Document:

Exhibit 4.27

 

SHARE PURCHASE AGREEMENT

 

BY AND AMONG

 

PLUTUX LABS LIMITED

 

PLUTUX LIMITED

 

AND

 

THE9 LIMITED

 

1111 LIMITED

 

August 31, 2018

 

    	 	 

    	 	 	CONFIDENTIAL

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I Definitions	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Definitional and Interpretative Provisions	11
	 	 	 
	Article II Description of the Transaction	12
	 	 	 
	Section 2.01	Pre-Closing and Closing; Purchase and Sale of Subject Shares	12
	Section 2.02	Closing Deliveries and Conditions	12
	 	 	 
	Article III Representations and Warranties of Warrantors	13
	 	 	 
	Section 3.01	Organization and Good Standing of Seller	14
	Section 3.02	Organization, Good Standing and Qualification of Plutux; Subsidiaries	14
	Section 3.03	Authorization; Enforceable Agreement	14
	Section 3.04	Non-contravention	14
	Section 3.05	Governmental Consents	15
	Section 3.06	Capitalization	15
	Section 3.07	Title to Shares	16
	Section 3.08	Disclosure	16
	Section 3.09	Financial Statements	16
	Section 3.10	No Undisclosed Liabilities	17
	Section 3.11	Absence of Changes	17
	Section 3.12	Plutux Group Company Contracts	19
	Section 3.13	Compliance with Laws; Orders and Permits	20
	Section 3.14	Litigation	21
	Section 3.15	Properties	21
	Section 3.16	Intellectual Property	21
	Section 3.17	Insurance Coverage	23
	Section 3.18	Licenses and Permits	24
	Section 3.19	Indebtedness	24
	Section 3.20	Tax Matters	24
	Section 3.21	Employees and Employee Benefit Matters	25
	Section 3.22	Anti-Corruption Compliance	27
	Section 3.23	Related Party Transactions	27
	Section 3.24	Status of Seller as Purchaser of the Purchaser Consideration Shares	27
	 	 	 
	Article IV Representations and Warranties of Purchaser	28
	 	 	 
	Section 4.01	Organization, Good Standing and Qualification	29
	Section 4.02	Authorization; Enforceable Agreement	29
	Section 4.03	Non-contravention	29
	Section 4.04	Governmental Consents	29

 

    	 	i	 

    	 	 	CONFIDENTIAL

    

 

	Section 4.05	Valid Issuances	30
	 	 	 
	Article V Covenants and Additional Agreements of the Parties	30
	 	 	 
	Section 5.01	Conduct of Plutux	30
	Section 5.02	[Reserved]	31
	Section 5.03	Access to Information	31
	Section 5.04	Notices of Certain Events	31
	Section 5.05	Commercially Reasonable Efforts	32
	Section 5.06	Corporate Existence, Assets, Insurance	32
	Section 5.07	Compliance with Laws	32
	Section 5.08	Anti-Corruption Compliance	32
	Section 5.09	Public Disclosure	33
	Section 5.10	Confidentiality	33
	Section 5.11	Lock-up	33
	Section 5.12	[Reserved].	34
	Section 5.13	Non-compete Undertaking	34
	Section 5.14	Repurchase and Cancellation.	34
	 	 	 
	Article VI Conditions to Pre-closing and Closing	35
	 	 	 
	Section 6.01	Conditions to the Obligations of Each Party	35
	Section 6.02	Conditions to the Obligations of Purchaser	36
	Section 6.03	Conditions to the Obligations of Seller	37
	 	 	 
	Article VII Indemnification	38
	 	 	 
	Section 7.01	Survival of Representations and Warranties	38
	Section 7.02	Indemnification by Warrantor	39
	Section 7.03	Limits on Indemnification by Warrantor	39
	Section 7.04	Indemnification by Purchaser	39
	Section 7.05	Limits on Indemnification by Purchaser	39
	Section 7.06	Third-Party Claims	40
	Section 7.07	Exclusive Remedy	41
	 	 	 
