Document:

Exhibit

EXHIBIT 10.2
BARNES GROUP INC. 
STOCK AND INCENTIVE AWARD PLAN 
PERFORMANCE SHARE AWARD SUMMARY OF GRANT
For Officers and Other Individuals as Designated by the CMDC 

Barnes Group Inc., a Delaware corporation (the “Company”), under the 2014 Barnes Group Inc. Stock and Incentive Award Plan, as may be amended from time to time (the “Plan”), hereby grants to the individual named below (“You” or “Grantee”) this Performance Share Award (also referred to as Performance Share Unit Award) (the “Grant”), representing the target number of performance shares set forth below (each a “Performance Share”) that may be earned by You based on the level of achievement of the Performance Goals.  Each Performance Share entitles You to one share of Common Stock.  The actual number of Performance Shares earned will be based on the actual performance level achieved with respect to the Performance Goals set forth on Schedule A.  The Performance Shares are subject to this Performance Share Award Summary of Grant (the “Summary of Grant”), and the Performance Share Award Agreement attached as Exhibit A (the “Performance Share Award Agreement”) and the Plan, both of which are incorporated herein by reference and made part hereof.  The Grant also entitles You to be paid Dividend Equivalents as set forth in the Performance Share Award Agreement.  Unless otherwise defined, capitalized terms used in this Summary of Grant and the Performance Share Award Agreement have the meanings set forth in the Plan.  
 

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	Grantee:
	[__________________________]

	Grant Date:
	February XX, 20XX

	Target Award:
	[______] Performance Shares

	Performance Period:
	The 3 year period beginning on January 1, 20XX and ending on December 31, 20XX

	Performance Goals:

Vesting Schedule
	The Performance Goals are based on the performance measures set forth on Schedule A.
The Performance Shares will be earned based on the performance level achieved with respect to the Performance Goals if, except as provided otherwise in the Performance Share Award Agreement, You continue employment with Company through the third anniversary of the Grant Date.
The number of Performance Shares set forth above is equal to the target number of shares of Common Stock that the Grantee will earn for 100% achievement of the Performance Goals (referred to as the “Target Award”).  The actual number of shares of Common Stock that You will earn with respect to the Performance Shares may be greater or less than the Target Award, or even zero, and will be based on the performance level achieved by the Company with respect to the Performance Goals, as set forth on Schedule A.  Performance level is measured based on the threshold, target and maximum performance levels set forth on Schedule A.  Each performance level is calculated as a percentage of target level performance.  Threshold performance level is 33% of target, target performance level is 100% of target, maximum performance level is 150% of target, maximum+ performance level is 200% of target and maximum++ performance level is 250% of target.  If actual performance is between performance levels, the number of Performance Shares earned will be interpolated on a straight line basis for pro-rata achievement of the Performance Goals, rounded down to the nearest whole number.  Failure to achieve the threshold performance level with respect to a Performance Goal will result in no Performance Shares being earned with respect to that Performance Goal.

Grant Acceptance:    
    
You agree to be bound by the Plan, the Performance Share Award Agreement and this Summary of Grant by electronically acknowledging and accepting the Grant following the date of the Company’s electronic or other written notification to You of the Grant.  You accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, this Summary of Grant or the Performance Share Award Agreement.  In no event 

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do You acquire any rights to the Grant unless You electronically accept, no later than 60 days after the Grant Date, this Summary of Grant and the attached Performance Share Award Agreement.   

You acknowledge that the Plan prospectus is available as part of the online grant package with E*TRADE, and that paper copies of the Plan and the Plan prospectus are available upon request by contacting Stockholder Relations, 860-973-2106.   
 

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Schedule A

The number of Performance Shares that may be earned will be determined based on the actual performance level achieved with respect to the following performance measures during the Performance Period: 3-Year Total Stockholder Return (“TSR”); 3-Year Return on Invested Capital (“ROIC”); and 3-Year EBITDA Growth (collectively referred to as the “Performance Goals,” and each individual measure, a “Performance Goal”).  The chart below sets forth the applicable weighting of each performance measure and the Performance Goals needed to be achieved at each performance level for such performance measure during the Performance Period: 

January 1, 20XX-December 31, 20XX Performance Period

	
					
	Performance
Measure
	Weight
	Performance
Level
	Performance Goals
	Performance Shares Earned as a Percentage of Target
(% of Target)*

	3-Year TSR**
	33.3334%
	Threshold
	Achieve 33rd percentile ranking within the Russell 2000
	33%

	Target
	Achieve 50th percentile ranking within the Russell 2000
	100%

	Maximum
	Achieve 66th percentile ranking within the Russell 2000
	150%

	Maximum+
	Achieve 75th percentile ranking within the Russell 2000
	200%

	Maximum++
	Achieve 85th percentile ranking within the Russell 2000
	250%

	3-Year ROIC*** 

	33.3333%
	Threshold
	Achieve x.xx% 3-Year ROIC
	33%

	Target
	Achieve x.xx% 3-Year ROIC
	100%

	Maximum
	Achieve x.xx% 3-Year ROIC
	150%

	Maximum+
	Achieve x.xx% 3-Year ROIC
	200%

	Maximum++
	Achieve x.xx% 3-Year ROIC
	250%

	3-Year EBITDA Growth****
	33.3333%
	Threshold
	Achieve 33rd percentile ranking within the Russell 2000
	33%

	Target
	Achieve 50th percentile ranking within the Russell 2000
	100%

	Maximum
	Achieve 66th percentile ranking within the Russell 2000
	150%

	Maximum+
	Achieve 75th percentile ranking within the Russell 2000
	200%

	Maximum++
	Achieve 85th percentile ranking within the Russell 2000
	250%

	 

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	* The actual number of Performance Shares that will be earned with respect to the 3-Year TSR and 3-Year EBITDA Growth performance measures is based on the Company’s percentile ranking within the Russell 2000 Index at the end of the Performance Period.  The actual number of Performance Shares that will be earned with respect to the 3-Year ROIC performance measure is based on the Company’s performance compared to pre-established goals as determined by the Committee and set forth in the chart above.  Each performance measure will be evaluated on a measure by measure basis, and once performance results are determined as to each individual performance measure, those results will be aggregated and the weighting applied.  When assessing each performance measure, actual performance level achievement between each performance level will be interpolated on a straight line basis rounded down to the nearest whole number; provided that if the actual performance level achieved does not meet threshold performance (i.e., less than 33%) for the applicable performance measure, then no Performance Shares will be earned for that performance measure pursuant to this Grant.  Threshold level performance may be achieved for one performance measure and not another based on the Company’s actual performance during the Performance Period.  The actual number of Performance Shares earned will be determined by the Committee based on the actual performance level achieved with respect to each of the applicable Performance Goals, factoring in the weighting for each performance measure.  The maximum number of Performance Shares that may be earned pursuant to this Grant is capped at 250% of the Target Award.   

** 3-Year TSR represents the comparison between the Opening Average Share Value and the Closing Average Share Value, plus cumulative dividends during the Performance Period.  At the end of the Performance Period, the TSR for the Company and each company in the Russell 2000 Index will be calculated by dividing the Closing Average Share Value by the Opening Share Value.  For purposes of this Grant, the term “Closing Average Share Value” means the average closing value of the common stock, for the 20 trading days ending on the last day of the Performance Period (i.e., the 20 trading days ending on December 31, 2022 (the “20-day period”), which will be calculated as follows: (i) determine the closing price of the common stock on each trading date during the 20-day period, (ii) average the amounts so determined for the 20-day period; the term “Opening Average Share Value” means the average of the closing price of a share of common stock for the 20 trading days preceding the start of the Performance Period (i.e., January 1, 2020). 

