Document:

Amended and Restated shareholders agreement, dated as of October 31, 2007

 Exhibit 10.10 
 EXECUTION VERSION 
 AMENDED AND RESTATED 
 SHAREHOLDERS AGREEMENT 
 AMONG 
 BLUE RIDGE CHINA PARTNERS, L.P., 
 EI FUND II CHINA, LLC, 
 ZHANG YONG, YANG YUYAN, 
 XINYUAN REAL ESTATE,
LTD., 
 XINYUAN REAL ESTATE CO., LTD. 
 AND, TO THE EXTENT SET FORTH HEREIN, 
 BURNHAM SECURITIES INC. AND JOEL B. GARDNER 
 DATED AS OF OCTOBER 31, 2007 

 AMENDED AND RESTATED 
 SHAREHOLDERS AGREEMENT 
 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”),
dated as of October 31, 2007, is among Blue Ridge China Partners, L.P., a Cayman Islands exempted limited partnership (“Blue Ridge China”), EI Fund II China, LLC, a Delaware limited liability company (“EI”),
Zhang Yong, a PRC national, Yang Yuyan, a PRC national (together with Zhang Yong, the “Management Shareholders” and individually, a “Management Shareholder”), Xinyuan Real Estate Co., Ltd., a Cayman Islands company
(the “Company”), Xinyuan Real Estate, Ltd., a Cayman Islands company (the “Xinyuan Subsidiary”) and, to the extent set forth herein, Burnham Securities Inc. and Joel B. Gardner (collectively the “Burnham
Holders” and individually, a “Burnham Holder”). 
 WHEREAS, the Company, Xinyuan Subsidiary, Blue Ridge China, EI,
the Management Shareholders and the Burnham Holders entered into a Shareholders Agreement, dated as of April 9, 2007 (the “Shareholders Agreement”); 
 WHEREAS, the Company, Xinyuan Subsidiary, Blue Ridge China, EI, the Management Shareholders and the Burnham Holders wish to amend and restate the Shareholders Agreement in its entirety. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, the parties agree, and the Shareholders
Agreement is hereby amended and restated, as follows: 
 ARTICLE 1 
 DEFINITIONS 
 As used herein, unless the context requires a different meaning,
the following terms shall have the following meanings: 
 “Additional Equity Offeree” has the meaning set forth in
Section 4.3. 
 “Affiliate” means, with respect to a specified Person, a Person that directly, or indirectly through
one or more intermediaries, controls, is controlled by, or is under common control with, the Person specified. 
 “Appraisal
Procedure” means a procedure whereby independent accounting or investment banking firms of nationally recognized standing (each, an “Appraiser”) shall agree upon the Fair Market Value of securities or other property in the
event that the Company and/or one or more Shareholders cannot reach agreement (for purposes of this definition, the party or parties that first invoke(s) the Appraisal Procedure is referred to, collectively, as the “first party” and the
other party or parties to the dispute over Fair Market Value is referred to herein, collectively, as the “second party”). Within ten (10) days after the Appraisal Procedure is invoked, one Appraiser shall be chosen by the first party
and a second Appraiser shall be chosen by the second party. If within thirty (30) days after appointment of the two Appraisers they are unable to agree upon the amount in question, an independent accounting or investment banking firm of
nationally recognized standing shall be chosen to serve as a third Appraiser within ten 

 
(10) days thereafter by the mutual consent of such first two Appraisers or, if such first two Appraisers fail to agree upon the appointment of a third
Appraiser (or if either party fails to appoint an Appraiser), such appointment shall be made by the American Arbitration Association, or any organization successor thereto, from a panel of arbitrators having experience in the appraisal of the type
of property then the subject of appraisal. The decision of the third Appraiser so appointed and chosen shall be given within thirty (30) days after the selection of such third Appraiser. If three Appraisers shall be appointed and the
determination of one Appraiser is disparate from the middle determination by more than twice the amount by which the other determination is disparate from the middle determination, then the determination of such Appraiser shall be excluded, the
remaining two determinations shall be averaged and such average shall be binding and conclusive on the first party and the second party; otherwise the average of all three determinations shall be binding and conclusive on the first party and the
second party. The costs of conducting any Appraisal Procedure shall be borne as follows: (i) the costs of the Appraiser designated by the first party shall be borne by the first party; (ii) the costs of the Appraiser designated by the
second party shall be borne by the second party; (iii) other costs separately incurred by the first party and the second party shall be borne separately by them; and (iv) the costs of the third Appraiser, if any, shall be borne equally by
the first party and the second party. 
 “Appraiser” has the meaning set forth in the definition of Appraisal Procedure.

 “Blue Ridge China” has the meaning set forth in the preamble. 
 “Burnham Holder(s)” has the meaning set forth in the preamble. 
 “Burnham Threshold Shares” means, as to each Burnham Holder, 50% of the number of Equity Securities (or Common Shares issuable upon
exercise of such Equity Securities) held by such Burnham Holder on the date hereof. 
 “Burnham Warrants” means the warrants
issued by the Company to each of the Burnham Holders to purchase 926,586 Common Shares each. 
 “Capital Stock” means the
shares of capital stock of any class or classes of the Company. 
 “Co-Sale Holder” has the meaning set forth in
Section 2.3(c). 
 “Co-Sale Pro Rata Share” has the meaning set forth in Section 2.3(b). 
 “Committees” has the meaning set forth in Section 3.3(a). 
 “Common Shares” means Common Shares, par value $0.0001 per share, of the Company, and shall include any shares or other Equity
Securities into which such Common Shares shall have been changed or any Equity Securities resulting from any reclassification of such Common Shares, and all other Equity Securities the holders of which have the right, without limitation as to
amount, either to all or to a share of the balance of current dividends and liquidating dividends after the payment of dividends and distributions on any shares entitled to preference. 
 “Company” has the meaning set forth in the preamble. 
  

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 “Company Group” means the Company, the WFOE and the Operating Companies, and any of the
foregoing individually may sometimes be referred to as a “Member of the Company Group”. 
 “Company
Indemnitee” has the meaning set forth in Section 5.8(b). 
 “Demand Registration” has the meaning set forth in
Section 5.1(a). 
 “EI” has the meaning set forth in the preamble. 
 “Equity Incentive Plan” means the 2007 Equity Incentive Plan of the Company. 
 “Equity Registration Rights Agreement” means that certain Equity Registration Rights Agreement, dated as of April 13, 2007, by and
among the Company, the holders of the Warrants and the holders of the Convertible Notes (in each case as defined therein). 
 “Equity
Securities” means any equity securities of the Company, any security or obligation which is by its terms, directly or indirectly, convertible into or exchangeable or exercisable for equity securities of the Company, including the Series A
Preferred Shares, the Common Shares, the Warrants, the Burnham Warrants and any option, warrant or other subscription or purchase right with respect to any Equity Security. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Fair Market Value” means, as to any property or assets, the cash price at which a willing seller would sell and a willing buyer
would buy such property or assets in an arm’s-length negotiated transaction without time constraints. 
 “FCPA” has the
meaning set forth in Article 6. 
 “Fully Diluted Basis” means, in determining the number of Common Shares of any
Shareholder or group of Shareholders deemed to be outstanding as of any date of determination, that such determination assumes the conversion, exercise or exchange, as the case may be, of all Equity Securities of such Shareholder or group of
Shareholders that are then outstanding and are convertible, exercisable or exchangeable for Common Shares. 
 “GAAP” has the
meaning set forth in Section 4.1(a)(i). 
 “Governmental Approval Extension” has the meaning set forth in
Section 2.2(f). 
 “Holder” shall mean any Shareholder and any Person to whom the rights under Article 5 have been
transferred or assigned pursuant to Section 5.11. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, and the rules and regulations promulgated thereunder. 
  

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 “Immediate Family” means, with respect to any individual, his or her spouse, parents,
spouse’s parents, siblings, any spouses of such siblings, children, stepchildren, adopted children and grandchildren. 
 “Investor Common Shares” means the 9,422,627 Common Shares and 6,281,752 Common Shares owned by Blue Ridge and EI, respectively, on the date hereof. 
 “Jiantou” means Zhengzhou Jiantou Xinyuan Real Estate Co., Ltd. 
 “Management Shareholder Shares” has the meaning set forth in Section 2.3(a). 
 “Management Shareholders” has the meaning set forth in the preamble. 
 “Memorandum of Association” means the Amended and Restated Memorandum and Articles of Association of the Company, as amended from time
to time. 
 “Notice” has the meaning set forth in Section 2.3(a). 
 “Offerors” has the meaning set forth in Section 5.1(a). 
 “Operating Company” has the meaning set forth in the Share Exchange and Assumption Agreement. 
 “Permitted Issuance” has the meaning set forth in Section 4.3. 
 “Permitted Transferees” has the meaning set forth in Section 2.3(d). 
 “Person” means any individual or entity, including any corporation, partnership, limited liability company, joint venture, trust,
unincorporated organization and government or any department or agency thereof, and any other entity. 
 “Piggyback
Registrations” has the meaning set forth in Section 5.2(a). 
 “Preferred Directors” has the meaning set forth
in Section 3.1. 
 “Preferred Holders” means Blue Ridge China, EI and any transferee of the Equity Securities thereof
pursuant to the terms of this Agreement. 
 “Preferred Majority” means, as of any date, Preferred Holders holding at least,
for so long as Blue Ridge China and EI each hold their respective Preferred Threshold Shares, seventy-five percent (75%), and otherwise, fifty percent (50%) of the Subject Shares. 
 “Preferred Threshold Shares” means, as to Blue Ridge China or EI, fifty percent (50%) of the Subject Shares owned by it on the date
hereof. 
 “Proposed Management Shareholder Transfer” has the meaning set forth in Section 2.3(a). 
 “Purchaser Indemnitee” has the meaning set forth in Section 5.8(a). 
  

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 “Qualified Public Offering” has the meaning ascribed to such term in the Memorandum of
Association. 
 “Registrable Securities” means the Investor Common Shares, any Common Shares issued or issuable upon
conversion of the Series A Preferred Shares or exercise of the Warrants or the Burnham Warrants and any Common Shares issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of the shares referenced above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Agreement are not
assigned, and excluding Registrable Securities that have been sold in an offering registered under the Securities Act or the relevant securities laws of any applicable non-U.S. jurisdiction or in an open market transaction under Rule 144 of the
Securities Act; provided that, for the purposes of Section 5.1 (Demand Registration) and Section 5.3 (S-3 Registration), the definition of Registrable Securities shall not include Common Shares issued or issuable upon exercise of the
Burnham Warrants. 
 “Registration Expenses” has the meaning set forth in Section 5.7(a). 
 “Registration Statement” means a registration statement or a comparable document under the laws of any other jurisdiction. 

“SEC” means the United States Securities and Exchange Commission and any successor agency, or the equivalent regulatory body of any
other applicable jurisdiction. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Section 2.2 Offer” has the meaning set forth in Section 2.2(a). 
 “Section 2.2 Offered Shares” has the meaning set forth in Section 2.2(a). 
 “Section 2.2 Proposed Transfer” has the meaning set forth in Section 2.2(a). 
 “Section 2.2 Purchase Period” has the meaning set forth in Section 2.2(b). 
 “Section 2.2 Selling Shareholder” has the meaning set forth in Section 2.2(a). 
 “Section 2.2 RoFR Closing” has the meaning set forth in Section 2.2(f). 
 “Section 2.2 RoFR Offerees” has the meaning set forth in Section 2.2(a). 
 “Section 2.2 RoFR Purchaser” has the meaning set forth in Section 2.2(b). 
 “Section 2.4 Offer” has the meaning set forth in Section 2.4(a). 
 “Section 2.4 Offered Shares” has the meaning set forth in Section 2.4(a) 
 “Section 2.4 Proposed Transfer” has the meaning set forth in Section 2.4(a). 
  

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 “Section 2.4 Purchase Period” has the meaning set forth in Section 2.4(b).

 “Section 2.4 Selling Shareholder” has the meaning set forth in Section 2.4(a). 
 “Section 2.4 RoFR Closing” has the meaning set forth in Section 2.4(d). 
 “Securities Purchase Agreement” means that certain Securities Purchase Agreement, dated as of August 25, 2006, by and among Blue
Ridge China, EI, the Management Shareholders and the Xinyuan Subsidiary. 
 “Selling Management Shareholder” has the meaning
set forth in Section 2.3(a). 
 “Series A Preferred Shares” means the Series A Convertible Preferred Shares, par value
$0.0001 per share of the Company, each having the rights, restrictions, privileges and preferences as set forth in the form of the Memorandum of Association. 
 “Share Exchange and Assumption Agreement” means the Share Exchange and Assumption Agreement dated as of April 9, 2007, by and among the Company, Xinyuan Subsidiary, Blue Ridge China, EI, and the
Management Shareholders. 
 “Share Purchase Agreement” means that certain Share Purchase Agreement, dated as of
November 18, 2006, by and among Blue Ridge China, EI, the Management Shareholders and the Xinyuan Subsidiary. 
 “Shareholders” means, collectively, Blue Ridge China, EI, the Management Shareholders, any transferee of Equity Securities pursuant to the terms of this Agreement and any other Person who becomes a party hereto, and each of
the foregoing individually, a “Shareholder”. 
 “Significant Officers” means any chief executive officer,
chief financial officer, general manager or other key managers and senior officers of any Member of the Company Group identified in writing by Preferred Holders holding at least seventy-five percent (75%) of the Subject Shares. 
 “Subject Shares” means the aggregate number (without duplication) of the following shares of capital stock of the Company:
(a) Series A Preferred Shares; (b) Common Shares issued upon conversion of such Series A Preferred Shares; and (c) solely in the case of Blue Ridge China and EI, such number of the Investor Common Shares then owned by Blue Ridge China
and EI, respectively, subject, in the case of clauses (a), (b) and (c), to adjustment for stock splits, reverse stock splits, combinations and the like; provided, however, that (subject to the following proviso) in any case in
this Agreement in which the Subject Shares owned by a Preferred Holder are measured “on the date hereof”, Subject Shares shall mean the following aggregate number (without duplication) of the following shares of capital stock of the
Company: (a) the Series A Preferred Shares owned by such Holder on the date hereof, (b) the Common Shares issued upon conversion of such Series A Preferred Shares following the date hereof, if any, and (c) solely in the case of Blue
Ridge China and EI, the number of Investor Common Shares owned by Blue Ridge China and EI respectively, on the date hereof, subject, in the case of clauses (a), (b) and (c), to adjustment for stock splits, reverse stock splits, combinations and

  

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the like; provided, further, however, where Subject Shares are measured “on the date hereof”, if the Preferred Holder is a
transferee of Blue Ridge China, EI or any transferee thereof, the measurement date of clauses (a) and (b) of the definition of Subject Shares in the immediately preceding proviso shall instead be the date on which such Preferred Holder
originally acquired such shares rather than the date hereof. 
 “Subsidiary” means, as to any Person, a corporation or other
entity whose shares of capital stock or other ownership interests having ordinary voting power to elect a majority of the directors of such corporation, or other Persons performing similar functions for such entity, are owned or controlled, directly
or indirectly, by such Person. 
 “transfer” means any sale, assignment, encumbrance, hypothecation, pledge, conveyance in
trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or receivers in bankruptcy
proceedings, any short sale, collar, hedging or other derivative transaction that has the effect of materially changing the economic benefits and risks of ownership, or general assignments for the benefit of creditors, whether voluntary,
involuntarily or by operation of law, directly or indirectly, of any Equity Securities. 
 “Transferee Agreement” has the
meaning set forth in Section 2.1(c). 
 “Voting Shares” means Equity Securities the holders of which are ordinarily, in
the absence of contingencies, entitled to vote for the election of directors (or Persons performing similar functions). 
 “Warrants” means warrants issued by the Company to each of Blue Ridge China and EI, to purchase additional Series A Preferred Shares. 
 “WFOE” means Xinyuan Real Estate (Henan) Development, Ltd., a company organized under the laws of the PRC, which is a wholly foreign-owned enterprise 100% held by the Company under the laws of the
PRC. 
 “Xinyuan Subsidiary” has the meaning set forth in the first recital. 
 “Xinyuan Subsidiary Shareholders Agreement” means the Shareholders Agreement, dated as of August 25, 2006, as amended as of
November 21, 2006, among Xinyuan Subsidiary, Blue Ridge China, EI, the Management Shareholders, and the Burnham Holders. 
 “Zhang Yong Warrant” has the meaning set forth in Article 7. 
 ARTICLE 2 
 TRANSFERS OF CAPITAL STOCK 
 Section 2.1 General Restrictions on Transfer 
 (a) A Shareholder may not transfer any Equity Securities except in
compliance with this Agreement. 
  

