Document:

EX-10.12

 Exhibit 10.12 

Execution Version 
  

 
 Exclusive Option Agreement

 Between 
 He
Xiaopeng, Xia Heng 
 And 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. 

And 
 Guangzhou Yidian
Zhihui Chuxing Technology Co., Ltd. 
 In relation to Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. 

May 28, 2018 
  

 

  
 1 

 Exclusive Option Agreement 

This exclusive option agreement (“Agreement”) is made by the following parties on May 28, 2018 (“Execution Date”): 

 

	1.	 He Xiaopeng (ID No.: [REDACTED]) and Xia Heng (ID No.: [REDACTED]) (“Existing Shareholders”);

 Contact address: Room 102, No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou 

 

	2.	 Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd., with its registered address at Room 109, No. 8
Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou, and its legal representative being Xia Heng (“Company”). 

  

	3.	 Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd., with its registered address at Room 101, No. 8
Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou, and its legal representative being Xia Heng (“WFOE”). 

Each of the above parties is hereinafter referred to individually as a “Party”, and collectively as the “Parties”. 

Whereas, 
  

	1.	 The Existing Shareholders are the registered shareholders of the Company and hold the entire equity interest in
the Company. As of the Execution Date, the Existing Shareholders’ capital contribution in the registered capital of the Company is RMB 10 million, accounting for 100% of the registered capital. The basic information of the Company is set
forth in Exhibit 1. 

  

	2.	 Subject to the current PRC Laws, the Existing Shareholders are willing to transfer their entire equity interest
in the Company to the WFOE and/or its designated entity and/or individual, and the WFOE is willing to accept such transfer by itself or through its designated entity and/or individual. 

 

	3.	 Subject to the current PRC Laws, the Company is willing to transfer its assets to the WFOE and/or its
designated entity and/or individual, and the WFOE is willing to accept such transfer by itself or through its designated entity and/or individual. 

  

	4.	 Subject to the current PRC Laws, the Company and the Existing Shareholders intend that the capital of the
Company will be reduced and then increased by the WFOE or its designated entity and/or individual, and the WFOE is willing to subscribe for such additional capital by itself or by its designated entity and/or individual. 

 

	5.	 In order to effect the above transfer of equity interest and assets, the Existing Shareholders and the Company
agree to grant to the WFOE the exclusive and irrevocable Equity Transfer Option and Asset Purchase Option. According to the Equity Transfer Option and Asset Purchase Option, subject to the PRC Laws, the Existing Shareholders or the Company, shall at
the request of the WFOE transfer the Option Equity or the Assets (as defined below) to the WFOE and/or its designated entity and/or individual according to the provision hereof. In order to effect the above capital reduction of the Company and the
capital increase by the WFOE to the Company, the Existing Shareholders and the Company agree to grant to the WFOE an irrevocable Capital Increase Option. According to the Capital Increase Option, subject to the PRC Laws, the Company shall reduce its
capital at the request of the WFOE, and then the WFOE and/or its designated entity and/or individual will subscribe for the Capital Increase Equity (as defined below). 

  
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	6.	 The Company agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option (as defined
below) according to this Agreement. 

  

	7.	 The Existing Shareholders agree that the Company will grant to the WFOE the Asset Purchase Option (as defined
below) according to this Agreement. 

  

	8.	 The Company and the Existing Shareholders agree to grant to the WFOE the Capital Increase Option (as defined
below) according to this Agreement. 

 Now, therefore, the Parties agree as follows upon consensus through negotiation: 

 

	1.	 Definitions 

 

	1.1	 The following terms used in this Agreement have the meanings below, unless the context requires otherwise:

  

			
	“PRC Laws”	  	Means the currently valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding normative documents of the People’s Republic of China.
		
	“Equity Transfer Option”	  	Means the option granted by the Existing Shareholders to the WFOE according to the terms and conditions hereof to purchase the equity interest of the Company.
		
	“Asset Purchase Option”	  	Means the option granted by the Company to the WFOE according to the terms and conditions hereof to purchase any asset of the Company.
		
	“Capital Increase Option”	  	Means the option granted by the Company and the Existing Shareholder to the WFOE according to the terms and conditions hereof to request the Company to reduce its capital (part or all of the Option Equity (as defined below)), and to
allow the WFOE and/or its designated entity and/or individual to purchase the newly increased registered capital of the Company.
		
	“Option Equity”	  	Means the entire equity interest held by the Existing Shareholders in the Registered Capital (as defined below) of the Company, which accounts for 100% of the Registered Capital.
		
	“Registered Capital”	  	Means the registered capital of the Company of RMB ten million (RMB10,000,000) as of the Execution Date, as may be expanded by any capital increase in whatever form during the term of this Agreement.
		
	“Transfer Equity”	  	Means the equity interest which the WFOE has the right to request the Existing Shareholders to transfer to it and/or its designated entity and/or individual when the WFOE exercises the Equity Transfer Option according to Article 3
hereof, the number of which may be part or all of the Option Equity and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.

  
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	“Transfer Assets”	  	Means the assets of the Company which the WFOE has the right to request the Company to transfer to it and/or its designated entity and/or individual when the WFOE exercises the Asset Purchase Option according to Article 3 hereof,
which may be part or all of the assets of the Company and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	“Capital Increase Equity”	  	Means the newly increased Registered Capital which the WFOE and/or its designated entity and/or individual have the right to subscribe for after the reduction of capital of the Company when the WFOE exercises the Capital Increase
Option according to Article 3 hereof, the number of which will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	“Exercise”	  	Means the WFOE exercises the Equity Transfer Option, the Asset Purchase Option or the Capital Increase Option.
		
	“Transfer Price”	  	Means the entire consideration payable by the WFOE and/or its designated entity and/or individual to the Existing Shareholders or the Company for acquisition of the Transfer Equity or the Transfer Assets at each Exercise.
		
	“Capital Reduction Price”	  	Means the entire consideration payable by the Company to the Existing Shareholders for reduction of the Registered Capital at each Exercise of the WFOE.
		
	“Capital Increase Price”	  	Means the entire consideration payable by the WFOE and/or its designated entity and/or individual to the Company for subscription of the Capital Increase Equity at each Exercise.
		
	“Business Licenses”	  	Means any approvals, permits, filings, registrations, etc. the Company must hold for legally and validly operating its business, including but not limited to the Business License of Enterprise Legal Person and other relevant permits
and certificates that may be required by the current PRC Laws.
		