 *** 3-Year ROIC represents the ratio of the Company’s Net Income and the Company’s Total Average Invested Capital during the Performance Period. At the end of the Performance Period, the ROIC for the Company will be calculated for the Performance Period by dividing the Net Income during the Performance Period by Total Average Invested Capital during the Performance Period, and then divided by three.  For purposes of this Grant, “Net Income” means the Company’s net income, adjusted for accounting changes and after-tax interest expense, and “Total Average Invested Capital” means the sum of the Company’s average total debt, stockholders equity and any non-controlling interest for the performance period computed on a four point basis.  The 3-Year ROIC calculation is subject to the provisions as set forth below.  

****3-Year EBITDA Growth represents Operating Income Before Depreciation and Amortization.  EBITDA will be computed as EBITDA in Year 3 divided by EBITDA in the year preceding this award (i.e. 2019).  The 3-Year EBITDA Growth calculation is subject to the provisions as set forth below.  

3-Year ROIC and 3-Year EBITDA Growth shall be determined in accordance with generally accepted accounting principles (GAAP) and may include or exclude (or be adjusted to include or exclude) unusual or infrequently occurring items, the impact of charges for restructurings or productivity initiatives, non-operating items, discontinued operations and other unusual and non-recurring items, the effects of currency fluctuations, the effects of financing activities (by way of example, without limitation, the effect on earnings per share of issuing convertible debt securities), the effects of acquisitions and acquisition expenses, the effects of divesture and divesture expenses, and the effects of tax or accounting changes. However, notwithstanding the preceding sentence, unless the Committee determines otherwise either at the time it establishes the Performance Goals for an award or prior to the payment of an award, if any of the items referenced in the preceding sentence occurs, then such item shall be automatically excluded or included in determining the extent to which the Performance Goal has been achieved, whichever will produce the higher award (subject to any exercise of “negative discretion” by the Committee). 

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EXHIBIT A
PERFORMANCE SHARE AWARD AGREEMENT
Under the provisions of the 2014 Barnes Group Inc. Stock and Incentive Award Plan, as may be amended from time to time, (the “Plan”), the Compensation and Management Development Committee of the Company’s Board of Directors (the “Committee”) has authorized the execution of this Agreement.  Capitalized terms used in this Agreement and not otherwise defined herein will have the same meaning as provided for in the Plan or Summary of Grant, as applicable.
NOW, THEREFORE, in consideration of the agreements of each, and for other good and valuable consideration, the parties agree as follows:
1.Definitions.

(a)“Cause” means (i) Your willful and continued failure to substantially perform Your duties with the Company (other than any such failure resulting from the Your incapacity due to physical or mental illness) or (ii) Your willful engaging in conduct which is demonstrably and materially injurious to the Company or its Subsidiaries, monetarily or otherwise.
(b)“Change in Control” has the meaning assigned to it in the Company’s form of Severance Agreement in effect as of February 4, 2014.

(c)“Disability” means “disability” as defined in the Company’s long-term disability plan as in effect from time to time (or, if that plan is not in effect at the time in question, as it was last in effect).

(d)“Good Reason” means, after any Change in Control, any one of the following acts by the Company, or failures by the Company to act, if You notify the Company that such act or failure to act has occurred within 90 days of the initial occurrence of such act or failure to act, and if such act or failure to act is not corrected within 30 days after You so notify the Company:

(i)the assignment to You of any duties materially inconsistent with Your position as an employee of the Company, or a material adverse alteration in the nature or status of Your responsibilities from those in effect immediately prior to a Change in Control;

(ii)a reduction by You in your annual base salary as in effect on the date hereof or as the same may be increased from time to time, by five percent (5%) or more or by $20,000 or more; or

(iii)the relocation of Your principal place of employment to a location more than 50 miles from Your principal place of employment immediately prior to a Change in Control, provided that such relocation increases Your round trip commuting time by 25% or more, or the Company's requiring You to be based anywhere other than such principal place of 

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employment (or permitted relocation thereof) except for required travel time on the Company's business to an extent substantially consistent with Your present business travel obligations.

(e)“Retirement” means a Separation of Service initiated by You on or after Retirement Age under circumstances that do not constitute Cause.

(f)“Retirement Age” means age 55 or later with a minimum of 10 full years of service with the Company and/or its Subsidiaries.

(g)“Separation from Service” means a “separation from service with the employer” within the meaning of Treasury Regulation Section 1.409A-1(h), where the “employer” means the Company and all corporations and trades or businesses with which the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code (as determined in accordance with the first sentence of Treasury Regulation Section 1.409A-1(h)(3)).

2.Contingent Dividend Equivalents.  You may be entitled to receive from the Company the cash payments described below, if (and only if) the Performance Shares are earned during the Performance Period pursuant to the Performance Share Award Summary of Grant.  You understand and agree that, if the Company cancels the Performance Shares, the Dividend Equivalents that would have been payable if those Performance Shares had not been cancelled will automatically be cancelled, without action by the Company (other than its action cancelling those Performance Shares) and without the payment of any consideration to You, unless the Committee provides otherwise when those Performance Shares are cancelled or at a prior time.

3.Calculation of Dividend Equivalents.  At the end of the Performance Period, or a prior date on which a portion of the Performance Shares have been earned pursuant to this Agreement, (the “End Date”) after the determination of the number of Performance Shares that have been earned, there will be calculated the dividends that were paid (other than a dividend paid in Common Stock, which is subject to the adjustment provided in Section 10 of the Plan) to the holders of Common Stock, the record date of which fell during the period commencing on the Grant Date and ending on the End Date (each a “Dividend Payment Date”).  The Company will credit and pay to you, at the time specified in 5(a) below, an amount of money (“Dividend Equivalents”) determined by multiplying (a) the number of Performance Share Shares earned on the End Date (if any), times (b) the dividend per share paid on each Dividend Payment Date.  However, if the dividend is paid in property other than cash, the amount of money to be paid to You in respect of such dividend will be determined by multiplying (i) the number of the Performance Shares (if any), times (ii) the fair market value on each Dividend Payment Date of the property that was paid per share of Common Stock as a dividend on such Dividend Payment Date.  The fair market value of the property that was paid will be determined by the Committee in its sole and absolute discretion.

Any provision of this Agreement to the contrary notwithstanding, in no event (except on Death, Disability or a Change in Control as a result of which Performance Shares are deemed earned pursuant to this Agreement) will any payment be made pursuant to this Section unless the 

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Committee certifies in writing that the performance goals applicable to the related Performance Shares and any other material terms (within the meaning of Treasury Regulation section 1.162-27(e)(5)) applicable to such payment were in fact satisfied.
4.Vesting of Grant.  The Performance Shares will be earned based on the actual performance level achieved with respect to the Performance Goals set forth on Schedule A of the Performance Share Award Summary of Grant and You remaining continuously employed by the Company through the third anniversary of the Grant Date.

5.Forfeiture or Earning of Performance Share Awards Prior to the End of the Performance Period.

(a)Notwithstanding the vesting schedule contained in the Performance Share  Award Summary of Grant, the vesting schedule may change under one of the following conditions:

(i)Voluntary Termination or Termination for Cause.  If You initiate a Separation from Service other than as a result of (A) death, (B) Disability, or (C) Retirement or if you have a Separation from Service initiated by the Company and/or its Subsidiaries for Cause, in each case, before the third anniversary of the Grant Date, then the Grant will terminate with respect to all Performance Shares, whether or not earned as of the date of the Separation from Service, and You will not be entitled to any distribution of shares for any Performance Shares.

(ii)All Other Separations of Service.  If You have a Separation from Service (A) due to (x) death, (y) Disability, or (z) Retirement or (B) that is initiated by the Company and/or its Subsidiaries without Cause after the 1 year anniversary of the Grant Date but before the last day of the Performance Period, then on the last day of the Performance Period, the number of Performance Shares that will be deemed earned will equal the number of Performance Shares actually earned pursuant to the Grant, as determined at the end of the Performance Period, multiplied by a fraction equal to the total days worked from the beginning of the Performance Period to the date of the Separation from Service, divided by the total number of days in the Performance Period.

