Document:

Exhibit 10.6

 

SECOND AMENDMENT TO AGREEMENT

 

THIS SECOND AMENDMENT TO AGREEMENT (this “Amendment”) is to be effective for all purposes as of August 13, 2018 (the “Effective Date”) and is entered into by and between BC Exchange Manager LLC, a Delaware limited liability company (“BC Manager”) and BC Exchange Advisor LLC, a Delaware limited liability company (“BC Advisor”) with reference to the following facts:

 

A.                                                BC Manager and BC Advisor entered into that certain Agreement dated as of September 1, 2017, as amended by that certain Amendment to Agreement dated as of March 1, 2018 (collectively, the “Agreement”), pursuant to which BC Manager appointed BC Advisor to perform certain Services, and, in consideration of BC Advisor’s performance of such Services, BC Manager assigned certain Fees to BC Advisor in connection with the Sponsor’s Offerings under that certain Program Description Memorandum dated March 2, 2016, and that certain Program Description Memorandum dated September 1, 2017 (collectively, the “Program”).

 

C.                                                BC Manager and BC Advisor desire to modify and amend the Agreement to reflect certain changes as more particularly described below with respect to certain Offerings, the Property Supplements for which are dated on or after August 1, 2018 (each a “Future Offering”).

 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt whereof and sufficiency of which are hereby acknowledged, BC Manager and BC Advisor hereby agree as follows:

 

1.                                      Scope of Second Amendment; Defined Terms; Incorporation of Recitals.  Except as expressly provided in this Second Amendment, the Agreement shall remain in full force and effect in all respects and the term “Agreement” shall mean the Agreement as modified by this Second Amendment.  Capitalized terms used but not otherwise defined in this Second Amendment have the respective meanings given to them in the Agreement.  The preamble and recitals set forth above are hereby incorporated into this Second Amendment by this reference in their entirety.

 

2.                                      Modifications and Amendments to Agreement.  The Agreement is amended with respect to all Future Offerings as follows:

 

a.                                    Services.  All references to “Services” shall be deemed to include certain additional services to be performed by BC Advisor for Future Offerings related to the development and maintenance of the Program technology and intellectual property (the “Additional Services”).

 

b.                                      Additional Services Fee.  Pursuant to Future Offerings, the Sponsor may receive an Organizational Expense and Real Estate Transaction Cost Allowance of up to 1.25% of the total equity amount paid for the Interests (the “Organizational Expense and Real Estate Transaction Cost Allowance”). In consideration for BC Advisor’s performance of the Additional Services, BC Manager will pay BC Advisor the positive difference between the amount of the Organizational Expense and Real Estate Transaction Cost Allowance actually received by the Sponsor and 0.25% of the total equity amount

 

 

paid for the Interests (such amount is the “Additional Services Fee”).  BC Advisor acknowledges and agrees that (i) not all Interests will be subject to all of the fees and expenses described in the applicable Property Supplement, (ii) the Sponsor may agree to an alternative fee and expense structure with respect to certain Interests or groups of Interests (e.g., Interests associated with a specific broker-dealer), and (iii) Sponsor may not collect, or may reduce, the Organizational Expense and Real Estate Transaction Cost Allowance with respect to the sale of all or a portion of the Interests.  To the extent the Sponsor does not collect the Organizational Expense and Real Estate Transaction Cost Allowance or the Organizational Expense and Real Estate Transaction Cost Allowance is reduced to at or below 0.25% of the total equity amount paid for the Interests, Sponsor will not be obligated to pay the Additional Services Fee to BC Advisor.  BC Advisor reserves the right from time to time to request documentation reasonably satisfactory to BC Advisor regarding payment of the Organizational Expense and Real Estate Transaction Cost Allowance in connection with the sale of Interests.

 

c.                                       Loan Origination Fee.  The Loan Origination Fee is increased from 0.75% to 1% of the original principal amount of the Loan.

