Document:

Hill International, Inc. 2009 Non-Employee Director Stock Grant Plan

 Exhibit 4.5 
 HILL INTERNATIONAL, INC. 
 2009 NON-EMPLOYEE DIRECTOR STOCK GRANT PLAN 
 SECTION 1. Purpose 
 The purpose of this 2009
Non-Employee Director Stock Grant Plan is to promote the interests of Hill International, Inc. and its stockholders by enabling the Company to attract and retain the best available individuals for service as Non-Employee Directors of the Company.

 SECTION 2. Definitions and Construction 
 2.1 Definitions. As used in the Plan, terms defined parenthetically immediately after their use shall have the respective meanings provided by such definitions, and the terms set forth below shall have the following meanings (in
either case, such terms shall apply equally to both the singular and plural forms of the terms defined): 
 (a) “Award” means any
Common Stock awarded under the Plan. 
 (b) “Award Agreement” means the agreement, certificate or other instrument evidencing the
grant of any Award under the Plan. 
 (c) “Awarded Stock” means the Common Stock awarded to a Grantee pursuant to the Plan which is
subject to any forfeiture and/or restrictions on transferability in accordance with Section 6 of the Plan. 
 (d) “Board”
means the Board of Directors of the Company. 
 (e) “Cause” means a felony conviction of a Non-Employee Director or the failure of
a Non-Employee Director to contest prosecution for a felony, or a Non-Employee Director’s willful misconduct or dishonesty, any of which is determined by the Board to be directly and materially harmful to the business or reputation of the
Company. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 (g) “Common Stock” means common shares, par value $.0001, of the Company. 
 (h) “Company” means Hill International, Inc., a Delaware corporation. 
 (i) “Disability” means permanent and total disability as determined under procedures established by the Board for purposes of the Plan.

 (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.

 (k) “Fair Market Value” means as of any specified date, the closing price of the Common Stock on the New York Stock Exchange
(or, if the Common Stock is not then listed on such exchange, such other national securities exchange or other market on which the Common Stock is then listed or admitted to trading, as the case may be) on that date, or if no prices are reported on
that date, on the last preceding date on which such prices of the Common Stock are reported 

 (l) “Grantee” means a Non-Employee Director who has been granted an Award, or the personal
representative, heir or legatee of the Grantee who has rights to Awarded Stock. 
 (m) “Non-Employee Director” means a member of
the Board who is not an employee of the Company or any Subsidiary of the Corporation. 
 (n) “Plan” means this 2009 Non-Employee
Director Stock Grant Plan, as the same may be amended from time to time. 
 (o) “Restriction Period” means the period during which
shares of Awarded Stock are subject to forfeiture or restrictions on transfer (if applicable) as described in Section 6 of the Plan and any applicable Award Agreement. 
 (p) “Retirement” means a Non-Employee Director’s voluntary retirement from the Board. 
 (q) “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor thereto. 
 2.2 Gender and Number. Except where otherwise indicated by the context, reference to the masculine gender shall include the feminine gender, the
plural shall include the singular and the singular shall include the plural. 
 2.3 Severability. In the event any provision of the
Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 SECTION 3. Shares Subject To The Plan 
 3.1 Shares Available. The Common Stock to be offered under the Plan may be unissued Common Stock or Common Stock held in treasury. The aggregate number of shares of Common Stock subject to Awards under the Plan shall not exceed
200,000 shares, subject to the adjustments provided in Section 7. 
 3.2 Canceled, Terminated or Forfeited Awards. Any shares of
Common Stock subject to any portion of an Award which, in any such case and for any reason, expires, or is canceled, terminated or otherwise forfeited, without the recipient having received any benefits of ownership (as such phrase is construed by
the Securities and Exchange Commission or its staff), shall again be available for distribution in connection with Awards under the Plan. 
  