(iii)Change in Control.  If You remain employed with the Company from the Grant Date to the date, if any, on which a Change in Control occurs before the last day of the Performance Period, except as otherwise provided in Your employment agreement, if applicable, the number of Performance Shares that will be deemed earned will equal the sum of (A) the number of Performance Shares subject to the award earned for each completed year (1/3 of the total number that would be earned for the full Performance Period based upon actual performance in the completed year(s)) of the Performance Period, if any, based on the achievement of the Performance Goals, plus (B) the target number of Performance Shares for each incomplete year of the Performance Period, if you are terminated (1) by the Company without Cause or (2) You terminate employment for Good Reason, in either case, if such termination occurs on or within 2 years following a Change in Control.

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(b)Acceptance.  All Performance Shares that are not earned in accordance with the terms of this Agreement and the Performance Share Award Summary of Grant will be forfeited.  By electronically accepting this Grant, You irrevocably consent to any forfeiture of Performance Shares required or authorized by this Agreement.

6.Issuance of Shares.

(a)Except as otherwise provided below, a share of Common Stock will be issued to You in payment of each Performance Share that is deemed earned pursuant to the terms of this Agreement as soon as practicable in the year (but no later than August 1) following the year in which such Grant is deemed earned (which date during that period will be determined by the Company).  In the event a distribution is due under Section 5(a)(ii) prior to the end of the Performance Period, the shares will be issued as soon as practicable following the date of the event giving rise to the payment, but no later than 60 days following the date of the event.  In the event a distribution is due under Section 5(a)(iii) prior to the end of the Performance Period, the shares will be issued on the first day of the seventh month following the date of termination. 

(b)Notwithstanding any provision of this Agreement to the contrary, (i) no “distributions” (within the meaning of Treasury Regulation Section 1.409A-1(c)(3)(v)) of deferred compensation that is subject to Section 409A of the Code may be made pursuant to this Agreement to a “specified employee” (within the meaning of Treasury Regulation Section 1.409A-1(i)) (“Specified Employee”) due to a Separation from Service before the date that is 6 months after the date of such Specified Employee’s Separation from Service (or, if earlier than the end of the 6 month period, the date of his death); and (ii) any distribution that, but for the preceding clause (i), would be made before the date that is 6 months after the date of the Specified Employee’s Separation from Service will be paid on the first day of the seventh month following the date of his Separation from Service (or, if earlier, within 14 days after the date of his death). For the avoidance of doubt, the preceding sentence will apply to any payment (and only to any payment) pursuant to this Agreement to which Code Section 409A(a)(2)(B)(i) (relating to Specified Employees) applies, and will not apply to any payment that is not subject to Code Section 409A as a result of Treasury Regulation Section 1.409A-1(b)(4) (relating to short-term deferrals) or otherwise.  Your right to any series of payments pursuant to this Agreement will be treated as a right to a series of separate payments within the meaning of Treasury Regulation Section 1.409A-2(b)(2)(iii), including without limitation for purposes of the short-term deferral rule set forth in Treasury Regulation Section 1.409A-1(b)(4).

(c)In no event, except a Change in Control or a Grantee’s Separation from Service as a result of death or Disability, as a result of which Performance Shares are deemed earned pursuant to this Agreement, will any shares be issued in payment of Performance Shares unless the Committee certifies in writing that the performance goals and any other material terms (within the meaning of Treasury Regulation Section 1.162-27(e)(5)) were in fact satisfied with respect to such Performance Shares.  Such certification will be final, conclusive and binding on You, and on all other persons, to the maximum extent permitted by law.

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(d)The shares to be issued will be credited to a brokerage account established by the Company in Your name (or, in the event of Your death, in the name of Your Beneficiary) in payment of such Performance Shares. All shares of Common Stock issued under this Agreement will be duly authorized, validly issued, fully paid and non-assessable.

7.Your Commitments; Recoupment.

(a)If You, at any time before the Grant terminates: (i) directly or indirectly, whether as an owner, partner, shareholder, consultant, agent, employee, investor or in any other capacity, accept employment by, render services for or otherwise assist any other business which competes with the business conducted by the Company or any of its Subsidiaries in which You worked during Your last 2 years with the Company or any of its Subsidiaries; (ii) directly or indirectly, hire or solicit or arrange for the hiring or solicitation of any employee of the Company or any of its Subsidiaries, or encourage any such employee to leave such employment; (iii) use, disclose, misappropriate or transfer confidential or proprietary information concerning the Company or any of its Subsidiaries (except as required by Your work responsibilities with the Company or any of its Subsidiaries); or (iv) are convicted of a crime against the Company or any of its Subsidiaries; or (v) engage in any activity in violation of the policies of the Company or any of its Subsidiaries, including without limitation the Company’s Code of Business Ethics and Conduct, or, at any time, engage in conduct adverse to the best interests of the Company or any of its Subsidiaries; then should any of the foregoing events occur, the Grant will be canceled, unless the Committee, in its sole discretion, elects not to cancel such Grant.  The obligations in this Section are in addition to any other agreements related to non-competition, non-solicitation and preservation of Company confidential and proprietary information entered into between You and the Company, and nothing herein is intended to waive, modify, alter or amend the terms of any such other agreement.

(b)You agree that You will be subject to any compensation, clawback and recoupment policies that may be applicable to You, as in effect from time to time and as approved by the Board or the Committee, whether or not approved before or after the Grant Date.

8.Restrictions on Grant.  In no event may (a) You sell, exchange, transfer, assign, pledge, hypothecate, mortgage or dispose of the Grant or any interest therein, nor (b) the Grant or any interest therein be subject to anticipation, attachment, garnishment, levy, encumbrance or charge of any nature, voluntary or involuntary, by operation of law or otherwise and any attempt to do so, whether voluntary or involuntary, will be null and void and no other party will obtain any rights to or interest in the Grant.  You may designate a Beneficiary to receive the Grant in the event of Your death in accordance with Section 2(c) of the Plan.  Any Beneficiary will receive the Grant subject to all of the terms, conditions and restrictions set forth in this Agreement, including but not limited to the forfeiture provisions set forth in this Agreement.

9.Taxes and Withholding.  The Committee may cause to be made, as a condition precedent to any payment or transfer of stock hereunder, appropriate arrangements for the withholding of any Federal, state or local taxes.  If applicable, the Company will have the right, 

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in its discretion, to deduct from any Dividend Equivalents payable pursuant to this Agreement, and from any shares to be issued pursuant to this Agreement, cash and/or shares, valued at Fair Market Value on the date of payment, in an amount necessary to satisfy all Federal, state and local taxes required by law to be withheld with respect to such Dividend Equivalents, cash and/or shares.  You may be required to pay to the Company, prior to delivery of certificates representing such shares and prior to such shares being credited to a book entry account in Your name, the amount of any such taxes.  The Company will accept whole shares of Common Stock of equivalent Fair Market Value in payment of the Company’s minimum statutory withholding tax obligations if You elect to make payment in shares.

10.Compliance with Law.  The Company will make reasonable efforts to comply with all applicable federal and state securities laws.  However, no shares or other securities will be issued pursuant to this Agreement if their issuance would result in a violation of any such law.  If at any time the Committee determines, in its discretion, that the listing, registration or qualification of any shares subject to this Grant upon any securities exchange or under any state or Federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of this Grant or the issue of shares hereunder, no rights under the Grant may be exercised and shares of Common Stock may not be issued pursuant to the Grant, in whole or in part, unless such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Committee and any delay will in no way affect the dates of vesting or forfeiture of the Grant.