	Article VIII Termination	41
	 	 	 
	Section 8.01	Termination	41
	Section 8.02	Effect of Termination	42
	 	 	 
	Article IX Miscellaneous	42
	 	 	 
	Section 9.01	Notices	42
	Section 9.02	Specific Performance	43
	Section 9.03	Amendments and Waivers	43
	Section 9.04	Fees and Expenses	43
	Section 9.05	Disclosure Schedule References	43
	Section 9.06	Binding Effect; Benefit; Assignment	44

 

    	 	ii	 

    	 	 	CONFIDENTIAL

    

 

	Section 9.07	Governing Law	44
	Section 9.08	Consultation	44
	Section 9.09	Arbitration	44
	Section 9.10	Counterparts; Effectiveness	45
	Section 9.11	Entire Agreement	45
	Section 9.12	Severability	45
	 	 	 

 

    	 	iii	 

    	 	 	CONFIDENTIAL

    

 

SHARE PURCHASE AGREEMENT

 

THIS SHARE PURCHASE AGREEMENT (this “Agreement”),
dated as of August 31, 2018, is entered into by and among Plutux Labs Limited, a company incorporated under the law of Cayman Islands
(the “Seller”), The9 Limited, an exempted company with limited liability incorporated under the laws of the
Cayman Islands which has American depositary shares (“ADSs”), each representing three ordinary shares, par value
US$0.01 each (each ordinary share of The9 Limited is referred to as the “Purchaser Share”), listed on the Nasdaq
Global Market (“NASDAQ”) under trading symbol “NCTY” (“The9”),
1111 Limited, a company incorporated under the Hong Kong laws (“The9 Sub”,
together with The9 and each of them, the “Purchaser”), and Plutux Limited, a company incorporated under the
laws of Gibraltar (“Plutux”, together with Seller and Purchaser, the “Parties”,
and each of them, a “Party”).

 

RECITALS

 

WHEREAS, as of the date hereof, the Seller directly
owns 100% of the total fully diluted and as converted share capital of Plutux;

 

WHEREAS, subject to the terms and conditions
set forth in this Agreement, the Seller desires to sell, and the Purchaser desires to purchase, the Subject Shares (as defined
below) for a consideration of the Purchaser Consideration Shares (as defined below), subject to the indemnification obligations
described herein.

 

NOW THEREFORE, in consideration of the foregoing
and the representations, warranties and agreements set forth herein, and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound by this Agreement, the Parties agree as follows:

 

AGREEMENT

 

Article
I

 

Definitions

 

Section 1.01    Definitions.

 

(a)          As
used in this Agreement, the following terms have the following meanings:

 

“6-K
Filing” has the meaning set forth in Section 5.09.

 

“Action”
means any charge, claim, action, complaint, petition, inquiry, investigation, appeal, suit, litigation, grievance or other proceeding,
whether administrative, civil, regulatory or criminal, whether at law or in equity, or otherwise under any applicable Law, and
whether or not before any arbitrator or Governmental Authority.

 

    	 	1	 

    	 	 	CONFIDENTIAL

    

 

“Affiliate”
means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified Person. For purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as applied to any Person, shall mean the possession, directly or indirectly or as trustee, personal representative
or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership
of voting securities, as trustee, personal representative or executor, by Contract or otherwise.

 

“Arbitration
Board” has the meaning set forth in Section 9.09(a).

 

“Board”
means the board of directors of the Seller, Plutux or Purchaser, as the case may be.

 

“Business”
means the business and operations of the Plutux Group Companies relating to cryptocurrency exchange business and any other business
operated, managed, developed or serviced by the Plutux Group Companies as of the date of this Agreement.

 

“Business
Day” means any day that is not a Saturday, a Sunday, legal holiday or other day on which banks are required or
authorized by Law to be closed in the PRC, the Cayman Islands, Gibraltar, New York or Hong Kong.

 

“Cancellation Option” shall
have the meaning set forth in Section 5.14(a).