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 (b) A Shareholder that transfers any Equity Securities must deliver to the Company and the other
Shareholders (i) except in the case of sales to the public after the consummation of a Qualified Public Officering, a notice describing in reasonable detail the proposed transfer, and (ii) subject to Section 2.4, if reasonably
requested by the Company, an opinion of counsel to the Company to the effect that such transfer may be effected without registration under the Securities Act or any applicable securities laws of any state or any other jurisdiction, anywhere in the
world. 
 (c) It shall be a condition to any transfer of Equity Securities (other than a transfer pursuant to a public offering approved by
the Company’s Board of Directors) that the transferee agrees in writing to be bound by the provisions of this Agreement pursuant to the transferee agreement in the form set forth as Exhibit A (the “Transferee Agreement”). Upon
becoming a party to this Transferee Agreement, the transferee shall be substituted for, and shall enjoy the same rights and be subject to the same obligations as, the transferring Shareholder hereunder with respect to the Equity Securities
transferred by such Shareholder. 
 (d) Any transfer of Equity Securities made in violation of this Article 2 shall be null and void. The
Company shall not, shall not be required, and shall not have the right to (i) transfer on its books any Equity Securities transferred in violation of any provisions of this Agreement, or (ii) treat as owner of such Equity Securities, or to
accord the right to vote as such owner, or to pay dividends to, any transferee to whom such securities are transferred in violation of this Agreement. 
 (e) Notwithstanding anything to the contrary set forth in this Article 2 (but subject to Section 2.1(c)), the Management Shareholders shall not, except as set forth in Sections 2.3 (d)(iii) and 2.4 (h)(ii), and
the Company shall cause any of its officers, directors, and employees who own Equity Securities not to (except in the case of sales to the public after the consummation of a Qualified Public Offering), transfer any Equity Securities without the
prior written consent of the Preferred Majority which consent shall not be unreasonably withheld in the case of any transfer pursuant to Section 2.3(d). So long as Blue Ridge China or EI holds at least its Preferred Threshold Shares or the
Burnham Holders hold at least their respective Burnham Threshold Shares, the Common Shares held by the Management Shareholders or a Permitted Transferee shall be subject to the co-sale provisions of Section 2.3. 
 (f) A transfer of the capital stock or other equity or voting interests in (a) a Management Shareholder, or (b) a Person that directly or
indirectly owns equity or voting interests in a Management Shareholder, shall be deemed to be a transfer of the Equity Securities of such Management Shareholder, which transfer shall be subject to the provisions of Sections 2.1 and 2.3. In such
event, the Management Shareholder shall be deemed to be the Selling Management Shareholder as referred to in Section 2.3(a) and the capital stock or equity interests proposed to be transferred shall be deemed to be the Management Shareholder
Shares. 
 Section 2.2 Right of First Refusal on Series A Preferred Shares 
 (a) If a Preferred Holder (a “Section 2.2 Selling Shareholder”) desires to transfer (a “Section 2.2 Proposed Transfer”)
all or any portion of its Equity Securities (the “Section 2.2 Offered Shares”), the Section 2.2 Selling Shareholder must first deliver to all other Preferred 

  

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Holders (in each case so long as at the time of such notice, such Preferred Holder holds at least fifty percent (50%) of the Subject Shares owned by it
on the date hereof) (the “Section 2.2 RoFR Offerees”), with a copy to the Company, a notice identifying the transferee and containing an offer (the “Section 2.2 Offer”) to sell the Section 2.2 Offered Shares at
the same price, upon the same terms (subject to paragraph (h) below) and subject to the same conditions as those of the Section 2.2 Proposed Transfer, which shall be accompanied by a copy of the documentation (whether in draft form or
otherwise) setting forth the Section 2.2 Proposed Transfer. Notwithstanding the foregoing, in the event that the Section 2.2 Proposed Transfer is a transfer of a majority of the capital stock or other equity or voting interests (i) in
a Person that owns Equity Securities, or (ii) in a Person that directly or indirectly owns a majority of the capital stock or other equity or voting interests in a Person that owns Equity Securities as set forth in Section 2.2(i) in
connection with a transaction or group of related transactions, and the Fair Market Value of the Section 2.2 Offered Shares proposed to be so transferred is less than 25% of the aggregate Fair Market Value of the assets proposed to be
transferred in such transaction or group of substantially simultaneous related transactions as a whole, then the offer with respect thereto shall not be deemed a Section 2.2 Offer for purposes hereof and the provisions of Section 2.2 shall
not be applicable thereto. 
 (b) Any Section 2.2 RoFR Offeree that desires to purchase some or all of the Section 2.2 Offered
Shares (each, a “Section 2.2 RoFR Purchaser”) must, within thirty (30) days following delivery of the Section 2.2 Offer (the “Section 2.2 Purchase Period”), deliver to the Section 2.2 Selling
Shareholder, with a copy to the Company and the other Section 2.2 RoFR Offerees, a notice setting forth the number of Section 2.2 Offered Shares that such Section 2.2 RoFR Purchaser desires to purchase. 
 (c) If the Section 2.2 RoFR Purchasers notify the Section 2.2 Selling Shareholder of their desire to purchase in the aggregate the number of
Section 2.2 Offered Shares being offered or more, then each Section 2.2 RoFR Purchaser shall be entitled to purchase its pro rata portion of the Section 2.2 Offered Shares. If the Section 2.2 RoFR Purchasers notify the
Section 2.2 Selling Shareholder of their desire to purchase in the aggregate less than the number of Section 2.2 Offered Shares being offered, then the Section 2.2 RoFR Purchasers shall have an additional ten (10) days following
the expiration of the Section 2.2 Purchase Period to notify the Section 2.2 Selling Shareholder of their desire to purchase their pro rata portion (among those Section 2.2 RoFR Purchasers expressing such desire) or more of the
remaining Section 2.2 Offered Shares. 
 (d) If the Section 2.2 RoFR Purchasers notify the Section 2.2 Selling Shareholder of
their desire to purchase in the aggregate the number of remaining Section 2.2 Offered Shares or more, then each Section 2.2 RoFR Purchaser shall be entitled to purchase its pro rata portion of such Section 2.2 Offered Shares. If the
Section 2.2 RoFR Purchasers notify the Section 2.2 Selling Shareholder of their desire to purchase in the aggregate less than the number of remaining Section 2.2 Offered Shares, then the Section 2.2 Selling Shareholder may (but
shall not be obligated to) transfer all of the Section 2.2 Offered Shares pursuant to paragraph (g) below. 
 (e) Each
Section 2.2 RoFR Purchaser’s pro rata portion of the Section 2.2 Offered Shares shall be equal to a fraction, the numerator of which is the number of Common Shares on a 

  

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Fully Diluted Basis held by such Section 2.2 RoFR Purchaser and the denominator of which is the number of Common Shares on a Fully Diluted Basis held
(for purposes of paragraph (c) above) by all of the Section 2.2 RoFR Offerees or (for purposes of paragraph (d) above) by all of the Section 2.2 RoFR Purchasers. 
 (f) The closing of the purchase by the Section 2.2 RoFR Purchasers (the “Section 2.2 RoFR Closing”) shall take place fifteen
(15) days after the expiration of the Section 2.2 Purchase Period; provided, that if not all necessary governmental or regulatory approvals, including the expiration of any applicable waiting period under the HSR Act or any other
applicable law, have been obtained by the applicable closing date, the Section 2.2 RoFR Closing shall be deferred for up to ninety (90) days in order to obtain such approvals (a “Governmental Approval Extension”). The
Section 2.2 RoFR Closing shall be held at such time and place as the parties thereto shall reasonably specify. At the Section 2.2 RoFR Closing, the Section 2.2 Selling Shareholder shall deliver certificates representing the
Section 2.2 Offered Shares being sold, against delivery of the purchase price therefor by wire transfer of immediately available funds to an account designated by the Section 2.2 Selling Shareholder. 
 (g) If the Section 2.2 RoFR Purchasers do not in the aggregate accept the Section 2.2 Offer with respect to all of the Section 2.2 Offered
Shares pursuant to paragraphs (c) and (d) above, or if not all necessary governmental or regulatory approvals have been obtained by the expiration of the ninety (90) day period set forth in paragraph (f) above, then the
Section 2.2 Selling Shareholder shall be entitled, for a period of thirty (30) days following the Section 2.2 RoFR Closing or, if applicable, ten (10) days following the expiration of the Section 2.2 Purchase Period or, if
applicable, ten (10) days following the expiration of the ninety (90) day period set forth in paragraph (f) above, to transfer all (but not less than all) of the Section 2.2 Offered Shares to the transferee identified in the
Section 2.2 Offer on terms and subject to conditions that are no more favorable to the transferee than those specified in the Section 2.2 Offer. If such transfer is not consummated within the applicable time period, transfers of the
Section 2.2 Offered Shares shall again be subject to the provisions of this Section 2.2. 
 (h) If the consideration for the
Section 2.2 Offered Shares specified in the Section 2.2 Offer consists of property other than cash, the Section 2.2 RoFR Purchasers may elect to pay for the Section 2.2 Offered Shares in cash, in which case the purchase price
shall be equal to the Fair Market Value of such consideration. If the Section 2.2 Selling Shareholder and the Section 2.2 RoFR Purchasers cannot agree within ten (10) days after delivery of the Section 2.2 Offer, then such Fair
Market Value shall be determined in accordance with the Appraisal Procedure. In such event, the periods set forth in paragraphs (b) and (c) above shall be tolled until the Appraisal Procedure is completed. 
 (i) A transfer of a majority of the capital stock or other equity or voting interests in (a) a holder of Series A Preferred Shares, or (b) a
Person that directly or indirectly owns equity or voting interests in a holder of Series A Preferred Shares, shall be deemed to be a transfer of the Equity Securities of such holder, which transfer shall be subject to the provisions of Sections 2.1
and 2.2 if and to the extent applicable. In such event, the holder of Series A Preferred Shares shall be deemed to be the Section 2.2 Selling Shareholder as referred to in Section 2.2(a) and the capital stock or equity interests proposed
to be transferred shall be deemed to be the Section 2.2 Offered Shares. 
  

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 (j) The right of first refusal under this Section 2.2 shall not apply to any transfer of Equity
Securities by a holder of Series A Preferred Shares: 
 (i) to a member of such Shareholder’s Immediate Family, to such
Shareholder as a custodian for members of such Shareholder’s Immediate Family, to a trustee of a trust (including a voting trust) that the governing instrument of which provides that such Shareholder, as trustee, shall retain sole and exclusive
control over the voting and disposition of such Equity Securities, to an executor or to another fiduciary for the account of members of his Immediate Family, or to a charitable remainder trust of which such Shareholder is the sole trustee;

 (ii) to the public, after the consummation of a Qualified Public Offering; 
 (iii) that is a corporation, partnership or limited liability company, to a shareholder, partner, or member by way of distribution or
dividend substantially pro rata in accordance with its ownership interest, or to one or more of its Affiliates, so long as any such Affiliate is controlled exclusively by the entity making such transfer. 
 Section 2.3 Co-Sale Right 
 (a)
If, prior to the third anniversary of a Qualified Public Offering, any Management Shareholder (a “Selling Management Shareholder”), subject to the terms and conditions of this Agreement including Section 2.1(e), proposes to
transfer (a “Proposed Management Shareholder Transfer”) any Common Shares (the “Management Shareholder Shares”), then the Selling Management Shareholder shall promptly give written notice (the
“Notice”) to the Company and the Co-Sale Holders (as defined below) describing in reasonable detail the Proposed Management Shareholder Transfer including, without limitation, the number of Management Shareholder Shares, the nature
of such sale or transfer, the consideration to be paid, and the name and the address of each prospective purchaser or transferee, which shall be accompanied by a copy of the documentation (whether in draft form or otherwise) setting forth the
Proposed Management Shareholder Transfer. The Notice shall state whether or not the Proposed Management Shareholder Transfer is being made pursuant to the provisions of Section 2.3(d). The Co-Sale Holders shall have the right, exercisable upon
written notice to the Selling Management Shareholder within thirty (30) days after receipt of Notice, to participate in the sale of any Management Shareholder Shares on the same terms and conditions indicated in the Notice (or the actual terms
of the Proposed Management Shareholder Transfer, if more favorable to the transferor). To the extent the Co-Sale Holders exercise such right of participation in accordance with the terms and conditions set forth below, the number of Management
Shareholder Shares that the Selling Management Shareholder may sell in the transaction shall be correspondingly reduced. The foregoing co-sale right of the Co-Sale Holders shall be subject to the following terms and conditions: 
 (i) The Co-Sale Holders may sell all or any part of their Co-Sale Pro-Rata Share of Management Shareholder Shares. 
 (ii) The Co-Sale Holders shall deliver only Common Shares to the purchaser. The Company agrees to effect the conversion of the Series A
Preferred Shares held by 

  

 11 

 
Blue Ridge China and EI into Common Shares and the exercise of the Burnham Warrants into Common Shares in accordance with the terms and conditions thereof,
concurrent with the actual transfer of such shares to the purchaser. 
 (iii) The Co-Sale Holders shall effect their
participation in the sale by promptly delivering to the Selling Management Shareholder for transfer to the prospective purchaser a transfer form signed by any such participating Co-Sale Holder, which indicates: 
 (A) the type and number of Equity Securities which such Co-Sale Holder elects to sell; 
 (B) that number of Series A Preferred Shares which is at such time convertible into the number of Common Shares that Blue Ridge China or
EI elects to sell along with a notice of conversion of such number of Series A Preferred Shares; or 
 (C) to the extent
applicable to such Co-Sale Holder, any combination of the foregoing. 
 (iv) The share certificate or certificates such
Co-Sale Holder delivers to the Selling Management Shareholder pursuant to paragraph 2.3(a)(iii) shall be transferred to the prospective purchaser upon consummation of the sale of the Management Shareholder Shares pursuant to the terms and conditions
specified in the Notice (or the actual terms of the Proposed Management Shareholder Transfer, if more favorable to the transferor), and the Selling Management Shareholder shall concurrently therewith remit to such Co-Sale Holder that portion of the
sale proceeds to which such Co-Sale Holder is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or other securities from
such Co-Sale Holder exercising its rights of co-sale hereunder, the Selling Management Shareholder shall not sell to such prospective purchaser or purchasers any Common Shares unless and until, simultaneously with such sales, the Selling Management
Shareholder shall purchase such shares or other securities from such Co-Sale Holder. 
 (v) To the extent none of the Co-Sale
Holders elect to participate in the sale of the Common Shares subject to the Notice, the Selling Management Shareholder may, not later than ninety (90) days following delivery to Co-Sale Holders of the Notice, conclude a transfer of the Common
Shares covered by the Notice and not elected to be purchased by the Co-Sale Holders, on terms and conditions not more favorable to the transferor than those described in the Notice. Any Proposed Management Shareholder Transfer on terms and
conditions more favorable than those described in the Notice, as well as any subsequent proposed transfer of any Common Shares by the Selling Management Shareholder, shall again be subject to the co-sale rights of the Co-Sale Holders and shall
require compliance by the Selling Management Shareholder with the procedures described in this Section 2.3. 
  

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 (b) “Co-Sale Pro-Rata Share” of a Co-Sale Holder shall mean the ratio that (i) the
sum of the number of Common Shares then held by such Co-Sale Holder which were issued pursuant to the Share Exchange and Assumption Agreement or upon conversion of the Series A Preferred Shares or upon exercise of the Warrants or the Burnham
Warrants, as applicable, plus the number of Common Shares issuable upon conversion of the Series A Preferred Shares or upon exercise of the Warrants (only to the extent exercisable) or the Burnham Warrants then held by such Co-Sale Holder bears to
(ii) the sum of the total number of Common Shares held by the Management Shareholders plus the total number of Common Shares then held by all of the Co-Sale Holders which were issued pursuant to the Share Exchange and Assumption Agreement or
upon conversion of the Series A Preferred Shares and upon exercise of the Warrants and the Burnham Warrants plus the number of Common Shares issuable upon conversion of the Series A Preferred Shares and upon exercise of the Warrants (only to the
extent exercisable) and the Burnham Warrants held by all of the Co-Sale Holders. 
 (c) “Co-Sale Holder” shall mean
(i) Blue Ridge China so long it holds its Preferred Threshold Shares, (ii) EI so long it holds its Preferred Threshold Shares, and (iii) the Burnham Holders so long as they hold their respective Burnham Threshold Shares. 

(d) Notwithstanding the foregoing, the co-sale rights of the Co-Sale Holders shall not apply to any transfer of Common Shares (i) to a Person
owned entirely by such Management Shareholder, (ii) to the Management Shareholder’s Immediate Family, or to trusts for the benefit of such persons, or to a charitable remainder trust of which the Management Shareholder is the sole trustee,
and (iii) if after a Qualified Public Offering, of an amount which is less than twenty percent (20%) of the number of Common Shares held by such Selling Management Shareholder on the date hereof (collectively, “Permitted
Transferees”), provided that in the case of Section 2.3 (d) (i) and (ii) only (x) the transferring Management Shareholder shall inform Blue Ridge China and EI (so long as such party holds its Preferred
Threshold Shares) and the Burnham Holders (so long as they hold their respective Burnham Threshold Shares), of such transfer prior to effecting it, including reasonable detail regarding the identity of the Permitted Transferee and his or her
relationship to the Management Shareholder, and (y) the transferee shall furnish the other Shareholders with an executed Transferee Agreement. 
 Section 2.4 Right of First Refusal on Common Shares held by Certain Shareholders 
 (a) If any Shareholder, other than a
holder of Series A Preferred Shares or a Management Shareholder (a “Section 2.4 Selling Shareholder”) desires to transfer (a “Section 2.4 Proposed Transfer”) all or any portion of its Equity Securities (the
“Section 2.4 Offered Shares”), the Section 2.4 Selling Shareholder must first deliver to the Company, with a copy to the Company, a notice identifying the transferee and containing an offer (the “Section 2.4
Offer”) to sell the Section 2.4 Offered Shares at the same price, upon the same terms (subject to paragraph (f) below) and subject to the same conditions as those of the Section 2.4 Proposed Transfer, which shall be
accompanied by a copy of the documentation (whether in draft form or otherwise) setting forth the Section 2.4 Proposed Transfer. 
 (b)
If the Company desires to purchase all but not less than all of the Section 2.4 Offered Shares, the Company must, within thirty (30) days following delivery of the Section 2.4 Offer (the “Section 2.4 Purchase
Period”), deliver to the Section 2.4 Selling Shareholder a notice so stating. 
  