 

d.                                      Disposition Reimbursement.  With respect to Future Offerings, BC Manager will no longer be entitled to a disposition fee of 1% of the gross sales price of any Property sold to a third party as a result of the negotiations of BC Manager or any of its affiliates (the “Disposition Fee”).  In lieu of such Disposition Fee, under the Trust Agreement, BC Manager will be entitled to reimbursement of out of pocket costs or expenses reasonably incurred in connection with a sale of a Property to a third party, including, without limitation,  any brokerage or consulting fees payable on such disposition and real estate transaction costs, including legal fees, title fees, transfer taxes, recording fees and other similar costs associated with selling real estate (collectively, the “Disposition Reimbursement”). Accordingly, BC Manager and BC Advisor agree that with respect to Future Offerings, BC Manager will pay to BC Advisor the Disposition Reimbursement, but only to the extent BC Manager or its applicable Manager Sub has the right to reimbursement of such costs and expenses under the Trust Agreement and BC Advisor or its affiliates actually incurs such costs and expenses instead of BC Manager or its applicable Manager Sub. BC Manager and BC Advisor further agree that BC Advisor may remit any such Disposition Reimbursement to its affiliates for any costs incurred by such affiliate on behalf of BC Manager.

 

e.                                       Fees.  The Agreement is further amended such that all references to “Fees” shall (i) include the Additional Services Fee, (ii) include the Loan Origination Fee, as amended as set forth herein, (iii) exclude the Disposition Fee, and (iv) include the Disposition Reimbursement.

 

3.                                      Ratification.  As amended hereby the Agreement is hereby ratified and shall remain in full force and effect.

 

4.                                      Governing Law; Venue.  This Second Amendment shall be construed and governed by the laws of the state of Colorado, without giving effect to the conflict of law principles of such state.  Except to the extent required otherwise by applicable law, the venue for any action relating

 

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to this Second Amendment shall be brought solely and exclusively in Denver, Colorado.  Each party hereto hereby consents to jurisdiction and venue in such courts.

 

5.                                      Authority.  This Second Amendment shall be binding upon and inure to the benefit of the parties, their respective heirs, legal representatives, successors and assigns. Each party hereto warrants that the person signing below on such party’s behalf is authorized to do so and to bind such party to the terms of this Second Amendment.

 

6.                                      Attorney’s Fees. In the event of any dispute arising hereunder, the substantially prevailing party shall recover its reasonable attorneys’ fees, costs, and disbursements, including the cost of reasonable investigation, preparation, and professional consultation incurred in connection with such dispute. The obligations of the parties set forth in this Section 6 shall survive the expiration or earlier termination of this Second Amendment.

 

7.                                      Entire Agreement; No Amendment.  This Second Amendment constitutes the entire agreement and understanding between the parties with respect to the subject of this Second Amendment and shall supersede all prior written and oral agreements concerning this subject matter.  This Second Amendment may not be amended, modified or otherwise changed in any respect whatsoever except by a writing duly executed by authorized representatives of BC Manager and BC Advisor.  Each party acknowledges that it has read this Second Amendment, fully understands all of this Second Amendment’s terms and conditions, and executes this Second Amendment freely, voluntarily and with full knowledge of its significance.  Each party to this Second Amendment has had the opportunity to receive the advice of counsel prior to the execution hereof.

 

8.                                      Severability.  If any provision of this Second Amendment or the application thereof to any person or circumstances shall be invalid or unenforceable to any extent, the remainder of this Second Amendment and the application of such provision to other persons or circumstances, other than those to which it is held invalid, shall not be affected and shall be enforced to the furthest extent permitted by law.

 

9.                                      Counterparts; PDF.  This Second Amendment may be executed in counterparts, and each counterpart shall constitute one agreement binding on all parties hereto, notwithstanding that all of the parties are not signatory to an original or same counterpart.  The parties agree that signatures transmitted electronically via pdf attachment shall be binding as if they were original signatures.

 

10.                               Captions and Headings.  The titles or headings of the various paragraphs hereof are intended solely for convenience of reference and are not intended and shall not be deemed to modify, explain or place any construction upon any of the provisions of this Second Amendment.

 

[Signatures on Following Page]

 

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IN WITNESS WHEREOF, the undersigned have duly executed this Second Amendment as of the date first above written.

