Document:

EX-10.4

 Exhibit 10.4 

Execution Version 
  

 
 Power of Attorney 

Between 
 Xia Heng, He
Tao 
 And 

Guangzhou Xiaopeng Motors Technology Co., Ltd. 

And 
 Guangzhou Zhipeng
IoV Technology Co., Ltd. 
 In relation to Guangzhou Zhipeng IoV Technology Co., Ltd. 

May 28, 2018 
  

 

  
 1 

 Power of Attorney 

This Power of Attorney (“Agreement”) is made by the following parties on May 28, 2018 (“Execution Date”): 

 

	1.	 Xia Heng: ID No.: ****************** 

Residential address: ******************, and 

He Tao, ID No.: ****************** 

Residential address: ****************** 

(“Existing Shareholders”); 
  

	2.	 Guangzhou Zhipeng IoV Technology Co., Ltd., with its registered address at Room 209, No. 8 Songgang
Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou(voluntary declaration), and its legal representative being He Tao (“Company”). 

 

	3.	 Guangzhou Xiaopeng Motors Technology Co., Ltd., with its registered address at Room 245, No. 333, Jiufo
Jianshe Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou, China, 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 sole shareholders of the Company as of the Execution Date and hold 100% of
the equity of the Company. 

  

	2.	 The Existing Shareholders intend to entrust the person designated by the WFOE to exercise their voting powers
and decision-making powers in the Company, and the WFOE intends to designate the person to accept the entrustment. 

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

	1.	 Grant of Proxy Powers 

 

	1.1	 The Existing Shareholders hereby irrevocably undertake that they will sign respectively the Power of Attorney
in the substance and format set forth in Exhibit 1 attached hereto after execution of this Agreement, to authorize the person then designated by the WFOE (“Proxy”) to exercise, on behalf of the Existing Shareholders, the following
powers (collectively, the “Powers”) of the Existing Shareholders as the shareholders of the Company according to the current articles of association of the Company: 

 

	 	(a)	 Exercising the voting powers and decision-making powers on all matters to be decided by the shareholders on
behalf of the Existing Shareholders, including but not limited to nominating and appointing directors of the Company and other officers to be appointed and removed by shareholders; 

  
 2 

	 	(b)	 Other shareholder’s voting powers specified in the articles of association of the Company (including any
other shareholder’s voting powers specified in amended the articles of association of the Company); 

  

	 	(c)	 When the Existing Shareholders transfer their equity in the Company, agree to the transfer of the
Company’s assets, reduce their capital contribution to the Company, or accept the additional capital contribution by the WFOE to the Company according to the Exclusive Option Agreement signed by the Existing Shareholders on the Execution Date,
signing relevant equity transfer agreement, asset transfer agreement (if applicable), capital reduction agreement, capital increase agreement, shareholders’ decision and other relevant documents, and completing the governmental approval,
registration, filing and other procedures required for such transfer, capital reduction or capital increase, on behalf of the Existing Shareholders. 

Provided that the Proxy shall be a citizen of China, and the WFOE agrees to the above authorization of Powers. When and only if the WFOE issues
to the Existing Shareholders a written notice of removing or replacing the Proxy, the Existing Shareholders shall immediately entrust other Chinese citizen designated then by the WFOE to exercise the above Powers. The new authorization shall
supersede the original one immediately after it is made. Except the foregoing, the Existing Shareholders shall not revoke any authorization to or Powers of the Proxy. 
  

	1.2	 The Proxy shall perform his/her duties diligently and carefully to the extent of the Powers hereunder. The
Existing Shareholders shall acknowledge and assume corresponding liabilities for any legal consequences of exercising the above Powers by the Proxy. 

  

	1.3	 The Existing Shareholders hereby acknowledge that the Proxy is not required to seek for opinions of the
Existing Shareholders when exercising the above Powers. 

  

	2.	 Right of Information 

 

	2.1	 The Proxy has the right to know relevant information of the operation, business, client, finance, employee,
etc. of the Company, and consult relevant documents of the Company, to exercise the Powers. The Company and the Existing Shareholders shall provide full cooperation. 

 

	3.	 Exercise of the Powers 

 

	3.1	 The Existing Shareholders shall provide full assistance for the Proxy to exercise the Powers, including prompt
signing of the shareholders’ decision made by the Proxy or other related legal documents when necessary (for example, to meet the requirements of the government authority on submitting documents for approval, registration, and filing).