 13 

 (c) If the Company notifies the Section 2.4 Selling Shareholder of its desire to purchase all but
not less than all of the Section 2.4 Offered Shares pursuant to Section 2.4(b) above, the Section 2.4 Selling Shareholder shall be obligated to sell such shares to the Company. If the Company does not so notify the Section 2.4
Selling Shareholder, then the Section 2.4 Selling Shareholder may (but shall not be obligated to) transfer all of the Section 2.4 Offered Shares pursuant to paragraph (e) below. 
 (d) The closing of the purchase by the Company (the “Section 2.4 RoFR Closing”) shall take place fifteen (15) days after the
expiration of the Section 2.4 Purchase Period; provided, that if not all necessary governmental or regulatory approvals, including the expiration of any applicable waiting period under the HSR Act or any other applicable law, have been obtained
by the applicable closing date, the Section 2.4 RoFR Closing shall be subject to a Governmental Approval Extension. The Section 2.4 RoFR Closing shall be held at such time and place as the parties thereto shall reasonably specify. At the
Section 2.4 RoFR Closing, the Section 2.4 Selling Shareholder shall deliver certificates representing the Section 2.4 Offered Shares being sold, against delivery of the purchase price therefor by wire transfer of immediately available
funds to an account designated by the Section 2.4 Selling Shareholder. 
 (e) If the Company does not accept the Section 2.4 Offer
with respect to all of the Section 2.4 Offered Shares pursuant to paragraphs (c) and (d) above, or if not all necessary governmental or regulatory approvals have been obtained by the expiration of the Governmental Approval Extension,
then the Section 2.4 Selling Shareholder shall be entitled, for a period of thirty (30) days following the Section 2.4 RoFR Closing or, if applicable, ten (10) days following the expiration of the Section 2.4 Purchase Period
or, if applicable, ten (10) days following the expiration of the Governmental Approval Extension, to transfer all (but not less than all) of the Section 2.4 Offered Shares to the transferee identified in the Section 2.4 Offer on terms
and subject to conditions that are no more favorable to the transferee than those specified in the Section 2.4 Offer. If such transfer is not consummated within the applicable time period, transfers of the Section 2.4 Offered Shares shall
again be subject to the provisions of this Section 2.4. 
 (f) If the consideration for the Section 2.4 Offered Shares specified in
the Section 2.4 Offer consists of property other than cash, the Company may elect to pay for the Section 2.4 Offered Shares in cash, in which case the purchase price shall be equal to the Fair Market Value of such consideration. If the
Section 2.4 Selling Shareholder and the Company cannot agree within ten (10) days after delivery of the Section 2.4 Offer, then such Fair Market Value shall be determined in accordance with the Appraisal Procedure. In such event, the
periods set forth in paragraph (b) above shall be tolled until the Appraisal Procedure is completed. 
 (g) A transfer of a majority of
the capital stock or other equity or voting interests in (a) a Section 2.4 Selling Shareholder, or (b) a Person that directly or indirectly owns equity or voting interests in a Section 2.4 Selling Shareholder, shall be deemed to
be a transfer of the Equity Securities of such holder, which transfer shall be subject to the provisions of Sections 2.1 and 2.4 if and to the extent applicable. In such event, the Section 2.4 Selling Shareholder shall 

  

 14 

 
be deemed to be the Section 2.4 Selling Shareholder as referred to in Section 2.4(a) and the capital stock or equity interests proposed to be
transferred shall be deemed to be the Section 2.4 Offered Shares. 
 (h) The right of first refusal under this Section 2.4 shall
not apply to any transfer of Equity Securities by a Section 2.4 Selling Shareholder: 
 (i) to a member of such
Shareholder’s Immediate Family, to such Shareholder as a custodian for members of such Shareholder’s Immediate Family, to a trustee of a trust (including a voting trust) that the governing instrument of which provides that such
Shareholder, as trustee, shall retain sole and exclusive control over the voting and disposition of such Equity Securities, to an executor or to another fiduciary for the account of members of his Immediate Family, or to a charitable remainder trust
of which such Shareholder is the sole trustee; 
 (ii) to the public, after the consummation of a Qualified Public Offering;

 (iii) that is a corporation, partnership or limited liability company, to a shareholder, partner, or member by way of
distribution or dividend substantially pro rata in accordance with its ownership interest, or to one or more of its Affiliates, so long as any such Affiliate is controlled exclusively by the entity making such transfer. 
 Section 2.5 Securities Act Legend 
 (a) Subject to the provisions of paragraph (b) below, and subject to any additional legend which may be required in accordance with the Share Exchange and Assumption Agreement, each Equity Security held by the Shareholders (including
all shares owned on the date hereof by the Shareholders) will be imprinted with a legend substantially in the following form: 
 “THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OF THE UNITED STATES, AS AMENDED OR THE LAWS OF ANY OTHER JURISDICTION. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
OR A COMPARABLE DOCUMENT UNDER THE LAWS OF ANY OTHER JURISDICTION IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. THE OFFERING
OF THIS SECURITY HAS NOT BEEN REVIEWED OR APPROVED BY ANY STATE OR ANY OTHER JURISDICTION’S SECURITIES ADMINISTRATOR. 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE AMENDED AND RESTATED SHAREHOLDERS AGREEMENT, DATED AS OF OCTOBER 31, 

  

 15 

 
2007, AS MAY BE AMENDED, AMONG THE COMPANY AND CERTAIN OF ITS SHAREHOLDERS, A COPY OF WHICH IS ON FILE WITH THE COMPANY. NO SALE, ASSIGNMENT, TRANSFER,
PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED HEREBY SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SAID SHAREHOLDERS AGREEMENT SHALL HAVE BEEN COMPLIED WITH IN FULL.” 
 (b) If a Shareholder delivers to the Company an opinion of counsel (who may be an employee of such Shareholder) in form and substance reasonably
satisfactory to the Company, that transfers of some or all of the Equity Securities held by such Shareholder do not require registration under the Securities Act, any applicable state securities laws or the securities law of any other applicable
jurisdiction, the Company will promptly deliver new certificates for such shares of Equity Securities which, if supported by such opinion, do not bear the Securities Act legend set forth in the first paragraph of Section 2.4(a) above.

 ARTICLE 3 
 BOARD MEMBERS;
OBSERVER RIGHTS 
 Section 3.1 Board Members 
 So long as Blue Ridge China or EI holds at least its Preferred Threshold Shares, the Company’s Board of Directors shall have no more than seven members and, provided that the Board of Directors consists of not
less than three members, EI, so long as it holds at least its Preferred Threshold Shares, shall be entitled to designate one (1) individual, and Blue Ridge China, so long as it holds at least its Preferred Threshold Shares, shall be entitled to
designate two (2) individuals (the three (3) such designees being collectively referred to herein as the “Preferred Directors”) to be elected to the Company’s Board of Directors at each annual meeting of the
shareholders of the Company or at any special meeting at which directors are elected. The Shareholders hereby agree (i) to vote all of their Voting Shares (now owned or hereafter acquired) for the election of the Preferred Directors, and
(ii) not to vote any of their Voting Shares (now owned or hereafter acquired) for the removal of the Preferred Directors. Each of Blue Ridge China and EI shall have the right to replace its designated Preferred Director(s) (with or without
cause, or if such director ceases to be a member of the Board of Directors by reason of death, disability or for any other reason) at any time upon written notice to the Company, and the Shareholders hereby agree to vote all of their Voting Shares
(now owned or hereafter acquired) for the election of any such replacement so designated by Blue Ridge China or EI, as the case may be. The Company shall reimburse the Preferred Directors for all reasonable out-of-pocket expenses incurred in
connection with their attendance at meetings of the Board of Directors. The Preferred Directors shall also receive an annual director’s fee equal to the fee (if any) paid to other outside directors of the Company. Notwithstanding anything to
the contrary contained herein, Blue Ridge China shall be permitted to take the actions set forth in that certain letter agreement, attached hereto as Exhibit B (the “Letter Agreement”), dated as of the date of the Shareholders
Agreement, by and between the Company and Blue Ridge China with respect to one of the two individuals to be designated as a Preferred Director by Blue Ridge China hereunder. Pursuant to and in accordance with the terms of the Letter Agreement, the
Company 

  

 16 

 
shall notify Blue Ridge China in writing promptly following the expiration or early termination of the Applicable Period (as defined in the Letter
Agreement). Each of the Company and the Management Shareholders hereby agree that they shall promptly exercise their respective contractual rights and take all other actions reasonably requested by Blue Ridge China to forthwith cause the removal of
the Note Holder Nominee (as defined in the Letter Agreement) if such nominee does not immediately resign upon expiration or early termination of the Applicable Period. 
 Section 3.2 Boards of Subsidiaries and Other Entities 
 (a) So long as Blue Ridge China or EI
holds at least its Preferred Threshold Shares, the Board of Directors (or equivalent governing body) of each of its Subsidiaries, and any Committee (as defined below) of such Board of Directors (or equivalent governing body), shall have the same
members (and no additional members) as the Board of Directors and any Committee of the Board of Directors, respectively, of the Company. 
 (b) So long as Blue Ridge China or EI holds at least its Preferred Threshold Shares, if the Company is entitled to designate two or more individuals to serve as members of the board of directors (or equivalent governing body) of any Person
that is not a Subsidiary of the Company, then to the extent practicable the Company shall, at the request of each such party holding its Preferred Threshold Shares or either of them, designate one of the Preferred Directors to serve as a member of
the board of directors (or equivalent governing body) of such Person. 
 Section 3.3 Committees 
 (a) So long as Blue Ridge China or EI holds at least its Preferred Threshold Shares, each such party holding its Preferred Threshold Shares shall be
entitled to representation (by designation of the Preferred Directors to serve) on each committee formed by the Board of Directors of the Company and any of its Subsidiaries (“Committees”) in proportion to its shareholding in the
Company. 
 (b) So long as Blue Ridge China or EI holds at least its Preferred Threshold Shares, if the Company is entitled to the
representation of two or more individuals on a committee formed by the Board of Directors of any Person that is not a Subsidiary, then to the extent practicable, the Company shall, at the request of each such party holding its Preferred Threshold
Shares, designate such party’s Preferred Director to serve on such committee. 
 Section 3.4 Observer Rights 
 So long as Blue Ridge China or EI holds at least its Preferred Threshold Shares, each such party holding its Threshold Shares shall be entitled, in lieu
of designating members of the Board of Directors of the Company and its Subsidiaries pursuant to Section 3.1 and Section 3.2, and any Committees pursuant to Section 3.3, to send observers to meetings of such Boards of Directors and
Committees (with no more than observers for each Board of Directors or Committee than the number of Directors Blue Ridge China and EI would otherwise be entitled to) for informational purposes only. Such observers (or Blue Ridge China or EI if there
is no such observer) shall be entitled to receive (and the Company and each Subsidiary, as applicable, 

  

 17 

 
shall deliver to such observers or to Blue Ridge China or EI, as applicable) all notices and materials which the elected members of the Board of Directors or
Committees, as applicable, receive (and at the time they are so received) but such observers shall not have any right to vote in any such meeting; provided, however that such observer agrees to hold in confidence and trust and to act in a fiduciary
manner with respect to all information so provided. Any such observers shall be reimbursed by the Company or the Subsidiary, as applicable, for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the
Board of Directors and Committees, as applicable. 
 Section 3.5 Rights of Blue Ridge China and EI under Article 3 
 For greater certainty and notwithstanding anything to the contrary in this Article 3, except for Section 3.5 (c): 
 (a) Blue Ridge China shall be entitled to its rights set forth in Sections 3.1 through 3.4 so long as it holds at least its Preferred Threshold Shares and
EI shall be entitled to its rights set forth in Sections 3.1 through 3.4 so long as it holds at least its Preferred Threshold Shares; 
 (b)
in the event either Blue Ridge China or EI acquires Equity Securities from the other and, as a consequence, such other party no longer holds at least its Preferred Threshold Shares, the acquiring party shall be entitled to its rights set forth in
Sections 3.1 through 3.4 and the rights of such other party set forth therein; 
 (c) the rights set forth in this Article 3 shall terminate
upon the consummation of any Qualified Public Offering. 
 ARTICLE 4 
 COVENANTS 
 Section 4.1 Delivery of Financial Statements 

(a) So long as a Preferred Holder holds at least 25% of the Subject Shares owned by it on the date hereof and prior to the consummation of any
Qualified Public Offering, the Company shall deliver to such holder: 
 (i) as soon as practicable, but in any event within
ninety (90) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet and statement of shareholders’ equity as of the end of such year, and a statement of cash flows for such year,
such year end financial reports to be on a consolidated basis for the Company and its Subsidiaries and for the Operating Companies in reasonable detail, prepared in accordance with United States generally accepted accounting principles, consistently
applied (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 
 (ii) as soon as practicable, but in any event within thirty (30) days after the end of each of each calendar month, an unaudited income statement, unaudited statement of cash flows for such month and an unaudited
balance sheet, in each case, on a consolidated basis for the Company and its Subsidiaries and for the Operating Companies as of the end of such month; 
  

 18 

 (iii) as soon as practicable, but in any event at least thirty (30) days prior to
the end of each fiscal year, a consolidated budget and business plan for the following fiscal year for the Company and its Subsidiaries and for the Operating Companies, prepared on a monthly basis; 
 (iv) with respect to the financial statements called for in paragraph (a) above, an instrument executed by the Chief Financial
Officer or President (or an officer in a comparable position) of the Company certifying that such financials were prepared in accordance with GAAP applied consistently with prior practice for earlier periods (with the exception of footnotes that may
be required by GAAP) and fairly present in all material respects the financial condition and results of operation for the Company and its Subsidiaries and the Operating Companies for the period specified, subject to year end audit adjustment; and

 (v) all notices, request for consents, financial statements and other materials provided to the holders of Equity
Securities at any time and at the same time such holders are so furnished, and such other information relating to the financial condition, business or corporate affairs of the Company Group as holders of at least 10% of the then outstanding Series A
Preferred Shares may from time to time reasonably request. 
 (b) The Company, each of its Subsidiaries and each of the Operating Companies
shall evaluate the effectiveness of its respective system of internal accounting controls as of the end of each fiscal quarter for such entity. As soon as practicable, but in any event within sixty (60) days thereafter, the Company shall notify
Blue Ridge China and EI in writing of any (i) deficiencies in such controls, and (ii) significant changes in such controls or in other factors that could significantly affect such controls. 
 (c) The Company may require any party (other than Blue Ridge China and EI) entitled to the information rights of this Section 4.1 to execute a
confidentiality and non-disclosure agreement at any time with respect to such rights. 
 (d) Not later than 20 business days prior to the
date on which the Burnham Warrants expire or terminate pursuant to the terms thereof, the Company shall deliver to the Burnham Holders the information set out in Sections 4.1(a)(i) through (iv), subject to Section 4.1(c). 
 (e) Within 5 business days following receipt by the Company of a notice from either of the Burnham Holders to the effect that it intends, in good faith,
to exercise its Burnham Warrant, in whole or in part, subject to a review of the Company’s financial condition and performance, the Company shall furnish to such Burnham Holder the information set out in Section 4.1(a)(i) through (iv),
subject to Section 4.1(c). 
 (f) In the event that the Company becomes subject to the public reporting requirements of the Securities
Exchange Act of 1934, as amended, or a similar public securities reporting statute in another jurisdiction: 
 (i) as a result
of any transaction approved by the Company’s Board of Directors, the requirements of this Section 4.1 shall terminate; or 
  

 19 

 (ii) for any other reason, the requirements of this Section 4.1 shall continue,
provided, and to the extent that they do not contravene applicable public securities law. 
 Section 4.2 Inspection 

Prior to the consummation of any Qualified Public Offering, the Company shall permit any Preferred Holder holding at least 25% of the Subject Shares to
visit and inspect the properties of each Member of the Company Group, to examine their respective books of account and records, and to discuss its affairs, finances and accounts with their respective directors, officers, employees, attorneys,
accountants, representatives, consultants and other agents, all at such reasonable times and reasonable frequency as may be requested by such Preferred Holder; provided, however, that the Company may require any such Preferred Holder
(other than Blue Ridge China and EI) to execute a confidentiality and non-disclosure agreement prior to any such visit and inspection. 
 Section 4.3 Additional Equity Financings; Qualified Public Offering 
 Prior to the consummation of any Qualified Public
Offering, each holder of Series A Preferred Shares (or any Common Shares issued upon conversion thereof) (each, an “Additional Equity Offeree”) shall have the right to purchase any Equity Securities that the Company may propose to
offer and sell from time to time, up to that portion of such Equity Securities that equals the proportion that the number of Common Shares issued and held, or issuable upon conversion of any Equity Securities then held, by such Additional Equity
Offeree bears to the total number of Common Shares of the Company then outstanding (assuming full conversion and exercise of all Equity Securities), except there shall be no such right to purchase Equity Securities issued (i) upon exchange,
exercise or conversion of previously outstanding Equity Securities (including the Series A Preferred Shares, the Warrants and the Burnham Warrants), (ii) pursuant to the conversion or exercise of convertible or exercisable Equity Securities;
(iii) in pro rata distributions to the Shareholders, (iv) pursuant to the Company’s Equity Incentive Plan to be implemented within a reasonable time after the Closing Date, provided that no more than 6,802,495 Common Shares (or other
Equity Securities convertible or exercisable into such number of Common Shares) may be issued pursuant thereto or, prior to the consummation of a Qualified Public Offering, any other Company equity incentive plan approved by the Preferred Holders or
(v) as consideration for any securities or other assets acquired by the Company whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, provided that any such issuances do not exceed in the aggregate 25% of the
issued and outstanding Capital Stock at any time (each a “Permitted Issuance”). If the Company proposes to issue any Equity Securities that are subject to the rights set forth in this Section 4.3, it shall give each Additional
Equity Offeree written notice of its intention, describing the Equity Securities, the price, and the terms and conditions upon which the Company proposes to issue the same. Each Additional Equity Offeree shall have ten (10) days from the
receipt of such notice to elect to purchase such Equity Securities on a pro rata basis, for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of Equity
Securities to be purchased. If any Additional Equity Offeree fails 

  

 20 

 
to timely exercise such rights with respect to any Equity Securities to be offered by the Company, the Company shall have 90 days thereafter to sell such
Equity Securities at a price and upon terms and conditions no more favorable to the purchasers thereof than the price, terms and conditions specified in the Company’s notice to the Additional Equity Offerees; provided, however, that it shall be
a condition to any issuance of Equity Securities by the Company pursuant to this Section 4.3 to any person who is not a party to this Agreement, that such person agrees in writing to be bound by the provisions of this Agreement pursuant to the
Transferee Agreement. If the Company has not sold such Equity Securities within such 90-days period, the Company shall not thereafter issue or sell any Equity Securities without first offering such securities to the Additional Equity Offerees in the
manner provided in this Section 4.3. 
 Section 4.4 Non-Compete; Non-Solicitation 
 No Shareholder (other than Blue Ridge China, EI and the Burnham Holders), nor any of the Affiliates, officers, directors, employees, shareholders or
members of such Shareholder, shall, during the period commencing on the date hereof and ending two years after the date on which such Shareholder and its respective Affiliates ceases to hold any Equity Securities (i) directly or indirectly,
compete with the business of the Company Group or engage in the business of the Company Group for its own account or for the account of any other Person; nor shall any of the foregoing own any equity interest in any person or entity which, directly
or indirectly, competes with or is engaged in the business of the Company Group; provided, however, that any of the foregoing may own, directly or indirectly, solely as a passive investment, securities of any entity which are traded on any national
securities exchange or NASDAQ or other internationally recognized securities exchange, so long as it is not a controlling person of, or a member of a group which controls, such entity, and does not, directly or indirectly, own 2% or more of any
class of securities of such entity; provided that the Burnham Holders may, in the normal course of their business, represent and advise as clients any persons or entities who compete with or are engaged in the business of the Company, and may
beneficially own, directly or indirectly, solely as a passive investment, securities of any such entity; or (ii) solicit for employment or other business relationship or assist in such solicitation by any other Person of, induce or encourage to
terminate his or her employment, or attempt to hire or hire, any Person who is or was (during the one-year period immediately preceding the date on which such Shareholder or any of its Affiliates cease to hold any Equity Securities in the Company) a
director, officer, or employee of any Member of the Company Group, except pursuant to a general solicitation not targeted specifically to any employee of the Company Group. 
 Section 4.5 Approval Rights 
 The
Company shall not (and shall not permit any Member of the Company Group to), directly or indirectly, without first obtaining the approval, by vote or written consent, in the manner provided by law, of the Preferred Holders holding at least, for so
long as Blue Ridge China and EI each hold their respective Preferred Threshold Shares, seventy-five percent (75%), and otherwise, fifty percent (50%) of the Subject Shares, voting together as a single class: 
 (a) undertake or effect any (i) liquidation, dissolution or winding-up, (ii) consolidation or merger with or into another entity, or
(iii) transaction or series of related 