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 SECTION 4. Administration 
 4.1 General. The Plan shall be administered by the Board. Subject to the express provisions of the Plan, the Board shall have authority to interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it, to determine the terms and provisions of the Awards and Agreements (which shall comply with and be subject to the terms and conditions of the Plan) and to make all other determinations necessary or advisable for the
administration of the Plan. The Board’s determination of the matters referred to in this Section 4.1 shall be conclusive. 
 4.2
Section 16 Compliance. It is the intention of the Company that the Plan and the administration of the Plan comply in all respects with Section 16(b) of the Exchange Act and the rules and regulations promulgated thereunder. If any Plan
provision, or any aspect of the administration of the Plan, is found not to be in compliance with Section 16(b) of the Exchange Act, the provision or administration shall be deemed null and void, and in all events the Plan shall be construed in
favor of its meeting the requirements of Rule 16b-3 promulgated under the Exchange Act. 
 SECTION 5. Eligibility 
 Subject to the terms of the Plan, the Board shall determine the amount of, and terms of, all Awards to eligible Non-Employee Directors. 
 SECTION 6. Award Terms 
 6.1 Awards and
Certificates. 
 (a) Awarded Stock shall be evidenced in such manner as the Board may deem appropriate, including book-entry registration
or issuance of one or more stock certificates. Any certificate issued in respect of any Award shall be registered in the name of the Grantee and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such
Award, substantially in the following form: 
 “The transferability of this certificate and the shares of stock
represented hereby are subject to the terms and conditions (including forfeiture) of the Hill International, Inc. 2009 Non-Employee Director Stock Grant Plan and an Award Agreement. Copies of such Plan and Agreement are on file at the offices
of Hill International, Inc.” 
 (b) The Board may require that the certificates evidencing such shares be held in custody by the Company
until the restrictions thereon shall have lapsed and that, as a condition of any Award, the Grantee shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 
 (c) Upon the end of the Restriction Period and provided that the Awarded Stock has not been forfeited, the Company shall, upon the Grantee’s request
or upon its own initiative, issue or have issued new certificates without the legend described in Section 6.1(a), in exchange for those certificates previously issued. 
  

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 6.2 Terms and Conditions. Awarded Stock shall be subject to the following terms and conditions.

 (a) Subject to any time vesting restrictions imposed by the Board pursuant to the Award Agreement referred to in Section 6.2(g), and
except as otherwise provided in Sections 6.2(d), 6.2(e) and 6.2(f), or as otherwise provided by the Board (subject to the terms of the Plan), all Awarded Stock shall vest immediately on the date upon which the Award is granted. 
 (b) Subject to the provisions of the Plan and the Award Agreement referred to in Section 6.2(g), and until the expiration of any Restriction Period,
the Grantee shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Awarded Stock. 
 (c) Except as provided in
Sections 6.2(b) and this 6.2(c) and the Award Agreement, the Grantee shall have, with respect to the Awarded Stock, all of the rights of a holder of Common Stock including the right to vote the Awarded Stock and, if granted by the Board, the right
to receive any cash dividends. 
 (d) Except to the extent otherwise provided in the applicable Award Agreement and Sections 6.2(a) and
6.2(f), if a Grantee ceases to be a Non-Employee Director of the Company for any reason other than death, Disability, Retirement, or Cause, all unvested Awarded Stock shall be forfeited as of the date the Grantee ceases to be a Non-Employee
Director. 
 (e) If a Grantee ceases to be a Director of the Company because of removal for Cause, all unvested Awarded Stock shall be
forfeited as of the date the Grantee ceases to be a director. 
 (f) In the event of a Grantee’s death, Disability or Retirement while a
Director of the Company, all unvested Awarded Stock shall become fully vested and all restrictions (other than restrictions on transferability in the absence of registration of the Awarded Stock under the Securities Act or the availability of an
exemption therefrom), shall end as of the date of such death, Disability or Retirement. 
 (g) Each Award shall be confirmed by, and be
subject to, the terms of an Award Agreement. 
 (h) The Board may at any time accelerate the vesting of all or any portion of any Award or
provide for the lapsing of any conditions or restrictions on any outstanding Award, or portion thereof. 
 SECTION 7. Adjustments Upon Change In
Capitalization 
 Notwithstanding the limitations set forth in Section 3, in the event of a merger, reorganization, consolidation,
recapitalization, reclassification, split-up, spin-off, separation, liquidation, stock dividend, stock split, reverse stock split, property dividend, share repurchase, share combination, share exchange, issuance of warrants, rights or debentures or
other change in 

  

