

 (iii) in the absence of an established market for the Shares, the Fair Market Value thereof
shall be determined in good faith by the Administrator in accordance with Applicable Law. 
 (u) “Incentive Stock Option”
means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 

(v) “Market Stand-Off Period” shall mean, unless as otherwise stated in the Award
Agreement, period of the longer term of the following: (i) six-months or other longer period as required by the underwriters and agreed by the Company since the consummation of initial public offering of
Shares, (ii) the applicable lock-up period for the Optioned Shares as stipulated by the Applicable Laws of the place of the initial public offering of Shares. 

(w) “Member” means an owner of Shares. 

(x) “Non-statutory Stock Option” means an Option that by its terms does not qualify
or is not intended to qualify as an Incentive Stock Option. 
 (y) “Option” means an option to purchase Shares that is
granted pursuant to the Plan in accordance with Section 6 hereof. 
 (z) “Parent” means a “parent
corporation” with respect to the Company, whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (aa)
“Participant” means the holder of an outstanding Award granted under the Plan, or the holder of Shares issuable or issued pursuant to the exercise of an Award. 

(bb) “Plan” means this 2021 Global Share Plan, as amended from time to time. 

(cc) “Purchase Price” means the amount of consideration, if any, for which one Share may be acquired pursuant to a Share
Purchase Right, as specified by the Administrator in the applicable Award Agreement in accordance with Section 7(c) hereof. 
 (dd)
[Reserved]. 
 (ee) [Reserved]. 

(ff) “Restricted Shares” means Shares acquired pursuant to a Share Purchase Right or Shares subject to a Company repurchase
or redemption right or forfeiture provision that are issued pursuant to an Option. 
 (gg) “Securities Act” means the U.S.
Securities Act of 1933, as amended. 
 (hh) “Service Provider” means an Employee, Director, or Consultant. 

(ii) “Share” means an Ordinary Share of the Company, as adjusted in accordance with Section 12 hereof. 

  
 4 

 (jj) “Shareholders Agreement” means any agreement between a Participant and
the Company or Members of the Company or both. 
 (kk) “Share Purchase Right” means a right to purchase Restricted Shares
pursuant to Section 7 hereof. 
 (ll) “Subsidiary” means a “subsidiary corporation” with respect to the
Company, whether now or hereafter existing, as defined in Section 424(f) of the Code. For the avoidance of doubt, Subsidiaries of the Company shall include the consolidated variable interest entities controlled by the Company through
contractual arrangements. 
 (mm) “Ten Percent Owner” means a Service Provider who owns more than 10% of the total combined
voting power of all classes of outstanding securities of the Company or any Parent or Subsidiary. 
 (nn) “U.S.” or
“United States” means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia. 

(oo) “U.S. Person” has the meaning accorded to it in Rule 902(k) of the Securities Act. 

3. Shares Subject to the Plan.  

(a) Basic Limitation. Subject to the provisions of Section 12 hereof, the maximum aggregate number of Shares that may be issued
under the Plan shall not exceed 21,717,118 Shares. The Shares may be authorized but unissued or reacquired Shares. The number of Shares that are subject to Awards outstanding under the Plan at any time shall not exceed the aggregate number of Shares
that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of outstanding Awards granted under the Plan. 

(b) Additional Shares. If an Award expires, becomes un-exercisable, or is cancelled, forfeited,
or otherwise terminated without having been exercised or settled in full, as the case may be, or is surrendered pursuant to an Exchange Program, the Shares allocable to the unexercised portion of the Award shall again become available for future
grant or sale under the Plan (unless the Plan has terminated). Shares that actually have been issued under the Plan, upon exercise of an Option or delivery under a Share Purchase Right, shall not be returned to the Plan and shall not become
available for future distribution under the Plan, except that in the event that Shares issued under the Plan are reacquired by the Company pursuant to any forfeiture provision, right of repurchase or redemption, or are retained by the Company upon
the exercise of or purchase of Shares under an Award in order to satisfy the Exercise Price or Purchase Price for the Award or any tax withholding due with respect to the exercise or purchase, such Shares shall again become available for future
grant under the Plan. Notwithstanding the foregoing and, subject to adjustment provided in Section 12, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in
Section 3(a), plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan under this Section 3(b). 