  

 21 

 
transactions which result in the Company’s shareholders immediately prior to such transactions not holding at least fifty and one tenth (50.1%) of
the equity and voting power of the surviving or continuing entity (in substantially the same proportions as such shareholders held Capital Stock immediately prior to such transaction or series of related transactions); 
 (b) directly or indirectly, sell, transfer, lease, charge, encumber or otherwise dispose of all or substantially all of the assets of any Member of the
Company Group; 
 (c) sell, transfer, license, charge, encumber or otherwise dispose of any trademarks, technology, patents or other
intellectual property of any Member of the Company Group; 
 (d) directly or indirectly, sell, transfer, lease, charge, encumber or otherwise
dispose of any business or assets outside the ordinary course of business in excess of, individually or in the aggregate, $250,000 in any calendar year; 
 (e) establish any Subsidiaries or Affiliates that would have a material effect on the business, financial condition or prospects of the Company or any Member of the Company Group or the rights of any holder of Series
A Preferred Shares; 
 (f) amend, modify, repeal or waive this Agreement or its Memorandum of Association or other constituent documents,
including, by filing any amendment thereto; 
 (g) alter or change the powers, preferences or rights of the Series A Preferred Shares or the
Warrants or the qualifications, limitations, or restrictions thereof or otherwise to adversely affect the Series A Preferred Shares or the Warrants; 
 (h) authorize any public offering (whether a Qualified Public Offering or otherwise) of any Equity Securities, or select a manager/arranger or underwriter with respect thereto; 
 (i) directly or indirectly, enter into, approve, terminate or materially amend the terms of any agreement or transaction with, make any payments to
(other than payments contemplated herein), or provide any guarantees on behalf of, any Member of the Company Group or any Affiliate thereof; 
 (j) materially change the nature of the business in which it is engaged or purchase or invest, directly or indirectly, in any assets or property, other than assets or property which are useful in or necessary for and are to be used in such
business; 
 (k) acquire any capital stock of or other interest in any corporation, partnership, firm, joint venture, association, limited
liability company, joint stock company, trust, estate, unincorporated organization or other entity; 
 (l) redeem or repurchase any Equity
Securities (other than (i) repurchases of shares from employees pursuant to repurchase rights under vesting provisions related to the length of period of employment of such employees at purchase prices equal to the lesser of the price initially
paid by such employees for such shares or the fair market value thereof, or (ii) repurchases pursuant to the exercise of contractual rights of first refusal over such shares); 
  

 22 

 (m) sell, transfer, charge, encumber or otherwise dispose of or dilute any direct or indirect interest in
any Member of the Company Group; 
 (n) increase beyond seven or decrease the number of members of the Board of Directors; 
 (o) appoint, or determine the terms of the appointment of, or terminate any Significant Officer; 
 (p) enter into, or materially modify or amend, any agreement or transaction (including but not limited to the making of any loans or advances, whether
directly or indirectly, or the provision of any guarantee, indemnity or security for or in connection with any indebtedness of liabilities) with, make any payments to, or provide any guarantees on behalf of (in each case directly or indirectly),
other than pursuant to employment or other arrangements previously approved hereunder, any shareholder, partner, member or Significant Officer of any Member of the Company Group, and any member or former member of the family of any individual
shareholder, partner, member, or Significant Officer of any Member of the Company Group; 
 (q) increase the allocation of shares and options
of any employee incentive programs (including any outstanding options), or any bonus or profit sharing scheme for, or convertible or exercisable into an amount of more than 6,802,495 Common Shares; 
 (r) increase or decrease the authorized capital of any Member of the Company Group or authorize the issuance of or issue any Equity Securities or any
equity or voting interest in any Member of the Company Group (excluding Equity Securities issued pursuant to a Permitted Issuance to Persons who become a party to this Agreement pursuant to execution of the Transferee Agreement, issuances pursuant
to the Equity Incentive Plan, issuances pursuant to the Warrants, the Burnham Warrants or pursuant to the conversion or exercise of convertible or exercisable Equity Securities, provided, that the issuance of such convertible or exercisable Equity
Securities were approved in accordance with this Section 4.5)); 
 (s) grant any registration rights; 
 (t) in any fiscal year, acquire any investment or make any loan, or incur, assume or guarantee any indebtedness or other obligation (other than projects
subject to paragraph (u) below), the aggregate principal amount of which is in excess of $1,000,000 at any time in respect of any one transaction or in excess of $2,000,000 at any time in respect of all such transactions, except as set forth in
any annual budget approved in accordance with the terms of this Section 4.5; 
 (u) acquire any new real estate project or land for the
development of any real estate project, in each case in excess of RMB100 million; 
 (v) establish new businesses, lines of business, or
brands; 
 (w) appoint or change the auditors of any Member of the Company Group; 
  

 23 

 (x) declare or pay dividends or make any distributions on or in respect of any Equity Securities (other
than Series A Preferred Shares); or 
 (y) approve or amend any annual business plan or operating or capital budget; or 
 (z) commit to do any of the foregoing; 
 provided, that all such approval rights set forth in this Section 4.5 shall terminate upon the consummation of any Qualified Public Offering. 
 Section 4.6 U.S. Shareholders 
 Each Shareholder other than Blue Ridge China, EI and the Burnham
Holders shall promptly notify Blue Ridge China and EI if any person transfers or acquires any direct or indirect interest in such Shareholder, or upon the occurrence of any other event that would result in any person becoming a United States
Shareholder (a defined in Section 951(b) of the U.S. Internal Revenue Code of 1986, as amended (“IRC”)) with respect to either the Company or any of its Subsidiaries by reason of such person owning (or being treated as constructively
owning upon application of the attribution and constructive ownership rules set forth in IRC section 958 and the Treasury Regulations thereunder) any interest in the Company or any of its Subsidiaries through such Shareholder; provided that such
Shareholder shall so notify Blue Ridge China and EI with respect to U.S. Shareholders of publicly-traded shares of such Shareholder only upon it becoming aware of such transfer or event; provided, further that such Shareholder shall not be required
to comply with this Section 4.6 in the event compliance therewith would violate applicable public securities law. 
 Section 4.7
Additional Investments 
 Prior to the consummation of any Qualified Public Offering and subject to the approval rights set forth in
Section 4.5, in the event the Company identifies additional opportunities for investing in real estate properties or projects in the PRC, Blue Ridge China, EI and their respective Affiliates will consider in good faith providing all or a
portion of any funding required for the investment up to an amount of $50,000,000 in such properties or projects through the Company, the WFOE, the Operating Company or any of their Subsidiaries, all on terms acceptable to Blue Ridge China, EI and
their respective Affiliates in their sole discretion. In the event such investment is approved in accordance with Section 4.5, but Blue Ridge China, EI and their respective Affiliates determine not to provide such funding, Blue Ridge China and
EI will use reasonable efforts to assist the Company in finding third party financing for such investment, all on terms acceptable to the Company, Blue Ridge China and EI. Notwithstanding the foregoing, Blue Ridge China, EI and their respective
Affiliates shall have no liability to the Company or its Affiliates if Blue Ridge China and EI determine not to provide such funding, or if the Company is unable to obtain third party funding, for any such investment. 
 Section 4.8 Management Shareholder Restrictions 
 Prior to the consummation of any Qualified Public Offering, the Management Shareholders shall not take any action in respect of Jiantou or any other Person in which they or the Company or any Member of the Company
Group holds an equity interest in excess of 20% of 

  

 24 

 
such Person’s outstanding voting shares which the Company would be restricted from taking pursuant to Section 4.5, as if Jiantou or such Person
were included as a Member of the Company Group, without first obtaining the approval, by vote or written consent, in manner provided by law, of the Preferred Holders holding at least, for so long as Blue Ridge China and EI each hold their respective
Preferred Threshold Shares, seventy-five percent (75%), and otherwise, fifty percent (50%) of the Subject Shares, voting together as a single class. 
 ARTICLE 5 
 REGISTRATION RIGHTS 
 Section 5.1 Demand Registrations 
 (a) Right to Demand Registration 
 At any time on and after the earlier of (i) August 25, 2009, or (ii) six months
after the date on which the Company has effected an initial public offering of any share capital (or securities convertible into or exchangeable or exercisable for any share capital) under the Securities Act or the securities laws of any other
jurisdiction, the Preferred Holders holding not less than 50% of the Subject Shares may request registration under the Securities Act or the securities laws of such other jurisdiction of all or part of their Registrable Securities, so long as such
registration would result in aggregate proceeds to the Company, net of underwriting discounts and commissions, of at least $7,500,000. Within seven (7) days after receipt of any such request, the Company will give written notice of such request
to all other Holders of Registrable Securities and will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of
the Company’s notice; provided, that if such registration is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities requested to be included exceeds the
number of securities which can be sold in such offering without materially adversely affecting such sale, the Company will include in such registration the number of Registrable Securities requested to be included which in the opinion of such
managing underwriters can be sold pro rata among the respective Holders of such Registrable Securities on the basis of the amount of such securities owned by each such Holder of Registrable Securities as of the date of the Company’s notice. The
Company shall use its reasonable best efforts to cause any Demand Registration to be filed as soon as practicable after it receives a request for registration under this Section 5.1(a). 
 A registration requested pursuant to this Section 5.1(a) is referred to herein as a “Demand Registration” and the Holders of
Registrable Securities initiating any such Registration are referred to herein as the “Offerors” with respect to such Registration. A request pursuant to this Section 5.1 shall state the number of Registrable Securities
requested to be registered, the intended method of disposition thereof and the jurisdictions in which registration is desired. In connection with any registration subject to this Section 5.1, the holders of Registrable Securities included in
such registration shall enter into such underwriting, lockup and other agreements, and shall execute and complete such questionnaires and other documents, as are customary in a primary offering. 
  

 25 

 (b) Registration Expenses 
 Subject to Section 5.7, the Registration Expenses will be paid by the Company in all Demand Registrations whether or not such registration becomes
effective. 
 (c) Number of Demand Registrations 
 The Preferred Holders holding not less than 50% of the Subject Shares will be entitled to request two Demand Registrations; provided that the Company shall not be required to effect more than one Demand Registration
during any six month period. A registration will not constitute a Demand Registration (i) until it has become effective, (ii) if the Offerors for such Demand Registration are not able to sell at least 80% of the Registrable Securities
requested to be included in such registration, or (iii) if after it has become effective, the offering of Registrable Securities pursuant to such registration is interfered with by any stop order, injunction or other order or requirement of the
SEC or other governmental agency or court. 
 (d) Priority on Demand Registrations 
 The Company will not include in any Demand Registration any securities which are not Registrable Securities without the written consent of the Offerors
not to be unreasonably withheld. If other securities are permitted to be included in a Demand Registration which is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable
Securities and other securities requested to be included exceeds the number of securities which can be sold in such offering without materially adversely affecting such sale, the Company will include in such registration prior to the inclusion of
any securities which are not Registrable Securities the number of Registrable Securities requested to be included which in the opinion of such managing underwriters can be sold pro rata among the respective Holders of such Registrable Securities on
the basis of the amount of such securities owned. 
 (e) Restrictions on Demand Registrations 
 The Company may postpone for up to three months in the aggregate during any twelve (12) month period any filing or the effectiveness of any
Registration Statement for a Demand Registration if the Board of Directors of the Company, in good faith, determines (and the Company so certifies by written notice to the Offerors) that such Demand Registration might reasonably be expected to have
an adverse effect on any proposal or plan by the Company or any of its Subsidiaries to engage in any material corporate transaction; provided, that in such event, the Offerors initiating the request for such Demand Registration will be entitled to
withdraw such request and will retain their right to such Demand Registration under this Section 5.1. Notwithstanding anything contained herein to the contrary, the Company may not postpone or withdraw a filing under this Section 5.1(e)
more than once during any 12-month period. 
 (f) Selection of Underwriters 
 In the case of a Demand Registration, the Offerors will have the right to select the investment banker(s) and manager(s) to administer the offering,
subject to the Company’s approval which will not be unreasonably withheld, delayed or conditioned. 
  

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 Section 5.2 Piggyback Registrations 
 (a) Right to Piggyback Registrations 
 Whenever the Company proposes to register any of its share capital (or securities convertible into or exchangeable or exercisable for any shares of share capital) under the Securities Act or the securities laws or any other jurisdiction
(other than a Registration Statement on Form S-4 or Form S-8 or any successor form thereto or such other registration statement in another jurisdiction exclusively relating to the sale of securities of employees issued pursuant to an
employee incentive plan), the Company will give prompt written notice (in any event within ten (10) days after its receipt of notice of any exercise of other demand registration rights and at least thirty (30) days prior to the anticipated
filing date) to the Holders of Registrable Securities of its intention to effect such a registration, which will specify the proposed offering price (if determined at the time) the kind and number of securities to be registered and the distribution
arrangement. The Company will use its reasonable best efforts to include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the
receipt of the Company’s notice by such Holders (or at such later time if the Company and the process of such registration will not be materially prejudiced thereby); provided, that if such registration is an underwritten offering and the
managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities requested to be included exceeds the number of securities which can be sold in such offering without materially adversely affecting such
sale, the Company will include in such registration the number of Registrable Securities requested to be included which in the opinion of such managing underwriters can be sold, pro rata among the respective Holders of such Registrable Securities on
the basis of the amount of such securities owned by such Holders of Registrable Securities as of the date of the Company’s notice. A request pursuant to this Section 5.2 shall state the number of Registrable Securities requested to be
registered. In connection with any registration subject to this Section 5.2, the Holders of Registrable Securities included in such registration shall enter into such underwriting, lockup and other agreements, and shall execute and complete
such questionnaires and other documents, as are customary in a secondary offering. All registrations requested pursuant to this Section 5.2(a) are referred to herein as “Piggyback Registrations”. No registration effected under
this Section 5.2 shall relieve the Company of its obligation to effect a Demand Registration pursuant to Section 5.1. 
 (b)
Registration Expenses 
 Subject to Section 5.7, the Registration Expenses will be paid by the Company in all Piggyback
Registrations whether or not such registration becomes effective. 
 (c) Priority on Primary Registrations 
 If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing
that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold without materially adversely affecting such offering, the Company will include in such registration (regardless of
whether any holder initially requested such registration) (i) first, the securities the Company proposes to sell, (ii) second, Registrable Securities, and (iii) third 

  

 27 

 
(but only if all of the securities referred to in the immediately preceding clause (ii) have been included in the registration), all other securities
requested to be included in such registration, all pro rata among the holders thereof on the basis of the number of shares owned by such holders of Registrable Securities or non-Registrable Securities, as the case may be, as of the date of the
Company’s notice. 
 (d) Priority on Secondary Registrations 
 If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities other than Registrable
Securities (and in which the Company is not issuing any securities under such registration), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration
exceeds the number which can be sold without materially adversely affecting such offering, the Company will include in such registration (i) first, all or such portion of the securities requested to be included in such registration by the
holder or holders who requested such registration (such holders being entitled to participate in accordance with the relative priorities, if any, as may exist among them) and Registrable Securities, pro rata among the holders thereof on the basis of
the number of shares owned by such holders of Registrable Securities or non-Registrable Securities, as the case may be, as of the date of the Company’s notice, (ii) second (but only if all of the securities referred to in the immediately
preceding clause (i) have been included in the registration), Registrable Securities, and (iii) third (but only if all of the securities referred to in the immediately preceding clause (ii) have been included in the registration), all
or such portion of any other securities requested to be included in such registration, in each case to the extent that securities can be included in the underwriting as determined by the managing underwriter(s). 
 (e) Selection of Underwriters 
 In the
case of a Piggyback Registration which is a primary registration on behalf of the Company, the Company will have the right to select any investment banker(s) and manager(s) of nationally recognized standing to administer the offering. 
 Section 5.3 S-3 Registration 
 (a) Request for S-3 Registration 
 At any time when the Company is eligible for use of Form S-3 (or any successor form then
in effect or comparable document under the laws of any other jurisdiction), Blue Ridge China and EI, for so long as each such party owns its Preferred Threshold Shares, shall be entitled to request that the Company register under the Securities Act
on Form S-3 or F-3, as applicable (or any successor form then in effect or comparable document under the laws of any other jurisdiction) (an “S-3 Registration”) all or a part of such Holder’s Registrable Securities; provided,
however, that (i) each such Holder shall be entitled to request, and the Company shall be obligated to cause, not more than three S-3 Registrations pursuant to this Section 5.3(a), and (ii) the Company shall not be required to effect
any S-3 Registration for an aggregate amount of less than $1,000,000 or more than one S-3 Registration in any three month period. Whenever the Company is required by this Section 5.1 to effect an S-3 Registration, each of the procedures,

  

 28 

 
requirements and other provisions applicable to a Demand Registration set forth in Section 5.1 (including the obligation to notify all other Holders of
Registrable Securities) shall apply to an S-3 Registration, except that a registration effected pursuant to this Section 5.3 shall not be counted as a Demand Registration effected pursuant to Section 5.1. 
 (b) Shelf Registration 
 Any S-3
Registration provided by this Section 5.3 may be a “shelf-registration” under Rule 415 of the Securities Act (or a comparable registration under the securities laws of any other applicable jurisdiction). The Company shall use its
reasonable best efforts to keep such Registration Statement continuously effective for a period ending on the earlier of (i) two years from the date on which the SEC declares such a Registration Statement effective under the Securities Act (or
the securities laws of such other applicable jurisdiction) and (ii) the date on which all of the Registrable Securities covered by such Registration Statement have been sold. 
 (c) Deferral 
 The Company may defer
the filing (but not the preparation) or the request for effectiveness of a Registration Statement required by this Section 5.3 until a date not later than 90 days after the date which is 90 days after the request for an S-3
Registration if (i) the Company or any of its Subsidiaries are engaged in confidential negotiations or other confidential business activities, disclosure of which would be required in such Registration Statement (but would not be required if
such Registration Statement were not filed), and the Board of Directors determines in good faith that such disclosure would be materially detrimental to the Company and its stockholders, or (ii) prior to receiving the S-3 Registration request,
the Board of Directors had determined to effect a registered underwritten public offering of the Company’s securities for the Company’s account and the Company had taken substantial steps (including, but not limited to, selecting a
managing underwriter for such offering) and is proceeding with reasonable diligence to effect such offering. In order to defer the filing or effectiveness of a Registration Statement pursuant to this Section 5.3(c), the Company shall promptly
(but in any event within 10 days), upon determining to seek such deferral, deliver to each Holder requesting to have shares registered pursuant to the S-3 Registration a certificate signed by an executive officer of the Company stating that the
Company is deferring such filing or effectiveness pursuant to this Section 5.3(c) and a general statement of the reason for such deferral and an approximation of the anticipated delay. The Company may defer the filing or effectiveness of a
particular Registration Statement pursuant to this Section 5.3(c) only once. 
 Section 5.4 Additional Registration Rights; No
Inconsistent Agreement 
 Other than the registration rights specifically stated in this Agreement, no registration rights equal or senior
to the registration rights set forth in this Article 5 may be granted by the Company to any party without the prior consent of the Preferred Holders holding at least, for so long as Blue Ridge China and EI each hold their respective Preferred
Threshold Shares, seventy-five percent (75%), and otherwise, fifty percent (50%) of the Subject Shares. If any such consent is granted, then unless otherwise agreed upon by the Preferred Holders holding at least, for so long as Blue Ridge China
and EI each hold their respective Preferred Threshold Shares, seventy-five percent (75%), and otherwise, fifty percent (50%) of the Subject Shares, any right given by 