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corporate structure of the Company affecting the Common Stock, the Board shall make such substitution or adjustments in the aggregate number and kind of
shares reserved for issuance under the Plan, in the number of shares subject to outstanding Awards, and/or such other equitable substitution or adjustments as it may determine to be appropriate in its sole discretion; provided, however, that the
number of shares subject to any Award shall always be a whole number. 
 SECTION 8. Termination and Amendment 
 8.1 Termination. The Plan shall terminate on the earliest to occur of: (i) the date when all of the Common Stock available under the Plan
shall have been granted and vested; (ii) June 9, 2019; or (iii) such earlier date as the Board may determine. Notwithstanding the foregoing sentence, the termination of the Plan shall not terminate the rights of a Grantee with respect
to Awards made on or prior to the date of such Plan termination. 
 8.2 Amendment. The Board may amend, alter or discontinue the Plan,
but no amendment, alteration or discontinuation shall be made which would: (i) impair the rights under an Award or Award Agreement theretofore granted without the recipient’s consent, except such an amendment made to cause the Plan to
qualify for the exemption provided by Rule 16b-3 or to cause the Plan to comply with Code section 409A, or (ii) disqualify the Plan from the exemption provided by Rule 16b-3. In addition, no such amendment shall be made without the approval of
the Company’s stockholders to the extent such approval is required by law or agreement. 
 SECTION 9. Withholding 
 The Grantee shall pay to the Company, or make provision satisfactory to the Board for payment of, any taxes required by law to be withheld in respect of
Awards under the Plan no later than the date of the event creating the tax liability. In the Board’s sole discretion, a Grantee may elect to have such tax obligations paid, in whole or in part, in shares of Common Stock, including shares
retained from the Award creating the tax obligation. For withholding tax purposes, the value of the shares of Common Stock shall be the Fair Market Value on the date the withholding obligation is incurred. The Company may, to the extent permitted by
law, deduct any such tax obligations from any payment of any kind otherwise due to the Grantee. 
 SECTION 10. No Right to Re-Election 
 Nothing in the Plan or in any Award granted pursuant to the Plan or any action taken under the Plan shall confer on any individual any right to continue
as a Non-Employee Director of the Company or to be renominated by the Board or re-elected by the stockholders of the Company. 
 SECTION 11. Effective
Date of the Plan 
 The effective date of the Plan was the date of the 2009 Annual Meeting of Stockholders at which the Company’s
stockholders approved the Plan. 
  

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 SECTION 12. Governing Law 
 To the extent that state laws shall not have been preempted by any laws of the United States, the Plan shall be construed, regulated, interpreted and administered according to the laws of the State of Delaware without
regard to its conflict of laws rules. 
  

 6Amended and Restated Share Incentive Plan adopted on February 28, 2009

 Exhibit 4.5 
 English Translation 
 Share Option Plan of Perfect World Co., Ltd. 
 1. Institution 
 The Company has set up the Compensation Management
Committee under the Board of Directors, which is responsible for all of the work relating to share option incentive plan. 
 2. Target Persons

 All employees, including core level (senior management, senior technical personnel), key level (intermediate management, programmers), ordinary
employees and Company’s consultants, etc. 
 If any of the above persons had held more than 5% of the issued ordinary shares of the Company before the
closing date of Series A preferred shares subscription, he/she will not be entitled to such share option plan. 
 3. Scale of Granting 
 The shares to be held by the target persons will be 1,714,500 shares, 7.5% of fully diluted shares (22.86 million shares) after Softbank’s investment. 
 When the shares issued under the granted share option reach 7.5% of Company’s shares, the Board of Directors will discuss whether to adopt additional share option
plan as well as its scale. 
 4. Timing of Granting of Options 
 All of the current target persons will be granted by the options upon the initiation of the share option plan. After that, the options will be granted if the specific target person is determined to have reached the performance target after
the annual performance assessment. The options may also be granted to those when hired or promoted by the Company or to those having outstanding performances. 
 Timing of 1st
granting: September 6, 2006 
 Timing of 2nd granting: December 31, 2007 
 Timing of 3rd granting: December 31, 2008 
 5. Allocation of Granting 
 Scale of Option Granted: 
  

								
	 Total market value (USD)
	  	22,860,000	 	 	Total shares	  	22,860,000
				
	 Percentage of option granted
	  	7.5	%	 	Share options granted	  	1,714,500
				
	 Percentage of reserved shares
	  	2.0	%	 	reserved shares	  	457,200
				
	 Percentage of shares held by core level
	  	2.75	%	 	Shares held by core level	  	628,650
				
	 Percentage of shares held by ordinary level
	  	2.75	%	 	Shares held by ordinary level	  	628,650

 Annual plan of option granting: 
  

													
	 Type
	  	2006-09-06	 	 	2007-12-31	 	 	2008-12-31	 	 	Total	 
	 Percentage of reserved shares
	  			 			 			 	2	%
					
	 Percentage of shares held by core level
	  	2.49	%	 	0.16	%	 	0.10	%	 	2.75	%
					
	 Percentage of shares held by ordinary level
	  	2.69	%	 	0.06	%	 	0.00	%	 	2.75	%
					
	 Total
	  	5.18	%	 	0.22	%	 	0.10	%	 	7.50	%

 Initial granting (2006-09-06) plan: 
  

											
	 Name
	  	Granted
shares	  	Exercise
price
(USD/share)	  	Date of
granting	  	Vesting
period	  	Date of
expiry
	 Li Qing
	  	200,000	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Lu Xiaoyin
	  	120,000	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Zhu Qi
	  	140,000	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Zeng Pan
	  	40,000	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Cui Ming
	  	40,000	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Du Yuxin
	  	30,000	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Other employees
	  	614,320	  	1	  	2006-09-06	  	4 years	  	2011-09-06
						
	 Total
	  	1,184,320	  		  		  		  	

 Allocation rule: options are granted according to the degree of contribution, working attitude and years of
service. 
 Degree of contribution: the quantity of granted option is to be determined according to employees’ performance, coupled with the importance
of posts, by giving consideration to special contribution and through systematic performance assessment. 