11.Amendments; Integrated Agreement.  This Agreement may only be amended in a writing signed by You and an officer of the Company duly authorized to do so.  This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter, and the parties have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein.

12.Relation to Plan; Interpretation.  The Grant is granted under the Plan, and the Grant and this Agreement are each subject to the terms and conditions of the Plan, which is incorporated in this Agreement by reference.  In the event of any inconsistent provisions between this Agreement and the Plan, the provisions of the Plan control.  References to Sections are to Sections of this Agreement unless otherwise noted.  The titles to Sections of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any Section.

13.Notices. Any notice hereunder by You will be given to the Senior Vice President Human Resources and the Corporate Secretary in writing and such notice and any payment by You will be deemed duly given or made only upon receipt by the Corporate Secretary at Barnes Group Inc., 123 Main Street, Bristol, Connecticut 06010, U.S.A., or at such other address as the Company may designate by notice to You.  Any notice to You will be in writing and will be deemed duly given if delivered to You in person or mailed or otherwise delivered to You at such address as You may have on file with the Company from time to time.

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14.Interpretation and Disputes.  This Agreement will be interpreted and construed, and all determinations will be made, by the Committee, and any such interpretation, construction or determination will be final, binding and conclusive on the Company and You.  In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

Any claim, demand or controversy arising from such interpretation, construction or determination by the Committee shall be submitted first to a mediator in accordance with the rules of the American Arbitration Association (“AAA”) by submitting a mediation request to the Administrator within 30 days of the date of the Committee’s interpretation or construction.  The mediation process shall conclude upon the earlier of: (a) the resolution of the dispute; (b) a determination by either the mediator or one or more of the parties that all settlement possibilities have been exhausted and there is no possibility of resolution; or (c) 30 days have passed since the filing of a request to mediate with the AAA.  A party who has previously submitted a dispute to mediation, and which dispute has not been resolved, may submit such dispute to binding arbitration pursuant to the rules of the AAA.  Any arbitration proceeding for such dispute must be initiated within 14 days from the date that the mediation process has concluded.  The prevailing party shall recover its costs and reasonable attorney’s fees incurred in such arbitration proceeding.  You and the Company specifically understand and agree that the failure of a party to timely initiate a proceeding hereunder shall bar the party from any relief or other proceeding and any such dispute shall be deemed to have been finally and completely resolved.  All mediation and arbitration proceedings shall be conducted in Bristol, Connecticut or such other location as the Company may determine and You agree that no objection shall be made to such jurisdiction or venue, as a forum non conveniens or otherwise.  The arbitrator’s authority shall be limited to resolution of the legal disputes between the parties and the arbitrator shall not have authority to modify or amend this Agreement or the Committee’s interpretation or construction thereof, or abridge or enlarge rights available under applicable law.  Any court with jurisdiction over the parties may enforce any award made hereunder.  

15.General.

(a)Nothing in this Agreement confers upon You any right to continue in the employ or other service of the Company or any Subsidiary, or limit in any manner the right of the Company, its stockholders or any Subsidiary to terminate Your employment or adjust Your compensation.

(b)You have no rights as a stockholder with respect to any shares that may be issued pursuant to this Agreement until the date of issuance to You of a stock certificate for such shares or the date of a credit for such shares in a brokerage account in Your name.

(c)This Agreement is binding upon the successors and assigns of the Company and upon Your Beneficiary, estate, legal representatives, legatees and heirs.

(d)This Agreement is governed by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof.

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(e)If applicable, any shares that may be earned pursuant to this Agreement are intended to qualify as “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code.  Any provision of this Agreement that would prevent any such shares from so qualifying will be administered, interpreted and construed to carry out such intention, and any provision that cannot be so administered, interpreted and construed will to that extent be disregarded.

13EX-4.37

 Exhibit 4.37 

[English Translation] 
 EQUITY
INTEREST PLEDGE AGREEMENT 
 This Equity Interest Pledge Agreement (this “Agreement”) is entered into in Xiamen, the People’s
Republic of China (the “PRC” or “China”) on July 1, 2019 by and among: 
  

			
	Party A:	  	Xiamen Youxiang Times Technology Co., Ltd., a wholly foreign-owned limited liability company established and existing under the laws of the PRC, with its registered address at E3, Unit 03, 8th Floor, Building D, Xiamen
International Modernization Center, Xiamen Area, No. 97 Xiangyu Road, China’s (Fujian) Pilot Free Trade Zone (the “Pledgee”).
		
	Party B:	  	Min Luo, a PRC citizen, with his identity card number of 362527198302280018;.
		
		  	Long Xu, a PRC citizen, with his/her identity card number of 610402198310287516.
		  	    (Min Luo and Long Xu are referred to collectively as the “Pledgors.”)
		
	Party C:	  	Xiamen Qu Plus Plus Technology Development Co., Ltd., a limited liability company established and existing under the laws of the PRC, with its registered address at No. 2999, Xi Zhou Road, Tongan District,
Xiamen.

 In this Agreement, the Pledgee, the Pledgors and Party C may be hereinafter referred to individually as a
“Party” and collectively as the “Parties.” 
 WHEREAS: 

 

	 	1.	 Party C is a limited liability company registered in Xiamen, Fujian Province, the PRC. The Pledgors are
shareholders of Party C, and the total amount of their capital contribution is RMB 10,000,000. Party C acknowledges the respective rights and obligations of the Pledgors and the Pledgee hereunder and agrees to provide any necessary assistance to
register the Pledge Right. 

  

	 	2.	 The Pledgee is a wholly foreign-owned enterprise registered in Ganzhou, Jiangxi Province, the PRC. The Pledgee
and Party C entered into the Exclusive Business Cooperation Agreement on July 1, 2019 (the “Exclusive Business Cooperation Agreement”), the Pledgee, the Pledgors and Party C entered into the Exclusive Call Option Agreement on July
1, 2019 (the “Exclusive Call Option Agreement”), and the Pledgors executed the Power of Attorney Agreement to authorize the Pledgee on July 1, 2019 (the “Power of Attorney Agreement”; together with the Exclusive
Business Cooperation Agreement, the Exclusive Call Option Agreement and this Agreement, the “Control Agreements”). 

  

	 	3.	 To guarantee the collection by the Pledgee from Party C of all amounts due and payable by Party C, including,
without limitation, consulting and service fees, and guarantee the performance by Party C and the Pledgors of other obligations under the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement, the Power of Attorney Agreement
and this Agreement, the Pledgors pledge all of their Equity Interest in Party C as security for the obligations under the Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement, the Power of Attorney Agreement and this

  
 Equity Interest Pledge
Agreement 
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	 	4.	 Agreement. 

NOW, THEREFORE, through mutual consultation, the Parties agree as follows: 
  

	1.	 Definitions 

Unless otherwise provided by this Agreement, the following terms shall have the following meanings: 

 

	1.1	 “Pledge Right” means the security interest granted by the Pledgors to the Pledgee in
accordance with Article 2 hereof, i.e. the right of the Pledgee to be repaid in priority out of the proceeds from the conversion, auction or sale of the Equity Interest. 

 

	1.2	 “Equity” or “Equity Interest” means all equity interest in Party C lawfully
held now and acquired hereafter by the Pledgors as set forth in Article 2.1 hereof. 

  

	1.3	 “Pledge Term” means the term set forth in Article 3 hereof. 

 

	1.4	 “Contractual Obligations” shall mean all obligations of the Pledgors and Party C under the
Exclusive Business Cooperation Agreement, the Exclusive Call Option Agreement, the Power of Attorney Agreement and this Agreement (including, without limitation, the obligation to pay consulting and service fees to the Pledgee when they fall due and
payable (whether on the specified due date, by early repayment or otherwise) in accordance with the Exclusive Business Cooperation Agreement). 