  

 29 

 
the Company to any holder or prospective holder of the Company’s securities in connection with the registration of securities shall (i) be
conditioned such that it shall be consistent with the rights of the holders of Registrable Securities provided in this Agreement, and (ii) shall not materially adversely affect the right of the Holders of Registrable Securities to participate
in Piggyback Registrations in the manner set forth in this Agreement. The Company represents and warrants that except as provided for herein, and in the Equity Registration Rights Agreement, no holder of the Company’s securities owns or
possesses any registration rights with respect to any of the Company’s securities. Notwithstanding anything to the contrary contained herein, the Preferred Holders holding at least seventy-five percent (75%) of the Subject Shares hereby
consent to the Equity Registration Rights Agreement and the registration rights granted by the Company therein. 
 Section 5.5 Lockup
Agreement 
 (a) Each of the Holders of Registrable Securities agrees that, if the Company is issuing equity securities to the public in
an underwritten offering, and if requested by the Company and the managing underwriters, not to sell or otherwise transfer or dispose of any Equity Securities of the Company ten (10) days prior to or during the one hundred and eighty
(180) day period following the effective date of a Registration Statement of the Company filed under the Securities Act or the securities laws of any other applicable jurisdiction; provided, that all officers, directors and shareholders owning
one percent (1%) or more of the Common Shares (assuming the conversion, exercise or exchange, as the case may be, of all Equity Securities that are then outstanding and are convertible, exercisable or exchangeable into Common Shares during such
one hundred and eighty (180) day period), shall enter into similar agreements. Such agreement shall be in writing in a form satisfactory to the Company and such underwriter. The Company may impose stop transfer instructions with respect to the
securities subject to the foregoing restriction until the end of said one hundred and eighty (180) day period. 
 (b) The Company agrees
not to effect any public sale or distribution of its Capital Stock, or any securities convertible into or exchangeable or exercisable for Capital Stock, during the ten (10) days prior to and during the 90-day period beginning on the effective
date of any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-4 or Form S-8 or any successor form or forms or comparable documents
under the laws of any other applicable jurisdiction), unless all of the Registrable Securities included in such Registration have been sold. 
 Section 5.6 Registration Procedures 
 Whenever the Offerors have requested that any Registrable Securities be registered
pursuant to this Agreement, the Company will use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will
expeditiously: 
 (a) prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such Registration Statement to become and remain effective for a period of not less than three months; provided, that before 

  

 30 

 
filing a Registration Statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the Offerors
requesting such Registration Statement copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel before such filing is made, and the Company will comply with any reasonable request made by such
counsel to make changes to the extent such documents do not comply in all material respects with the Securities Act or the securities laws of any other applicable jurisdiction; 
 (b) prepare and file with the SEC such amendments (including post effective amendments) and supplements to such Registration Statement and the prospectus
used in connection therewith, which documents will be subject to the review of such counsel before such filing is made, and the Company will comply with any reasonable request made by such counsel to make changes to the extent such documents do not
comply in all material respects with the Securities Act or the securities laws of any other applicable jurisdiction, as may be necessary to keep such Registration Statement effective for a period of not less than three (3) months and to comply
with the provisions of the Securities Act and the securities laws of any other applicable jurisdiction with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such Registration Statement; 
 (c) furnish to each Holder selling Registrable
Securities such number of conformed copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus included in such Registration Statement (including each preliminary prospectus)
and such other customary documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (d) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable each Holder selling Registrable Securities to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not
be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to
service of process except as required by the securities or blue sky laws in any such jurisdiction); 
 (e) use its reasonable best efforts to
cause the Registrable Securities covered by such Registration Statement to be registered with, or approved by, such other public, governmental or regulatory authorities as may be necessary to facilitate the disposition of such Registrable Securities
in accordance with the intended methods of disposition; 
 (f) notify each Holder selling Registrable Securities, (A) when prospectus or
any prospectus supplement has been filed with the SEC, and, with respect to such Registration Statement or any post-effective amendment thereto, when the same has been declared effective by the SEC, (B) of any request by the SEC for amendments
or supplements to such Registration Statement or related prospectus, or for additional information, (C) of the issuance by the SEC of any stop order or the initiation of any proceedings for such or a similar purpose (and the 

  

 31 

 
Company shall use its reasonable best efforts to obtain the withdrawal of any such order as soon as practicable), (D) of the receipt by the Company of
any notification with respect to the suspension of the qualification of any of the Registrable Securities for sale of any jurisdiction or the initiation or threatening of any proceeding for such purpose (and the Company shall use its reasonable best
efforts to obtain the withdrawal of any such suspension as soon as practicable), (E) of the occurrence of any event that requires the making of any changes to such Registration Statement or related prospectus so that such documents will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statement therein, in light of the circumstances under which they were made, not misleading (and the Company
shall, promptly prepare and furnish to each Holder selling Registrable Securities a reasonable number of copies of a supplemented or amended prospectus such that, as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading),
and (F) of the Company’s determination that the filing of a post-effective amendment to such registration statement shall be necessary or appropriate; 
 (g) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, as the same may hereafter be amended; 
 (h) use its reasonable best efforts to cause all such Registrable Securities covered by such Registration Statement to be listed or quoted on the
principal securities exchange or national automated quotation system on which similar securities issued by the Company are then listed or quoted or, if not then listed or quoted, use its reasonable best efforts to cause such Registrable Securities
to be listed on a national securities exchange or quoted on a national automated quotation system; 
 (i) provide a transfer agent and
registrar for all such Registrable Securities covered by such Registration Statement not later than the effective date of such Registration Statement; 
 (j) cooperate with each Holder selling Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold; and use its best efforts to cause the
registrar and transfer agent for the Company to issue, upon request of such seller, certificates for such number of Registrable Securities registered in such names as such seller may reasonably request at least three (3) days prior to any sale
of Registrable Securities; 
 (k) in the event the offering is an underwritten offering, obtain a “cold comfort” letter from the
independent public accountants for the Company, which accountants shall be of nationally recognized standing and shall have certified the Company’s financial statements included in the Registration Statement or any amendment thereto, in
customary form and covering such matters of the type customarily covered by such letters; 
 (l) furnish, at the request of any Holder
selling Registrable Securities on the date such securities are delivered to the underwriters for sale pursuant to such registration or, if such securities are not being sold through underwriters, on the date the Registration Statement with 

  

 32 

 
respect to such securities becomes effective, an opinion, dated such date, of counsel representing the Company for the purposes of such registration,
addressed to the underwriters, if any, and to the seller making such request, covering such legal matters with respect to the registration in respect in which such opinion is being given as the underwriters, if any, and such seller may reasonably
request and are customarily included in such opinions; 
 (m) enter into such customary agreements (including underwriting agreements in
customary form) and take all such other actions as the Holders of not less than a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities (including effecting a stock split or a combination of shares and causing its officers and directors to participate in “road shows” and other informational meetings organized by the underwriters); and 
 (n) upon execution and delivery of such customary confidentiality agreements as the Company shall reasonably request, make available for inspection by
any Holder selling Registrable Securities covered by such Registration Statement, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller or
underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement; provided that the Company shall not be required to make any such information or records available in the event doing so would
constitute a violation of any applicable public securities law. 
 (o) The Company will make generally available to each Holder proposing to
sell Registrable Securities, as soon as reasonably practicable, an earnings statement (which need not be audited) for the twelve months beginning after the effective date of a Registration Statement as soon as reasonably practicable after the end of
such period, which earnings statement shall satisfy Section 11(a) of the Securities Act and Rule 158 thereunder; provided that, the Company shall not be required to make such statement available in the event doing so would constitute a
violation of Regulation FD of the SEC or any other applicable public securities law. 
 (p) The Company will, at all times after the Company
has filed a Registration Statement with the SEC pursuant to the requirements of the Securities Act, the Exchange Act, or the securities laws of any other jurisdiction, file all reports required to be filed by it under the Securities Act, the
Exchange Act, and the securities laws of such other jurisdiction and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holder or Holders of Registrable Securities may reasonably request, all to the extent
required to enable such holders to be eligible to sell Registrable Securities pursuant to (i) Rule 144 of the Securities Act, or any similar rule or regulation hereafter adopted by the SEC, or (ii) a Registration Statement on Form S-3 or
F-3, as applicable, or any similar registration form hereafter adopted by the SEC. Upon request, the Company will deliver to Holders of Registrable Securities a written statement as to whether it has complied with such requirements. In connection
with any transfer by any Holder of any Registrable Securities pursuant to Rule 144 of the Securities Act, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be sold, and enable certificates for such 

  

 33 

 
Registrable Securities to be for such number of shares and registered in such names as the Holder may reasonably request in writing at least three
(3) days prior to the transfer of such Registrable Securities. 
 Section 5.7 Registration Expenses 
 (a) All expenses incident to the Company’s performance of or compliance with this Article 5, including all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, all listings, transfer and/or exchange agent and registrar fees, word processing, duplicating and printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for
the Company and all independent certified public accountants (including but not limited to fees and disbursements relating to the “cold comfort” letter described in Section 5.6(k)) and other Persons retained by the Company (all such
expenses being herein called “Registration Expenses”, provided, that discounts and commissions to underwriters shall not be considered Registration Expenses for purposes of this Agreement), will be borne by the Company as provided
in this Article 5, and the Company will, in any event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the
expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or on a national automated quotation system.

 (b) In connection with each Demand Registration, Piggyback Registration and S-3 Registration, the Company will reimburse the Holders of
Registrable Securities covered by such registration for all out-of-pocket expenses incurred by such Holders in connection with such Demand Registration, Piggyback Registration or S-3 Registration, including the reasonable fees and disbursements of
one counsel chosen by the Offerors holding at least a majority of the Registrable Securities, in the case of a Demand Registration, or by the Holders holding at least a majority of the Registrable Securities included in such registration, in the
case of a Piggyback Registration or S-3 Registration; provided, however, that (i) in the case of a Demand Registration the amount of such reimbursement shall not exceed $50,000 per Demand Registration, (ii) in the case of a Piggyback
Registration or S-3 Registration the amount of such reimbursement shall not exceed $10,000 per Piggyback Registration or S-3 Registration for which the Company is obligated to make under this Agreement, and (iii) in the event that any request
for a Demand Registration, Piggyback Registration is withdrawn by the Holders that requested such Demand Registration, Piggyback Registration or S-3 Registration for any reason other than a determination by such Holders that information previously
disclosed about the Company was not accurate, then the Company shall not reimburse such expenses. 
 (c) To the extent expenses are not
required to be paid by the Company, each holder of securities included in any registration hereunder will pay those expenses allocable to the registration of such holder’s securities so included, and any expenses not so allocable will be borne
by all sellers of securities included in such registration in proportion to the aggregate selling price of the securities to be so registered. 
  

 34 

 Section 5.8 Indemnification 
 (a) In the event of any registration of any Registrable Securities under the Securities Act or the securities laws of any other jurisdiction pursuant to
this Agreement, the Company agrees to indemnify, to the fullest extent permitted by law, each Holder of Registrable Securities covered by the applicable Registration Statement, its respective officers and directors or general or limited partners
(and directors and officers thereof and, if such holder is a portfolio or investment fund, its investment advisers or agents) or directors and employees and each Person who directly or indirectly controls such holder within the meaning of the
Securities Act or the applicable securities law of such other jurisdiction (each, a “Purchaser Indemnitee”), as follows: 
 (i) against all losses, claims, damages, liabilities and expenses to which a Purchaser Indemnitee may become subject under the Securities Act or the securities laws of such other jurisdiction, common law or otherwise,
insofar as such losses, claims, damages, liabilities or expenses arise out of or are caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto relating to such securities or any document incorporated by reference relating thereto, or any filing made in connection with the registration or qualification of the offering under “blue sky” or other
securities laws of jurisdictions in which Registrable Securities are offered, or any omission or alleged omission of a material fact required to be stated in any of the foregoing or necessary to make the statements therein not misleading in light of
the circumstances under which they were made, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein or by such holder’s failure to deliver a copy of
the Registration Statement or prospectus or any amendments or supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same; 
 (ii) against all losses, claims, damages, liabilities and expenses to the extent of the aggregate amount paid in settlement of any
litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement of a material fact or omission of a material fact, or any such alleged untrue
statement of a material fact or omission of a material fact, if such settlement is effected with the prior written consent of such Holder; and 
 (iii) against all expenses reasonably incurred by such Holder in connection with investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue statement of a material fact or omission of a material fact, or any such alleged untrue statement of a material fact or omission of a material fact, to the extent that any
such expense is not paid under clause (i) or (ii) above. 
 In connection with an underwritten offering, the Company will indemnify
such underwriters, their officers and directors and each Person who controls such underwriters within the meaning of the Securities Act or the applicable securities law of such other jurisdiction to the same extent as provided above with respect to
the indemnification of the Purchaser Indemnitees. 
  

 35 

 (b) In connection with any Registration Statement in which a Holder of Registrable Securities is
participating, each such Holder will furnish to the Company in writing such information and affidavits relating to such Holder as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and, to the
extent permitted by law, will indemnify the Company, its directors and each officer that has signed the Registration Statement and each Person who controls the Company within the meaning of the Securities Act or the applicable securities law of such
other jurisdiction (each, a “Company Indemnitee”) against any losses, claims, damages, liabilities and expenses resulting from any untrue statement of material fact contained in the Registration Statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is
contained in any information or affidavit so furnished in writing by such holder expressly for use in the preparation of such Registration Statement, prospectus or preliminary prospectus; provided, that the obligation to indemnify will be several,
not joint and several, among such Holders of Registrable Securities and the liability of each such Holder of Registrable Securities will be in proportion to and limited to the net amount received by such Holder from the sale of Registrable
Securities pursuant to such Registration Statement, prospectus or preliminary prospectus. 
 (c) Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification, and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying
party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified hereunder by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim in which case such indemnified party shall have the right to employ one counsel. Failure to give prompt written notice shall
not release the indemnifying party from its obligations hereunder, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. 
 (d) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling
Person of such indemnified party and will survive the transfer of securities. The Company also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
indemnification is unavailable for any reason. 
 Section 5.9 Contribution 
 In order to provide for just and equitable contribution in circumstances under which the indemnity contemplated by Section 5.8 is for any reason not
available, the parties required to 

  

 36 

 
indemnify by the terms thereof shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such
indemnity agreement incurred by any Purchaser Indemnitee, any Company Indemnitee and one or more of the underwriters, except to the extent that contribution is not permitted under Section 11(f) of the Securities Act or under the securities laws
of any other applicable jurisdiction. In determining the amounts which the respective parties shall contribute, there shall be considered the parties’ relative fault concerning the matter with respect to which the claim was asserted, knowledge
and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission and any other equitable considerations appropriate under the circumstances; provided, that
as applicable law or a court of competent jurisdiction requires that the relative benefits received by each party from the offering of the Registrable Securities be taken into account in determining the amounts which the respective parties shall
contribute, the parties agree that it would be unjust and inequitable not to take into account the benefits received by the Company Indemnitees in connection with the transactions contemplated by the Securities Purchase Agreement, the Share Purchase
Agreement and the Share Exchange and Assumption Agreement, including but not limited to the proceeds of the securities sold by the Company to the Purchasers under the Securities Purchase Agreement and the Share Purchase Agreement. The Company and
each Person selling securities agree with each other that no seller of Registrable Securities shall be required to contribute any amount in excess of the amount such seller would have been required to pay to an indemnified party if the indemnity
under Section 5.8 were available. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Company and each such seller agree with each other, and the underwriters of the Registrable Securities if requested by such underwriters, that it would not be equitable if the amount of such contribution were determined by pro
rata or per capita allocation (even if the underwriters were treated as one entity for such purpose) or for the underwriters’ portion of such contribution to exceed the percentage that the underwriting discount bears to the initial public
offering price of the Registrable Securities. For purposes of this Section 5.9, each Person, if any, who controls an underwriter within the meaning of Section 15 of the Securities Act or the applicable securities law of any other
jurisdiction shall have the same rights to contribution as such underwriter, and each director and each officer of the Company who signed the Registration Statement, and each Person, if any, who controls the Company or a seller of Registrable
Securities within the meaning of Section 15 of the Securities Act or the applicable securities law of such other jurisdiction, shall have the same rights to contribution as the Company or a seller of Registrable Securities, as the case may be.

 Section 5.10 Participation in Underwritten Registrations 
 No Person may participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on
the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements, and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents required under the terms of such underwriting arrangements. 
  