	“Assets”	  	Means all tangible and intangible assets that are owned or can be disposed of by the Company during the term of this Agreement, including but not limited to any real property, personal property, trademark, copyright, patent, know-how, domain name, software use right and other intellectual property rights.
		
	“Material Agreements”	  	Means any agreements to which the Company is a party and which have material effect on the business or assets of the Company, including but not limited to the Exclusive Service Agreement and other material agreements relating to the
business of the Company.
		
	“Exercise Notice”	  	Has the meaning set forth in Article 3.9 of this Agreement.

  
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	“Loan Agreement”	  	Means the Loan Agreement dated May 28, 2018 between the Existing Shareholders and the WFOE.
		
	“Confidential Information”	  	Has the meaning set forth in Article 8.1 of this Agreement.
		
	“Breaching Party”	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	“Breach”	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	“Non-breaching Party ”	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	“Party’s Rights”	  	Has the meaning set forth in Article 12.5 of this Agreement.

  

	1.2	 Any reference to any PRC Laws shall be reference to: 

 

	 	(a)	 those laws as amended, modified, supplemented and restated, whether they become effective before or after the
conclusion of this Agreement; and 

  

	 	(b)	 other decisions, notices and regulations prepared or effective under the PRC Laws. 

 

	1.3	 Unless the context requires otherwise, any reference to any articles, paragraphs, subparagraphs or items herein
are reference to the articles, paragraphs, subparagraphs or items of this Agreement. 

  

	2.	 Grant of Equity Transfer Option, Asset Purchase Option and Capital Increase Option

  

	2.1	 The Existing Shareholders hereby agree to grant to the WFOE an irrevocable, unconditional and exclusive Equity
Transfer Option, according to which the WFOE has the right to request the Existing Shareholders at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholders may
transfer part or all of their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to transfer the Option Equity to the WFOE and/or its designated entity
and/or individual according to the terms and conditions of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Equity Transfer Option. 

 

	2.2	 The Company hereby agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option
according to the above Article 2.1 and other provisions hereof. 

  

	2.3	 The Company hereby agrees to grant to the WFOE an irrevocable, unconditional and exclusive Asset Purchase
Option, according to which the WFOE has the right to request the Company at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholders may transfer part or all of
their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to transfer the part or all of the Assets to the WFOE and/or its designated entity and/or
individual according to the terms and conditions of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Asset Purchase Option. 

  

	2.4	 The Existing Shareholders hereby agree that the Company will grant to the WFOE the Asset Purchase Option
according to the above Article 2.3 and other provisions hereof. 

  
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	2.5	 The Existing Shareholders and the Company hereby agree severally and jointly to grant to the WFOE an
irrevocable, unconditional and exclusive Capital Increase Option, according to which the WFOE has the right to request the Company at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk
that the Existing Shareholders may transfer part or all of their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to reduce its capital, and, subject
to the PRC Laws, the WFOE and/or its designated entity and/or individual have the right to subscribe for any Capital Increase Equity according to the terms and conditions hereof. The WFOE hereby agrees to accept the Capital Increase Option.

  

	3.	 Way of Exercise 

 

	3.1	 Subject to the terms and conditions hereof and to the extent permitted by the PRC Laws, the WFOE has the
absolute sole discretion to decide the time, way and number of its Exercise. 

  

	3.2	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the transfer of part or all of the equity interest of the Company from the Existing Shareholders to itself and/or its designated entity and/or individual. 

 

	3.3	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the transfer of part or all of the Assets from the company to itself and/or its designated entity and/or individual. 

  

	3.4	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the Company to reduce its capital, and to subscribe for the Capital Increase Equity by itself and/or its designated entity and/or individual. 

  

	3.5	 At each Exercise of the Equity Transfer Option, the WFOE has the right to determine the number of Transfer
Equity that the Existing Shareholders shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Existing Shareholders shall transfer the Transfer Equity respectively to the WFOE and its designated entity and/or
individual according to the number determined by the WFOE. The WFOE and its designated entity and/or individual shall pay the Transfer Price to the Existing Shareholders for the Transfer Equity they receive in each Exercise. 

 

	3.6	 At each Exercise of the Asset Purchase Option, the WFOE has the right to determine the specific Assets that the
Company shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Company shall transfer the Assets to the WFOE and its designated entity and/or individual according to the determination of the WFOE. The WFOE and
its designated entity and/or individual shall pay the Transfer Price to the Company for the Transfer Assets they receive in each Exercise. 

  

	3.7	 At each Exercise of the Capital Increase Option, the WFOE has the right to determine the number of capital that
the Company shall reduce in the Exercise, and the WFOE has the right to request the Existing Shareholders to reduce their capital contribution to the Company. The Company and the Existing Shareholders shall reduce the capital of the Company
according to the number determined by the WFOE. Moreover, the WFOE has the right to determine the number of Capital Increase Equity to be subscribed for by the WFOE and its designated entity and/or individual in each Exercise. The Company shall
accept the subscription according to the requirements of the WFOE. The Company shall pay the Existing Shareholders the price for reduction of capital in each reduction of its Registered Capital. The WFOE and its designated entity and/or individual
shall pay the Capital Increase Price to the Company for the Capital Increase Equity subscribed in each Exercise. 

  

	3.8	 At each Exercise, the WFOE may accept transfer of the Transfer Equity or the Transfer Assets, or subscribe for
the Capital Increase Equity, or may designate any third party to accept transfer of part or all of the Transfer Equity or the Transfer Assets, or subscribe for the Capital Increase Equity in part or in whole. 

  
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	3.9	 When the WFOE decides to exercise its option, it shall send to the Existing Shareholders and/or the Company the
Equity Transfer Option Exercise Notice, the Asset Purchase Option Exercise Notice or the Capital Increase Option Exercise Notice (each a “Exercise Notice”, in the form of Exhibit 2, Exhibit 3 and Exhibit 4 hereto). After receiving
an Exercise Notice, the Existing Shareholders or the Company shall transfer the Transfer Equity or the Transfer Assets wholly to the WFOE and/or its designated entity and/or individual immediately according to Article 3.5 or Article 3.6 hereof, or
reduce the capital of the Company according to Article 3.7 hereof, and allow the WFOE and/or its designated entity and/or individual to subscribe for the Capital Increase Equity. 

 

	4.	 Transfer Price, Capital Reduction Price, and Capital Increase Price 

 

	4.1	 At each Exercise of the Equity Transfer Option, the entire Transfer Price payable by the WFOE and/or its
designated entity and/or individual to the Existing Shareholders is the capital contribution amount actually paid in the Registered Capital corresponding to the Transfer Equity. If the minimum price permitted by the current PRC Laws is higher than
the above amount, the minimum price shall apply. The Existing Shareholders, after receiving the Transfer Price, shall immediately use such amount to repay the loan provided by the WFOE under the Loan Agreement. 