  

	1.5	 “Secured Indebtedness” shall mean all direct, indirect and consequential losses and loss of
foreseeable profits suffered by the Pledgee due to any Event of Default of the Pledgors and/or Party C. The basis for the amounts of such losses includes, but is not limited to, reasonable business plans and profit forecasts of the Pledgee, and all
costs incurred by the Pledgee in connection with its enforcement of the Contractual Obligations against the Pledgors and/or Party C. 

  

	1.6	 “Event of Default” means any of the circumstances set forth in Article 7 hereof.

  

	1.7	 “Notice of Default” means the notice given by the Pledgee in accordance with this Agreement to
declare an Event of Default. 

  

	2.	 Pledge Right 

 

	2.1	 As security for the prompt and full performance of the Contractual Obligations and the repayment of the Secured
Indebtedness by the Pledgors and Party C, the Pledgors hereby pledge their Equity Interest in Party C (including the registered capital of (amount of capital contribution to) Party C currently owned by the Pledgors and all Equity Interest relating
thereto, and other registered capital of (amount of capital contribution to) Party C likely to be acquired by the Pledgors hereafter and all Equity Interest relating thereto) (“Equity” or “Equity Interest”) to the
Pledgee by means of first priority pledge. As of the date hereof, the Equity Interest used by Party B for pledge is 100% Equity Interest in Party C held by Party B, representing 100% of the registered capital of Party C, i.e. RMB 10,000,000. Min Luo
holds 99.9% equity interest in Party C, representing 99.9% of the registered capital of Party C, i.e. RMB9,990,000; Long Xu holds 0.1% equity interest in Party C, representing 0.1% registered capital of Party C, i.e. RMB10,000.

  
 Equity Interest Pledge
Agreement 
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	2.2	 The Parties understand and agree that the monetary valuation arising from or relating to the Secured
Indebtedness shall be a variable and floating valuation until the Settlement Date (as defined below). 

  

	2.3	 If any of the following events (each an “Event of Settlement”) occurs, the value of the
Secured Indebtedness shall be determined based on the total amount of the Secured Indebtedness that are due, outstanding and payable to the Pledgee immediately prior to or on the date of occurrence of the Event of Settlement (the “Determined
Indebtedness”): 

  

	 	(a)	 any other Control Agreement is terminated in accordance with its relevant provisions; 

 

	 	(b)	 the Event of Default set forth in Article 7 hereof occurs and fails to be resolved, as a result of which the
Pledgee gives a Notice of Default to the relevant Pledgors in accordance with Article 7.3; 

  

	 	(c)	 upon due inquiry, the Pledgee reasonably determines that the Pledgors and/or Party C is insolvent or could
potentially be made insolvent; or 

  

	 	(d)	 any other event that requires the determination of the Secured Indebtedness in accordance with relevant laws of
the PRC. 

  

	2.4	 For the avoidance of doubt, the date on which an Event of Settlement occurs shall be the settlement date (the
“Settlement Date”). The Pledgee shall have the right, at its option, to realize the Pledge Right in accordance with Article 8 on or after the Settlement Date. 

 

	2.5	 During the Pledge Term, the Pledgee shall have the right to receive dividends or bonuses with respect to the
Equity Interest. The Pledgors may receive dividends or bonuses with respect to the Equity Interest only with the prior written consent of the Pledgee. After the deduction of individual income tax payable by the Pledgors, dividends or bonuses
received by the Pledgors with respect to the Equity Interest shall be, as requested by the Pledgee, (1) deposited into an account designated by the Pledgee, placed under the custody of the Pledgee, used to provide security for the Contractual
Obligations and first applied towards the satisfaction of the Secured Indebtedness; or (2) unconditionally donated to the Pledgee or the person designated by the Pledgee subject to the laws of the PRC. 

 

	2.6	 The Pledgors may increase the capital of Party C only with the prior written consent of the Pledgee. Any
increase in the capital contributed by the Pledgors to the registered capital of Party C as a result of any capital increase shall also be deemed as the Equity Interest pledged hereunder. 

 

	2.7	 If Party C is required to be dissolved or liquidated in accordance with the mandatory provisions of the laws of
the PRC, after Party C completes dissolution or liquidation procedures in accordance with law, any interests distributed to the Pledgors by Party C in accordance with law shall be, as requested by the Pledgee, (1) deposited into an account
designated by the Pledgee, placed under the custody of the Pledgee, used to provide security for the Contractual Obligations and first applied towards the satisfaction of the Secured Indebtedness; or (2) unconditionally donated to the Pledgee
or the person designated by the Pledgee subject to the laws of the PRC. 

  
 Equity Interest Pledge
Agreement 
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	3.	 Pledge Term 

 

	3.1	 The Pledge Right shall become effective as of the date on which it is registered with the administrative
authority for industry and commerce (the “Registration Authority”) in the locality of Party C, and the term of the Pledge Right (the “Pledge Term”) shall terminate until the Contractual Obligations and the Secured
Indebtedness, for which the Pledge Right provides security, have been fully performed or repaid. The Parties agree that after the execution of this Agreement, the Pledgors and Party A shall promptly submit an application for the creation and
registration of Equity Interest Pledge to the Registration Authority in accordance with the Measures for the Registration of Equity Pledge with the Administrative Authorities for Industry and Commerce. The Parties further agree to complete
all Equity pledge registration formalities and obtain the registration notice issued by the Registration Authority within fifteen (15) days from the date on which the Registration Authority formally accepts the application for registration of
Equity pledge. The Parties jointly acknowledge that, for the purpose of completing Equity pledge registration formalities, the Parties shall submit this Agreement or an Equity pledge contract which is executed in the form requested by the
administrative authority for industry and commerce in the locality of Party C and truly reflects the information regarding the Pledge Right hereunder (the “Pledge Agreement for Industrial and Commercial Registration”) to the
administrative authority for industry and commerce. This Agreement shall apply to the matters not mentioned in the Pledge Agreement for Industrial and Commercial Registration. The Pledgors and Party C shall submit all necessary documents and
complete all necessary formalities in accordance with the laws and regulations of the PRC and various requirements of the competent administrative authority for industry and commerce to ensure the Pledge Right is registered as soon as practicable
after the submission of application. 

  

	3.2	 During the Pledge Term, if Party C fails to perform the Contractual Obligations or repay the Secured
Indebtedness in accordance with provisions, the Pledgee shall have the right, but not the obligation, to dispose of the Pledge Right in accordance with this Agreement. 

 

	4.	 Custody of Equity Records subject to the Pledge Right 

 

	4.1	 During the Pledge Term set forth herein, the Pledgors shall deliver the original investment certificate and the
original shareholder register recording the Pledge Right (and other documents reasonably requested by the Pledgee, including, without limitation, the Pledge Right registration notice issued by the administrative authority for industry and commerce)
to the Pledgee for custody within one week from the date on which the Pledge Right is registered and created. The Pledgee shall keep custody of such documents during the entire Pledge Term set forth herein. 

 

	5.	 Representations and Warranties of the Pledgors and Party C 

The Pledgors represent and warrant to the Pledgee as follows: 

 

	5.1	 The Pledgors are the sole legal and beneficial owners of the Equity Interest and shall have lawful, good and
full ownership of the Equity Interest, unless subject to the agreements otherwise entered into by the Pledgors and the Pledgee. 

  
 Equity Interest Pledge
Agreement 
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	5.2	 The Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with this
Agreement. 

  

	5.3	 Except for the Pledge Right, the Pledgors have created no security interest or other encumbrance on the Equity
Interest, there is no dispute with respect to the ownership of the Equity Interest, the Equity Interest is not subject to attachment or other legal proceedings, and no similar action is threatened. The Equity Interest may be used for pledge and
transfer in accordance with applicable laws. 

  

	5.4	 The Pledgors’ execution of this Agreement and exercise of their rights hereunder or performance of their
obligations hereunder will not violate any laws or regulations, any agreements or contracts to which the Pledgors are a party, or any covenants made by the Pledgors to any third party. 