4. Administration of the Plan. The Plan shall be administered by the Board or a Committee appointed by the Board,
which Committee shall be constituted to comply with Applicable Law. 

  
 5 

 (a) Powers of the Administrator. Subject to the provisions of the Plan and, in the
case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion: 

(i) to determine the Fair Market Value in accordance with Section 2; 

(ii) to select the Service Providers to whom Awards may from time to time be granted hereunder; 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 

(iv) to approve the form(s) of agreement for use under the Plan; 

(v) to determine the terms and conditions of any Award granted hereunder including, but not limited to, the Exercise Price, the Purchase
Price, the time or times when Options may be exercised (which may be based on performance criteria), the time or times when repurchase or redemption rights shall lapse, any vesting acceleration or waiver of forfeiture restrictions, and any
restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 

(vi) to institute an Exchange Program; 

(vii) to prescribe, amend, and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable laws of jurisdictions other than the United States; 

(viii) to allow the Participants to satisfy withholding tax obligations and other expenses obligations incurred, if applicable, by electing
to have the Company withhold from the Shares to be issued under an Award that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined on
the date that the amount of tax to be withheld is to be determined. All elections by Participants to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable;

 (ix) to modify or amend each Award (subject to Section 17 hereof and Participant consent if the modification or amendment is to the
Participant’s detriment), including, without limitation, the discretionary authority to extend the post-termination exercisability of an Option longer than is otherwise provided for in an Award Agreement or accelerate the vesting or
exercisability of an Option or lapsing of a repurchase or redemption right or forfeiture provision to which Restricted Shares may be subject; 

(x) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 

(xi) to determine appointment of trustee or the Participants whose Awards to be administered by a trustee, if applicable; or to request any
or all of the Participant(s) to form a special purpose vehicle or a trust to hold the Shares to be transferred pursuant to the Plan; and 

  
 6 

 (xii) to make any other determination and take any other action that the Administrator
deems necessary or desirable for the administration of the Plan. 
 (b) Delegation of Authority to Officers. Subject to Applicable
Law, the Administrator may delegate limited authority to specified officers of the Company to execute on behalf of the Company any instrument required to affect an Award previously granted by the Administrator. 

(c) Effect of Administrator’s Decision. All decisions, determinations, and interpretations of the Administrator shall be final and
binding on all Participants. 
 5. Eligibility. Only Service Providers, or trusts or companies established in
connection with any employee benefit plan of the Company (including the Plan) for the benefit of a Service Provider, or qualified former Employees, shall be eligible for the grant of Awards. Incentive Stock Options may be granted to Employees only.

 A Ten Percent Owner shall not be eligible for the grant of an Incentive Stock Option unless (i) the Exercise Price is at least 110%
of the Fair Market Value on the Date of Grant, and (ii) the Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years from the Date of Grant. For purposes of this Section 5(b), in determining
ownership of securities, the attribution rules of Section 424(d) of the Code shall apply. 
 6. Terms and Conditions of
Options Award Agreement. Each grant of an Option under the Plan shall be evidenced by an Award Agreement between the Participant and the Company. Each Option shall be subject to all applicable terms and conditions of the Plan and may be
subject to any other terms and conditions that are not inconsistent with the Plan and that the Administrator deems appropriate for inclusion in an Award Agreement. The provisions of the various Award Agreements entered into under the Plan need not
be identical. 
 (a) Number of Shares and Types of Options. Each Award Agreement shall specify the number of Shares that are subject
to the Option and shall provide for the adjustment of such number in accordance with Section 12 hereof. 
 Each Option shall be
designated in the Award Agreement as either an Incentive Stock Option or a Non-statutory Stock Option. However, notwithstanding a designation of an Option as an Incentive Stock Option, to the extent that the aggregate Fair Market Value of the Shares
with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds US$100,000, such Options shall be treated as
Non-statutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the Date of Grant. 