 

	
BC EXCHANGE MANAGER LLC,
    	
 
    
	
A Delaware limited   liability company
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Black Creek Diversified   Property Operating Partnership LP,
    	
 
    
	
 
    	
A Delaware limited   partnership, its sole member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Black Creek Diversified   Property Fund Inc.,
    	
 
    
	
 
    	
 
    	
A Maryland corporation,   its general partner
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Lainie P. Minnick
    	
 
    
	
 
    	
 
    	
 
    	
Lainie P. Minnick,   Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
BC EXCHANGE ADVISOR LLC,
    	
 
    
	
A Delaware limited   liability company
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: BC Exchange Advisor   Group LLC,
    	
 
    
	
 
    	
a Delaware limited   liability company, its sole member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Evan H. Zucker
    	
 
    
	
 
    	
 
    	
Evan H. Zucker, Manager
    	
 
    

 

4EX-10.3

 Exhibit 10.3 

Share Pledge Agreement 
 THIS Share Pledge
Agreement (this “Agreement”) is executed on October 13, 2017 by and among the following parties in Shanghai, the People’s Republic of China (the “PRC” or “China”): 

 

	1.	Siliang Tan, Chinese, ID No.: [REDACTION]; 

  

	2.	Lei Li, Chinese, ID No.: [REDACTION]; 

  

	3.	Tianjin Shanshi Technology L.P., a limited partnership established and validly existing under PRC law with its registered address at Room 102, Unit 2, Block 3, 600 Luoyang Dao, Haifeng Logistics Park,
Tianjin Pilot Free Trade Zone (Dongjiang Bonded Port Area) (Tianjin Dongjiang Commercial Service Commercial Secretary Service Limited Company trustee No. 276); 

 

	4.	Shanghai Xihu Cultural Transmission Co., Ltd., a limited liability company established and validly existing under PRC law with its registered address at Room J2805, Block 2, 4268 Zhennan Road, Jiading District,
Shanghai. (together with Siliang Tan, Lei Li and Tianjin Shanshi Technology L.P., are respectively or collectively referred to, as the “Pledgor” or “Pledgors”); and 

 

	5.	Shanghai Quyun Internet Technology Co., Ltd., a limited liability company established and validly existing under PRC law with its registered address at Room 408, Floor 4, Block 5, 1082 Huyi Road, Nanxiang Town,
Jiading District, Shanghai. (the “Pledgee”); 

  

	6.	Shanghai Jifen Culture Communications Co., Ltd., a limited liability company established and validly existing under PRC law with its registered address at Room 3190, Area A, Floor 3, Block 7, 88 Chenxiang Road,
Jiading District, Shanghai. (the “Company”); 

 In this Agreement, the above parties hereto may be individually referred to
as a “Party” and collectively referred to as the “Parties”. 
 Whereas: 

 

	1.	The Pledgors are registered shareholders of the Company, collectively holding 100% of the Company’s equity interests. As of the date of this Agreement, the respective amount of capital contribution and proportion
of shareholding of the Pledgors in the Company are as stated in Schedule I. 

  

	2.	Pursuant to the Exclusive Option Agreement (including the Agreement itself and any of its amendments or restatements, hereinafter referred to as the “Option Agreement”) executed by and among the Parties
on the date of this Agreement, the Pledgors and/or the Company shall, as per requested by the Pledgee and to the extent permitted under the PRC law, transfer all or part of the equity interest held by the Pledgors and/or all or part of the assets in
the Company to the Pledgee and/or any other entity or individual designated by the Pledgee. 

  
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	3.	Pursuant to the Loan Agreement (including the Agreement itself and any of its amendments or restatements, hereinafter referred to as the “Loan Agreement”) executed by the Pledgors and the Pledgee
on the date of this Agreement, the Pledgee agrees to provide loans to the Pledgors in accordance with the terms and conditions stipulated in the Loan Agreement. 

  

	4.	Pursuant to the Voting Rights Proxy Agreement (including the Agreement itself and any of its amendments or restatements, hereinafter referred to as the “Voting Rights Proxy Agreement”) executed by the
Parties on the date of this Agreement, the Pledgors have irrevocably and fully authorized the person appointed by the Pledgee at that time to represent the Pledgors to exercise all their voting rights as shareholders in the Company.