 

	4.2	 At each Exercise of the Asset Purchase Option, the WFOE and/or its designated entity and/or individual shall
pay the Company the book value of relevant Assets. If the minimum price permitted by the current PRC Laws is higher than the above amount, the minimum price shall apply. 

 

	4.3	 At each Exercise of the Capital Increase Option, the Company shall pay the Capital Reduction Price to the
Existing Shareholders who reduce his capital contribution to the Company, and the Capital Reduction Price is the capital contribution amount actually paid in the Registered Capital which is reduced. If the minimum price permitted by the current PRC
Laws is higher than the above amount, the minimum price shall apply. Moreover, the entire Subscription Price payable by the WFOE and/or its designated entity and/or individual for subscription of the Capital Increase Equity is the Capital Reduction
Price paid by the Company to the Existing Shareholders at the time of capital reduction. The Existing Shareholders, after receiving the Capital Reduction Price, shall immediately use such amount to repay the loan provided by the WFOE under the Loan
Agreement. 

  

	4.4	 The taxes incurred due to Exercise of the Equity Transfer Option, the Asset Purchase Option or the Capital
Increase Option hereunder according to the applicable laws shall be borne and paid by the Parties respectively. 

  

	5.	 Representations and Warranties 

 

	5.1	 The Existing Shareholders hereby represent and warrant that 

 

	 	(a)	 The Existing Shareholders are natural persons of full capacity for civil acts according to the PRC Laws, have
full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

  

	 	(b)	 The Company is a limited liability company duly established and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	 	(c)	 The Existing Shareholders have full power and authority to execute, deliver and perform this Agreement and all
other documents relating to the transaction contemplated hereunder and to be executed, and have full power and authority to complete the transaction contemplated hereunder. 

  
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	 	(d)	 This Agreement constitutes their legal and binding obligations, and is enforceable against them according to
the terms hereof. 

  

	 	(e)	 The Existing Shareholders are the registered legal owner of the Option Equity when this Agreement becomes
effective, and there is not any lien, pledge, claim, other security interest or third party’s rights over the Option Equity, except for the Equity Transfer Option and the Capital Increase Option created hereunder, the pledge created under the
Equity Interest Pledge Agreement dated May 28, 2018 between the Company, the WFOE and the Existing Shareholders, and the proxy created under the Power of Attorney dated May 28, 2018. According to this Agreement, after Exercise the WFOE
and/or its designated entity and/or individual will obtain good title to the Transfer Equity free of any lien, pledge, claim, other security interest or third party’s rights. 

 

	 	(f)	 There is not any lien, mortgage, claim, other security interest or third party’s rights over the Assets,
except for the Asset Purchase Option created hereunder. According to this Agreement, after Exercise the WFOE and/or its designated entity and/or individual will obtain good title to the Assets free of any lien, mortgage, claim, other security
interest or third party’s rights. 

  

	5.2	 The Company hereby represents and warrants that 

 

	 	(a)	 The Company is a limited liability company duly established and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	 	(b)	 The Company has full internal corporate power and authority to execute, deliver and perform this Agreement and
all other documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	(c)	 This Agreement is legally and properly executed and delivered by the Company, and constitutes the legal and
binding obligations of the Company. 

  

	 	(d)	 There is not any lien, mortgage, claim, other security interest or third party’s rights over the Assets,
except for the Asset Purchase Option created under this Agreement. According to this Agreement, after Exercise the WFOE and/or its designated entity and/or individual will obtain good title to the Assets free of any lien, mortgage, claim, other
security interest or third party’s rights. 

  

	5.3	 The WFOE represents and warrants that 

 

	 	(a)	 It is a limited liability company duly established and validly existing under the PRC Laws who has separate
legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

  

	 	(b)	 It has full internal corporate power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	(c)	 This Agreement is legally and properly executed and delivered by the WFOE, and constitutes its legal and
binding obligations. 

  
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	6.	 Undertakings of the Existing Shareholders 

The Existing Shareholders hereby irrevocably undertake as follows: 
  

	6.1	 During the term of this Agreement, without the prior written consent of the WFOE, they will not:

  

	 	(a)	 transfer or otherwise dispose of any Option Equity or create any security interest or other third party’s
right over the Option Equity; 

  

	 	(b)	 increase or reduce the Registered Capital, or procure the Company to merge with other entity;

  

	 	(c)	 dispose of, or procure the management of the Company to dispose of, any material Assets (except for those
occurred in the ordinary course of business); 

  

	 	(d)	 terminate, or procure the management of the Company to terminate, any Material Agreements signed by the
Company, or enter into any other agreement conflicting with the existing Material Agreements; 

  

	 	(e)	 appoint, remove or replace any of the Company’s directors, supervisors or other officers to be appointed
and removed by the Existing Shareholders; 

  

	 	(f)	 procure the Company to declare or distribute any distributable profit, bonus or dividend;

  

	 	(g)	 take any action or behavior (including inaction) to affect the valid existence of the Company, nor take any act
that may cause the Company to terminate, liquidate or dissolve; 

  

	 	(h)	 amend the Company’s articles of association; or 

 

	 	(i)	 take any action or behavior (including inaction) to have the Company provide or borrow any loan, or provide any
guarantee or other forms of security, or assume any material obligation outside of the ordinary course of business. 

  

	6.2	 During the term of this Agreement, they will use their best efforts to develop the Company’s business and
ensure the Company’s operation in compliance with laws and regulations, and will not take any act or inaction that may damage the Company’s Assets or goodwill or affect the validity of the Company’s Business Licenses.

  

	6.3	 During the term of this Agreement, they will promptly notify the WFOE any circumstance that may have material
adverse effect on the existence, business, operation, finance, assets or goodwill of the Company, and promptly take all measures approved by the WFOE to exclude such circumstances or take other valid remedial measures. 