(b) Exercise Price. Each Award Agreement shall specify the Exercise Price. The Exercise Price of any Option shall be determined by the
Administrator in its sole discretion. The Exercise Price of an Incentive Stock Option shall not be less than 100% of the Fair Market Value on the Date of Grant, and a higher percentage may be required by Section 5 hereof. The Exercise Price
shall be payable in accordance with Section 9 hereof and the applicable Award Agreement. Notwithstanding anything to the contrary in the foregoing or in Section 5, in the event of a transaction described in Section 424(a) of the Code,
then, consistent with Section 424(a) of the Code, Incentive Stock Options may be issued at an Exercise Price other than as required by the provisions of this Section 6(b) and Section 5. For the avoidance of doubt, to the extent not
prohibited by applicable laws or any exchange rule, a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the
affected Participants. 

  
 7 

 (c) Term of Option. The Award Agreement shall specify the term of the Option;
provided, however, that the term shall not exceed ten (10) years from the Date of Grant, and a shorter term may be required by Section 5 hereof. Subject to the preceding sentence, the Administrator in its sole discretion shall determine
when an Option is to expire. 
 (d) Exercisability. Each Award Agreement shall specify the date when all or any installment of the
Option is to become exercisable. The exercisability provisions of any Award Agreement shall be determined by the Administrator in its sole discretion. Unless otherwise set forth in the Award Agreement or as determined by the Administrator, no Option
shall become exercisable unless and until (i) such Option has been fully vested according to the vesting terms provided under the Award Agreement, (ii) the Company has consummated the initial public offering of Shares, and (iii) all
applicable legal requirements with respect to the exercise of Options, including without limitation the filing requirements of the State Administration of Foreign Exchange of the PRC, shall have been fully performed and complied with by the
applicable Participant. 
 (e) Exercise Procedure. Any Option granted hereunder shall be exercisable according to the terms hereof at
such times and under such conditions as may be determined by the Administrator and as set forth in the Award Agreement; provided, however, that an Option shall not be exercised for a fraction of a Share. 

(i) An Option shall be deemed exercised when the Company receives (A) written or electronic notice of exercise (in accordance with the
Award Agreement) from the person entitled to exercise the Option, (B) full payment for the Shares with respect to which the Option is exercised, together with any applicable tax withholding, and (C) all representations, indemnifications,
and documents requested by the Administrator, including, without limitation, any Shareholders Agreement. Full payment may consist of any consideration and method of payment authorized by the Administrator in accordance with Section 9 hereof and
permitted by the Award Agreement. 
 (ii) Shares issued upon exercise of an Option shall be issued in the name of the Participant or, if
requested by the Participant, in the name of the Participant and his or her spouse. Subject to the provisions of Sections 8, 9, 15, and 16, the Company shall issue (or cause to be issued) certificates evidencing the issued Shares promptly after the
Option is exercised. Notwithstanding the foregoing, the Administrator in its discretion may require the Company to retain possession of any certificate evidencing Shares acquired upon the exercise of an Option if those Shares remain subject to
forfeiture, repurchase or redemption under the provisions of the Award Agreement, any Shareholders Agreement, or any other agreement between the Company and the Participant, or if those Shares are collateral for a loan or obligation due to the
Company. 
 (iii) Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for
purposes of the Plan (in accordance with Section 3(b)) and for sale under the Option, by the number of Shares as to which the Option is exercised. 