  

	3.2	 If it is unable to grant or exercise the Powers due to any reason (except the breach of the Existing
Shareholders or the Company) at any time during the term of this Agreement, the Parties shall immediately seek an alternative closed to the unachievable provisions, and enter into a supplemental agreement when necessary to amend or adjust the
provisions, to ensure the purpose of this Agreement can be achieved. 

  

	4.	 Exemption of Liability and Indemnification 

 

	4.1	 The Parties acknowledge that in no event will the WFOE be liable in any way to other Parties or any third party
or make any economic or other compensation with respect to the exercise by the person designated by it of the Powers. 

  
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	4.2	 The Existing Shareholders and the Company agree to indemnify the WFOE and hold the WFOE harmless from all
losses the WFOE suffers or may suffer from the exercise by the Proxy of the Powers, including but not limited to any losses arising from any litigation, demand, arbitration, claim or assertion of rights by any third party, or any administrative
investigation or penalty by any government authority, except for any loss caused by the intentional misconduct or gross negligence of the Proxy. 

  

	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. This Agreement is executed and delivered by them legally and properly,
constitutes legal and binding obligations of them, and is enforceable against them according to its terms. 

  

	 	(d)	 The Existing Shareholders are the registered legal owner of the Company when this Agreement becomes effective,
and there is not any third party’s rights over the Powers, except for the rights created under this Agreement, the Equity Interest Pledge Agreement and the Exclusive Option Agreement entered into between the Existing Shareholders, the Company
and the WFOE. According to this Agreement, the Proxy can fully and completely exercise the Powers according to the current articles of association of the Company. 

 

	 	(e)	 The Existing Shareholders shall not make any proposal, claim or request to amend, modify, terminate or
otherwise change the articles of association of the Company, without consent of the WFOE. 

  

	5.2	 The Existing Shareholders hereby irrevocably undertake to the WFOE that they will immediately, without any
delay, notify the WFOE of any circumstance that the equity held by them in the Company may be transferred to any third party other than the WFOE or its designated individual or entity 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. 

  

	5.3	 The WFOE and the Company hereby severally but not jointly represent and warrant 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. 

  
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	5.4	 The Company further represents and warrants that 

 

	 	(a)	 The Existing Shareholders are the registered legal owner of the Company when this Agreement becomes effective,
and there is not any third party’s rights over the Powers, except for the rights created under this Agreement, the Equity Interest Pledge Agreement and the Exclusive Option Agreement entered into between the Existing Shareholders, the Company
and the WFOE. According to this Agreement, the Proxy can fully and completely exercise the Powers according to the current articles of association of the Company. 

 

	5.5	 The Company hereby irrevocably undertakes to the WFOE that it will immediately, without any delay, notify the
WFOE of any circumstance that the equity held by the Existing Shareholders in the Company may be transferred to any third party other than the WFOE or the individual or entity designated by the WFOE 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. 

  

	6.	 Term of Agreement 

 

	6.1	 Subject to Article 6.2 and Article 6.3, this Agreement is formed when the Parties officially sign it, and, once
formed, will become effective retrospectively as of May 28, 2018. This Agreement shall be valid for twenty (20) years, unless the Parties terminate it in writing in advance, or this Agreement is early terminated according to Article 9.1
hereof. This Agreement shall renew for one (1) year automatically when it original term or renewal term expires, unless the WFOE notifies the other Parties thirty (30) days in advance that this Agreement will not be renewed.

  

	6.2	 Where the business period of the Company or the WFOE expires and no approval or registration formalities on
extension of the business period is gone through, this Agreement shall terminate when the business period of the Company or the WFOE expires. 

  

	6.3	 If the Existing Shareholders transfer their whole equity in the Company upon prior consent of the WFOE, or no
longer hold any equity in the Company after reduction of the Company’s capital, they will no longer the Parties to this Agreement (subject, however, to Articles 4, 5.1, 6, 7, 8, 9, and 10) and this Agreement shall terminate when the Existing
Shareholders have completed relevant obligations of assistance hereunder, all required documents have been properly signed, and relevant internal corporate procedure of the Company and the approval, registration, filing and other procedure of the
government have been completed. 

  

	7.	 Notice 

  

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

  

	7.2	 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. 

  

	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. 

  
 5 

	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. 