 

	5.5	 All documents, information, statements and certificates provided by the Pledgors to the Pledgee are accurate,
true, complete and valid. 

 Party C represents and warrants to the Pledgee as follows: 

 

	5.6	 Party C is a limited liability company registered, incorporated and lawfully existing under the laws of the PRC
with independent legal person status; it has full and independent legal status and capacity to execute, deliver and perform this Agreement. 

  

	5.7	 Upon due execution by Party C, this Agreement constitutes its legal, valid and binding obligations.

  

	5.8	 Party C has full internal right and authority to execute and deliver this Agreement and all other documents
relating to the transactions contemplated hereby, and has full right and authority to consummate the transactions contemplated hereby. 

  

	5.9	 There is no material security interest or other encumbrance (including, without limitation, transfer of any
intellectual property of Party C or any assets of Party C with value of more than RMB100,000, or encumbrance on any property right or use right of such assets) on the assets owned by Party C, which may affect the rights and interests of the Pledgee
in the Equity Interest. 

  

	5.10	 There are no pending or, to the knowledge of Party C, threatened litigation, arbitration or other legal
proceedings before any court or arbitral tribunal with respect to the Equity Interest, Party C or its assets, nor are there pending or, to the knowledge of Party C, threatened administrative procedures or penalty before any governmental or
administrative authority with respect to the Equity Interest, Party C or its assets, which will have material or adverse effect on the economic condition of Party C or the Pledgors’ ability to perform their obligations and guarantee liability
hereunder. 

  

	5.11	 Party C hereby agrees to bear joint and several liability to the Pledgee for the representations and warranties
made by the Pledgors hereunder. 

  
 Equity Interest Pledge
Agreement 
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	5.12	 Party C hereby warrants to the Pledgee that the foregoing representations and warranties will remain true and
correct and be fully complied with under any circumstances at any time prior to full performance of the Contractual Obligations or full satisfaction of the Secured Indebtedness. 

 

	6.	 Covenants and Further Agreements of the Pledgors and Party C 

The Pledgors covenant and further agree as follows: 
  

	6.1	 During the validity term hereof, the Pledgors hereby covenant to the Pledgee that: 

 

	 	6.1.1	 except for the performance of the Exclusive Call Option Agreement entered into by the Pledgors, the Pledgee and
Party C on July 1, 2019, without the prior written consent of the Pledgee, the Pledgors shall not transfer, or agree to others’ transfer of, all or any part of the Equity Interest, create or permit to be created any security interest or other
encumbrance which may affect the rights and interests of the Pledgee in the Equity Interest; 

  

	 	6.1.2	 the Pledgors shall comply with all laws and regulations applicable to the pledge of rights, show any notice,
order or recommendation issued or prepared by relevant competent authorities (or any other relevant authority) in connection with the Pledge Right to the Pledgee within 5 days after the receipt of the same, and observe such notice, order or
recommendation or make objections and statements with respect to such matters as reasonably requested by the Pledgee or upon approval of the Pledgee; 

  

	 	6.1.3	 the Pledgors shall promptly notify the Pledgee of any event or notice received by the Pledgors which may have
effect on the Pledgee’s rights in the Equity Interest or any part thereof, together with any event or notice received by the Pledgors which may have effect on any warranty and other obligations of the Pledgors arising out of this Agreement.

  

	6.2	 The Pledgors agree that the Pledge Right acquired by the Pledgee in accordance with this Agreement shall not be
suspended or prejudiced by the Pledgors or any of their successors or representatives or any other person through legal proceedings. 

  

	6.3	 To protect or perfect the security interest granted hereunder, the Pledgors hereby covenant to execute in good
faith and cause other parties who have interest in the Pledge Right to execute all certificates, agreements, deeds and/or covenants requested by the Pledgee. The Pledgors also covenant to do and cause other parties who have interest in the Pledge
Right to do acts requested by the Pledgee, facilitate the exercise by the Pledgee of the rights and authority granted to it by this Agreement, and enter into all relevant documents regarding the ownership of the Equity Interest with the Pledgee or
its designees (natural persons/legal persons). The Pledgors covenant to provide the Pledgee with all notices, orders and decisions requested by the Pledgee in connection with the Pledge Right during a reasonable period. 

 

	6.4	 The Pledgors hereby covenant to the Pledgee that they will comply with and perform all warranties, covenants,
agreements, representations and conditions hereunder. In the event of failure to perform or partial performance of their warranties, covenants, agreements, representations and conditions, the Pledgors shall indemnify the Pledgee for all losses
caused thereby. 

  
 Equity Interest Pledge
Agreement 
 - 6 - 

	6.5	 If any compulsory measures are imposed on the Equity Interest pledged hereunder by court or other governmental
authorities due to any reason, the Pledgors shall use all endeavors, including, without limitation, provision of other warranties to the court or adoption of other measures, to release such compulsory measures taken by court or other authorities
with respect to the Equity Interest. 

  

	6.6	 If any possible decrease in the value of the Equity Interest is enough to prejudice the rights of the Pledgee,
the Pledgee may request the Pledgors to provide additional mortgage or security; if the Pledgors fail to provide the same, the Pledgee may auction or sell the Equity Interest at any time and use the proceeds from such auction or sale for early
satisfaction of the Secured Indebtedness or deposit; any costs arising therefrom shall be fully borne by the Pledgors. 

  

	6.7	 Without the prior written consent of the Pledgee, the Pledgors and/or Party C shall not (or assist others to)
increase, decrease or transfer the registered capital of Party C (or amount of capital contribution to Party C) or create any encumbrance thereon (including the Equity Interest). Subject to the foregoing, the Equity Interest in Party C registered
and acquired by the Pledgors after the date hereof shall be referred to as the “Additional Equity.” Immediately after the Pledgors acquire the Additional Equity, the Pledgors and Party C shall enter into a supplementary Equity pledge
agreement with the Pledgee with respect to the Additional Equity, cause the board of directors and the shareholders’ meeting of Party C to approve such supplementary Equity pledge agreement and deliver to the Pledgee all documents required by
the supplementary Equity pledge agreement, including, without limitation, (a) the original investment certificate issued by Party C in connection with the Additional Equity; and (b) a certified copy of the capital verification report on
the Additional Equity issued by a certified public accountant of the PRC. The Pledgors and Party C shall create and register the pledge of the Additional Equity in accordance with Article 3.1 hereof. 

 

	6.8	 Unless the Pledgee gives prior written instructions to the contrary, the Pledgors and/or Party C agrees that if
all or any part of the shares are transferred (split or inherited) between the Pledgors and any third Party (the “Share Transferee”) in violation of this Agreement, the Pledgors and/or Party C shall ensure that the Share Transferee
shall unconditionally acknowledge the Pledge Right and complete necessary pledge change registration formalities (including, without limitation, execution of relevant documents) to procure the existence of the Pledge Right. 

 

	6.9	 If the Pledgee provides any loan to Party C, the Pledgors and/or Party C agrees to pledge the Equity Interest
to grant the Pledge Right to the Pledgee so as to provide security for such further loan and complete relevant formalities as soon as practicable in accordance with requirements of laws, regulations or local practices (if any), including, without
limitation, execution of relevant documents and completion of relevant pledge creation (or change) registration formalities. 

Party C covenants and further agrees as follows: 
  

	6.10	 If the execution and performance of this Agreement and the Equity pledge hereunder require consent, permit,
waiver or authorization of any third party or approval, permit or exemption of any governmental authority or completion of registration or filing formalities with any governmental authority (if required by law), Party C will endeavor to assist in
obtaining and keeping them fully valid during the validity term hereof. 