  
 8 

 (f) Termination of Service (other than by death or Cause). If a Participant ceases to
be a Service Provider for any reason before the second (2th) anniversary of his or her Date of Grant other than because of death or Cause, then any outstanding Option (including any vested portion thereof) held by the Participant shall immediately
terminate in its entirety upon first notification to the Participant of the Participant ceasing to be a Service Provider and all of the Shares subject to the Option shall be forfeited immediately on such date of notification; If a Participant ceases
to be a Service Provider for any reason on or after the second (2th) anniversary of his or her Date of Grant other than because of death or Cause, then the Participant’s Options shall expire on the earliest of the following occasions: 

(i) The expiration date determined by Section 6 hereof; 

(ii) The 30th day following the termination of the Participant’ relationship as a Service Provider for any reason other than Disability,
or such other date as the Administrator may determine and specify in the Award Agreement, provided that no Option that is exercised after the expiration of the three-month period immediately following the termination of the Participant’s
relationship as an Employee shall be treated as an Incentive Stock Option; or 
 (iii) The last day of the
six-month period following the termination of the Participant’s relationship as a Service Provider by reason of Disability, or such other date as the Administrator may determine and specify in the Award
Agreement; provided that no Option that is exercised after the expiration of the twelve-month period immediately following the termination of the Participant’s relationship as an Employee shall be treated as an Incentive Stock Option. 

Following the termination of the Participant’s relationship as a Service Provider, the Participant may exercise all or part of the
Participant’s Option at any time before the expiration of the Option as set forth in Section 6 hereof, but only to the extent that the Option was vested and exercisable as of the date of termination of the Participant’s relationship
as a Service Provider (or became vested and exercisable as a result of the termination). Unless the Administrator provides otherwise in an Award Agreement, the balance of the Shares subject to the Option shall be forfeited on the date of termination
of the Participant’s relationship as a Service Provider. In the event that the Participant dies after the termination of the Participant’s relationship as a Service Provider but before the expiration of the Participant’s Option as set
forth in Section 6 hereof, all or part of the Option may be exercised (prior to expiration) by the executors or administrators of the Participant’s estate or by any person who has acquired the Option directly from the Participant by
beneficiary designation, bequest, or inheritance, but only to the extent that the Option was vested and exercisable as of the termination date of the Participant’s relationship as a Service Provider (or became vested and exercisable as a result
of the termination). Any Shares subject to the portion of the Option that are vested as of the termination date of the Participant’s relationship as a Service Provider but that are not purchased prior to the expiration of the Option pursuant to
this Section 6 shall be forfeited immediately following the Option’s expiration. 
 (g) Death of Participant. If a
Participant dies while a Service Provider, then the Participant’s Options shall expire on the earlier of the following dates: 
 (i)
The expiration date determined by Section 6 hereof; 
 (ii) The last day of the six-month
period immediately following the Participant’s death, or such other date as the Administrator may determine and specify in the Award Agreement. 

  
 9 

 All or part of the Participant’s Option may be exercised at any time before the
expiration of the Option as set forth in Section 6 hereof by the executors or administrators of the Participant’s estate or by any person who has acquired the Option directly from the Participant by beneficiary designation, bequest, or
inheritance, but only to the extent that the Option was vested and exercisable as of the date of the Participant’s death or had become vested and exercisable as a result of the death. The balance of the Shares subject to the Option shall be
forfeited upon the Participant’s death. Any Shares subject to the portion of the Option that are vested as of the Participant’s death but that are not purchased prior to the expiration of the Option pursuant to this Section 6 shall be
forfeited immediately following the Option’s expiration. 
 (h) For Cause. In the event the Participant ceases to be a Service
Provider for Cause, any outstanding Option (including any vested portion thereof) held by the Participant shall immediately terminate in its entirety upon first notification to the Participant of the Participant ceasing to be a Service Provider for
Cause, all of the Shares subject to the Option shall be forfeited immediately on such date of notification and all of the benefits subject to the Option acquired by the Service Provider shall be returned to the Company. If the Participant’s
service is suspended pending an investigation of whether the Participant will cease to be a Service Provider for Cause, all the Participant’s rights under any Option, including the right to exercise the Option, shall be suspended during the
investigation period. 
 (i) Restrictions on Transfer of Shares. Shares issued upon exercise of an Option shall be subject to such
forfeiture conditions, rights of repurchase or redemption, rights of first refusal, and other transfer restrictions as the Administrator may determine. The restrictions described in the preceding sentence shall be set forth in the applicable Award
Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. 
 7. Terms and
Conditions of Share Purchase Rights Award Agreement. Each Share Purchase Right under the Plan shall be evidenced by an Award Agreement between the Participant and the Company. Each Share Purchase Right shall be subject to all applicable
terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Administrator deems appropriate for inclusion in an Award Agreement. The provisions of the various Award
Agreements entered into under the Plan need not be identical. 
 (a) [Reserved]. 