 

	6.4	 Once the WFOE issues the Exercise Notice, the Existing Shareholders will: 

 

	 	(a)	 immediately agree, through shareholder’s resolution or other necessary actions, to the transfer the whole
Transfer Equity or Transfer Assets from the Existing Shareholders or the Company to the WFOE and/or its designated entity and/or individual at the Transfer Price, or to the reduction of the Company’s capital, and accept the subscription by the
WFOE and/or its designated entity and/or individual of the Company’s Capital Increase Equity, as the case may be; 

  

	 	(b)	 with respect to the Equity Transfer Option, immediately sign the equity transfer agreement with the WFOE and/or
its designated entity and/or individual, transfer the whole Transfer Equity to the WFOE and/or its designated entity and/or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and executing all related
legal documents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its designated entity and/or
individual will obtain the whole Transfer Equity and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Equity; 

  
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	 	(c)	 with respect to the Capital Increase Option, immediately sign the capital reduction agreement with the Company
in the form and substance satisfactory to the WFOE, and assist and cooperate with the Company to go through the capital reduction formalities (including but not limited to notifying the creditors, making announcement on the capital reduction,
signing all related legal documents, performing all government approval and registration formalities, and assuming all related obligations), so that the Company will successfully complete the capital reduction of the Company and the WFOE and/or its
designated entity and/or individual will successfully complete the subscription of the Capital Increase Equity. 

  

	6.5	 If the Transfer Price from transfer of the Transfer Equity, or the Capital Reduction Price from the reduction
of the Company’s capital, and/or the distribution of the remaining property of the Company in case of the termination, liquidation or other circumstance of the Company, received by the Existing Shareholders, is higher than their capital
contribution to the Company, or if they receive any forms of profit distribution, bonus or dividend from the Company, they agree and acknowledge that subject to the PRC Laws they will not enjoy the income of the premiums and any profit distribution,
bonus or dividend (after deducting relevant taxes) and such income and profit distribution, bonus or dividend will be vested in the WFOE. The Existing Shareholders will instruct relevant receiving party or the Company to pay the income to the bank
account designated by the WFOE. 

  

	6.6	 They irrevocably agree to the execution and performance by the Company of this Agreement, and will assist the
Company with the execution and performance of this Agreement, including but not limited to signing all necessary documents or the documents required by the WFOE and taking all necessary actions or the actions required by the WFOE, and will not take
any action or inaction to prevent the WFOE from claiming and realizing any right hereunder. 

  

	6.7	 They will immediately, without any delay, notify the WFOE of any circumstance that the Option Equity held by
them may be transferred to any third party other than the WFOE and/or its designated entity and/or individual due to any applicable law, the decision or award of any court or arbitrator, or any other reasons, once they know or should have known such
circumstance. 

  

	7.	 Undertakings of the Company 

 

	7.1	 The Company hereby irrevocably undertakes that 

 

	 	(a)	 If the execution and performance of this Agreement and the grant of the Equity Transfer Option, the Asset
Purchase Option or the Capital Increase Option hereunder are subject to any consent, permission, waiver or authorization of any third party or the approval, permit, waiver, registration or filing (if required by law) of any government authority, it
will use its best effort to assist to meet the above conditions. 

  

	 	(b)	 Without prior written consent of the WFOE, it will not assist or permit the Existing Shareholders to transfer
or otherwise dispose of any Option Equity or create any security interest or other third party’s right over the Option Equity. 

  

	 	(c)	 Without prior written consent of the WFOE, it will not transfer or otherwise dispose of any material Assets
(except for the disposal occurred in the ordinary course of business) or create any security interest or other third party’s right over the Assets. 

  

	 	(d)	 It will not take or permit any action or behavior that may have adverse effect on the WFOE’s interest
hereunder, including but not limited to any action or behavior subject to Article 6.1. 

  

	 	(e)	 It will immediately, without any delay, notify the WFOE of any circumstance that the Option Equity held by any
Existing Shareholder may be transferred to any third party other than the WFOE and/or its designated entity and/or individual due to any applicable law, the decision or award of any court or arbitrator, or any other reasons, once it knows or should
have known such circumstance. 

  
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	7.2	 Once the WFOE issues the Exercise Notice, 

 

	 	(a)	 The Company shall procure the Existing Shareholders to agree, through shareholders’ resolution or taking
of other necessary actions, to the transfer of the whole Transfer Assets from the Company to the WFOE and/or its designated entity and/or individual at the Transfer Price, or to the reduction of capital of the Company, and to allow the WFOE and/or
its designated entity and/or individual to subscribe for the whole Capital Increase Equity at the Capital Increase Price, as the case may be; 

  

	 	(b)	 with respect to the Asset Purchase Option, the Company will immediately sign the asset transfer agreement with
the WFOE and/or its designated entity and/or individual, transfer the whole Transfer Assets to the WFOE and/or its designated entity and/or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and
executing all related legal documents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its designated
entity and/or individual will obtain the whole Transfer Assets and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Assets. 

 

	 	(c)	 with respect to the Capital Increase Option, the Company will immediately sign the capital reduction agreement
with the Existing Shareholders in the form and substance satisfactory to the WFOE and the amended and restated articles of association (amendment to the articles of association of the Company), and the Company will go through, and the Existing
Shareholders shall procure the Company to go through, the capital reduction formalities (including but not limited to notifying the creditors, making announcement on the capital reduction, signing all related legal documents, performing all
government approval and registration formalities, and assuming all related obligations), so that the Company will successfully complete the capital reduction and the WFOE and/or its designated entity and/or individual will successfully complete the
subscription of the Capital Increase Equity. 

  

	8.	 Confidentiality Obligations 

 

	8.1	 Each Party shall keep strict confidential the business secrets, proprietary information, client information and
other confidential information of the other Party obtained during the execution and performance of this Agreement (“Confidential Information”) regardless of whether this Agreement has been terminated. The receiving Party shall not
disclose any Confidential Information to any third party, except upon prior written consent of the disclosing Party or as required by applicable laws and regulations or the rules of the jurisdiction where the affiliate of a Party is listed. The
receiving Party shall not use directly or indirectly any Confidential Information except for purpose of performing this Agreement. 

  

	8.2	 The Parties acknowledge that the following information is not Confidential Information: 

 

	 	(a)	 The information obtained by the receiving Party by legal means before the disclosure, which is evidenced by
written proof; 

  

	 	(b)	 The information that has entered public domain not through the fault of the receiving Party; or

  

	 	(c)	 The information obtained by the receiving Party legally through other channel after receiving the information
from the disclosing Party. 

  
 11 

	8.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or any engaged
professionals, provided that it shall ensure such persons to comply with relevant terms and conditions of this Agreement and shall assume any liability arising from the breach by such persons of relevant terms and conditions of this Agreement.

  

	8.4	 Notwithstanding any other provisions hereof, this Article 8 shall survive the suspension or termination of this
Agreement. 