 Working attitude: subject to result of monthly assessment. 
 Years of service: more vested option for longer years of service with the Company if degree of contribution and working attitude are the same. 
 6. Vesting Period and Valid Term 
 Each grantee will obtain 25% of the granted options one year after the granting
date, i.e. September 6, 2007. The grantee will obtain the vesting right for the remaining 75% of the granted options in the following 12 quarters on a quarterly basis. The grantee is entitled to exercise the vested option within five years
after the public listing of the Grantor. After the five years period, the option not exercised by the grantee shall become invalid automatically. 
 7.
Determination of Exercising Price 
 Exercising price is US$ 1. 
 8. Form of exercise 
 Grantee may exercise his options in the following three forms: cash exercise; cashless exercise; cashless exercise and
sale. 
 9. Assessment 
 The target persons will be
assessed according to the assessment regulations to be worked out. The employees passing the assessment for each period will be entitled to their corresponding options in the current period according to the employee option agreements; those not
passing the assessment shall not be entitled to the options. 
 10. Alteration Clauses 
 1) In case of any of resignation, dismissal, incapacity, death or otherwise by the Grantee, the Grantee’s option during the exercising period or vesting period will be automatically cancelled. 
 2) In case of any of acquisition, merger, transfer of assets, change in control, etc. on the side of Grantor, the Board of Directors will adopt special resolutions on
the option plan as the case may be. 
 3) The Grantor allows the Grantee to transfer his/her granted options for the purpose of securing his/her assets upon
approval of Grantor’s HR department, provided, however, that the transferee of such options shall comply with all of the original agreements and commitments made with and to the Grantor. 
 11. Amendment to this Plan 
 The amendment to any option which has
been granted by the Compensation Committee shall obtain the consent of the grantee in order to protect the interests of the grantees against any damage. The following amendments to this Plan to be made by the Compensation Committee shall be approved
by the Board of Directors: 
 1) To increase the exercising scale of the options granted under this Plan, i.e. the increase of the shares under this Plan
resulting from the increase of exercise; 
 2) To change the exercising price; 

 3) To change the regulations regarding the qualifications of the grantees; 
 4) To extend the valid term and exercising period under this Plan; 
 5) To
terminate this Plan. 
 Except for the above issues, the Compensation Committee has the right to amend this Plan. 
 12. Management of this Plan 
 The Compensation Committee has the
management right over this Plan, to determine the grantees, exercising time and scale of granting, etc., and also has the conclusion and construction rights with respect to this Plan. In addition, the Compensation Committee is entitled to make
amendments, corrections and supplements to relevant agreements in accordance with this Plan. 
 13. Others 
 This Plan is reviewed and approved by the Compensation Committee on this September 6, 2006. 
 This Plan is reviewed and approved by the Board of Directors on this September 6, 2006. 

 Exhibit 4.5 
 PERFECT WORLD CO., LTD. 
 SHARE INCENTIVE PLAN 
 AS AMENDED AND RESTATED AS OF FEBRUARY 28, 2009 
 ARTICLE 1 
 PURPOSE 
 The purpose of the Perfect World Co., Ltd. Share Incentive Plan, as amended and restated as of February 28, 2009 (the “Plan”) is to
promote the success and enhance the value of Perfect World Co., Ltd., a company formed under the laws of the Cayman Islands (the “Company”) by linking the personal interests of the members of the Board, Employees, and Consultants to
those of Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company shareholders. The Plan is further intended to provide flexibility to the Company in its ability to
motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. This Plan supplements the
share incentive plan approved and adopted by the Board and the compensation committee of the Board (the “Compensation Committee”) on September 6, 2006. 
 ARTICLE 2 
 DEFINITIONS AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The
singular pronoun shall include the plural where the context so indicates. 
 2.1 “Applicable Laws” means the legal
requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any
jurisdiction applicable to Awards granted to residents therein. 
 2.2 “Award” means an Option, Restricted Share or
Restricted Share Units award granted to a Participant pursuant to the Plan. 
 2.3 “Award Agreement” means any written
agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 
 2.4
“Board” means the board of directors of the Company. 
 2.5 “Change in Control” means a change in ownership
or control of the Company after the Registration Date effected through either of the following transactions: 
 (a) the direct or indirect
acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control
with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of 