(b) Duration of Offers and Non-transferability of Share Purchase Rights. Any Share Purchase
Rights granted under the Plan shall automatically expire if not exercised by the Participant within 30 days (or such longer time as is specified in the Award Agreement) after the Date of Grant. Share Purchase Rights shall not be transferable and
shall be exercisable only by the Participant to whom the Share Purchase Right was granted. 
 (c) Purchase Price. The Purchase Price
shall be determined by the Administrator in its sole discretion. The Purchase Price shall be payable in a form described in Section 9 hereof. 

(d) Restrictions on Transfer of Shares. Any Shares awarded or sold pursuant to Share Purchase Rights shall be subject to such
forfeiture conditions, rights of repurchase or redemption, rights of first refusal, and other transfer restrictions as the Administrator may determine. The restrictions described in the preceding sentence shall be set forth in the applicable Award
Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. 

  
 10 

 8. Tax Withholding. As a condition to the exercise of an Option or
purchase of Restricted Shares, the Participant (or in the case of the Participant’s death or in the event of a permissible transfer of Awards hereunder, the person exercising the Option or purchasing Restricted Shares) shall make such
arrangements as the Administrator may require for the satisfaction of any applicable tax withholding arising in connection with the exercise of an Option, purchase of Restricted Shares or disposition of Awards under Applicable Laws. The Participant
(or in the case of the Participant’s death or in the event of a permissible transfer of Awards hereunder, the person exercising the Option or purchasing Restricted Shares) also shall make such arrangements as the Administrator may require for
the satisfaction of any applicable U.S. federal, state, local, or non-U.S. tax withholding obligations, including those under the laws of the People’s Republic of China, that may arise in connection with
the disposition of Shares acquired by exercising an Option or purchasing Restricted Shares. The Company shall not be required to issue any Shares under the Plan until the foregoing obligations are satisfied. Without limiting the generality of the
foregoing, upon the exercise of the Option or delivery of Restricted Shares, the Company, or a Parent or Subsidiary, as required by Applicable Law, shall have the right to withhold taxes from any compensation or other amounts that the Company or
such Parent or Subsidiary, as applicable, may owe to the Participant, or to require the Participant to pay to the Company or such Parent or Subsidiary, as applicable, the amount of any taxes that the Company or such Parent or Subsidiary may be
required to withhold with respect to the Shares issued to the Participant or the disposition of Awards or Shares. Without limiting the generality of the foregoing, the Administrator in its discretion may authorize the Participant to satisfy all or
part of any tax withholding liability by one or some combination of the following methods: (i) by cash payment; (ii) by payroll deduction out of Participant’s current compensation; (iii) having the Company, or the applicable
Parent or Subsidiary, withhold from the Shares that would otherwise be issued upon the exercise of an Option, purchase of Restricted Shares or the disposition of Awards or Shares that number of Shares having a Fair Market Value, as of the date the
withholding tax liability arises, equal to the portion of the Company’s tax withholding liability to be so satisfied; (iv) by delivering to the Company previously owned and unencumbered Shares having a Fair Market Value, as of the date the
tax withholding liability arises, equal to the amount of the Company’s tax withholding liability to be so satisfied. 
 9.
Payment for Shares. The consideration to be paid for the Shares to be issued under the Plan, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined
on the Date of Grant), subject to the provisions in this Section 9 and Applicable Law. 
 (a) General Rule. The entire Exercise
Price or Purchase Price (as the case may be) for Shares issued under the Plan shall be payable in cash or cash equivalents at the time when the Shares are purchased, except as otherwise provided in this Section 9 or Applicable Law. 