 37 

 Section 5.11 Transfer of Registration Rights 
 The rights to cause the Company to register securities pursuant to this Article 5 may be assigned to a transferee or assignee of Registrable Securities;
provided, that, the transferee or assignee agrees in writing to be bound by the provisions of this Agreement pursuant to the Transferee Agreement. 
 Section 5.12 Termination 
 (a) No Holder shall be entitled to exercise any rights to registration pursuant to
Section 5.1, Section 5.2 or Section 5.3 after ten (10) years following the consummation of a Qualified Public Offering. 
 (b) Notwithstanding the foregoing provisions of this Agreement, the rights to registration pursuant to Section 5.1, Section 5.2, and Section 5.3, the obligations of each of the Shareholders pursuant to Section 5.5(a),
and the obligations of the Company pursuant to Section 5.5(b) shall terminate as to any particular Registrable Securities that shall have been (i) sold in a registered public offering, (ii) sold through a broker, dealer or underwriter
in a public distribution or a public securities transaction in which the transferee receives a certificate without a securities legend or (iii) sold or distributed pursuant to Rule 144 of the Securities Act, or any similar rule or regulation
hereafter adopted by the SEC. 
 (c) Subject to Section 5.12(a), the provisions of this Article 5 shall survive any termination of this
Agreement. 
 ARTICLE 6 
 FOREIGN CORRUPT PRACTICES ACT 
 The Company shall not, and shall cause all Members of the Company Group and the respective
Affiliates, directors, officers, agents or employees of any thereof not to, make, directly or indirectly, any payment or promise to pay, or gift or promise to give or authorize such a promise or gift, of any money or anything of value, directly or
indirectly, to (a) any foreign official (as such term is defined in the U.S. Foreign Corrupt Practices Act (the “FCPA”)) for the purpose of influencing any official act or decision of such official or inducing him or her to use
his or her influence to affect any act or decision of a governmental authority or (b) any foreign political party or official thereof, candidate for foreign political office, or official of a state-controlled entity or public international
organization, for the purpose of influencing any official act or decision of such party, official or candidate or inducing such party, official or candidate to use his, her or its influence to affect any act or decision of a foreign governmental
authority, in the case of both (a) and (b) above in order to assist the Company Group or any its Affiliates to obtain or retain business for, or direct business to, the Company Group or its Affiliates, as applicable. The Company shall not,
and shall cause all Members of the Company Group and the respective Affiliates, directors, officers, agents or employees of the Company and its Subsidiaries not to, make any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment of funds or receive or retain any funds in violation of any law, rule or regulation. 
  

 38 

 ARTICLE 7 
 ZHANG YONG WARRANT 
 The Company agrees, and the other parties hereto acknowledge that to the extent
any amount of the Burnham Warrants remain unexercised upon termination thereof, Zhang Yong shall be entitled to purchase, within a period not exceeding sixty (60) days after such termination, the Common Shares underlying such remaining
unexercised amount, in the manner provided by law, for a purchase price of $0.0001 per share (the “Zhang Yong Warrant”). 
 ARTICLE 8 
 XINYUAN SUBSIDIARY SHAREHOLDERS AGREEMENT 
 Xinyuan Subsidiary, Blue Ridge China, EI, the Management Shareholders and the Burnham Holders hereby each confirm, acknowledge and agree that the Xinyuan
Subsidiary Shareholder Agreement has been terminated and is of no further force and effect, effective as of the consummation of the transactions contemplated by the Share Exchange and Assumption Agreement. 
 ARTICLE 9 
 MISCELLANEOUS 
 Section 9.1 Entire Agreement 
 This Agreement constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and thereof, and supersedes all previous negotiations and agreements among the parties hereto, either oral or
written. 
 Section 9.2 Amendments 
 No amendment or modification of this Agreement shall be valid unless set forth in a writing executed by the Company, the Management Shareholders and the Preferred Holders holding at least, for so long as Blue Ridge
China and EI each hold their respective Preferred Threshold Shares, seventy-five percent (75%), and otherwise, fifty percent (50%) of the Subject Shares, and such amendment or modification must be approved by each of Blue Ridge China and EI
(for so long as they hold at least their respective Preferred Threshold Shares); provided, however, that no amendment or modification that could reasonably be expected to have a materially disproportionate effect on, or to materially
increase the obligations of, any Shareholder (including, for purposes of this Section 9.2, the Burnham Holders) shall bind such Shareholder without such Shareholder’s written consent. 
 Section 9.3 Waivers 
 Except as
otherwise expressly set forth herein, no failure or delay by any party hereto in exercising any right, power or privilege hereunder (and no course of dealing between or among any of the parties) shall operate as a waiver of any such right, power or
privilege. No waiver of any default on any one occasion shall constitute a waiver of any subsequent or other default. No single or partial exercise of any such right, power or privilege shall preclude the further or full exercise thereof.

  

 39 

 Section 9.4 Severability 
 If any provision of this Agreement or the application thereof to any Person or circumstance shall be invalid or unenforceable to any extent, the remainder
of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law, but only as long as the continued validity, legality and
enforceability of such provision or application does not materially (a) alter the terms of this Agreement, (b) diminish the benefits of this Agreement or (c) increase the burdens of this Agreement, for any Person. 
 Section 9.5 Assignment 
 The
rights and obligations of the parties hereunder shall be binding upon and inure to the benefit of the parties hereto and their successors and permitted assigns. None of the parties hereto may assign their rights or delegate their duties hereunder
without the prior written consent of the other parties hereto, except (i) in connection with a transfer of such party’s Equity Securities in accordance with Article 2 and (ii) that each of Blue Ridge China and EI may assign its rights
and delegate its duties hereunder to any of their respective Affiliates. All provisions of this Agreement applicable to the Equity Securities shall also apply to any class or series of Capital Stock into which such Equity Securities shall have been
changed or any Capital Stock resulting from any reclassification of such Equity Securities. 
 Section 9.6 Third Parties

 Except as otherwise provided herein, nothing herein, expressed or implied, is intended to or shall confer on any person other than the
parties hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
 Section 9.7 Notices

 All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly
given if delivered personally or sent by fax, overnight courier or electronic mail (provided that communications sent by electronic mail are concurrently sent by fax or overnight courier) in accordance with this Section 9.7, to the following
addresses: 
 If to Blue Ridge China: 
 Blue Ridge Capital Offshore Holdings LLC 
 660 Madison Avenue, 20th Floor 
 New York, New York 10065 
 U.S.A.

 Attention: Richard S. Bello 
 Fax: (212) 446-6201 
 E-mail: rbello@blueridgelp.com 
  

 40 

 with required copy (which shall not constitute notice) to: 
 Blue Ridge Investment Consulting (Beijing) Co., Ltd. 
 3701 Tower A, Beijing Fortune Plaza 
 No. 7 Dongsanhuan Rd, Chaoyang District 
 Beijing, 100020, China 
 Attention: Justin
Tang 
 Fax: +86 (10) 6530-8839 
 E-mail: justin@br-china.com 
 with a required copy (which shall not constitute notice) to: 
 Friedman Kaplan Seiler & Adelman, LLP 
 1633 Broadway, 46th Floor 
 New York, NY 10019 
 Attention: Gary D. Friedman, Esq. 
 Fax: (212) 833-1250 
 E-mail: gfriedman@fklaw.com 
 If to EI:

 EI Fund II China, LLC 
 c\o
Equity International 
 Two North Riverside Plaza 
 Suite 700 
 Chicago, Illinois 60606 
 Attention: Ira Chaplik 
 Fax: (312) 454-0157

 E-mail: ichaplik@egii.com 
 with a required copy (which shall not constitute notice) to: 
 EI Fund II China, LLC 
 c\o Equity International 
 Two North
Riverside Plaza 
 Suite 700 
 Chicago, Illinois 60606 
 Attention: Brian K. Richter 
 Fax: (312) 454-0157 
 E-mail:
brichter@egii.com 
 If to a Management Shareholder: 
 Xinyuan Real Estate Co., Ltd. 
 No. 18 Xinyuan Road 
 Zhengzhou, Henan 450011 
 Attention: Zhang
Yong 
 Fax: +86-0371-65651686 
 E-mail: zyong63@163.com 
  

 41 

 with a required copy (which shall not constitute notice) to: 
 Baker & McKenzie LLP 
 BCE Place, 181
Bay Street, Suite 2100 
 Toronto, Canada M5J 2T3 
 Attention: Omer Ozden, Esq. 
 Fax: (416) 863-6275 
 Email: omer.ozden@bakernet.com 
 and

 TransAsia Lawyers Beijing 
 Suite 2218, China World Tower 1 
 1 Jianguomenwai Avenue 
 Beijing, 100004, China 
 Attention: Philip
Qu, Esq. 
 Fax: (8610) 6505 8189 
 E-mail: pqu@TransAsiaLawyers.com 
 If to a Burnham Holder: 
 Joel B. Gardner 
 Burnham Securities Inc.

 1325 Avenue of the Americas 
 New York, N.Y. 10019 
 Fax: 212-603-7560 
 E-mail: jgardner@bsibam.com 
 with a required copy (which shall not constitute notice) to: 
 Stephen Banker 
 Skadden, Arps, Slate,
Meagher & Flom, LLP 
 4 Times Square 
 New York, N.Y. 10036 
 Fax: 917-777-2760 
 E-mail: sbanker@skadden.com 
 If to any
other Shareholder, at the address of such Person set forth in the records of the Company. 
 If to the Company: 
 Xinyuan Real Estate Co., Ltd. 
 No. 18
Xinyuan Road 
 Zhengzhou, Henan 450011 
 Attention: Zhang Longgen 
 Fax: +86-0371-65651686 
 E-mail: longgen_64@yahoo.com 
  

 42 

 with a required copy (which shall not constitute notice) to: 
 Baker & McKenzie LLP 
 BCE Place,
181 Bay Street, Suite 2100 
 Toronto, Canada M5J 2T3 
 Attention: Omer Ozden, Esq. 
 Fax: (416) 863-6275 
 Email: omer.ozden@bakernet.com 
 If to the
Xinyuan Subsidiary: 
 Xinyuan Real Estate, Ltd. 
 No. 18 Xinyuan Road 
 Zhengzhou, Henan 450011 
 Attention: Zhang Longgen 
 Fax:
+86-0371-65651686 
 E-mail: longgen_64@yahoo.com 
 with a required copy (which shall not constitute notice) to: 
 Baker & McKenzie LLP 
 BCE Place, 181 Bay Street, Suite 2100 
 Toronto, Canada M5J 2T3 
 Attention: Omer Ozden, Esq. 
 Fax: (416) 863-6275 
 Email:
omer.ozden@bakernet.com 
 The burden of proving notice when notice is transmitted by fax or electronic mail shall be the responsibility of the party
providing such notice. 
 Section 9.8 Arbitration 
 Any dispute between the parties hereto arising out of or relating to this Agreement, or the breach, termination or validity thereof, shall be resolved by arbitration. The arbitration shall be administered by the
International Chamber of Commerce (the “ICC”) in accordance with its commercial arbitration rules then in effect (the “Rules”). The place of arbitration shall be Hong Kong, Special Administrative Region. The number
of arbitrators shall be three. The parties to the dispute shall each appoint one arbitrator, and the two party-appointed arbitrators shall endeavor promptly to appoint the chairperson of the arbitral tribunal. To the extent reasonably feasible, the
chairperson and each other arbitrator shall be or shall have been a judge, executive or professional with extensive experience with international commercial transactions who shall be willing to apply the laws of the State of New York to the
substance of the dispute. If either 

  

 43 

 
party to the dispute fails to appoint an arbitrator within thirty days after receipt by respondent(s) of the demand for arbitration, or if the two
party-appointed arbitrators are unable to appoint the chairperson of the arbitral tribunal within thirty days of the appointment of the second arbitrator, then the ICC shall appoint such arbitrator or the chairperson, as the case may be, in
accordance with the listing, ranking and striking provisions of the rules. The arbitrators shall apply the law of the State of New York to the substance of the dispute and the arbitration proceedings shall be conducted in English. The arbitrators
shall not award punitive, exemplary, multiple or consequential damages. In the absence of fraud, any decision and award rendered by the arbitrators shall be final and binding on all parties, shall not be subject to appeal except as provided by law
and may be entered and enforced in any court having jurisdiction. The parties hereby consent to the exclusive jurisdiction of (i) the Supreme Court of the State of New York and the United States District Court for the Southern District of New
York, and (ii) courts with appropriate jurisdiction to hear such matters in Hong Kong, Special Administrative Region, for temporary injunctive or other relief in aid of arbitration or to prevent irreparable harm and to the non-exclusive
jurisdiction of such courts for enforcement of any award by the arbitrators. Without prejudice to such provisional remedies as may be available under the jurisdiction of such courts, the arbitral tribunal shall have full authority to grant
provisional remedies and to direct the parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to
that effect. Each party shall bear its own arbitration expenses and one-half of the ICC’s and the chairperson’s fees and expenses, unless the arbitrators determine that it would be equitable if all or a portion of the prevailing
party’s expenses should be borne by the other party. 
 Section 9.9 Governing Law 
 This Agreement shall be governed by and construed in accordance with the laws of the State of New York without application of principles of conflicts of
law. 
 Section 9.10 Specific Performance 
 The parties hereby declare that it is impossible to measure in money the damages which will accrue to a party hereto by reason of a failure to perform any of the obligations under this Agreement. Therefore, the
parties hereto shall have the right to specific performance of the obligations of the other parties under this Agreement (without the imposition of any bond or security), and if any party hereto shall institute any action or proceeding to enforce
the provisions hereof, any Person (including the Company) against whom such action or proceeding is brought hereby waives the claim or defense therein that such party has or have an adequate remedy at law, and such Person shall not urge in any such
action or proceeding the claim or defense that such remedy at law exists. 
 Section 9.11 Interpretation 
 As all parties have participated in the drafting of this Agreement, any ambiguity shall not be construed against any party as the drafter. Unless the
context of this Agreement clearly requires otherwise, (a) “including” has the inclusive meaning frequently identified with the phrase “including, but not limited to,” (b) references to “hereof,”
“hereunder” or “herein” or 

  

 44 

 
words of similar import relate to this Agreement, (c) when a reference is made in this Agreement to an Article or Section, such reference shall be to an
Article or Section of this Agreement unless otherwise indicated, and (d) the terms defined hereunder shall have the meanings therein specified for all purposes of this Agreement, applicable to both the singular and plural forms of any of the
terms defined herein. The section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. All terms
and words used in this Agreement, regardless of the number and gender in which they are used, shall be deemed and construed to include any other number and any other gender as the context of this Agreement requires. Each of the recitals, preamble
and exhibits to this Agreement are incorporated by reference herein as if fully recited herein in its entirety. 
 Section 9.12
Counterparts 
 This Agreement may be executed in two or more counterparts, each of which when so executed shall be an original, but
all of which together shall constitute one agreement. Facsimile signatures shall be deemed original signatures. 
 Section 9.13
Further Documentation 
 Each of the parties hereto shall execute and deliver such other agreements and instruments as from time to
time may be deemed advisable or appropriate to effect the intent and purpose of this Agreement. 
 Section 9.14 Termination

 (a) This Agreement shall continue in full force and effect for so long as any party hereto or any successor or transferee thereof has any
obligation hereunder; provided, that, except as otherwise provided herein, this Agreement shall terminate upon the expiration of any period of four consecutive weeks following the completion of a Qualified Public Offering during which the weekly
trading volume in each such week of the Common Shares on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System or applicable major international securities exchange exceeds one-half the number of
Common Shares (on a Fully Diluted Basis) then held by Blue Ridge China and EI immediately after giving effect to such Qualified Public Offering. 
 (b) The rights and obligations of any Shareholder hereunder shall terminate with respect to any Equity Securities transferred by it in compliance with this Agreement upon consummation of such transfer. 
 Section 9.15 Rights of Shareholders 
 Except as otherwise provided herein, whenever this Agreement provides for the Shareholders to make a payment, or to make a determination or give their consent with respect to any matter, such payment shall be made by the Shareholders in
proportion to the relative number of Common Shares on a Fully Diluted Basis then held by the Shareholders, and such determination shall be made or consent given (or withheld) by holders of at least a majority of the total number of Common Shares on
a Fully Diluted Basis. 
  

 45 

 Section 9.16 Aggregation of Shares 
 For purposes of determining the availability of any rights under this Agreement, the holdings of Equity Securities of any Shareholder shall be aggregated
with the holdings of its transferees that are (i) Affiliates of such Shareholder, and (ii) shareholders, partners or members of such Shareholder or any Affiliate of such Shareholder (or former shareholders, partners, members of such
Shareholder) or any Affiliate of such Shareholder that received their Equity Securities by way of distribution or dividend from such Shareholder or its Affiliates, members of the Immediate Family of any such shareholders, partners or members of such
Shareholder or any Affiliate of such Shareholder, and estate-planning vehicles established for the benefit of any such shareholders, partners or members of such Shareholder or any Affiliate of such Shareholder. 
 Section 9.17 Recapitalization 
 Whenever the number of outstanding shares of the Company is changed by reason of a stock split, stock dividend, stock combination, recapitalization, reorganization or similar event, each specified number of shares referred to in this
Agreement shall be adjusted accordingly. 
 Section 9.18 Certificate 
 Whenever the number of shares of authorized Common Shares is not sufficient in order to issue Common Shares upon conversion of Series A Preferred Shares
in accordance with the Memorandum of Association, (i) the Company shall promptly amend the Memorandum of Association in order to authorize a sufficient number of Common Shares, and (ii) each Shareholder agrees to vote such
Shareholder’s Voting Shares (now owned or hereafter acquired) in favor of such amendment. 
 Section 9.19 Conflict

 In the event of a conflict between this Agreement and the Memorandum of Association of the Company, the provisions of this Agreement
shall prevail as between the Shareholders only, who hereby undertake to use their voting powers as Shareholders to amend the Memorandum of Association to the fullest extent permissible by law to remove the conflict. 
 [SIGNATURE PAGE FOLLOWS] 
  

 46 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

							
	BLUE RIDGE CHINA PARTNERS, L.P.,
		
	By:	 	Blue Ridge China Holdings, L.P.,
		 	its General Partner
		
	By:	 	Blue Ridge Capital Offshore Holdings LLC,
		 	its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	EI FUND II CHINA, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	XINYUAN REAL ESTATE CO., LTD.
		
	By:	 	  

	Name:	 	Zhang Yong
	Title:	 	President

 [Signature Page to Amended and Restated Shareholders Agreement] 

					
	XINYUAN REAL ESTATE, LTD.
		