  

	9.	 Term of Agreement 

This Agreement is formed when the Parties officially sign it, and, once formed, will become effective retrospectively as of May 28, 2018.
Unless the WFOE requires otherwise, this Agreement will terminate when the whole Option Equity and Assets are transferred to the WFOE and/or its designated entity and/or individual according to the provisions hereof. 

 

	10.	 Notice 

  

	10.1	 Any notice, request, demand or other communication required by or made under this Agreement shall be in writing
and sent to relevant Parties. 

  

	10.2	 Where the above notice or other communication is sent by fax or email, it will be deemed delivered when it is
sent. Where the above notice or other communication is sent by personal delivery, it will be deemed delivered when it is submitted in person. Where the above notice or other communication is sent by mail, it will be deemed delivered two
(2) days after it is posted. 

  

	11.	 Liabilities for Breach of Contract 

 

	11.1	 The Parties agree and acknowledge that if either Party (“Breaching Party”) materially breaches
any covenant hereunder, or fails or delays to perform any material obligation hereunder, it will constitute a breach of this Agreement (“Breach”), and each of the other Parties
(“Non-breaching Parties”) has the right to request the Breaching Party to correct or take remedial measures within a reasonable period. If the Breaching Party fails to do so within a
reasonable period or ten (10) days after the Non-breaching Parties give a written notice requesting correction, then: 

 

	 	(a)	 If the Existing Shareholders or the Company breaches, the WFOE has the right to terminate this Agreement and
request the Breaching Parties (/Party) to compensate any damages; 

  

	 	(b)	 If the WFOE breaches, the Non-breaching Parties have the right to
request the Breaching Party to compensate damages, provided, however, that the Non-breaching Parties have no right to terminate or rescind this Agreement, unless the laws provide otherwise mandatorily.

 For purpose of this Article 11.1, the Existing Shareholders further acknowledge and agree that their breach of Article 6
hereof will constitute a material breach of this Agreement. The Company further acknowledges and agrees that its breach of Article 7 hereof will constitute a material breach of this Agreement. 

 

	11.2	 Notwithstanding any other provisions hereof, this Article 11 shall survive the suspension or termination of
this Agreement. 

  
 12 

	12.	 Miscellaneous 

 

	12.1	 This Agreement is written in Chinese. This Agreement is made in five (5) counterparts, with the Company
holding one (1) counterpart, one (1) counterpart filed with the government authority for approval/registration, and the remaining counterparts maintained by the WFOE. 

 

	12.2	 The conclusion, validity, interpretation and dispute resolution of this Agreement shall be governed by the PRC
Laws. 

  

	12.3	 Dispute Resolution 

  

	 	(a)	 Any dispute arising from or relating to this Agreement shall be resolved first through the friendly negotiation
between the Parties. If negotiation fails, the dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration according to the arbitration rules of the Commission effective at the time of submission. The
arbitration will be carried out in Shenzhen. The arbitration award is final and binding upon relevant Parties. Unless the arbitration award decides otherwise, the arbitration cost shall be borne by the losing Party. The losing Party shall further
reimburse the winning Party’s attorney fee and other expenses. 

  

	 	(b)	 During the period of dispute resolution, the Parties shall continue to perform other provisions of this
Agreement except for the disputed matter. 

  

	12.4	 Any rights, powers and remedies granted to either Party under any provision of this Agreement shall not
preclude any other rights, powers or remedies granted to the Party under laws or other provisions hereof. No exercise by either Party of its rights, powers or remedies will preclude the exercise by the Party of other rights, powers or remedies.

  

	12.5	 No failure or delay to exercise by either Party of its rights, powers or remedies under this Agreement or laws
(“Party’s Rights”) will constitute waiver of such rights, and no single or partial waiver of the Party’s Rights will preclude exercise by the Party of such rights in other way or of other rights. 

 

	12.6	 The headings hereof are inserted for reference only, and shall not be used for or affect the interpretation of
any provisions hereof. 

  

	12.7	 The provisions hereof are severable and independent from other provisions. If any or several provisions hereof
are decided invalid, illegal or unenforceable at any time, the validity, legality and enforceability of other provisions hereof shall not be affected. 

  

	12.8	 This Agreement, once signed, shall supersede any other legal documents signed by the Parties with respect to
the same subject matter. Any amendment or supplement to this Agreement must be made in writing, and shall become effective after the Parties properly sign it, except that the WFOE transfers its rights hereunder according to Article 12.9.

  

	12.9	 Without prior written consent of the WFOE, the other Parties shall not transfer its right and/or obligation
hereunder to any third party. The other Parties agree that without their written consent, the WFOE has the right to transfer any right and/or obligation hereunder to any third party, provided that a written notice shall be given to the other
Parties. 

  

	12.10	 This Agreement shall bind and inure to the benefit of the legal assigns and successors of the Parties. The
Existing Shareholders warrant to the WFOE that they have taken all proper measures and signed all required documents so that when they go into bankruptcy, are liquidated, or suffer other circumstance that may affect their exercise of their equity,
their legal assigns, successors, heirs, liquidators, administrators, creditors and other persons who may obtain the equity interest in the Company or relevant rights shall not affect or prevent performance of this Agreement. For this purpose, the
Existing Shareholders and the Company shall promptly sign all other documents and take all other actions (including but not limited to notarizing this Agreement) required by the WFOE. 

[The remainder of this page is intentionally left blank. Signature page follows.] 

 

  
 13 

 [Signature page of the Exclusive Option Agreement] 

He Xiaopeng 
 Signature: /s/ He Xiaopeng 

  
 14 

 [Signature page of the Exclusive Option Agreement] 

Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (seal) 

Legal representative: Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 

Legal representative: Xia Heng 
 Signature: /s/ Xia Heng 

 Exhibit 1: 

Basic Information of the Company 
  

			
	Company name	  	Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd.
		
	Registered address	  	Room 109, No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou
		
	Registered capital	  	RMB ten million
		
	Legal representative	  	Xia Heng
		
	Shareholding structure:	  	

  

									
	 Shareholder
	  	Shareholding percentage	 	 	Subscribed capital contribution (RMB)	 
	 He Xiaopeng
	  	 	80	% 	 	 	8 million	 
	 Xia Heng
	  	 	20	% 	 	 	2 million	 

 Exhibit 2: 

Form of Exercise Notice 
 To: He
Xiaopeng and Xia Heng 
 Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with He Xiaopeng and Xia Heng, and
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Company”) on [insert date], providing that subject to the laws and regulations of China, upon the request of us, He Xiaopeng and Xia Heng shall transfer their equity interest in
the Company to us or any third party designated by us. 
 Therefore, we hereby notify you as follows: 

We hereby exercise the Equity Transfer Option under the Option Agreement, and accept by us or by [name of the entity/individual designated by us] the transfer
of the        % equity interest held by He Xiaopeng and Xia Heng in the Company (“Transfer Equity”). Please transfer the above Transfer Equity to us or to the [name of the entity/individual
designated by us] immediately according to the provisions of the Option Agreement after you receive this notice. 
 Guangzhou Xiaopeng Zhihui Chuxing
Technology Co., Ltd. (seal) 
 Authorized representative: 

Date: 

 Exhibit 3: 

Form of Exercise Notice 
 To:
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. 
 Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with
you, and He Xiaopeng and Xia Heng on [insert date], providing that subject to the laws and regulations of China, upon the request of us, you shall transfer your assets to us or any third party designated by us. 