(b) Surrender of Shares. To the extent that an Award Agreement so provides, all or any part of the Exercise Price or Purchase Price (as
the case may be) may be paid by surrendering, or attesting to the ownership of Shares that are already owned by the Participant. These Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market
Value on the date the Option is exercised or Restricted Shares are purchased. The Participant shall not surrender, or attest to the ownership of Shares in payment of the Exercise Price or Purchase Price (as the case may be) if this action would
subject the Company to adverse accounting consequences, as determined by the Administrator. 

  
 11 

 (c) Services Rendered. At the discretion of the Administrator and to the extent so
provided in the agreements evidencing Awards of Shares under the Plan, Shares may be awarded under the Plan in consideration of services rendered to the Company or any Parent or Subsidiary prior to the Award to the extent permitted by Applicable
Law. 
 (d) [Reserved]. 

(e) Exercise/Sale. At the discretion of the Administrator and to the extent an Award Agreement so provides, and if the Shares are
publicly traded, payment may be made all or in part by the delivery (on a form and in a manner prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the
sales proceeds to the Company in payment of all or part of the Exercise Price and any tax withholding. 
 (f) Exercise/Pledge. At the
discretion of the Administrator and to the extent an Award Agreement so provides, and if the Shares are publicly traded, payment may be made all or in part by the delivery (on a form and in a manner prescribed by the Company) of an irrevocable
direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any tax withholding. 

(g) Other Forms of Consideration. At the discretion of the Administrator and to the extent an Award Agreement so provides, all or a
portion of the Exercise Price or Purchase Price may be paid by any other form of consideration and method of payment to the extent permitted by Applicable Law. 

10. Non-transferability of Awards. Unless otherwise determined by the
Administrator and so provided in the applicable Award Agreement (or be amended to provide), no Award shall be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner (whether by operation of law or otherwise) other than by
will or applicable laws of descent and distribution or (except in the case of an Incentive Stock Option) pursuant to a domestic relations order, and shall not be subject to execution, attachment, or similar process, and each Award may be exercised,
during the lifetime of the Participant only by the Participant. In the event the Administrator in its sole discretion makes a Non-statutory Stock Option or Share Purchase Right transferable, such Award will contain such additional terms and
conditions as the Administrator deems appropriate. Upon any attempt to pledge, assign, hypothecate, transfer, or otherwise dispose of any Award or of any right or privilege conferred by this Plan contrary to the provisions hereof, or upon the sale,
levy or attachment or similar process upon the rights and privileges conferred by this Plan, such Award shall thereupon terminate and become null and void. 

11. Rights as a Member. Until the Shares actually are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a Member shall exist with respect to the Shares, notwithstanding the exercise of the Award. Subject to the terms and
conditions of this Plan and the written agreement governing the Award, a Participant who is a Member will have all of the rights of a shareholder of the Company with respect to the Shares from and after the date that Shares are issued until such
time as the Shares are disposed or the Company and/or its assignee(s) exercise(s) the Repurchase Option or the right of first refusal. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the
Shares are issued, except as provided in Section 12 of the Plan. 