  

	5.	Pursuant to the Exclusive Technical and Consulting Services Agreement (including the Agreement itself and any of its amendments or restatements, hereinafter referred to as the “Consulting Services
Agreement”) executed by the Company and the Pledgee on the date of this Agreement, the Company has exclusively engaged the Pledgee to provide the Company relevant technical support and consultation services, and has agreed to pay
corresponding service fees to the Pledgee for such provision of services. 

  

	6.	To secure the performance of the Pledgors and the Company of the Contractual Obligations (as defined below) and the repayment of the Secured Indebtedness (as defined below), the Pledgors agree to pledge all of their
equity interests in the Company in favor of the Pledgee, and grant the Pledgee the first priority right of pledge. 

 By friendly negotiation,
the Parties agree as follows: 
  

	1.	Definitions 

 Unless otherwise provided herein, the following words and terms shall have
the respective meanings set forth below: 
  

	 	1.1	“Contractual Obligations” means all Contractual Obligations of the Pledgors and/or the Company under the Loan Agreement, the Consulting Service Agreement, the Option Agreement, the Voting Rights Proxy
Agreement and this Agreement (and any of its amendments or restatements thereof). 

  

	 	1.2	“Pledge” means the security interest granted by the Pledgors to the Pledgee in accordance with Article 2 of this Agreement, which refers to the right to be compensated on a preferential basis
with the conversion, auction or sales price of the equity interest enjoyed by the Pledgee. 

  

	 	1.3	“Transaction Agreements” means the Loan Agreement, the Option Agreement, the Voting Rights Proxy Agreement and the Consulting Service Agreement. 

  
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	 	1.4	“Secured Indebtedness” includes all service fees as well as the interests incurred accordingly that shall be payable to the Pledgee and the repayment of the loan along with the interests incurred that
shall be made by the Pledgors to the Pledgee under the Transaction Agreements; the amount of all direct, indirect and predictable loss of benefits arising out of any Event of Default (as defined below) caused by the Pledgors and/or the Company as
determined by the Pledgee on its sole discretion (to the extent permitted by PRC law), which shall be fully binding on the Pledgors and the Company; all expenses of the Pledgee incurred from forcing the the Pledgors and/or the Company to perform the
Contract Obligations, and fees and expenses for the enforcement of the Pledge (including but not limited to the legal fees, arbitration fees, costs of assessment and auction of the Pledged Interests and etc.). 

 

	 	1.5	“Pledged Interests” means all of the Company’s equity interests legally owned by the Pledgors as of the date of effectiveness of this Agreement which shall, pursuant to this Agreement, be pledged
to the Pledgee as collateral security for the performance of the Contractual Obligations (as specifically stated in Schedule I). 

  

	 	1.6	“Term of the Pledge” refers to the term set forth in Article 3 of this Agreement. 

  

	 	1.7	“Event of Default” refers to any of the circumstances listed in Article 7 of this Agreement. 

  

	 	1.8	“Notice of Default” refers to the notice issued by the Pledgee in accordance with this Agreement declaring an Event of Default. 

 

	2.	Pledge of Equity Interests 

 Pursuant to this Agreement, the Pledgors hereby agree to
pledge, all of the equity interests which are legally held and are entitled to be disposed by the Pledgors (collectively representing 100% equity interest in the Company) to the Pledgee, as a jointly liability guarantee to secure the performance of
the Contractual Obligations and the repayment of the Secured Indebtedness of the Pledgors and the Company. 
  

	3.	Term of the Pledge 

  

	 	3.1	This Pledge shall become effective on such date when the pledge of the equity interest contemplated herein is registered with a competent authority of the Administration for Industry and Commerce
(“AIC”). The Pledge shall continue until all Contractual Obligations have been fully performed by the Pledgors and the Company and all Secured Indebtedness have been paid in full, or all of the Transaction Agreements have been
terminated or turned invalid, or the Contractual Obligations have been terminated for legal reasons. 