Therefore, we hereby notify you as follows: 
 We hereby exercise
the Asset Purchase Option under the Option Agreement, and accept by us or by [name of the entity/individual designated by us] the transfer of the assets owned by you as listed in the schedule attached hereto (“Transfer Assets”).
Please transfer the above Transfer Assets to us or to the [name of the entity/individual designated by us] immediately according to the provisions of the Option Agreement after you receive this notice. 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 

Authorized representative: 
 Date: 

 Exhibit 4: 

Form of Exercise Notice 
 To:
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. 
 He Xiaopeng and Xia Heng 

Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd.
(“Company”), and He Xiaopeng and Xia Heng on [insert date], providing that subject to the laws and regulations of China, upon the request of us, you shall reduce the capital of the Company, and allow us or any third party designated
by us to subscribe for the newly increased registered capital of the Company. 
 Therefore, we hereby notify you as follows: 

We hereby exercise the Capital Increase Option under the Option Agreement, and request the Company to reduce its registered capital by
RMB    . After completion of the capital reduction, the registered capital of the Company will become RMB    , and He Xiaopeng and Xia Heng will not hold equity interest in the Company / He Xiaopeng and Xia
Heng will hold                equity interest in the Company. 
 Meanwhile,
we or [name of the entity/individual designated by us] will subscribe for the newly increased registered capital of the Company of RMB    . After completion of the above capital increase, the registered capital of the Company
will become RMB    . 
 Please immediately complete the capital reduction according to the Option Agreement after receiving this notice,
and allow us or [name of the entity/individual designated by us] to subscribe for the newly increased registered capital of the Company. 
 Guangzhou
Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 
 Authorized representative: 

Date:EX-10.15

 Certain information in this document identified by brackets has been omitted because it is both not
material and would be competitively harmful if publicly disclosed. 
 Exhibit 10.15 

Xiaopeng Brand Vehicle Cooperative Manufacturing Agreement 

Agreement No.: (HMC) QT-2017-081 

Execution Date: March 31, 2017          

Party A: Haima Automobile Co., Ltd. 
 Contact address:
No. 1689, Hanghai East Road, Economic and Technological Development Zone, Zhengzhou 
 Tel.: [REDACTED] Zip code: 450016 

Party B: Guangzhou Xiaopeng Motors Technology Co., Ltd. 

Contact address: 3rd Floor, Building B7, No. 11, Kaiyuan Avenue, Science City, New and High-Tech Development Zone, Guangzhou 

Tel.: [REDACTED] Zip code: 510530 
 Whereas, 

Party A and Party B have their own advantageous resources in the research and development, production, sale, and service of new energy vehicles, and are highly
complementary, which will greatly promote the development of both parties. 
 Based on full trust and the consideration of development strategy, according
to the principles of good faith, equality and mutual benefit, sincere cooperation and common development, Party A and Party B, through friendly negotiation, enter into the following agreement with respect to cooperation to develop, produce and sell
Xiaopeng new energy vehicles (hereinafter referred to as the “Products”) and other related matters, for their joint implementation. 

I.R&D and Certification of the Products 
  

	1.	 Party B shall determine the definition and development method of the Products under its own responsibility, and
undertake the design and development of the Products. Party A does not directly participate in the design and only performs necessary check and acceptance of the technical requirements of the entire vehicle at the entire vehicle level.

  

	2.	 The Products developed by Party B must comply with national laws and regulations and be competitive in the
market. Party A shall review, appraise and countersign the Products under its own responsibility to ensure that they comply with relevant national technical regulations and Party A’s technical standards. 

 

	3.	 Party B shall develop and invest in the tooling (including molds and inspection tools) of the Products under
its own responsibility, and Party A will participate in the review and determination of the technical requirements of the tooling and the on-site joint testing. 

  
 1 

	4.	 Party B shall bear all responsibilities, costs, and losses caused by any issue of the design and development of
the Products. 

  

	5.	 Party A shall handle the product certification application under its own responsibility, and Party B is
responsible for providing support such as prototype vehicles, technical support for testing, and preparation of corresponding technical data required for the product certification. Party B shall bear the direct costs incurred due to the
certification of the Products, and other related indirect costs shall be negotiated and determined by both parties separately. 

II.Production Preparation of the Products 
  

	1.	 Party A will organize and implement the production and manufacturing plan for the Products proposed by Party B
and agreed upon by both parties. The production preparation shall be controlled by the relevant conditions of Party A’s quality gates of ET, PT, SOP, and SOS. 

 

	2.	 Party A shall organize the production preparation of the Products under its own responsibility, and shall
negotiate with Party B according to the actual situation to formulate a specific production capacity building (renovation) plan for the Products. Party B shall bear the relevant expenses for the special equipment (including fixtures) invested in the
production of the Products. 

  

	3.	 Party A’s suggestions for rational design changes for the Products, including but not limited to improving
line sharing, reducing investment and transformation costs, and improving production technology, shall be evaluated by Party B and implemented through product design changes. If there is any dispute, both parties shall negotiate to settle it.

  

	4.	 Party A and B should prepare the digital models, drawings, parts list (EBOM), process documents, inspection
standard reference book, inspection standards and other technical materials required for the production of the Products in accordance with the “Work Division Table” (see Annex 1). If the above materials are to be provided by Party B, Party
B shall provide them to Party A within the time agreed by both parties. 

  

	5.	 During the production period of the Products, if Party A finds that the drawings or technical requirements
provided are unreasonable, it shall notify Party B in time. Party B shall reply within the time specified in the notice and propose amendments. If Party A does not receive any reply within the time specified in the notice, it has the right to stop
work and notify Party B in time, and Party B shall bear the losses caused thereby. 