  
 12 

 12. Adjustment of Shares. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other
property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, may (in its sole discretion) adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify
each Participant as soon as practicable prior to the effective date of such proposed transaction and the Participant shall have the right to exercise its Awards until fifteen (15) days prior to the proposed dissolution or liquidation. To the
extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action. 
 (c)
Change in Control. In the event of a scheme of arrangement, merger, consolidation or other similar business combination being entered into by the Company, or a Change in Control, unless the Award Agreement provides otherwise, each outstanding
Award, and, if applicable, each right of the Company to repurchase or redeem Restricted Shares acquired pursuant thereto, will be assumed or an equivalent award substituted by the successor corporation (which for purposes of this Section 12(c)
shall include the “person” referenced in Section 2 and the ultimate parent of the party acquiring all or substantially all of the assets of the Company in accordance with Section 2 or a parent or subsidiary of the successor
corporation). In the event that the successor corporation in a scheme of arrangement, merger, consolidation or other similar business combination or Change in Control refuses to assume or substitute for an Award and, if applicable, the repurchase or
redemption right with respect to Restricted Shares acquired pursuant thereto is not assigned, then the Participant will fully vest in and have the right to exercise the Award as to all of the Shares subject thereto, including Shares as to which it
would not otherwise be vested or exercisable, and all restrictions on Restricted Shares will lapse. If an Award is not assumed or substituted in the event of a scheme of arrangement, merger, consolidation or other similar business combination or
Change in Control, the Administrator will notify the Participant in writing or electronically that the Award will be exercisable for a period of time as determined by the Administrator, and the Award will terminate upon expiration of such period for
no consideration, unless otherwise determined by the Administrator. 

  
 13 

 For purposes of this Section 12(c), an Option shall be considered assumed, and each
right of the Company to repurchase or redeem Restricted Shares will be considered assigned if, following the scheme of arrangement, merger, consolidation or other similar business combination or Change in Control, the Award confers the right to
purchase or receive, for each covered Share immediately prior to the scheme of arrangement, merger, consolidation or other similar business combination or Change in Control, the consideration (whether shares, cash, or other securities or property)
received in connection with the scheme of arrangement, merger, consolidation or other similar business combination or Change in Control by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a
choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if the consideration received in the scheme of arrangement, merger, consolidation or other similar business
combination or Change in Control is not solely common stock or ordinary shares of the successor corporation or its parent or subsidiary, the Administrator may, with the consent of the successor corporation, provide for the consideration to be
received upon the exercise of the Option or vesting of the Restricted Shares, for each covered Share, to be solely common stock or ordinary shares of the successor corporation or its parent or subsidiary equal in Fair Market Value to the per Share
consideration received by holders of Shares in the scheme of arrangement, merger, consolidation or other similar business combination or Change in Control. 

(d) Reservation of Rights. Except as provided in this Section 12 and in the applicable Award Agreement, a Participant shall have
no rights by reason of (i) any subdivision or consolidation of Shares or other securities of any class, (ii) the payment of any dividend, or (iii) any other increase or decrease in the number of Shares or other securities of any
class. Any issuance by the Company of equity securities of any class, or securities convertible into equity securities of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price or
Purchase Price of Shares subject to an Award. The grant of an Option or Share Purchase Right shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business
structure, to merge or consolidate or to dissolve, liquidate, sell, or transfer all or any part of its business or assets. 
 13.
Leaves of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. 

(a) A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved by the Company, its Parent or
any Subsidiary or (ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. 

(b) For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of such leave
is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the 91st day of such
leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Non-statutory Stock Option. 

14. Date of Grant. The Date of Grant of an Award shall, for all purposes, be the date on which the Award Agreement is
duly executed and delivered by the Company and the Participant, or such other later date as is determined by the Administrator; provided, however, that the Date of Grant of an Incentive Stock Option shall be no earlier than the date on which the
individual becomes an Employee. 
 15. Securities Law Requirements Legal Compliance. Notwithstanding any other
provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure to deliver any Shares under the Plan unless the issuance and delivery of Shares
comply with (or are exempt from) all Applicable Law, including, without limitation, the Securities Act, U.S. state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s
securities may then be traded, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

  
 14 

 (a) Investment Representations. Shares delivered under the Plan shall be subject to
transfer restrictions, and the person acquiring the Shares shall, as a condition to the exercise of an Option or the purchase of Restricted Shares if requested by the Company, provide such assurances and representations to the Company as the Company
may deem necessary or desirable to assure compliance with Applicable Law, including, without limitation, the representation and warranty at the time of acquisition of Shares that the Shares are being acquired only for investment purposes and without
any present intention to sell, transfer, or distribute the Shares. 
 (b) [Reserved]. 