  

	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 termination of this Agreement.

  

	9.	 Liabilities for Breach of Contract 

 

	9.1	 The Parties agree and acknowledge that if either Party (“Breaching Party”) materially breaches
any provision 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 9.1, the Company and the Existing Shareholders further acknowledge and agree that their
breach of Article 5 hereof will constitute a material breach of this Agreement. 
  

	9.2	 Notwithstanding any other provisions hereof, this Article 9 shall survive the suspension or termination of this
Agreement. 

  

	10.	 Miscellaneous 

 

	10.1	 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. 

 

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

  

	10.3	 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. 

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

  

	10.4	 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.

  

	10.5	 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. 

 

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

  

	10.7	 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. 

  

	10.8	 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 10.9.

  

	10.9	 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. 

  

	10.10	 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.] 

  
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 [Signature page of the Power of Attorney] 

Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Power of Attorney] 

He Tao 
 Signature: /s/ He Tao 

 [Signature page of the Power of Attorney] 

Guangzhou Zhipeng IoV Technology Co., Ltd. (seal) 
 Legal
representative: He Tao 
 Signature: /s/ He Tao 

 [Signature page of the Power of Attorney] 

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

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

 Exhibit 1: 

Power of Attorney 
 This power of
attorney (“POA”) is signed by Guangzhou Zhipeng IoV Technology Co., Ltd. on May 28, 2018 and issued to _______________ (________________) (“Proxy”). 

I hereby grant to the Proxy a general authority to act as my agent and exercise, in my name, the following powers of mine, as a shareholder of Guangzhou
Zhipeng IoV Technology Co., Ltd. (“Company”): 
  

	 	(1)	 Exercising the voting powers and decision-making powers on all matters to be decided by the shareholders on my
behalf, including but not limited to nominating and appointing directors of the Company and other officers to be appointed and removed by shareholders; 

  

	 	(2)	 Exercising, as my agent, other shareholder’s voting powers specified in the articles of association of the
Company (including any other shareholder’s voting powers specified in amended the articles of association of the Company); and 

  

	 	(3)	 When I transfer my equity in the Company, agree to the transfer of the Company’s assets, reduce my capital
contribution to the Company, or accept the additional capital contribution by Guangzhou Xiaopeng Motors Technology Co., Ltd. (“WFOE”) to the Company according to the Exclusive Option Agreement signed on the execution date of this
Agreement, signing, as my agent, relevant equity transfer agreement, asset transfer agreement (if applicable), capital reduction agreement, capital increase agreement, shareholders’ decision and other relevant documents, and completing the
governmental approval, registration, filing and other procedures required for such transfer, capital reduction or capital increase. 

 I
hereby irrevocably acknowledge that unless the WFOE issues an instruction to me requesting replacement of the Proxy, the POA shall remain valid until the Power of Attorney entered into between the WFOE, the Company and myself on
May 28, 2018 expires or terminates early. 
 [No text below.] 

The Principal: Xia Heng 
 Signature: /s/ Xia Heng 

Date: May 28, 2018 

 Exhibit 1: 

Power of Attorney 
 This power of
attorney (“POA”) is signed by Guangzhou Zhipeng IoV Technology Co., Ltd. on May 28, 2018 and issued to _______________ (________________) (“Proxy”). 

I hereby grant to the Proxy a general authority to act as my agent and exercise, in my name, the following powers of mine, as a shareholder of Guangzhou
Zhipeng IoV Technology Co., Ltd. (“Company”): 
  

	 	(1)	 Exercising the voting powers and decision-making powers on all matters to be decided by the shareholders on my
behalf, including but not limited to nominating and appointing directors of the Company and other officers to be appointed and removed by shareholders; 

  

	 	(2)	 Exercising, as my agent, other shareholder’s voting powers specified in the articles of association of the
Company (including any other shareholder’s voting powers specified in amended the articles of association of the Company); and 

  

	 	(3)	 When I transfer my equity in the Company, agree to the transfer of the Company’s assets, reduce my capital
contribution to the Company, or accept the additional capital contribution by Guangzhou Xiaopeng Motors Technology Co., Ltd. (“WFOE”) to the Company according to the Exclusive Option Agreement signed on the execution date of this
Agreement, signing, as my agent, relevant equity transfer agreement, asset transfer agreement (if applicable), capital reduction agreement, capital increase agreement, shareholders’ decision and other relevant documents, and completing the
governmental approval, registration, filing and other procedures required for such transfer, capital reduction or capital increase. 