	By:	 	  

	Name:	 	Zhang Yong
	Title:	 	President
	
	  

	Zhang Yong
	
	  

	Yang Yuyan
	
	ONLY AS TO SECTIONS 2.3, 4.1, 9.2, 9.7 AND ARTICLES 5 AND 8
	
	BURNHAM SECURITIES INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	  

	Joel B. Gardner

 [Signature Page to Amended and Restated Shareholders Agreement] 

 EXHIBIT A 
 TRANSFEREE AGREEMENT 
 THIS TRANSFEREE AGREEMENT is made this
         day of                     , 200    , and between
[                                        ] with
an address at [                    ] (the “Transferee”) and Xinyuan Real Estate Co., Ltd., a Cayman Islands company (the
“Company”). 
 WHEREAS, the Transferee has or expects to receive shares of the Company’s equity securities from a
Shareholder or the Company; and 
 WHEREAS, the parties hereto wish to provide for the continuity of ownership of the shares of equity
securities under the circumstances stated in the Shareholders Agreement, dated as of October 31, 2007 (the “Shareholders Agreement”), by and among Blue Ridge China Partners, L.P., a Cayman Islands exempted limited partnership,
EI Fund II China, LLC, a Delaware limited liability company, Zhang Yong, a PRC national, Yang Yuyan, a PRC national, and other parties thereto (collectively the “Shareholders”), the Company and Xinyuan Real Estate, Ltd., a copy of
which Agreement is attached hereto and made a part hereof; and 
 WHEREAS, the Company, on behalf of itself and each of the Shareholders, and
the Transferee wish to comply with the provisions of the Shareholders Agreement by entering into this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this Agreement, the parties covenant and agree as follows: 
 Section 1. Automatically on the full execution of this Agreement by the parties hereto, the Transferee will be deemed to be a “Shareholder” under the Shareholders Agreement to the same extent and effect as if the Transferee
were an original party to the Shareholders Agreement such that each of the obligations and, except as otherwise specifically set forth in the Shareholders Agreement, rights of a “Shareholder” under this Agreement will automatically become
binding upon the Transferee. 
 Section 2. With respect to all shares of equity securities of the Company and all interests therein now
or at any time in the future held by the Transferee (the “Equity Securities”), the Transferee agrees that the Equity Securities are subject to each of the restrictions as to transfer and each of the other terms and conditions
contained in the Shareholders Agreement. 
 Section 3. This Agreement is binding upon and inures to the benefit of the parties hereto
and their respective legal representatives, successors, assigns and heirs. 
 Section 4. This Agreement shall be governed by and will be
construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. 

 IN WITNESS WHEREOF, the parties have duly executed or caused to be executed this Agreement on the date
set forth above. 
  

			
	ON BEHALF OF THE COMPANY AND EACH OF THE SHAREHOLDERS:
	
	 COMPANY:

	
	 XINYUAN REAL ESTATE CO., LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title
	 	
	
	 TRANSFEREE:

	
	  

	 Name:
	 	

 EXHIBIT B 
 LETTER AGREEMENT 

 TABLE OF CONTENTS 
  

							
	 	  	Page
	Article 1 Definitions	  	1
		
	Article 2 Transfers of Capital Stock	  	7
				
		 	Section 2.1	  	General Restrictions on Transfer	  	7
		 	Section 2.2	  	Right of First Refusal on Series A Preferred Shares	  	8
		 	Section 2.3	  	Co-Sale Right	  	11
		 	Section 2.4	  	Right of First Refusal on Common Shares held by Certain Shareholders	  	13
		 	Section 2.5	  	Securities Act Legend	  	15
		
	Article 3 Board Members; Observer Rights	  	16
				
		 	Section 3.1	  	Board Members	  	16
		 	Section 3.2	  	Boards of Subsidiaries and Other Entities	  	17
		 	Section 3.3	  	Committees	  	17
		 	Section 3.4	  	Observer Rights	  	17
		 	Section 3.5	  	Rights of Blue Ridge China and EI under Article 3	  	18
		
	Article 4 Covenants	  	18
				
		 	Section 4.1	  	Delivery of Financial Statements	  	18
		 	Section 4.2	  	Inspection	  	20
		 	Section 4.3	  	Additional Equity Financings; Qualified Public Offering	  	20
		 	Section 4.4	  	Non-Compete; Non-Solicitation	  	21
		 	Section 4.5	  	Approval Rights	  	21
		 	Section 4.6	  	U.S. Shareholders	  	24
		 	Section 4.7	  	Additional Investments	  	24
		 	Section 4.8	  	Management Shareholder Restrictions	  	24
		
	Article 5 Registration Rights	  	25
				
		 	Section 5.1	  	Demand Registrations	  	25
		 	Section 5.2	  	Piggyback Registrations	  	27
		 	Section 5.3	  	S-3 Registration	  	28
		 	Section 5.4	  	Additional Registration Rights; No Inconsistent Agreement	  	30
		 	Section 5.5	  	Lockup Agreement	  	30
		 	Section 5.6	  	Registration Procedures	  	31
		 	Section 5.7	  	Registration Expenses	  	34
		 	Section 5.8	  	Indemnification	  	35
		 	Section 5.9	  	Contribution	  	37
		 	Section 5.10	  	Participation in Underwritten Registrations	  	38
		 	Section 5.11	  	Transfer of Registration Rights	  	38
		 	Section 5.12	  	Termination	  	38
		
	Article 6 Foreign Corrupt Practices Act	  	38

							
	Article 7 ZHANG YONG WARRANT	  	39
		
	Article 8 xinyuan subsidiary shareholders agreement	  	39
		
	Article 9 Miscellaneous	  	39
				
		 	Section 9.1	  	Entire Agreement	  	39
		 	Section 9.2	  	Amendments	  	39
		 	Section 9.3	  	Waivers	  	40
		 	Section 9.4	  	Severability	  	40
		 	Section 9.5	  	Assignment	  	40
		 	Section 9.6	  	Third Parties	  	40
		 	Section 9.7	  	Notices	  	40
		 	Section 9.8	  	Arbitration	  	44
		 	Section 9.9	  	Governing Law	  	45
		 	Section 9.10	  	Specific Performance	  	45
		 	Section 9.11	  	Interpretation	  	45
		 	Section 9.12	  	Counterparts	  	45
		 	Section 9.13	  	Further Documentation	  	45
		 	Section 9.14	  	Termination	  	46
		 	Section 9.15	  	Rights of Shareholders	  	46
		 	Section 9.16	  	Aggregation of Shares	  	46
		 	Section 9.17	  	Recapitalization	  	46
		 	Section 9.18	  	Certificate	  	46
		 	Section 9.19	  	Conflict	  	47
		
	Exhibit A    Transferee Agreement	  	

  

 iiAmended and Restated Warrant, dated as of August 28, 2007

 Exhibit 10.11 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE LAWS OF ANY OTHER JURISDICTION. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR A COMPARABLE DOCUMENT UNDER THE LAWS OF ANY OTHER JURISDICTION OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT REGISTRATION IS NOT REQUIRED. 
 Warrant No. P-2/A 
 XINYUAN REAL ESTATE CO., LTD. 
 August 28, 2007 
 AMENDED AND RESTATED WARRANT TO PURCHASE 
 SERIES A CONVERTIBLE PREFERRED SHARES 
 This Amended and Restated Warrant is issued to EI Fund II China, LLC (the
“Holder”) by Xinyuan Real Estate Co., Ltd., a company organized and existing under the laws of the Cayman Islands (the “Company”), in connection with the receipt by the Holder of Series A Convertible Preferred
Shares, par value $0.0001 per share (“Preferred Shares”), of the Company pursuant to that certain Share Exchange and Assumption Agreement, dated as of April 9, 2007, by and among the Holder, the Company and the other parties
thereto, pursuant to which the Company assumed and undertook to satisfy, perform, discharge and fulfill all of the covenants, terms, conditions, obligations and liabilities of Xinyuan Real Estate, Ltd., a company organized and existing under the
laws of the Cayman Islands (the “Xinyuan Subsidiary”) under that certain Securities Purchase Agreement, dated as of August 22, 2006 (the “Purchase Agreement”), as amended, by and among the Holder, the Xinyuan
Subsidiary and the other parties thereto. Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Purchase Agreement. 
 1. Exercise of Warrant. Subject to the terms and conditions set forth herein, the Holder shall be entitled, at any time during the Exercise Period, to purchase from the Company, at a price of $0.01 per share
(the “Exercise Price”), up to that number of fully paid Preferred Shares that, if issued to the Holder on the date hereof, would result in the Percentage Interest of the Holder being equal to a fraction, expressed as a percentage,
the numerator of which is $10,000,000 and the denominator of which is equal to (i) $80,717,000, minus (ii) the excess (if any) of $32,000,000 over 2007 Net Income, minus (iii) the excess (if any) of $48,000,000 over 2008
Net Income; provided, that if the resulting Percentage Interest is greater than 14.4%, the Percentage Interest of the Holder shall be deemed to be 14.4% for purposes of this calculation. 

 2. Termination of Warrant. The Exercise Period shall not commence, and this Warrant shall
terminate and shall not be exercisable, if either (i) the Company consummates a Qualified Public Offering (as defined in the Amended and Restated Articles of Association of the Company) prior to March 31, 2008 or (ii) it is determined
in accordance with Section 3 that the Profit Target has been achieved. The “Profit Target” shall be deemed to have been achieved if (i) both (A) 2007 Net Income equals or exceeds $32,000,000 and (B) the sum of
2008 Net Income plus the excess (if any) of 2007 Net Income over $32,000,000 equals or exceeds $48,000,000 or (ii) the sum of 2007 Net Income plus 2008 Net Income equals or exceeds $80,000,000. 
 3. Determination of Net Income 
 (a)
2007 Net Income. As soon as practicable, but in any event within 90 days after the end of the 2007 fiscal year, the Company shall deliver to the Holder (i) an income statement for such fiscal year, a balance sheet and statement of
shareholders’ equity as of the end of such year, and a statement of cash flows for such year, such financial reports to be on a consolidated basis for the Company and its subsidiaries, prepared in accordance with United States generally
accepted accounting principles (“GAAP”), consistently applied, and audited and certified by independent public accountants of nationally recognized standing selected by the Company and (ii) a certificate of the chief financial
officer of the Company setting forth in reasonable detail the calculation of 2007 Net Income. The Holder shall have the right to object to the determination of 2007 Net Income in accordance with paragraph (c) below. 
 (b) 2008 Net Income and Profit Target. As soon as practicable, but in any event within 90
days after the end of the 2008 fiscal year, the Company shall deliver to the Holder (i) an income statement for such fiscal year, a balance sheet and statement of shareholders’ equity as of the end of such year, and a statement of cash
flows for such year, such financial reports to be on a consolidated basis for the Company and its subsidiaries, prepared in accordance with GAAP, consistently applied, and audited and certified by independent public accountants of nationally
recognized standing selected by the Company and (ii) a certificate of the chief financial officer of the Company setting forth in reasonable detail the calculation of 2008 Net Income and the calculation showing the achievement (or not) of the
Profit Target; provided, that if the Company fails to deliver such financial statements or such certificate within 120 days after the end of the 2008 fiscal year, the Profit Target will be deemed not to have been met, and the Exercise Period will
commence on the business day next following such 120th day. The Holder shall have the right to object to the determination of 2008 Net Income or the
achievement of the Profit Target in accordance with paragraph (c) below. 
 (c) Objection Procedure 
 (i) Unless the Holder gives written notice to the Company of its objection (an “Objection”) to the Company’s
calculation of 2007 Net Income, 2008 Net Income or the achievement of the Profit Target within 30 days following its receipt of the applicable financial statements and accompanying chief financial officer’s certificate, the Company’s
calculation shall be final and 

  

 2 

 
binding upon the parties for purposes of this Warrant. If the Holder waives in writing its right to deliver an Objection with respect to any such
determination, the applicable determination shall be final and binding upon the parties as of the date of delivery of such waiver. Any Objection shall specify in reasonable detail the nature of any disagreement so asserted. Upon request of the
Holder, the Company shall promptly provide a representative of the Holder such access to the books and records of the Company and its subsidiaries as are reasonably necessary to confirm the Company’s calculation of 2007 Net Income, 2008 Net
Income or the achievement of the Profit Target, as the case may be, and the Holder agrees to maintain any such information in strict confidence (except for such disclosure to advisors or otherwise as appropriate in connection with the proceedings
referred to below in clause (ii)). During the 15-day period following the delivery of an Objection, the Company and the Holder shall attempt in good faith to resolve any differences which they may have with respect to any matter specified in the
Objection. 
 (ii) If at the end of such 15-day period, the Company and the Holder shall have failed to reach written
agreement with respect to all matters specified in any Objection, any matter that remains in dispute shall promptly be submitted to an independent accounting firm of nationally recognized standing (the “Accountant”) designated by
the Company and the Holder within ten days after the expiration of such 15-day period, or, if they cannot agree on an accounting firm, such dispute shall be promptly referred to the American Arbitration Association (the “AAA”) and
an independent accounting firm of nationally recognized standing shall be appointed thereby. The Accountant shall consider only the matters specified in the Objection. The Accountant shall act promptly to resolve all matters specified in the
Objection, and shall give its decision within 30 days after the referral of the matter to it. Upon resolution by the Accountant of all matters specified in the Objection, the Accountant shall determine the 2007 Net Income, the 2008 Net Income or
whether the Profit Target has been achieved, as the case may be, on the basis of the matters it has resolved. The Accountant’s decisions and determinations with respect to all matters specified in the Objection and its determination as to
whether the Profit Target has been achieved shall be final and binding upon the Company and the Holder. The costs and expenses of the Accountant shall be borne equally by the Company, on the one hand, and the Holder and any other holder of a
substantially identical warrant originally issued as of the date hereof making a similar objection under such warrant (pro rata in accordance with the respective number of warrant shares issuable under each such warrant), on the other hand.

 4. Negative Covenants. 
 Without limiting any other covenant of the Company to operate its business in the ordinary course of business consistent with past practice, under its Articles of Association and the Shareholders Agreement dated as of April 9, 2007,
between the Company, the Holder and the other parties thereto, until the end of the Company’s 2008 fiscal year, the Company shall not: 
 (a) change any method of accounting or accounting practice or policy, other than those (i) required by GAAP, consistently applied during the relevant time period, (ii) pursuant to guidance provided by the Securities and Exchange
Commission or other applicable regulatory authority, with the Holder’s consent, which consent shall not be unreasonably withheld, or (iii) as recommended by the Company’s independent auditors, with the Holder’s consent, which
consent shall not be unreasonably withheld; and 
  

 3 

 (b) (i) give or offer discounts or provide other similar benefits, (ii) reduce, defer or capitalize
expenses, or (iii) otherwise artificially affect the 2007 Net Income or the 2008 Net Income, except in the ordinary course of business consistent with past practice. 
 5. Definitions. As used herein, the following terms shall have the following meanings: 
 “2007
Net Income” means Consolidated Net Income for the 2007 fiscal year of the Company. 
 “2008 Net Income” means
Consolidated Net Income for the 2008 fiscal year of the Company. 
 “Affiliate” means, with respect to any given person, any
person controlling, controlled by or under common control with the given person. The term “control” (including the terms “controlling”, “controlled by,” and “under common control with”) shall mean the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a specified entity, whether through the ownership of voting securities, by contract or otherwise. 
 “Consolidated Net Income” means, for any period, the consolidated net income of the Company and its subsidiaries for such period as set
forth in the income statement included in the applicable financial statements deliverable to the Holder pursuant to Section 3(a) and 3(b), provided, that Consolidated Net Income (i) shall be limited to net income from continuing
operations, and shall exclude nonrecurring items of income and gain that are treated as “extraordinary” under GAAP, and (ii) shall exclude items of income and gain arising out of transactions with Affiliates that are not on
arm’s-length terms commercially available from unaffiliated third parties. 
 “Exercise Period” means the period
beginning on the date (if any) that it is determined in accordance with Section 3 that the Profit Target has not been achieved and ending at 5:00 p.m., Hong Kong time on August 25, 2014, or if such date shall in Hong Kong, Special
Administrative Region be a holiday or a day on which banks are authorized to close, then 5:00 p.m., Hong Kong time the next following day which in Hong Kong, Special Administrative Region is not a holiday or a day on which banks are authorized to
close. 
 “Percentage Interest” of the Holder means, as of the date of the Closing Date, the quotient obtained by dividing
(i) the number of Common Shares then owned by the Holder on a fully-diluted and as-converted basis (giving effect to the conversion, 

  

 4 

 
exchange and exercise of all securities or rights of the Holder that are convertible or exchangeable into or exercisable for Common Shares) by (ii) the
number of Common Shares then outstanding on a fully-diluted and as-converted basis (giving effect to the conversion, exchange and exercise of all securities or rights that are convertible or exchangeable into or exercisable for Common Shares).

 6. Methods of Exercise 
 During the Exercise Period, the Holder may exercise, in whole or in part, the purchase rights evidenced hereby by either of the following methods: 
 (a) Cash Exercise. The Holder may exercise, in whole or in part, the purchase rights evidenced hereby by: 
 (i) surrendering this Warrant, together with a notice of exercise in the form attached as Exhibit A hereto, to the Company at its principal offices; and 
 (ii) paying to the Company an amount in cash equal to the aggregate Exercise Price for the number of Preferred Shares being purchased.

 (b) Net Exercise. Alternatively, the Holder may exercise, in whole or in part, the purchase rights evidenced hereby by: 

(i) surrendering this Warrant, together with a notice of exercise in the form attached as Exhibit A hereto, to the Company at its
principal offices; and 
 (ii) receiving such lesser number of Preferred Shares calculated in accordance with the formula
below representing the satisfaction of the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Preferred Shares being purchased. 
 In the event a Holder chooses to exercise the purchase rights evidenced hereby in accordance with this Section 6(b) (a “Net Exercise”), the Company shall issue to such Holder a number of
Preferred Shares computed using the following formula: 
 X = [Y * (A-B)]/A 
 where: 
 X = the number of Preferred Shares
to be issued to the Holder 
 Y = the number of Preferred Shares purchasable under this Warrant or, if only a portion of the Warrant is being
exercised, the number of Preferred Shares for which this Warrant is being exercised (at the date of such calculation) 
 A = the fair market
value of one Preferred Share (at the date of such calculation) 
 B = the Exercise Price (as adjusted to the date of such calculation).

  

 5 

 For purposes of this Section 6(b), the fair market value of a Preferred Share shall be the average of the closing
prices of the Preferred Shares (or a number of Common Shares into which the Preferred Shares are convertible) quoted (i) in the over-the-counter market in which the Preferred Shares (or Common Shares) are traded, or (ii) on any exchange or
electronic securities market on which the Preferred Shares (or Common Shares) are listed for trading, as applicable, for the 30 trading days prior to the date of determination of fair market value (or such shorter period of time during which such
Preferred Shares (or Common Shares) were traded over-the-counter or on such exchange). If the Preferred Shares (or Common Shares) are not traded on the over-the-counter market, an exchange or an electronic securities market, the fair market value of
a Preferred Share shall be determined by dividing: 
 (i) the cash price at which a willing seller would sell and a willing
buyer would buy all of the issued and outstanding Preferred Shares in a transaction negotiated at arm’s length by unaffiliated third parties, each being apprised of and considering all relevant facts, circumstances and factors, and neither
acting under compulsion or time constraints, by 
 (ii) the number of then issued and outstanding Preferred Shares.