 the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made
directly to the Company’s shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders
accept, or 
 (b) the individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”), cease for any
reason to constitute at least fifty percent (50%) of the Board; provided that if the election, or nomination for election by the Company’s shareholders, of any new member of the Board is approved by a vote of at least fifty percent
(50%) of the Incumbent Board, such new member of the Board shall be considered as a member of the Incumbent Board. 
 2.6
“Code” means the Internal Revenue Code of 1986 of the United States, as amended. 
 2.7 “Committee” means
the committee of the Board described in Article 9. 
 2.8 “Consultant” means any consultant or adviser if: (a) the
consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or
indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 
 2.9 “Core Participant” means a Participant who is a senior management personnel or a senior technical personnel of the Company.

 2.10 “Corporate Transaction” means any of the following transactions, provided, however, that the Committee shall
determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 
 (a) an amalgamation, arrangement or consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is
incorporated; 
 (b) the sale, transfer or other disposition of all or substantially all of the assets of the Company; 
 (c) the complete liquidation or dissolution of the Company; 
 (d) any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity
but (A) the Ordinary Shares outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such takeover or
the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or 
 (e) acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit 

 plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

 2.11 “Disability” means that the Participant qualifies to receive long-term disability payments under the Service
Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the
Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any
medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient
to satisfy the Committee in its discretion. 
 2.12 “Effective Date” shall have the meaning set forth in Section 10.1.

 2.13 “Employee” means any person, including an officer or member of the Board of the Company, any Parent or Subsidiary of
the Company, who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service
Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 
 2.14 “Exchange Act”
means the Securities Exchange Act of 1934 of the United States, as amended. 
 2.15 “Fair Market Value” means, as of any
date, the value of Shares determined as follows: 
 (a) If the Shares are listed on one or more established stock exchanges or national market
systems, including without limitation, The Nasdaq Share Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares
are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as
reported in The Wall Street Journal or such other source as the Committee deems reliable; 
 (b) If the Shares are regularly quoted on
an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date of
determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the
last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
 (c)
In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing
price of the latest private 

 
placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest
private placement, (ii) other third party transactions involving Shares and the development of the company’s business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the
Shares, or (iii) such other methodologies or information as the Committee determines to be indicative of Fair Market Value, relevant. 
 2.16 “Incentive Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto. 
 2.17 “Independent Director” means a member of the Board who is not an Employee of the Company. 
 2.18 “Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule
16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 
 2.19 “Non-Qualified Share Option”
means an Option that is not intended to be an Incentive Share Option. 
 2.20 “Option” means a right granted to a
Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 
 2.21 “Ordinary Participant” means a Participant who is not a Core Participant. 
 2.22 “Participant” means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan.

 2.23 “Parent” means a parent corporation under Section 424(e) of the Code. 
 2.24 “Plan” means this Perfect World Co., Ltd. Share Incentive Award Plan, as it may be amended from time to time. 
 2.25 “Related Entity” means any business, corporation, partnership, limited liability company or other entity in which the Company, a
Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 
 2.26 “Restricted Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be
subject to risk of forfeiture. 
 2.27 “Restricted Share Unit” means the right granted to a Participant pursuant to Article
6 to receive a Share at a future date. 
 2.28 “Securities Act” means the Securities Act of 1933 of the United States, as
amended. 
 2.29 “Service Recipient” means the Company, any Parent or Subsidiary of the Company and any Related Entity to
which a Participant provides services as an Employee, Consultant or as a Director. 
 2.30 “Share” means Class B Ordinary
Shares of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 8. 

 2.31 “Subsidiary” means any corporation or other entity of which a majority of the
outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. 
 2.32 “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 
 ARTICLE 3 
 SHARES SUBJECT TO THE
PLAN 
 3.1 Number of Shares. 
 (a) Subject to the provisions of Article 8 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive Share Options) is 42,145,000, or a lesser
number of Shares determined by the Committee. 
 (b) To the extent that an Award terminates, expires, or lapses for any reason, any Shares
subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Law, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any
form or combination by the Company or any Parent or Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award
under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or warded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares are forfeited by the Participant or
repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or
awarded if such action would cause an Incentive Share Option to fail to qualify as an incentive Share option under Section 422 of the Code. 
 3.2 Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury shares (subject to applicable law) or Shares purchased on the open market.
Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the
number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 
 ARTICLE 4 
 ELIGIBILITY AND
PARTICIPATION 
 4.1 Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and all members of
the Board, as determined by the Committee. Subject to variation by the Committee, this Plan is not eligible for any individual who, at the date of grant, owns Shares possessing more than five percent of the total combined voting power of all classes
of shares of the Company. 