 I
hereby irrevocably acknowledge that unless the WFOE issues an instruction to me requesting replacement of the Proxy, the POA shall remain valid until the Power of Attorney entered into between the WFOE, the Company and myself on
May 28, 2018 expires or terminates early. 
 [No text below.] 

The Principal: He Tao 
 Signature: /s/ He Tao 

Date: May 28, 2018EX-10.5

 Exhibit 10.5 

Execution Version 
  

 
 Loan Agreement 

Between 
 Xia Heng, He
Tao 
 And 

Guangzhou Xiaopeng Motors Technology Co., Ltd. 

May 28, 2018 
  

 

  
 1 

 Loan Agreement 

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

 

	1.	 Xia Heng , ID No.: ****************** 

Residential address: ******************, and 

He Tao, ID No.: ****************** 

Residential address: ****************** 

(“Borrowers”); 
  

	2.	 Guangzhou Xiaopeng Motors Technology Co., Ltd. (“Lender”). 

Registered address: Room 245, No. 333, Jiufo Jianshe Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou, China. 

Legal representative: Xia Heng. 
 Each of the
above parties is hereinafter referred to individually as a “Party”, and collectively as the “Parties”. 
 Whereas,

  

	1.	 The Borrowers intend to obtain the Loan (as defined below) from the Lender according to the terms and
conditions of this Agreement for their operation activities. 

  

	2.	 The Lender intends to provide the Loan to the Borrowers according to the terms and conditions of this
Agreement. 

 The Parties agree as follows to specify their rights and obligations under the Loan arrangement: 

 

	1.	 Definitions 

 

	1.1	 In this Agreement: 

 

			
	“Domestic Company”	  	Means Guangzhou Zhipeng IoV Technology Co., Ltd., a limited liability company established in China.
		
	“Loan”	  	Means the loan provided by the Lender to the Borrowers under Article 2.1 hereof in one lump sum or in installments, the principal of which amounts to RMB ten million (RMB10,000,000).
		
	“Loan Term”	  	Has the meaning set forth in Article 4.1 hereof.
		
	“Outstanding Amount”	  	Means the amount under the Loan that has not been repaid by the Borrowers.
		
	“Repayment Notice”	  	Has the meaning set forth in Article 4.2 hereof.
		
	“China”	  	Means the People’s Republic of China, for purpose hereof, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan.

  
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	“Confidential Information”	  	Has the meaning set forth in Article 6.1 hereof.
		
	“Prohibited Transactions”	  	Has the meaning set forth in Article 7.1 hereof.
		
	“Prohibited Documents”	  	Has the meaning set forth in Article 7.1 hereof.
		
	“Party’s Rights”	  	Has the meaning set forth in Article 10.5 hereof.

  

	1.2	 The terms used in this Agreement have the following meanings: 

“Articles” means the articles of this Agreement, unless the context requires otherwise; 

“Taxes” shall be interpreted to include any taxes, costs, duties or other charges of the same nature (including but not
limited to any penalty or interest on any unpaid or delayed taxes); and 
 “Borrowers” and “Lender” shall
be interpreted to include their respective successors and assigns. 
  

	1.3	 Unless the context requires otherwise, any reference to this Agreement or any other agreement or document shall
be interpreted to include any amendment, modification, replacement or supplement to this Agreement and other agreement or document that have already made or may be made from time to time. 

 

	2.	 Loan 

  

	2.1	 Subject to the terms and conditions of this Agreement, the Lender agrees to provide the Loan in the principal
of RMB ten million (RMB10,000,000) to the Borrowers. 

 The Borrowers may only use the Loan for its operation activities
approved by the Lender. 
 Without the prior written consent of the Lender, the Borrowers shall not use part or all of the Loan for any other
purpose. 
  

	2.2	 The Parties agree that the Loan may be provided by the Lender and/or any third party designated by the Lender
in one lump sum or in installments. The Parties acknowledge that the Lender and/or any third party designated by the Lender shall provide the Loan to the Borrowers in the full amount set forth under Article 2.1 within 360 days after the Execution
Date. 

  

	2.3	 The Parties acknowledge that the Borrowers shall perform the repayment obligation and other obligations
hereunder to the Lender according to the provisions of this Agreement. 