  
 Equity Interest Pledge
Agreement 
 - 7 - 

	6.11	 Without the prior written consent of the Pledgee, Party C shall not assist or permit the Pledgors to create any
new pledge or grant any other security interest on the Equity Interest, nor shall it assist or permit the Pledgors to transfer the Equity Interest. 

  

	6.12	 Party C agrees that it and the Pledgors shall jointly and strictly comply with the obligations under Articles
6.7, 6.8 and 6.9 hereof. 

  

	6.13	 Without the prior written consent of the Pledgee, Party C shall not transfer its assets, create or permit to be
created any security interest or other encumbrance (including, without limitation, transfer of any intellectual property of Party C or any assets of Party C with value of more than RMB100,000, or encumbrance on any property right or use right of
such assets) on its assets which may affect the rights and interests of the Pledgee in the Equity Interest. 

  

	6.14	 If there is any lawsuit, arbitration or other claims likely to have adverse effect on Party C, the Equity
Interest or the interests of the Pledgee under the Control Agreements, Party C warrants that it will notify the Pledgee in writing as soon as possible without delay and take all necessary measures as reasonably requested by the Pledgee to ensure the
Pledgee’s pledge interests in the Equity Interest. 

  

	6.15	 Party C will not do or permit to be done any act or action likely to have adverse effect on the interests of
the Pledgee under the Control Agreements or the Equity Interest. 

  

	6.16	 During the first month of each calendar quarter, Party C will provide the Pledgee with the financial statements
of Party C for the preceding calendar quarter, including, without limitation, balance sheet, income statement and cash flow statement. 

  

	6.17	 Party C warrants that it will take all necessary measures and execute all necessary documents as reasonably
requested by the Pledgee to ensure the Pledgee’s pledge interests in the Equity Interest together with the exercise and realization by the Pledgee of such interests. 

 

	6.18	 If the exercise of the Pledge Right hereunder results in the transfer of any Equity Interest, Party C warrants
that it will take all measures to complete such transfer. 

  

	6.19	 Party B shall ensure and cause the other shareholders of Party C to ensure that Party C will complete the
operation term extension registration formalities within three (3) months prior to the expiration of its operation term so that the validity of this Agreement shall be maintained. 

 

	7.	 Events of Default 

 

	7.1	 The following circumstances shall be deemed as Events of Default: 

 

	 	7.1.1	 Party C fails to fully pay consulting and service fees payable under the Exclusive Business Cooperation
Agreement or fails to repay loan or violates any obligations of Party C under the Control Agreements; 

  

	 	7.1.2	 any representation or warranty made by the Pledgors in Article 5 hereof contains material misrepresentations or
errors, and/or the Pledgors violate any warranty contained in Article 5 hereof; 

  
 Equity Interest Pledge
Agreement 
 - 8 - 

	 	7.1.3	 the Pledgors and Party C fail to complete Equity pledge registration with the Registration Authority in
accordance with Article 3.1; 

  

	 	7.1.4	 the Pledgors and Party C violate any provision of this Agreement; 

 

	 	7.1.5	 unless specified by Article 6.1.1, the Pledgors transfer or intend to transfer or waive the pledged Equity or
convey the pledged Equity without the written consent of the Pledgee; 

  

	 	7.1.6	 loans, warranties, damages, covenants or other debts and liabilities owed by the Pledgors to any third party
(1) are required to be early repaid or performed due to breach by the Pledgors; or (2) have become due but cannot be repaid or performed on schedule; 

 

	 	7.1.7	 any approval, license, permit or authorization of the governmental authority that makes this Agreement
enforceable, legal and valid is revoked, suspended, invalid or materially changed; 

  

	 	7.1.8	 the promulgation of applicable laws makes this Agreement illegal or the Pledgors unable to continue the
performance of their obligations hereunder; 

  

	 	7.1.9	 adverse change in the property owned by the Pledgors causes the Pledgee to determine that the ability of the
Pledgors to perform their obligations hereunder has been affected; 

  

	 	7.1.10	 the successor or trustee of Party C can only perform the payment liability in part or refuses to perform the
payment liability under the Exclusive Business Cooperation Agreement; and 

  

	 	7.1.11	 any other circumstance under which the Pledgee cannot or may be unable to exercise the Pledge Right, including,
without limitation, the circumstances under which the Pledgors are dead or lose civil capacity. 

  

	7.2	 Upon knowledge or discovery of any circumstance set forth in Article 7.1 or the occurrence of any event that
may lead to such circumstance, the Pledgors shall promptly notify the Pledgee in writing accordingly. 

  

	7.3	 Unless the Events of Default set forth in Article 7.1 have been successfully resolved to the satisfaction of
the Pledgee within thirty (30) days after the date of notice from the Pledgee, the Pledgee may give a Notice of Default to the Pledgors when an Event of Default occurs or at any time after the occurrence of an Event of Default, requesting the
Pledgors to promptly pay all outstanding amounts due and payable under the Control Agreements and all other amounts due and payable to the Pledgee and/or repay loan and/or dispose of the Pledge Right in accordance with Article 8 hereof.

  

	8.	 Exercise of the Pledge Right 

 

	8.1	 Without the written consent of the Pledgee, the Pledgors shall not transfer their Equity Interest in Party C.

  
 Equity Interest Pledge
Agreement 
 - 9 - 

	8.2	 When the Pledgee exercises the Pledge Right, it may give a Notice of Default to the Pledgors.

  

	8.3	 Subject to the provisions of Article 7.3, the Pledgee may exercise the right to enforce the Pledge Right when
it gives a Notice of Default or at any time after it gives a Notice of Default in accordance with Article 7.2. Once the Pledgee elects to enforce the Pledge Right, the Pledgors shall have no rights or interests in the Equity Interest.

  

	8.4	 In the event of default, to the extent permitted, and in accordance with applicable laws, the Pledgee shall
have the right to dispose of the pledged Equity and exercise all of its remedies and rights for breach of contract in accordance with law, including, without limitation, the right to be repaid in priority out of the proceeds from the conversion,
auction or sale of the pledged Equity. After all proceeds received by the Pledgee from the exercise of the Pledge Right are used to satisfy the Secured Indebtedness, any remaining amount shall be paid to the Pledgors or the persons entitled to it
(without any interest accrued thereon). The Pledgee shall not be liable for any loss caused by its reasonable exercise of its remedies and rights for breach of contract. The Pledgee shall have the right, at its option, to exercise any of its
remedies for breach of contract simultaneously or successively. The Pledgee shall not be required to exercise other remedies for breach of contract before its exercise of the right to be repaid in priority out of the proceeds from the conversion,
auction or sale of the pledged Equity hereunder. 

  

	8.5	 When the Pledgee disposes of the Pledge Right in accordance with this Agreement, the Pledgors and Party C shall
provide necessary assistance so that the Pledgee can enforce the Pledge Right in accordance with this Agreement. 

  

	8.6	 All out-of-pocket expenses,
taxes and all legal costs relating to the creation of the Equity pledge and the realization of the Pledgee’s rights hereunder shall be borne by the Pledgors, except for those borne by the Pledgee in accordance with laws. The Pledgee shall have
the right to fully deduct reasonable costs incurred by it in connection with its exercise of any or all of its foregoing rights and powers from the proceeds obtained as a result of its exercise of such rights and powers. 

 

	8.7	 The Parties acknowledge that the Investor Shareholders shall be liable only for their own breach of contract
and shall bear no joint and several liability for breach by any other Party hereto. 

  

	9.	 Assignment 

 

	9.1	 Without the prior written consent of the Pledgee, the Pledgors shall have no right to assign or delegate their
rights and obligations hereunder. 

  

	9.2	 This Agreement shall be binding upon the Pledgors and their successors and permitted assignees and shall be
valid with respect to the Pledgee and each of its successors and assignees. 