 4.2 Participation. Subject to the provisions of the Plan, the Committee may, from time to time,
select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any automatic right to be granted an Award pursuant to this Plan. Subject to
variation and adjustment by the Committee, the tentative nature and amount and timetable for the granting of Awards are as follows: 
 (a)
Nature and amount: 
 (i) 628,650 Options to Core Participants; 
 (ii) 628,650 Options to Ordinary Participants; and 
 (iii) the balance of 457,200 Options as reserve. 
 (b) Timetable: 
 (i) first tranche on September 6, 2006; 
 (ii) second tranche on December 6, 2006; 
 (iii) third tranche on December 31, 2007; and 
 (iv) fourth tranche on December 31, 2008. 
 (c) Powers of the Board and the Committee. To protect the Participants’ interests, any amendment to Awards already granted to the Participants requires the Participants’ consents. Notwithstanding the foregoing, for the
avoidance of doubt, the Board or the Committee has the right to implement concrete provisions (such as provisions on performance assessment) to determine whether or not unvested Awards can vest in favor of the Participants according to schedule or
whether or not vested but unexercised Awards can be exercised by the Participants. As part of the performance assessment, the Company may assess the performance of the Participants based on separately devised assessment measures. For Participants
required to undergo the performance assessment, only those who have passed the assessment may have the rights to be granted the vesting rights as stipulated in the Award Agreements; those who fail the assessment will not be granted such rights.

 4.3 Jurisdictions. In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the
Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the
Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other
purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the Committee may not take
any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws. 

 ARTICLE 5 
 OPTIONS 
 5.1 General. The Committee is authorized to grant Options to Participants on the
following terms and conditions: 
 (a) Exercise Price. The exercise price per Share subject to an Option shall be determined by the
Committee or the Board and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; provided, however, that no Option may be granted to an individual subject to taxation in the United
State at less than the Fair Market Value on the date of grant. The exercise price per Share subject to an Option may be adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding and conclusive. For the
avoidance of doubt, to the extent not prohibited by Applicable Law or any exchange rule, a repricing of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the
Participants. Notwithstanding the foregoing, the exercise price per Share subject to an Option shall not be increased without the approval of the Participants. 
 (b) Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that, except as
provided in Section 10.2, the term of any Option granted under the Plan shall not exceed ten years and any Option, even if vested, may not be exercised prior to the completion of the Company’s initial public offering. The Committee shall
also determine any other conditions that must be satisfied before all or part of an Option may be exercised. 
 (c) Payment. The
Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the
Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid
adverse financial accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the
Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in
satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price,
(vii) cashless exercise; or (viii) any combination of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the
meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. 
 (d) Evidence of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall
include such additional provisions as may be specified by the Committee. 
 5.2 Incentive Share Options. Incentive Share Options may
be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options granted
pursuant to the Plan, in addition to the 

 requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2:

 (a) Expiration of Option. An Incentive Share Option may not be exercised to any extent by anyone after the first to occur of the
following events: 
 (i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement; 
 (ii) Upon the Participant’s termination of employment as an Employee; and 
 (iii) Upon the Participant’s Disability or death, subject to Sections 7.2 and 7.3. 
 (b) Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to
which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share
Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 
 (c) Ten Percent Owners. An Incentive Share Option shall be granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company
only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant. 
 (d) Transfer Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive
Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant. 
 (e) Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date. 
 (f) Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant. 
 ARTICLE 6 
 RESTRICTED SHARES AND
RESTRICTED SHARE UNITS 
 6.1 Grant of Restricted Shares. The Committee is authorized to make Awards of Restricted Shares and/or
Restricted Share Units to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Shares shall be evidenced by an Award Agreement. 
 6.2 Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the Committee
may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in combination at such times, pursuant to such
circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

 6.3 Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the
grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award
Agreement; provided, however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event
of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 
 6.4 Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the
Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 
 6.5
Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate.
At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted Share Units which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the grantee. On the
maturity date, the Company shall, subject to Sections 7.4 and 7.5, transfer to the Participant one unrestricted, fully transferable Share for each Restricted Share Unit scheduled to be paid out on such date and not previously forfeited. 