16. Inability to Obtain Authority. The inability of the Company, a Parent or a Subsidiary to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority shall not have been obtained. In addition, the inability of a Participant who is a resident of the People’s Republic of China to obtain authority (including approval and registration) from
relevant regulatory bodies of the People’s Republic of China, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company, any Parent and any
Subsidiary of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained, and under this circumstance, the Company, at its sole discretion and upon the written request from
the Participant, may compensate the Participant in cash in the amount of the difference of the Exercise Price and the Fair Market Value of such Shares, as if the Participant has exercised his/her Options and sold the Shares upon exercise of the
Options back to the Company. For the avoidance of doubt, under the circumstance that the Fair Market Value of each Share is lower than the Exercise Price, the Company shall not compensate the Participant. And if the inability is revealed or occurs
after such Shares have been issued or sold by the Company, the inability shall entitle the Company to redeem or request the Participant, based on the Fair Market Value, to transfer the Shares so issued on such terms as the Administrator determines,
subject to Applicable Law. The Company, any Parent and any Subsidiary shall be relieved from any liability for the redemption and the request for transfer. 

17. Duration and Amendment Term of Plan. The Plan shall become effective upon the occurrence of its adoption by the
Board. Unless sooner terminated under Section 17 hereof, the Plan shall continue in effect for a term of ten (10) years. 
 (a)
Amendment and Termination. The Administrator may at any time amend, alter, suspend, or terminate the Plan. 
 (b) Approval by
Members. The Administrator shall obtain approval of the Members of any Plan amendment to the extent necessary or desirable to comply with Applicable Law. 

(c) Effect of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan shall materially and adversely
impair the rights of any Participant with respect to an outstanding Award, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination
of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. No Shares shall be issued or sold under the Plan after
the termination thereof, except upon exercise of an Award granted prior to the termination of the Plan. 

  
 15 

 18. Legending Share Certificates. In order to enforce any restrictions
imposed upon Shares issued upon the exercise of Options or the acquisition of Restricted Shares, including, without limitations, the restrictions described in Sections 6(i), 7(d), and 15(b) hereof, the Administrator may cause a legend or legends to
be placed on any share certificates representing the Shares, which legend or legends shall make appropriate reference to the restrictions, including, without limitation, a restriction against sale of the Shares for any period as may be required by
Applicable Law. 
 19. No Retention Rights. Neither the Plan nor any Award shall confer upon any Participant any right
to continue his or her relationship as a Service Provider with the Company for any period of specific duration or interfere in any way with his or her right or the right of the Company (or any Parent or Subsidiary employing or retaining the
Participant), which rights are hereby expressly reserved by each, to terminate this relationship at any time, with or without cause, and with or without notice. 

20. No Fund Created. Neither the Plan nor any Award shall create or be construed to create separate fund of any kind or a
fiduciary relationship between the Company or any Parent or Subsidiary and a Participant or any other person. To the extent that any Participant acquires a right to receive payments from the Company or any Parent or Subsidiary pursuant to an Award,
such right shall be no greater than the right of any unsecured general creditor of the Company, a Parent, or any Subsidiary. 
 21.
No Rights to Awards. No Participant, eligible Service Provider, or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Service Providers, Participants, or
holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants. 

22. Market Stand-Off Period. The Participant agrees that unless otherwise with a
written consent of the Company, the Participant shall not directly or indirectly sell or transfer any Award Shares acquired under the Award Agreement during the Market Stand-Off Period. 

23. Approval by the Board. The Plan shall be subject to approval by the Board. Such Board’s approval shall be
obtained in the degree and manner required under Applicable Law. 
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