  

	6.	 The technical documents used for the production of the Products transformed by Party A based on the technical
materials provided by Party B shall be confirmed by Party B in writing. 

  

	7.	 During the trial production and mass production of the Product, Party B shall provide necessary on-site technical support and services to Party A (during the trial production and mass production period, technical personnel shall be stationed at Party A’s premises), and shall be obliged to assist Party A
in dealing with emergent quality problems, solve the quality problems of the suppliers of Party B responsible for purchasing materials, and provide cooperation in the process. 

  
 2 

 III.Production Plan and Order 

Party A shall arrange the production plan of the Products according to the product order of Party B, and organize the production,
manufacturing, acceptance and delivery of the Products. The final Products must pass Party B’s acceptance. 
  

	1.	 Small batch debugging stage 

Party A and Party B will jointly negotiate the debugging time and debugging plan of the Products. The debugging result must be confirmed by
both parties before entering the mass production stage. 
 2. Mass production stage 

 

	(1)	 Party B will inform Party A of the overall order plan for the next year in the fourth quarter of each year, and
both parties will jointly negotiate and determine the annual production plan for the next year. 

  

	(2)	 In the annual production plan, before the 15th day of each month, Party B shall notify Party A of the planned
quantity of the Product orders for the next month and the following months, and both parties will determine the 2-month order plan within 5 working days after mutual negotiation. 

 

	(3)	 In principle, the order plan for the current month cannot be adjusted, and the adjustment quantity of the order
plan for the next two months must not exceed ±20%. If it is necessary to change the order plan due to market reasons, both parties will decide separately after negotiation. 

 

	(4)	 When Party B unilaterally changes the quantity of the Product order plan during the term of this Agreement, and
Party A thus suffers parts inventory overstock, scrapping, or other issues, Party B shall compensate Party A for all direct losses caused thereby. 

IV.Material Procurement 
  

	1.	 In principle, Party B shall undertake the supplier development and management of the Products under its own
responsibility, including the design and development of parts, commercial procurement, quality management, after-sales service, etc. In respect of the 3C and other key parts jointly determined by both parties, Party A and Party B will sign a
tripartite purchase contract with the supplier in accordance with the requirements of Party A’s quality management system. The management content includes but is not limited to supplier qualification review, sample appraisal, small batch
appraisal and PPAP review. 

  

	2.	 Party A and Party B jointly negotiate to determine the purchasing method of parts, accessories and other
materials (hereinafter referred to as “Materials”) required for the production of the Products. Among them, Party A is responsible for purchasing certain Materials, Party A purchases certain Materials from Party B, and both parties jointly
purchase key parts and 3C parts. The specific purchase list will be discussed and determined by both parties separately. 

  

	3.	 Party B warrants that the Materials provided to Party A meet the requirements of Party A’s quality
inspection standards, comply with relevant national and industry standards, have manufacturer’s product identification and quality inspection certificate, and will be equipped with the “Three Guarantees” of Party B.

  
 3 

	4.	 The specific matters concerning the purchase of Materials by Party A from Party B shall be agreed upon by both
parties in a separate agreement on the purchase of the Materials for the Products. 

 V.Product Quality 

 

	1.	 The Products will be managed and controlled in accordance with the management mode of Party A’s quality
gates of BT, PT, SOP, and SOS. The quality gate management principles and the product quality standards shall be jointly negotiated by Party A and Party B. 

  

	2.	 Party A will organize the production in accordance with the product quality standards agreed by both parties,
and the key processes of manufacturing the Products will be subject to the quality monitoring by Party B. 

  

	3.	 Party A shall be responsible for the quality control of the manufacturing process of the Products under its own
responsibility, and guarantee that the Products finally produced and delivered meet the product quality and performance required by the quality standards agreed by both parties. When there is any quality issue, Party A will analyze and determine the
responsibility. If there is a dispute in the responsibility determination, it will be handed over to both parties for joint determination. 

  

	4.	 Party A guarantees that the Products provided to Party B have been inspected in accordance with the quality
standards agreed by both parties, and the Products that fail to pass the inspection cannot be sent to Party B, unless Party B agrees to concession after negotiation. 

VI.Delivery of the Products 
  

	1.	 The production and delivery time of the Products shall be subject to the order plan agreed by both parties. If
any party requests early or delayed delivery, it shall negotiate with the other party in advance and implement it as agreed. 

  

	2.	 The Products will be delivered at the delivery location arranged by Party A (near the location of Party
A’s factory), and Party A will also provide relevant vehicle-mounted documents such as the product certificate. 

  

	3.	 The quality issues of the Products occurred during the delivery process shall be resolved by both parties
through negotiation. 

  

	4.	 Party B shall be responsible for the final inspection of the Products, and Party B will assign a full-time
inspector to the inspection site of Party A to conduct inspection. Party B shall bear the responsibility for any delay in product delivery caused by Party B’s failure to inspect and confirm in time. Party A shall bear the responsibility for the
delay of product delivery caused by Party A. 

  

	5.	 Where Party B picks up the Products by itself, the delivery time shall be the date of going through the
handover procedures by both parties. If Party B entrusts Party A to arrange the transportation of the Products, the delivery time shall be the stamp date issued by the carrier entrusted by Party A. Party B shall pay the corresponding fees. If the
parties have agreed on the fee, it shall be calculated according to the agreed method. If there is no agreement, the fee will be determined through separate negotiation. 

  
 4 

 VII.Technical Services 

Party A will establish the entire vehicle technical requirements, evaluation standards, gate management, quality management, process plans,
etc. for the Products, and provide Party B with technical services such as tracing the inventory, manufacturing process and related parts quality issues. Party A will charge Party B for technical service fees. 

 

	1.	 Fee standard. Party A will charge Party B a technical service fee in accordance with the standard of [REDACTED]
yuan/unit (including [REDACTED]% VAT). 

  

	2.	 Settlement basis. The fee will be settled when the vehicles are delivered. The settlement quantity will be the
quantity of the Products delivered by Party A to Party B and checked and accepted by Party B, which will be subject to the handover procedure of the Products signed by both parties. 

 

	3.	 Settlement method. On the 26th day of each month, Party A will feed back the settlement quantity and related
vouchers to Party B. Party B will calculate the fees based on the settlement unit price after confirmation of the above quantity and vouchers, and directly pay the fees to Party A by wire transfer within [REDACTED] days (acceptance bills are not
accepted). 

 VIII.Sale of the Products 
  

	1.	 Party A appoints Party B to be the general distributor of the Products and Party B enjoys the exclusive general
distribution right of the Products. During the performance of this Agreement, Party A shall not authorize other companies to distribute the Products. 