ARTICLE 7 
 PROVISIONS APPLICABLE
TO AWARDS 
 7.1 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms,
conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend,
modify, suspend, cancel or rescind an Award. 
 7.2 Limits on Transfer. No right or interest of a Participant in any Award may be
pledged, encumbered, or hypothecated to or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except
as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant. The Committee by express provision in the Award or an amendment thereto may permit an Award (other than an Incentive Share
Option) to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions, or trusts or other entities whose
beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the
Committee may establish. Any permitted transfer shall be subject to the following conditions: that (a) the Committee receive evidence satisfactory to 

 it that the transfer is being made for asset protection, estate and/or tax planning purposes (or to a “blind
trust” in connection with the Participant’s termination of employment or service with the Company or a Subsidiary to assume a position with a governmental, charitable, educational or similar non-profit institution) and on a basis
consistent with the Company’s lawful issue of securities, and (b) after the transfer, the Participant and the transferee comply with all of the original agreements and covenants granted by the Participant in favor of the Company.

 7.3 Beneficiaries. If the Committee so determines, then notwithstanding Sections 5.2(a) and 7.2, a Participant may, in the manner
determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other
person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional
restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more
than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the
person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is
filed with the Committee. 
 7.4 Share Certificates. Notwithstanding anything herein to the contrary, the Company shall not be
required to issue or deliver any certificates evidencing shares of Share pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance
with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to the Plan are subject to any stop-transfer
orders and other restrictions as the Committee deems necessary or advisable to comply all Applicable Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The
Committee may place legends on any Share certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and
representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other restrictions with
respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 
 7.5 Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the
paperless administration of Awards. 
 7.6 Foreign Currency. A Participant may be required to provide evidence that any currency used
to pay the exercise price of any Award was acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including 

 foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in Chinese Renminbi
or other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s Bank of China for Chinese Renminbi, or for jurisdictions other than
the Peoples Republic of China, the exchange rate as selected by the Committee on the date of exercise. 
 ARTICLE 8 
 CHANGES IN CAPITAL STRUCTURE 
 8.1
Adjustments. In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to
its shareholders, or any other change affecting the shares of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with
respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards
(including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. 
 8.2 Acceleration upon a Change of Control. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into
by and between the Company and a Participant, if a Change of Control occurs and a Participant’s Awards are not converted, assumed, or replaced by a successor, such Awards shall become fully exercisable and all forfeiture restrictions on such
Awards shall lapse. Upon, or in anticipation of, a Change of Control, the Committee may in its sole discretion provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each
Participant the right to exercise such Awards during a period of time as the Committee shall determine, (ii) either the purchase of any Award for an amount of cash equal to the amount that could have been attained upon the exercise of such
Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would have been
attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), (iii) the replacement of such Award with other rights or property selected by the
Committee in its sole discretion the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or
(iv) provide for payment of Awards in cash based on the value of Shares on the date of the Change of Control plus reasonable interest on the Award through the date such Award would otherwise be vested or have been paid in accordance with its
original terms, if necessary to comply with Section 409A of the Code. 
 8.3 Outstanding Awards – Corporate Transactions. In
the event of a Corporate Transaction, each Award will terminate upon the consummation of the Corporate Transaction, unless the Award is assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as
provided otherwise in an individual Award Agreement, in the event of a Corporate Transaction and: 
 (a) the Award either is (x) assumed
by the successor entity or Parent thereof or replaced with a comparable Award (as determined by the Committee) with respect to shares of the capital stock of the successor entity or Parent thereof or (y) replaced with 

 a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the
time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, then such Award (if assumed), the replacement Award (if replaced), or the cash incentive program
automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon termination of the
Participant’s employment or service with all Service Recipient within twelve (12) months of the Corporate Transaction without cause; and 
 (b) For each Award that is neither assumed nor replaced, such portion of the Award shall automatically become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at
Fair Market Value) for all of the Shares at the time represented by such portion of the Award, immediately prior to the specified effective date of such Corporate Transaction, provided that the Participant remains an Employee, Consultant or Director
on the effective date of the Corporate Transaction. 
 8.4 Outstanding Awards – Other Changes. In the event of any other change
in the capitalization of the Company or corporate change other than those specifically referred to in this Article 8, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards
outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 
 8.5 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation
of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the
Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares subject to an Award or the grant or exercise price of any Award. 
 ARTICLE 9 
 ADMINISTRATION 
 9.1 Committee.
The Plan shall be administered by the Board or the Compensation Committee of the Board; provided, however that the Board or the Compensation Committee may delegate to a committee of one or more members of the Board the authority to grant or
amend Awards to Participants other than senior executives of the Company who are subject to Section 16 of the Exchange Act. The Committee shall consist of at least two individuals, each of whom qualifies as a Non-Employee Director. Reference to
the Committee shall refer to the Board if the Compensation Committee ceases to exist and the Board does not appoint a successor Committee. Notwithstanding the foregoing, the full Board, acting by majority of its members in office shall conduct the
general administration of the Plan if required by Applicable Law, and with respect to Awards granted to Independent Directors and for 

 purposes of such Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board.