  
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	 	3.2	The Pledgors and the Company shall (1) record the Pledge made under this Agreement on the Company’s register of shareholders when appropriate after the execution of this Agreement, and (2) file the Pledge
with the appropriate AIC to complete the pledge registration of the Pledged Interests under this Agreement after the execution of this Agreement when appropriate. Such registration of Pledged Interests shall be completed within 20 working days after
the date of this Agreement or any other time period agreed by the Parties, and the certification documents concerning the registration with AIC shall be delivered to and kept by the Pledgee. The Parties jointly confirm that, in order to complete the
procedure of pledge registration with AIC, the Parties and other shareholders of the Company shall submit this Agreemen, or a Pledge Contract executed in compliance with the requirements of the AIC of the registered place of the Company, which truly
reflects the information in Pledge under this Agreement (“Pledge Agreement for AIC Registration”) to AIC. Matters that are not specified in the Pledge Agreement for AIC Registration shall be subject to the provisions of this
Agreement. The Pledgors and the Company shall, as per required by relevant AIC and pursuant to the PRC laws and regulations, submit all necessary documents and complete all necessary procedures to ensure that the Pledge will be registered as soon as
possible after filing the application. 

  

	 	3.3	In case of any Event of Default, the Pledgee shall be entitled to dispose the Pledged Interests in accordance with Article 8 of this Agreement. 

 

	 	3.4	Within the Term of Pledge, the Pledgors may, after obtaining prior consent from the Pledgee, receive dividends, bonuses or other profits generated from the Pledged Interests. The Pledgors agree that during the duration
of the pledge of the equity interests, the Pledgee shall have the right to receive any dividend or bonus generated from the Pledged Interests. The Company shall pay such portion of fund to the bank account designated by the Pledgee.

  

	4.	Custody of Pledge Certificate 

 Within the Term of Pledge set forth in this Agreement,
the Pledgors shall deliver the capital contribution certificate for the equity interest in the Company and the register of shareholders containing the Pledge to the Pledgee for the Pledgee’s custody of such items. The Company shall not set up
any register of shareholders other than the aforesaid one. The Pledgors shall deliver the above-mentioned capital contribution certificate and the register of shareholders to the Pledgee on the date of this Agreement, and the Pledgee shall maintain
custody of such items throughout the entire Term of Pledge. 
  

	5.	Representations and Warranties of the Pledgors 

  

	 	5.1	The Pledgors are the legal owners of the Pledged Interests and there is no existing dispute in relation to the ownership of the Pledged Interests. 

  
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	 	5.2	The Pledged Interests are free to be pledged and transferred according to laws, and the Pledgors have full rights and authorities to pledge the Pledged Interests to the Pledgee in accordance with the provisions of this
Agreement. 

  

	 	5.3	The Pledgors have not placed any right of pledge or other security interests on the Pledged Interests except for the Pledge. 

  

	 	5.4	The Pledge under this Agreement constitutes the first priority right of pledge placed on the Pledged Interests. 

  

	 	5.5	The Pledgors and the Company warrant to the Pledgee that the above-mentioned representations and warranties are true and correct and will be completely complied with in any case before the Contract Obligations have been
fully performed or the Secured Indebtedness has been completely repaid. 

  

	6.	The Pledgors’ Covenants and Acknowledgements 

  

	 	6.1	The Pledgors hereby covenant to the Pledgee, that during the term of this Agreement, the Pledgors shall: 

  

	 	6.1.1	not transfer the Pledged Interests or create or permit the existence of any guarantee or other encumbrance on the Pledged Interests without prior written consent from the Pledgee, except for the performance of the
Option Agreement; 

  

	 	6.1.2	comply with and execute all the laws and regulations applicable to the pledge of rights, present the notice, order or recommendation issued or promulgated by relevant competent authorities regarding the Pledge to the
Pledgee within 5 days upon receipt such item, and comply with the aforementioned notice, order or recommendation, or, as per reasonable requested or consent of the Pledgee, submit objections and representations with respect to the aforementioned
matters; 

  

	 	6.1.3	promptly notify the Pledgee of any event or notice received by the Pledgors that may have an impact on the Pledgee’s rights to the equity interests or any portion thereof, and any event or notice received by the
Pledgors that may have an impact on any warrant, obligation of the Pledgors or their performance of this Agreement. 

  

	 	6.2	The Pledgors agree that the right enjoyed by the Pledgee under the terms of this Agreement with respect to the Pledge shall not be interrupted or harmed by the Pledgors or any successor or representative of the Pledgors
or any other person through any legal proceeding. 