  

	2.	 As the general distributor of the Products, Party B shall have full authority to carry out the sales and
after-sales service business activities of the Products, provide after-sales maintenance services to the customers of the Products, and strive to expand the market share and brand awareness of the Products. Party B is responsible for establishing
its own product sales system and has the right to develop distributors and service outlets on its own. 

  

	3.	 Party B shall be fully responsible for the after-sales service of the Products (including product three
guarantees, claims, recalls, etc.). Party A shall bear the quality problems and costs caused by Party A’s production and manufacturing of the Products, and other costs incurred shall be borne by Party B. Party A has the right to directly deduct
the above costs from the payment between both parties, and Party B has no objection thereto. 

  

	4.	 Party B is responsible for handling the market feedback issues of the Products, and Party A is responsible for
assisting Party B to trace and deal with the inventory, manufacturing process and related parts. 

  

	5.	 The specific matters concerning the sale of the Products shall be agreed upon by both parties in a separate
general distribution agreement of the Products. 

 IX.Intellectual Property Rights 

 

	1.	 The intellectual property rights and corresponding rights and interests acquired by both parties before this
cooperation shall be owned by both parties respectively. 

  

	2.	 The brands, trademarks and intellectual property rights arising from the design and development of the Products
shall be owned and disposed of by Party B. Party B authorizes Party A to use the aforementioned brands, trademarks and intellectual property rights for free in the process of producing, manufacturing, and selling the Products. Without the permission
of Party B, Party A shall not apply for a patent or transfer them as technical secrets to any third party, nor shall it permit any third party to exploit and use them. 

  
 5 

	3.	 Party B guarantees that it has the legal titles to the brand, trademark, intellectual property right,
technology and information used in the product design, development, and production of the Products free of any dispute by any third party, and that there is no infringement of any third party’s intellectual property rights or other rights.
Otherwise, Party B shall be fully responsible for the disputes arising therefrom, and compensate Party A for the losses caused thereby. 

  

	4.	 Party A owns the entire vehicle technical requirements, evaluation standards, gate management, quality
management, process plan and other know-how and/or intellectual property rights of the Products. Without the permission of Party A, Party B shall not apply for a patent or transfer them as technical secrets to
any third party, or permit any third party to exploit and use them. 

 X.Confidentiality 

 

	1.	 Without the written consent of the other party, neither party may disclose the confidential information
obtained during the cooperation period to any third party. 

  

	2.	 Each party shall obtain the prior written consent of the other party before providing confidential information
to their related cooperative entities due to the performance of this Agreement, and ensure that their related cooperative entities also perform the confidentiality obligations under this Article X. 

 

	3.	 Both parties shall strive to protect the intellectual property rights of the Products, keep confidential the
business secrets (technical information, materials, special molds, equipment, etc.) of the other party known through the transactions under this agreement, and bear the responsibility of confidentiality. 

XI.Liabilities for Breach of Contract 
  

	1.	 If either party fails to comply with the provisions of this Agreement or fails to perform the relevant
provisions of this Agreement and causes losses to the other party, the breaching party shall bear the corresponding liability for breach of contract. 

  

	2.	 Either party’s failure to perform the obligations stipulated in this Agreement in whole or in part shall
constitute a breach of contract. If the breaching party fails to correct the failure within 30 days after the non-breaching party submits the written opinion on correction, the
non-breaching party has the right to terminate this Agreement and demand the breaching party to compensate the damages. 

XII.Term of Agreement 
  

	1.	 This agreement is valid from the execution date to December 31, 2021. After this Agreement expires, if
both parties continue to cooperate, this Agreement can be renewed. 

  

	2.	 After the termination of this Agreement, the aforesaid special equipment, tooling, appliances and instruments
purchased by Party B for the production of the Products that can be directly moved or simply disassembled shall be returned by Party A to Party B, and the remaining equipment shall be owned by Party A. 

  
 6 

 XIII.Force Majeure 

During the implementation of this Agreement, if force majeure events such as war, turmoil, or natural disaster occur, which makes the
implementation of this Agreement difficult to continue, both parties shall negotiate on the emergency measures in a timely manner. If a force majeure event occurs to either party, it shall inform the other party within 15 working days. 

XIV.Dispute Resolution 
 The validity,
interpretation, implementation and performance of this Agreement and the dispute resolution concerning this Agreement shall be governed by the laws of the People’s Republic of China. Both parties shall negotiate and resolve all disputes arising
from performance of or relating to this Agreement as soon as possible. If the parties are unwilling to negotiate or fail to reach an agreement after negotiation, either party may apply to Zhengzhou Arbitration Commission for arbitration. During the
dispute resolution period, both parties shall continue to perform other obligations stipulated in this Agreement except for the matters in dispute. 

XV.Modification of Agreement 
  

	1.	 If this Agreement needs to be modified during the implementation process, both parties shall reach a written
agreement through consultation. Unless there is a statutory or agreed cause to terminate this agreement, neither party may modify or terminate this agreement without authorization. 

 

	2.	 After this Agreement comes into effect, neither party may transfer all or part of its rights under this
Agreement to any third party without the written consent of the other party. 

 XVI.Miscellaneous 

 

	1.	 For matters not covered in this Agreement, both parties may reach a separate written agreement as an annex to
this Agreement. Any annex, modification or supplement to this Agreement constitutes an integral part of this Agreement and has the same legal effect as this Agreement. 

 

	2.	 During the cooperation period between Party A and Party B, Party B shall abide by Party A’s regulations on
safety, environmental protection, integrity and self-discipline, and the “Integrity and Self-discipline Agreement” signed by both parties will continue to take effect during this period. 

 

	3.	 This Agreement is made in four counterparts, with each party holding two. All counterparts have the same legal
forces. This Agreement becomes effective when it is signed and sealed (official seal or special contract seal) by both parties and their authorized representatives. 

  
 7 

 [Signature page of Xiaopeng Brand Vehicle Cooperative Manufacturing Agreement between Haima Automobile Co.,
Ltd. and Guangzhou Xiaopeng Motors Technology Co., Ltd.] 
  

					
	Guangzhou Xiaopeng Motors Technology Co., Ltd. (seal)	 	 

            
	  	Haima Automobile Co., Ltd. (seal)
			
	[Company seal is affixed here]	 		  	[Company seal is affixed here]
			
	 Signature of authorized representative (Signature):
  

/s/ Xia Heng
	 		  	 Signature of authorized representative (Signature):
  

/s/ Xiao Dan

  
 8

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