  

	9.3	 At any time, the Pledgee may assign any and all of its rights and obligations under the Exclusive Business
Cooperation Agreement to its designees (natural persons/legal persons), in which case the assignees shall have the rights and obligations of the Pledgee hereunder, as if they were the original Parties hereto. When the Pledgee assigns its rights and
obligations under the Exclusive Business Cooperation Agreement, upon request by the Pledgee, the Pledgors shall execute relevant agreements or other documents in connection with such assignment. 

  
 Equity Interest Pledge
Agreement 
 - 10 - 

	9.4	 In the event of change of the Pledgee due to assignment, upon request by the Pledgee, the Pledgors shall enter
into a new pledge contract with the new Pledgee on the same terms and conditions as those of this Agreement. 

  

	9.5	 The Pledgors shall strictly comply with the provisions of this Agreement and other contracts jointly or
severally executed by the Parties hereto or any of them, including the Exclusive Call Option Agreement and the Power of Attorney Agreement to authorize the Pledgee, perform the obligations hereunder and thereunder and refrain from any act/omission
that may affect the validity and enforceability hereof and thereof. The Pledgors shall not exercise any remaining rights in the Equity Interest pledged hereunder unless in accordance with the written instructions given by the Pledgee.

  

	10.	 Termination 

After the Exclusive Business Cooperation Agreement has been fully performed, the consulting and service fees thereunder have been fully paid
and the obligations of Party C under the other Control Agreements have been terminated, this Agreement shall terminate and the Pledgee shall cancel or terminate this Agreement as soon as reasonably practicable. 

Unless otherwise provided by laws, in no event shall the Pledgors or Party C have the right to terminate or rescind this Agreement. 

 

	11.	 Handling Fee and Other Expenses 

All fees and out-of-pocket expenses relating to this Agreement,
including, without limitation, attorneys’ fee, costs of production, stamp duty and any other tax and fee, shall be borne by Party C. If the Pledgee is required to bear relevant taxes and fees by applicable laws, the Pledgors shall cause Party C
to fully reimburse all taxes and fees already paid by the Pledgee. 
  

	12.	 Confidentiality Liability 

The Parties acknowledge that any oral or written information exchanged in connection with this Agreement shall be considered as confidential
information. Each Party shall keep all such information confidential and shall not disclose any relevant information to any third party without the written consent of the other Parties, except for the information that: (a) is or will be in the
public domain (other than through the receiving Party’s disclosure to the public); (b) is required to be disclosed in accordance with applicable laws or rules or provisions of any stock exchange; or (c) is required to be disclosed by any
Party to its legal counsels or financial advisors in connection with the transactions contemplated hereby, provided, however, that such legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth
in this article. If the staff or agencies engaged by any Party disclose any confidential information, such Party shall be deemed to have disclosed such confidential information and shall bear legal liability for breach of this Agreement. This
article shall survive the termination of this Agreement for any reason. 

  
 Equity Interest Pledge
Agreement 
 - 11 - 

	13.	 Governing Law and Dispute Resolution 

 

	13.1	 The execution, effectiveness, interpretation and performance of this Agreement and resolution of
disputes arising hereunder shall be governed by officially promulgated and publicly available laws of the PRC. Any matters not covered by officially promulgated and publicly available laws of the PRC shall be governed by international legal
principles and practices. 

  

	13.2	 Any dispute arising from the interpretation and performance of the provisions of this Agreement shall be
resolved by the Parties through consultation in good faith. If the Parties fail to agree upon the resolution of a dispute within 30 days after any Party requests to resolve such dispute through consultation, any Party may submit the dispute to the
China International Economic and Trade Arbitration Commission for arbitration in accordance with the Commission’s arbitration rules then in effect. The arbitration shall be held in Beijing and conducted in the Chinese language. The arbitral
award shall be final and binding upon the Parties. 

  

	13.3	 In the event of any dispute arising out of the interpretation and performance of this Agreement or
during the pending arbitration of any dispute, except for the matters in dispute, the Parties hereto shall continue to exercise their respective rights hereunder and perform their respective obligations hereunder. 

 

	14.	 Notices 

 

	14.1	 All notices and other communications required or permitted to be given in accordance with this Agreement
shall be personally delivered or sent by registered mail, postage prepaid, commercial courier service or facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates
on which such notices shall be deemed to have been effectively given shall be determined as follows: 

  

	 	14.1.1	 Notices given by personal delivery, courier service or registered mail, postage prepaid, shall be deemed
effectively given on the date of delivery or refusal at the mailing address specified for notices. 

  

	 	14.1.2	 Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	14.2	 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	Party A:	  	
	
	Xiamen Youxiang Times Technology Co., Ltd.
	Address:	  	E3, Unit 03, 8th Floor, Building D, Xiamen International Modernization Center, Xiamen Area, No. 97 Xiangyu Road, China’s (Fujian) Pilot Free Trade Zone
	Attention:	  	Zhentao Liu
	Telephone:	  	86-17310632963

  
 Equity Interest Pledge
Agreement 
 - 12 - 

			
	Party B:	  	
		
	Min Luo	  	
	Address:	  	39th Floor, AVIC Zijin Plaza, Huan Dao Dong Road 1801, Siming District, Xiamen
	Attention:	  	Min Luo
	Telephone:	  	86-17602141092
		
	Long Xu	  	
	Address:	  	39th Floor, AVIC Zijin Plaza, Huan Dao Dong Road 1801, Siming District, Xiamen
	Attention:	  	 Long Xu

	Telephone:	  	86-17602141092
		
	Party C:	  	
	
	Xiamen Qu Plus Plus Technology Development Co., Ltd.,
	Address:	  	No. 2999, Xi Zhou Road, Tongan District, Xiamen
	Attention:	  	Long Xu
	Telephone:	  	86-17602141092

  

	14.3	 Any Party may change its mailing address for notices at any time by giving a notice to the other Parties
in accordance with this article. 

  

	15.	 Severability 

If one or more provisions of this Agreement are held to be invalid, illegal or unenforceable in any respect in accordance with any law or
regulation, the validity, legality or enforceability of the remaining provisions hereof shall not be affected or prejudiced in any respect. The Parties shall strive through consultation in good faith to replace such invalid, illegal or unenforceable
provisions with valid provisions to the greatest extent permitted by laws and expected by the Parties, and the economic effect of such valid provisions shall be as close as possible to the economic effect of such invalid, illegal or unenforceable
provisions. 
  

	16.	 Appendix 

The appendix hereto shall constitute an integral part of this Agreement. 

 

	17.	 Effectiveness 

 

	17.1	 Any amendment, modification and supplement to this Agreement shall be made in writing and become effective
after the Parties affix their signatures or seals and complete governmental registration procedures, if applicable. 

  

	17.2	 This Agreement is made in five (5) counterparts. Each of the Pledgors, Party C and the Pledgees, Min Luo
and Long Xu, shall hold one (1) copy. One (1) copy shall be submitted to the Registration Authority. Each copy of this Agreement shall have the same effect. 

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

  
 Equity Interest Pledge
Agreement 
 - 13 - 

 IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Agreement as of
the date first written above. 
 Party A: Xiamen Youxiang Times Technology Co., Ltd. (Affix Company Seal) 

(Seal) 
  

			
	By:	 	  

	Name:	 	Zhentao Liu

  
 Equity Interest Pledge
Agreement 

 Party B: Min Luo 
  

			
	By:	 	 /s/ Min Luo

	Name:	 	Min Luo

  
 Equity Interest Pledge
Agreement 

 Party B: Long Xu 
  

			
	By:	 	 /s/ Long Xu

	Name:	 	Long Xu

  
 Equity Interest Pledge
Agreement 

 Party C: Xiamen Qu Plus Plus Technology Development Co., Ltd., (Affix Company Seal) 

(Seal) 
  

			
	By:	 	  

	Name:	 	Long Xu

  
 Equity Interest Pledge
Agreement

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