  
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	 	6.3	The Pledgors guarantee the Pledgee that, in order to protect or perfect the security interests granted under this Agreement securing the payment of the consulting and service fees under the Transaction Agreements, the
Pledgors agree to execute in good faith and to cause other parties who have an interest in the Pledge to execute all certificates, agreements, and/or perform and cause other parties who have an interest in the Pledge to perform as required by the
Pledgee. The Pledgors further agree to facilitate the exercise by the Pledgee of its rights and authorities granted thereto by this Agreement, and to enter into all relevant documents regarding the ownership of equity interest with the Pledgee or
designees of the Pledgee (individuals/legal entities). The Pledgors agree to provide the Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by the Pledgee. 

 

	 	6.4	The Pledgors guarantee the Pledgee that the Pledgors will comply with and perform all the guarantees, promises, agreements, representations and conditions under this Agreement. If the Pledgors are not performing or fail
to fully perform its guarantees, promises, agreements, representations and conditions, the Pledgors shall compensate the Pledgee for all losses suffered thereby. 

 

	7.	Event of Default 

  

	 	7.1	Each of the following circumstances shall be considered as Event of Default: 

  

	 	7.1.1	Any breach of any of the Pledgors and/or the Company of any Contractual Obligation under the Loan Agreement, the Option Agreement, the Voting Rights Proxy Agreement, the Consulting Service Agreement, and/or this
Agreement (and any amendment or restatement thereof); 

  

	 	7.1.2	Except for Article 6.1.1 of this Agreement, any waiver of the Pledgors of the Pledged Interests or any transfer or intended transfer of the Pledged Interests without written consent from the Pledgee; 

	 	7.1.3	When a request is made for any external loan, guarantee, compensation, commitment or other payment liability of any of the Pledgors and/or the Company to be repaid or performed in advance, or when any of the above
become expired and cannot be repaid or performed as scheduled, and which, at Pledgee’s discretion, may be considered to have a material and adverseeffect on the ability of the Pledgors and/or the Company to perform its obligations hereunder;

  

	 	7.1.4	Any occurrence of any material adverse change to the property of the Pledgors and/or the Company, which, at Pledgee’s discretion, may be considered materially affect the ability of the Pledgors and/or the Company
to perform its obligations hereunder. 

  

	 	7.2	Upon notice or awareness of the occurrence of any circumstance or event that may lead to the above-mentioned circumstances described in Article 7.1, the Pledgors shall immediately notify the Pledgee in writing
accordingly. 

  
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	8.	Exercise of the Pledge 

  

	 	8.1	The Parties hereby agree that in the Event of Default, the Pledgee shall have the right to exercise all the rights and authorities of remedy for breach of contract enjoyed under the PRC laws, Transaction Agreements and
this Agreement, including (but not limited to) auction or sale of the Pledged Interests and to be compensated in priority from what it gains after giving written notice to the Pledgors. The Pledgee is not responsible for any loss caused by its
lawful and reasonable exercise of such rights and authorities. 

  

	 	8.2	Before the full payment of the consultation service fees and other fees under the Transaction Agreements has been made, the Pledgors shall not transfer the Pledge or the equity interest held in the Company without the
Pledgee’s written consent. 

  

	 	8.3	For reasonable expenses incurred when the Pledgee exercises any or all of the above-mentioned rights and authorities, the Pledgee shall have the right to deduct such expenses from the funds obtained from the exercise of
its rights and authorities, based on the actual situation. 

	 	8.4	The fund obtained from the exercise of the Pledgee of its rights and authorities shall be processed in the following order: 

Firstly, to pay for all expenses (including paying the emoluments of its attorneys and agents) arising from the disposal of the Pledged
Interests and the exercise of the Pledgee of its rights and authorities; 
 Secondly, to pay payable taxes arising from the disposal of the
Pledged Interests; 
 Thirdly, repay the Secured Indebtedness to the Pledgee; 

The remaining fund after the deduction of the aforesaid items shall be returned by the Pledgee to the Pledgors or other person who enjoyed the
right to the fund under relevant laws and regulations, or be deposited to the local notary office of the location of the Pledgee (any cost generated arising from such deposit shall be undertaken by the Pledgee). 