 In the case of any determination of the fair market value of the Preferred Shares pursuant to this Section 6(b), fair market value shall not include
any discount (i) by reason of such Preferred Shares representing a minority interest, or (ii) to reflect the fact that such Preferred Shares are illiquid and subject to the restrictions on transfer set forth in this Warrant and the
Shareholders Agreement. 
 If the Company and the Holder cannot agree on the fair market value of a Preferred Share within 30 days after the date upon which
the Holder surrenders this Warrant, together with a notice of exercise in the form attached as Exhibit A hereto, to the Company at its principal offices (the “Negotiation Period”), the valuation shall be made by an appraiser of
nationally recognized standing designated jointly by the Company and the Holder within ten days after the expiration of the Negotiation Period or, if they cannot so agree on an appraiser, such dispute shall be promptly referred to the AAA and an
appraiser of nationally recognized standing shall be appointed thereby. The valuation shall be made by such appraiser within 20 days of its designation by the AAA. Any valuation made by an appraiser under this Section 6(b) shall be
determinative of such value and binding upon the Company and the Holder. The cost of such valuation shall be borne equally by the Company and the Holder, but each party shall bear its own legal expenses, if any, incurred in connection therewith.

 (c) Partial Exercise. This Warrant may be exercised for less than the full number of Preferred Shares, in which case the number of
Preferred Shares receivable upon the exercise of this Warrant as a whole, and the sum payable upon the exercise of this Warrant as a whole, shall be proportionately reduced. Upon any such partial exercise, the Company at its expense will forthwith
issue to the Holder a new Warrant or 

  

 6 

 
Warrants of like tenor exercisable for the number of Preferred Shares as to which the Holder’s purchase rights have not been exercised, such Warrant or
Warrants to be issued in the name of the Holder or his or its nominee (upon payment by the Holder of any applicable transfer taxes). 
 (d)
This Warrant may be exercised upon surrender of this Warrant pursuant to the Notice provisions of Section 16 hereof to the Chief Financial Officer of the Company, No. 18 Xinyuan Road, Zhengzhou, Henan, People’s Republic of China
450011, Facsimile: +86-371-6565-1686 or such other person as the Company may designate, together with a duly completed and executed form of exercise attached hereto and, if applicable, payment of an amount equal to the then applicable Exercise Price
multiplied by the number of Common Shares then being purchased upon such exercise. The payment of the Exercise Price shall be in cash or by certified check or official bank check, payable to the order of the Company. 
 7. Certificates for Preferred Shares. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the number
of Preferred Shares so purchased shall be issued and delivered by the Company to the Holder as soon as practicable thereafter, and in any event within ten days of the delivery by the Holder to the Company of the notice of exercise in the form
attached as Exhibit A hereto, together with, in lieu of any fractional Preferred Share to which the Holder would otherwise be entitled, cash in an amount determined in accordance with Section 10. 
 8. Adjustment of Exercise Price and Number of Preferred Shares. The Holder and the Company agree that the adjustments provided for in this
Section 8 are not intended to be duplicative of any corresponding adjustments provided for by the terms of the Preferred Shares issuable upon exercise of this Warrant, and accordingly no such duplicative adjustments shall be made hereunder. The
number of and kind of securities purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions, Combinations and Other Issuances. If the Company shall at any time prior to the expiration of this Warrant subdivide the Preferred Shares, by split-up or otherwise, or combine the Preferred
Shares, or issue additional Preferred Shares as a dividend, the number of Preferred Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately
decreased in the case of a combination. Appropriate adjustments shall also be made to the purchase price payable per Preferred Share, but the aggregate purchase price payable for the total number of Preferred Shares purchasable under this Warrant
(as adjusted) shall remain the same. Any adjustment under this Section 8(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event
that no record date is fixed, upon the making of such dividend. 
 (b) Reclassification, Reorganization, Consolidation, Merger or Sale of
Assets. In case of any reclassification, capital reorganization, or change in the capital stock of the Company (other than as a result of a subdivision, combination, or stock dividend 

  

 7 

 
provided for in Section 8(a) above), or consolidation or merger of the Company with or into another corporation, or the sale of all or substantially all
of the assets of the Company to another corporation pursuant to which the holders of Preferred Shares shall be entitled to receive stock, securities, cash or other property with respect to or in exchange for Preferred Shares, then, as a condition to
such reclassification, reorganization, change, consolidation, merger or sale, the Company shall make appropriate provision so that the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a
total price equal to that payable upon the exercise of this Warrant, the kind and amount of stock, securities, cash or other property receivable in connection with such reclassification, reorganization, change, consolidation, merger or sale by a
holder of the same number of Preferred Shares as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization, change, consolidation, merger or sale. In any such case, appropriate provisions shall be made
with respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any stock, securities, cash or other property deliverable upon exercise hereof, and appropriate
adjustments shall be made to the purchase price per Preferred Share payable hereunder, provided the aggregate purchase price shall remain the same. 
 The
Company will not effect any such consolidation, merger or sale, unless prior to the consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets in
such sale shall assume, by written instrument mailed or delivered to the Holder at the last address of the Holder appearing on the books of the Company, the obligation to deliver to the Holder such shares of stock, securities, cash or other property
as, in accordance with the foregoing provisions, the Holder may be entitled to purchase. If a purchase, tender or exchange offer is made to and accepted by the holders of more than 50% of the outstanding Preferred Shares, the Company shall not
effect any consolidation, merger or sale with the person having made such offer or with any Affiliate of such person, unless prior to the consummation of such consolidation, merger or sale the Holder shall have been given a reasonable opportunity to
then elect to receive upon the exercise of this Warrant either the stock, securities, cash or other property then issuable with respect to the Preferred Shares or the stock, securities, cash or other property, or the equivalent, issued to holders of
Preferred Shares in accordance with such offer. 
 (c) Notice of Adjustment. When any adjustment is required to be made in the number
or kind of shares purchasable upon exercise of this Warrant, or in the Exercise Price, the Company shall provide the Holder with not less than 20 days’ prior written notice of the date on which the event requiring such adjustment is to take
place and information, reasonably detailed, regarding the pertinent facts of such event, as well as the calculation of the adjusted Exercise Price and the adjusted number of Preferred Shares or securities, cash or other property thereafter
purchasable upon exercise of this Warrant. 
 (d) Adjustment by Board of Directors. If any event occurs as to which, in the opinion of
the Board of Directors of the Company, the provisions of this Section 8 are not strictly applicable or if strictly applicable would not fairly protect the rights of the Holder 

  

 8 

 
in accordance with the essential intent and principles of such provisions, then the Board of Directors shall make an adjustment in the application of such
provisions, in accordance with such essential intent and principles, so as to protect such rights as aforesaid, but in no event shall any adjustment have the effect of increasing the Exercise Price as otherwise determined pursuant to any of the
provisions of this Section 8, except in the case of a combination of shares of a type contemplated in Section 8(a), and then in no event to an amount larger than the Exercise Price as adjusted pursuant to Section 8(a). 
 (e) Officer’s Statement as to Adjustments. Whenever the Exercise Price shall be adjusted as provided in this Section 8, the Company
shall forthwith file at each office designated for the exercise of this Warrant, a statement, signed by the Chief Financial Officer of the Company (or an officer holding a comparable position), showing in reasonable detail the facts requiring such
adjustment and the Exercise Price that will be effective after such adjustment. 
 9. No Dilution or Impairment. The Company will not,
by amendment of its memorandum or articles of association, or through reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against dilution or other impairment.
Without limiting the generality of the foregoing, the Company will not increase the par value of any shares of capital stock receivable upon the exercise of this Warrant above the amount payable therefor upon such exercise, and at all times will
take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid shares of stock upon the exercise of this Warrant. 
 10. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant,
but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 
 11. Representations, Warranties and Covenants of the Company 
 (a) Corporate Actions. The Company represents and
warrants to the Holder that all corporate actions on the part of the Company, its officers, directors and shareholders necessary for the sale and issuance of this Warrant have been taken. 
 (b) Issuance of Shares. The Company covenants that the Preferred Shares (and the Common Shares issuable upon exercise thereof), when issued
pursuant to the exercise of this Warrant, will be duly authorized, validly issued, and fully paid, and free from all taxes, liens, and charges with respect thereto or the issuance thereof. 
 (c) Covenants as to Exercise of Warrant. The Company covenants that the Company will, at all times during the Exercise Period, have authorized a
sufficient number of Preferred Shares (and Common Shares issuable upon exercise thereof) to 

  

 9 

 
provide for the exercise of the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued Preferred
Shares shall not be sufficient to permit exercise of this Warrant, or the number of authorized but unissued Common Shares shall not be sufficient to permit the conversion of the Preferred Shares issuable upon exercise hereof, the Company will take
such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Preferred Shares (or Common Shares) as shall be sufficient for such purposes. 
 12. Representations and Warranties by the Holder. The Holder represents and warrants to the Company as follows: 
 (a) This Warrant and the Preferred Shares issuable upon exercise hereof are being acquired for its own account, for investment and not with a view to, or
for resale in connection with, any distribution or public offering thereof within the meaning of the United States Securities Act of 1933, as amended (the “Act”). Upon exercise of this Warrant, the Holder shall, if so requested by
the Company, confirm in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired for investment and not with a view toward distribution or resale. 
 (b) The Holder understands that this Warrant and the Preferred Shares issuable upon exercise hereof have not been registered under the Act by reason of
their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder must therefore bear the
economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or is exempted from such registration. 
 (c) The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of this Warrant and the Preferred Shares purchasable pursuant to
the terms of this Warrant and of protecting its interests in connection therewith. 
 (d) The Holder is able to bear the economic risk of the
purchase of the Preferred Shares pursuant to the terms of this Warrant. 
 (e) The Holder is an “accredited investor” as
such term is defined in Rule 501 of Regulation D promulgated under the Act. 
 13. Restrictive Legend. The Preferred Shares shall be
stamped or imprinted with a legend in substantially the following form (unless registered under the Act or if the Holder delivers to the Company an opinion of counsel (who may be an employee of the Holder) reasonably satisfactory in form and
substance to the Company, that the Preferred Shares do not require registration under the Act or any applicable state securities laws): 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE LAWS OF ANY OTHER JURISDICTION. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN 

  

 10 

 
THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR A COMPARABLE DOCUMENT UNDER THE LAWS OF ANY OTHER
JURISDICTION OR AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. THE OFFERING OF THESE SECURITIES HAS NOT BEEN REVIEWED OR APPROVED BY ANY STATE SECURITIES ADMINISTRATOR. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS AGREEMENT, DATED AS OF APRIL 9, 2007, AS AMENDED, AMONG THE COMPANY AND
CERTAIN OF ITS SHAREHOLDERS, A COPY OF WHICH IS ON FILE WITH THE COMPANY. NO SALE, ASSIGNMENT, TRANSFER, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED HEREBY SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF
SAID SHAREHOLDERS AGREEMENT SHALL HAVE BEEN COMPLIED WITH IN FULL. 
 Any certificate issued at any time in exchange or substitution for any certificate
bearing such legend (except a new certificate issued upon completion of a public distribution pursuant to a registration statement under the Act) shall also bear such legend unless, in the opinion of counsel selected by the Holder (who may be an
employee of the Holder) and reasonably acceptable to the Company, the securities represented thereby need no longer be subject to restrictions on resale under the Act. 
 14. Warrant and Shares Transferable 
 (a) Subject to compliance with the terms and conditions of the
Shareholders Agreement and this Section 14, this Warrant and all rights hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed or
accompanied by written instructions of transfer. With respect to any offer, sale or other disposition of this Warrant or any Preferred Shares acquired pursuant to the exercise of this Warrant prior to registration of such Warrant or Preferred
Shares, the holder hereof agrees to give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s counsel, or other evidence, if reasonably requested by the Company, to
the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or any U.S. federal or state or Cayman Islands securities law then in effect) of this Warrant or the
Preferred Shares and indicating whether or not under the Act certificates for this Warrant or the Preferred Shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure
compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence, if so requested, the Company, as promptly as practicable, shall notify such holder that such holder may sell or otherwise dispose of
this Warrant or such Preferred Shares, all in 

  

 11 

 
accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 14 that the opinion of
counsel for the holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Each certificate representing this Warrant or the
Preferred Shares transferred in accordance with this Section 14 shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the holder,
such legend is not required in order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. 
 (b) Notwithstanding anything to the contrary contained herein, the Holder may, at any time and from time to time, transfer this Warrant or any Preferred
Shares acquired pursuant to the exercise of this Warrant and all rights hereunder and thereunder, in whole or in part, without charge to the Holder (except for transfer taxes) to any of the Holder’s shareholders, partners or members by way of
distribution or dividend, or to one or more of the Holder’s Affiliates, so long as any such Affiliate is controlled exclusively by the entity making such transfer. Any such transfer shall solely require that the Holder give written notice
thereof to the Company; for greater certainty, none of the terms and conditions set forth in Section 14(a) shall be applicable to any transfer governed by this Section 14(b). 
 15. Rights of Shareholders. No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be deemed the holder
of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the
rights of a shareholder of the Company or any right to vote upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock,
reclassification of Preferred Shares, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and
the Preferred Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 16. Notices. All
notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid or (d) one business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to the Holder, at the
Holder’s address as set forth in the Shareholders Agreement, and (ii) if to the Company, at the address of its principal corporate offices (attention: Chief Executive Officer), or at such other address as a party may designate by ten days
advance written notice to the other party pursuant to the provisions above. 
  

 12 

 17. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement in an amount reasonably satisfactory to it, or (in the case of mutilation) upon surrender and cancellation
thereof, the Company will issue, in lieu thereof, a new Warrant of like tenor. 
 18. Subdivision of Rights. This Warrant (as well as
any new warrants issued pursuant to the provisions of this Section 18) is exchangeable, upon the surrender hereof by the Holder, at the principal office of the Company for any number of new warrants of like tenor and date representing in the
aggregate the right to subscribe for and purchase the number of Preferred Shares which may be subscribed for and purchased hereunder. 
 19.
“Market Stand-Off” Agreement. The Holder hereby agrees that, during the period of time specified by the Company and an underwriter of Preferred Shares or other securities of the Company, following the effective date of (i) a
registration statement of the Company filed under the Act, or (ii) a comparable offering document filed under the applicable laws and regulations of any foreign governmental authority, it shall not, to the extent requested by the Company and
such underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound)
any securities of the Company held by it at any time during such period, except Preferred Shares (or Common Shares issued upon conversion thereof) included in such registration or offering; provided, however, that: 
 (a) all officers and directors of the Company, and each person who holds one percent (1%) or more of the Company’s outstanding capital stock,
enter into similar agreements; 
 (b) such market stand-off time period shall not exceed 180 days; and 
 (c) the foregoing agreement shall not prohibit privately negotiated transfers of Preferred Shares among the Holder and its Affiliates. 
 The Holder agrees to provide to the underwriters of any public offering such further agreements as such underwriters may reasonably request in connection with this
market stand-off agreement, provided that the terms of such agreements are substantially consistent with the provisions of this Section 19. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to the securities of the Company held by the Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 Notwithstanding the foregoing, the obligations described in this Section 19 shall not apply to (i) a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms which may
be promulgated in the future, (ii) a registration relating solely to a transaction under Rule 145 of the Act, or (iii) any offering which would the equivalent of clause (i) or (ii) under the applicable laws and regulations of any
foreign governmental authority. 
  

 13 

 20. Change, Waiver, Etc. Neither this Warrant nor any term hereof may be changed, waived,
discharged or terminated orally except by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. 
 21. Remedies. The Company stipulates that the remedies at law of the Holder in the event of any default by the Company in the performance of or
compliance with any of the terms of this Warrant are not and will not be adequate, and that the same may be specifically enforced. 
 22.
Governing Law. This Warrant and all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law provisions of the
State of New York or of any other state. 
 23. Rights and Obligations Survive Exercise of Warrant. Unless otherwise provided herein,
the rights and obligations of the Company, of the holder of this Warrant and of the holder of the Preferred Shares issued upon exercise of this Warrant, shall survive the exercise of this Warrant. 
 [Signature page follows] 
  

 14 

 Issued this      day of August 28, 2007. 
  

			
	XINYUAN REAL ESTATE CO., LTD.
		
	By:	 	  

	Name:	 	Zhang Yong
	Title:	 	President

 Acknowledged and Agreed: 
  

			
	EI FUND II CHINA, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 15 

 EXHIBIT A 
 NOTICE OF EXERCISE 
  

									
	To:	 	Xinyuan Real Estate Co., Ltd.	  		  		  	
		 	  
	  		  		  	
		 	  
	  		  		  	
		 	Attention: Chief Financial Officer	  		  	

 24. The undersigned hereby elects to purchase
                     Series A Convertible Preferred Shares (“Preferred Shares”) pursuant to the terms of the attached
Warrant. 
 25. The undersigned shall exercise the attached Warrant (i) by means of a cash payment, and tenders herewith, payment in
full for the purchase price of the Preferred Shares being purchased, or (ii) by means of a Net Exercise in accordance with the terms of Section 3(b) of said Warrant, together with all applicable taxes, if any. 
 26. Please issue a certificate or certificates representing said Preferred Shares in the name of the undersigned or in such other name as is specified
below: 
  

					
	  
	 		 	
	(Name)	 		 	
	  
	 		 	
	  
	 		 	
	(Address)	 		 	

 27. The undersigned hereby represents and warrants that the aforesaid Preferred Shares are being
acquired for the account of the undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares and all
representations and warranties of the undersigned set forth in Section 12 of the attached Warrant (including Section 12(e) thereof) are true and correct as of the date hereof. 
  

					
		 		 	  

		 		 	(Signature)
		 		 	  

	  
	 		 	(Name)
	(Date)	 		 	  

		 		 	(Title)

 EXHIBIT B 
 FORM OF TRANSFER 
 (To be signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
                     the right represented by the attached Warrant to purchase
                     Series A Convertible Preferred Shares of XINYUAN REAL ESTATE CO., LTD. to which the attached Warrant relates, and
appoints                                  Attorney to transfer such right on the
books of                     , with full power of substitution in the premises. 
 Dated: 
  

			
	  

	
	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
		
	Address:	 	  

		
		 	  

		
		 	  

  

	
	Signed in the presence of:

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