  

	2.4	 The Borrowers have entered into the equity interest pledge agreement with the Lender on the Execution Date
according to the requirement of the Lender, and created a pledge in favor of the Lender over their whole equity in the Domestic Company as the security for performance of the Borrowers’ obligations hereunder (including but not limited to
repaying the Outstanding Amount according to the provisions hereof). 

  

	3.	 Interest 

  

	3.1	 The Lender acknowledges that the interest on the Loan will be settled on a calendar year basis (in case of less
than one year, settled based on the result of the actual number of days / 365 days), and at the Shanghai Interbank Offered Rate, provided that the Borrowers do not breach this Agreement. 

  
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	4.	 Repayment 

  

	4.1	 This Agreement is formed when both Parties formally sign it, and, once formed, shall become effective
retrospectively from May 28, 2018 (“Effective Date”). The loan term hereunder shall start from the Effective Date, and end on the earliest of the following: (i) twenty (20) years after the Execution Date; (ii) the
date when the Lender’s business term expires; or (iii) the date when the Domestic Company’s business term expires (“Loan Term”). When the Loan Term expires, unless the Parties agree through negotiation to renew the
Loan, the Borrowers shall repay the whole Outstanding Amount in one lump sum on the date when the Loan Term expires. In such case, subject to applicable laws and regulations, the Lender may accept payment of the Transfer Price of the Option Equity
(as defined in the Exclusive Option Agreement) by offsetting the claim owned by the Lender against the Borrowers in respect of the Outstanding Amount, in accordance with the Exclusive Option Agreement entered into between the Lender, the Borrowers,
and other relevant parties. 

  

	4.2	 During the Loan Term, the Lender may decide in its absolute sole discretion to accelerate the Loan at any time,
and issue a repayment notice (“Repayment Notice”) to any Borrower ten (10) days in advance, requesting the Borrower to repay the Outstanding Amount in whole or in part according to the provisions of this Agreement.

 In the event that the Lender requests the Borrowers to repay the Outstanding Amount according to the above paragraph,
subject to the applicable laws and regulations, the Lender may accept payment of the Transfer Price of the designated equity by offsetting the claim owned by the Lender against the Borrowers in respect of the Outstanding Amount, in accordance with
the Exclusive Option Agreement entered into between the Lender, the Borrowers, and other relevant parties on the Execution Date. The ratio of the equity to be purchased to the equity held by the Lender on the date when it completes the subscription
of the registered capital of the Domestic Company, shall be the ratio of the part of the Outstanding Amount required to be repaid in the Repayment Notice to the total Loan amount borrowed by the Borrowers according to this Agreement. 

Notwithstanding the above provisions, the Loan will become due and payable immediately if: 

 

	 	(a)	 the Domestic Company is dissolved and goes into liquidation, or the Domestic Company goes into bankruptcy;

  

	 	(b)	 the Borrowers are no longer the shareholders of the Domestic Company; 

 

	 	(c)	 part or whole of the equity held by the Borrowers in the Domestic Company is transferred to any individual or
entity other than the Lender and/or its designated individual or entity due to any applicable law, or the decision or award of any court or arbitrator (including but not limited to due to repayment of any debt) (“Involuntary Equity
Transfer”); 

  

	 	(d)	 the Lender decides in its absolute sole discretion that any Involuntary Equity Transfer may occur.

  

	4.3	 The Parties agree and acknowledge that the Borrowers shall repay the corresponding Outstanding Amount in cash
(or in other form specified in the resolution properly passed by the board of directors of the Lender). 

  

	4.4	 When the Borrowers repay the Outstanding Amount according to this Article 4, if the Lender elects to purchase
the equity in the Domestic Company according to Article 4.1 or Article 4.2, the Parties shall complete the equity transfer simultaneously, and ensure that the Lender or any third party designated by the Lender has accepts transfer of the
corresponding equity in the Domestic Company free of any pledge or other forms of encumbrances legally and wholly in accordance with the above provisions at the same time of repayment of the Outstanding Amount. When the transfer of equity in the
Domestic Company is carried out according to the above provisions, the Borrowers shall provide all reasonable cooperation and waive any right of first refusal they have. 

  
 4 

	4.5	 The Borrowers will not assume any repayment obligation hereunder when they transfer their whole equity in the
Domestic Company to the Lender or any third party designated by the Lender and fully repay the Outstanding Amount according to Article 4 hereof. 