 

	 	8.5	When the Pledgee disposes the Pledge in accordance with this Agreement, the Pledgors and the Company shall provide necessary assistance to enable the Pledgee to realize its Pledge. 

 

	 	8.6	The Pledgee shall be entitled to choose to, simultaneously or successively, exercise any of the remedies it enjoys for breach of contract. The Pledgee is not required to exercise any other remedy for breach of contract
before exercising the right to auction or sell the Pledged Interests under this Agreement. The Pledgors or the Company does not have the right to challenge the Pledgee whether to exercise part of the Pledge or the sequential order of the exercise of
the Pledge. 

  
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	9.	Assignment 

  

	 	9.1	The Pledgors shall not grant or transfer its rights and obligations under this Agreement without prior consent from the Pledgee. 

  

	 	9.2	This Agreement shall be binding on the Pledgors, their successors and authorized assignees, and shall be valid to the Pledgee and each of its successors and assignees. 

 

	 	9.3	The Pledgee may assign all or any of its rights and obligations under the Transaction Agreements to its designees (individuals/legal entities) at any time. In such case, the assignee shall have the rights and
obligations that the Pledgee enjoys and undertakes under this Agreement, as if it was the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Transaction Agreements, the Pledgors shall, upon the
Pledgee’s request, execute relevant agreements and/or documents relating to such assignment. 

  

	 	9.4	In the event of a change of the Pledgee due to the assignment, at the request of the Pledgee, the Pledgors shall execute a new pledge agreement with the new Pledgee on the same terms and conditions as this Agreement,
and shall register such pledge with the relevant AIC. 

  

	 	9.5	The Pledgors shall strictly comply with the provisions of this Agreement and other relevant agreements jointly or respectively executed by the Parties, including the Exclusive Option Agreement and the Power of Attorney
granted to the Pledgee, fulfill the obligations under each agreement, and refrain from any action/omission that may affect the effectiveness and enforceability of the Agreement. Any remaining right of the Pledgors with respect to the Pledged
Interests hereunder shall not be exercised by the Pledgors except in accordance with written instructions from the Pledgee. 

  

	10.	Termination 

 The term of this Agreement shall not expire until the Contractual
Obligations have been fully fulfilled or the Transaction Agreements have been terminated or become invalid, or been terminated for legal reasons, or the Secured Indebtedness have been completely paid off (which occurs earlier shall prevail), unless
otherwise agreed by the Parties. 
  

	11.	Service fees and other expenses 

 All fees and actual expenses relating to this
Agreement, including but not limited to legal fees, costs of production, stamp duties, and any other tax, fee and etc. shall be borne by the Company. 

  
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	12.	Confidentiality 

 Each Party hereto acknowledges and confirms to treat any oral or
written material relating to this Agreement, the content of this Agreement and exchanged among for preparing or performing this Agreement as confidential information. Each party shall maintain the confidentiality of all such confidential information
and shall not disclose any confidential information to any third party without the written consent of the other Parties, except for (a) any information is or will be known by the public (provided that it is not the result of an unauthorized
disclosure made to the public by a party who received the confidential information); (b) any information required to be disclosed under the applicable laws and regulations, stock trading rules, or orders of government departments or courts; or
(c) information required to be disclosed by any Party to its shareholders, investors, legal or financial counsels regarding the transaction stated in this Agreement, and such shareholders, legal or financial counsels shall also be required to
comply with the confidentiality duties similar to those contained within this clause. Any disclosure by staff or agencies hired by a Party should be deemed as a disclosure by such party and such party shall be liable for breach of this Agreement.
This article shall survive regardless of the termination of this Agreement for any reason. 
  

	13.	Applicable Law and Dispute Resolution 

  

	 	13.1	The execution, effectiveness, interpretation, implementation, amendment and termination of this Agreement and the resolution of disputes shall be governed by PRC law. 

 

	 	13.2	Any dispute arising from the interpretation and implementation of this Agreement shall be firstly solved by the Parties through friendly negotiation. If the dispute cannot be resolved within 30 days after one party send
written notice to the other requesting negotiation and resolution, any party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with the arbitration rules then
effective. The arbitration shall be conducted in Beijing and the language used shall be Chinese. The award of the arbitral tribunal shall be final and binding on the Parties. 