 9.2 Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members present
at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon
any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or other professional
retained by the Company to assist in the administration of the Plan. 
 9.3 Authority of Committee. Subject to any specific
designation in the Plan, the Committee has the exclusive power, authority and discretion to: 
 (a) Designate Participants to receive Awards;

 (b) Determine the type or types of Awards to be granted to each Participant; 
 (c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate; 
 (d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or
purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and
recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 
 (e) Determine
whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

 (f) Prescribe the form of each Award Agreement, which need not be identical for each Participant; 
 (g) Decide all other matters that must be determined in connection with an Award; 
 (h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and 
 (j) Reduce the exercise price per Share subject to an Option; and 
 (k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan. 
 9.4 Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all
decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 

 ARTICLE 10 
 EFFECTIVE AND EXPIRATION DATE 
 10.1 Effective Date. The Plan is effective as of the date the
Plan is approved by the Company’s shareholders in accordance with the applicable provisions of the Company’s Memorandum of Association and Articles of Association (the “Effective Date”). 
 10.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective
Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 
 ARTICLE 11 
 AMENDMENT, MODIFICATION, AND TERMINATION 
 11.1 Amendment, Modification, And Termination. With the approval of the Board, at any time and from time to time, the Committee may terminate,
amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws, or stock exchange rules, the Company shall obtain shareholder approval of any Plan amendment in such a manner and
to such a degree as required, and (b) shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 8), (ii) permits
the Committee to extend the term of the Plan or the exercise period for an Option beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. 
 11.2 Awards Previously Granted. Except with respect to amendments made pursuant to Section 11.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 
 ARTICLE 12 
 GENERAL PROVISIONS 
 12.1 No Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither
the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 
 12.2 No Shareholders
Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 
 12.3 Taxes. No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the
Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the
Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s payroll tax obligations) required or permitted by law to be withheld with respect to any taxable event concerning a Participant
arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing 

 requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow
the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any
Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax
liabilities with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase
equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 
 12.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the
Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of any Service Recipient. 
 12.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments
not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Subsidiary. 
 12.6 Indemnification. To the extent allowable pursuant to applicable law, each member of the Committee or of the Board shall be indemnified and
held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or
in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her;
provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless. 
 12.7 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in
determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or
an agreement thereunder. 
 12.8 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 12.9 Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

 12.10 Fractional Shares. No fractional shares of Share shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 
 12.11 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or
awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform
to such applicable exemptive rule. 
 12.12 Government and Other Regulations. The obligation of the Company to make payment of awards
in Share or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan
under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Actor other Applicable Laws the Company may
restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 12.13
Language, Governing Law and Dispute Resolution. The Plan is executed in Chinese and English. In case of a discrepancy, while giving full consideration to the Chinese version as reference, English version shall prevail. The Plan and all Award
Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands. Any dispute, controversy or claim arising out of or relating to the Plan and all Award Agreements, or the breach termination or invalidity thereof,
shall be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as at present in force and as may be amended by the rest of this Section 12.13. The appointing authority shall be Hong Kong International Arbitration Centre. The
place of arbitration shall be in Hong Kong at Hong Kong International Arbitration Centre. There shall be only one arbitrator. The language to be used in the arbitral proceedings shall be English. 
 12.14 Section 409A. To the extent that the Committee determines that any Award granted under the Plan is or may become subject to
Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in
accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance that may be issued after the
Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and related Department of Treasury
guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Committee determines is necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the

 benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code
and related U.S. Department of Treasury guidance. 
 12.15 Appendices. The Committee may approve such supplements, amendments or
appendices to the Plan as it may consider necessary or appropriate for purposes of compliance with applicable laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan; provided, however, that no such
supplements shall increase the share limitations contained in Sections 3.1 of the Plan. 

 * * * * * 
 I
hereby certify that the foregoing Plan, supplementing the share incentive plan adopted by the Board and the Compensation Committee of the Company on September 6, 2006, was duly (i) approved and adopted by the Board on January 12,
2007, (ii) approved by the shareholders of the Company on January 15, 2007, and (iii) amended by the Board and the shareholders of the Company on July 4, 2008, and amended and restated by the Board and shareholders of the Company
on February 28, 2009. 
 * * * * * 
 Executed on February 28, 2009. 
  

			
	 By:
	 	 /s/     Michael Yufeng Chi

	 Title:
	 	Chairman and Chief Executive officer

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