  

	5.	 Taxes 

  

	5.1	 The taxes relating to the Loan shall be borne by the Parties respectively according to law.

  

	6.	 Confidentiality Obligations 

 

	6.1	 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. 

  

	6.2	 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. 

  

	6.3	 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.

  

	6.4	 Notwithstanding any other provisions hereof, this Article 6 shall survive the suspension or termination of this
Agreement. 

  

	7.	 Undertakings and Warranties 

 

	7.1	 The Borrowers hereby undertake and warrant that without prior written consent of the Lender, they will not make
or authorize others (including but not limited to the directors of the Domestic Company they nominate) to make any resolution, instruction, consent or order, agreeing, authorizing or procuring the Domestic Company to carry out any transactions that
will or may have material effect on the assets, rights, obligations or business of the Domestic Company (including its branches and/or subsidiaries) (“Prohibited Transactions”), including but not limited to: 

 

	 	(a)	 Borrowing or incurring any debt from any third party (except the debt with a single amount of no more than RMB
100,000, or the debts with an aggregate amount of no more than RMB 100,000 within six (6) consecutive months, incurred during the normal course of business); 

 

	 	(b)	 Providing any security in favor of any third party for its own debt, or providing any security for any third
party; 

  

	 	(c)	 Transferring any business, material asset, or actual or potential business opportunity to any third party;

  
 5 

	 	(d)	 Transferring or licensing to any third party any domain name, trademark or other intellectual property to which
the Domestic Company holds legal title, or disposing of the material asset of the Domestic Company in other forms; 

  

	 	(e)	 Transferring to any third party part or all of their equity in the Domestic Company; or 

 

	 	(f)	 Other major transactions; 

or enter into any agreement, contract, memorandum or other forms of transaction documents on the Prohibited Transactions (“Prohibited
Documents”), nor permit, through action or inaction, the making of any Prohibited Transactions or signing of any Prohibited Documents. 
  

	7.2	 The Borrowers will procure the directors and officers of the Domestic Company to strictly comply with the
provisions hereof when they perform their duties in the capacity of directors or officers of the Domestic Company, and will not take any action or inaction in contradiction with the above undertaking. 

 

	7.3	 The Borrowers will immediately, without any delay, notify the Lender of any circumstance that the equity held
by them in the Domestic Company may be transferred to any third party other than the Lender or the individual or entity designated by the Lender 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. 

  

	8.	 Notice 

  

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

  

	8.2	 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. 

  

	9.	 Liabilities for Breach of Contract 

 

	9.1	 The Borrowers irrevocably undertake that if the Lender suffers or incurs any action, charge, claim, cost,
damage, request, expense, liability, loss or proceeding due to their breach of any obligation hereunder, they shall be liable for corresponding damages to the Lender. The Borrowers further acknowledge and agree that their breach of Article 7 hereof
shall constitute a material breach of this Agreement. 

  

	9.2	 Notwithstanding any other provisions hereof, this Article 9 shall survive the suspension or termination of this
Agreement. 

  

	10.	 Miscellaneous 

 

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

  

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

  

	10.3	 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. 

  
 6 

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

  

	10.4	 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.

  

	10.5	 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. 

 

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

  

	10.7	 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. 

  

	10.8	 This Agreement shall supersede all oral or written agreements, understandings and communications concluded by
the Parties with respect to the subject matter of this Agreement. 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 Lender transfers its rights
hereunder according to Article 10.9. 

  

	10.9	 Without prior written consent of the Lender, the Borrowers shall not transfer their right and/or obligation
hereunder to any third party. Upon notice to the other Parties, the Lender has the right to transfer any right hereunder to any third party designated by it. 

  

	10.10	 This Agreement shall bind and inure to the benefit of the legal assigns and successors of the Parties. The
Borrowers warrant to the Lender 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, liquidators, administrators, creditors and other persons who may obtain the equity in the Domestic Company or relevant rights shall not affect or prevent performance of this Agreement. For this purpose, the Borrowers shall
promptly sign all other documents and take all other actions (including but not limited to notarizing this Agreement) required by the Lender. 

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

 

  
 7 

 [Signature page of the Loan Agreement] 

Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Loan Agreement] 

He Tao 
 Signature: /s/ He Tao 

 [Signature page of the Loan Agreement] 

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

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

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