 

	 	13.3	When any dispute arising from interpretation and implementation of this Agreement occurs and when any dispute is under arbitration, except for the matters under dispute, the Parties shall continue to exercise their
other rights under this Agreement and perform their other obligations under this Agreement. 

  

	14.	Notices 

  

	 	14.1	All notices and other communications required or sent under this Agreement shall be delivered personally, registered post, postage paid or business express service or fax to the Party’s following address. Each
notice shall also be delivered by email. The dates on which the notices shall be deemed to have been effectively delivered shall be determined as follows: 

  
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	 	14.2	For notices delivered by personal delivery, express service or registered post, postage paid, the date of delivery or refusal at the address specified for notices shall be deemed the date of effective delivery.

  

	 	14.3	For the notices delivered by fax, the date of successful delivery (as evidenced by an automatically generated confirmation of transmission) shall be deemed the date of effective delivery 

 

	 	14.4	For the purpose of notice, the addresses of the Parties are as follows: 

 The Pledgors:

 Siliang Tan 
 Address:
Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 
 Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:           N/A 

Lei Li 
 Address: Floor 11,
Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 
 Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:        N/A 

Tianjin Shanshi Technology L.P. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:        N/A 

Shanghai Xihu Cultural Transmission Co., Ltd. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:        N/A 

The Pledgee: Shanghai Quyun Internet Technology Co., Ltd. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:             N/A 

  
 10 

 The Company: Shanghai Jifen Culture Communications Co., Ltd 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:        N/A 
  

	 	14.5	Any Party may at any time send notice to other Parties in accordance with this Article to change its address for the purpose of receiving notice. 

 

	15.	Severability 

 If one or several provisions of this Agreement are found to be invalid,
illegal or unenforceable according to any law or regulation in any aspect, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or damaged in any aspect. The Parties shall strive , through
sincere negotiations, to replace, as far as possible, those invalid, illegal or unenforceable provisions with effective provisions that are compliant with the law and the expectations of the Parties, The economic effects of such effective provisions
shall be as close as possible to that of those invalid, illegal or unenforceable provisions. 
  

	16.	Effectiveness 

  

	 	16.1	Any amendment, supplement or change to this Agreement shall be made in writing and shall become effective upon completion of the governmental filing procedures (if applicable) after execution or affixing with seals of
the Parties. 

  

	 	16.2	This Agreement is written in Chinese in six (6) originals. Each Party of this Agreement shall have one (1) and all the originals shall have equal legal validity. 

[The remainder of this page intentionally left blank.] 
  

  
 11 

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first above written. 

 

			
	Siliang Tan
	Signature:	 	 /s/ Siliang Tan

	
	Lei Li
	Signature:	 	 /s/ Lei Li

	
	Tianjin Shanshi Technology L.P.
	(Seal)
		
	Signature:	 	 /s/ Wanting Xu

	Name: Wanting Xu
	Title: Delegated Representative
	
	Shanghai Xihu Cultural Transmission Co., Ltd.
	(Seal)
		
	Signature:	 	 /s/ Siping Tan

	Name: Siping Tan
	Title: Legal Representative
	
	Shanghai Quyun Internet Technology Co., Ltd.
	(Seal)
		
	Signature:	 	 /s/ Lei Li

	Name: Lei Li
	Title: Legal Representative
	
	 Shanghai Jifen Cultural Communications Co., Ltd.

		
	Signature:	 	 /s/ Sihui Chen

	Name: Sihui Chen
	Title: Legal Representative

 The Signature Page of Share Pledge Agreement 

 Schedule I 

Company Name: Shanghai Jifen Culture Communications Co., Ltd., 

Shareholding Structure: 
  

									
	 Shareholder Name
	  	Amount of Contribution
of Company’s registered
capitals
(RMB/Yuan)	 	  	Shareholding Ratio	 
	 Siliang Tan
	  	 	675,000	 	  	 	45	% 
	 Lei Li
	  	 	225,000	 	  	 	15	% 
	 Tianjin Shanshi Technology L.P.
	  	 	300,000	 	  	 	20	% 
	 Shanghai Xihu Cultural Transmission Co., Ltd.
	  	 	300,000	 	  	 	20	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	1,500,000	 	  	 	100	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]