 

“Cancellation Option of Plutux”
shall have the meaning set forth in Section 5.14(a).

 

“Cancellation Option of The9”
shall have the meaning set forth in Section 5.14(a).

 

“Cancellation Option Closing Date”
shall have the meaning set forth in Section 5.14(a).

 

“Cancellation Option Notice”
shall have the meaning set forth in Section 5.14(a).

 

“Cancellation Option II”
shall have the meaning set forth in Section 5.14(c).

 

“Cancellation Option II Notice”
shall have the meaning set forth in Section 5.14(c).

 

“Cancellation Option II Closing Date”
shall have the meaning set forth in Section 5.14(c).

 

“Closing”
shall have the meaning set forth in Section 2.01(a).

 

“Closing
Date” shall have the meaning set forth in Section 2.01(c).

 

“Code”
means the United States Internal Revenue Code of 1986.

 

“Consent”
means any approval, consent, ratification, permission, waiver or authorization (including any Permit).

 

    	 	2	 

    	 	 	CONFIDENTIAL

    

 

“Constitutional
Documents” means, with respect to a particular legal entity, the articles of incorporation, certificate of incorporation,
formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association,
bylaws, articles of organization, limited liability company agreement, trust deed, trust instrument, operating agreement, joint
venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents,
of such entity.

 

“Contract”
means, as to any Person, a contract, agreement, indenture, note, bond, loan, instrument, lease, mortgage, franchise, license, commitment,
purchase order, and other legally binding arrangement, whether written or oral, including any and all amendments, modifications
and supplements thereto.

 

“Copyrights”
means copyrights and similar or equivalent rights with respect to Works of Authorship and all registrations of the foregoing and
applications for the foregoing (including moral and economic rights, however denominated).

 

“Current
Balance Sheet” has the meaning set forth in Section 3.09(a).

 

“Damages”
include any loss, damage, injury, liability, claim, demand, settlement, judgment, award, fine, penalty, Tax, fee (including reasonable
attorneys’ fees), charge, cost (including costs of investigation) or expense of any nature actually suffered or incurred
by the claiming Person(s).

 

“Databases”
means all databases (including knowledge databases, customer lists and customer databases) and other compilations and collections
of data or information.

 

“Depositary”
means The Bank of New York Mellon, the ADS depositary of Purchaser.

 

“Disclosure
Schedule” means the disclosure schedule regarding this Agreement that has been provided by Plutux to Purchaser
and dated the date of this Agreement.

 

“Dispute”
has the meaning set forth in Section 9.08.

 

“Encumbrance”
means any security interests, mortgages, liens, pledges, charges, reservations, restrictions, rights of way, options, rights of
first refusal, community property interests, equitable interests, conditional sale or other title retention agreements, any agreement
to provide any of the foregoing and all other encumbrances, whether or not relating to the extension of credit or the borrowing
of money, whether imposed by contract, Law, equity or otherwise.

 

“Equity
Securities” means, with respect to a Person, any and all shares of capital stock, membership interests, units,
profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any
right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to acquire any of the foregoing,
or security convertible into, exchangeable or exercisable for any of the foregoing, or any Contract providing for the acquisition
of any of the foregoing.

 

    	 	3	 

    	 	 	CONFIDENTIAL

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“FCPA”
has the meaning set forth in Section 3.22.

 

“Financial
Statements” has the meaning set forth in Section 4.09(a).

 

“Governmental
Authority” means any government of any nation, federation, province or state or any other political subdivision
thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, including any government authority, agency, department, board, commission or instrumentality of any country,
or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization.

 

“Governmental
Official” has the meaning set forth in Section 3.22.

 

“Governmental
Order” means any order, ruling, decision, verdict, decree, writ, subpoena, mandate, command, directive, consent,
approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental
Authority.

 

“Indebtedness” of any Person
means, without duplication (i) all indebtedness for borrowed money, (ii) all reimbursement or payment obligations with respect
to letters of credit, surety bonds and other similar instruments, (iii) all obligations evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses,
(iv) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing,
in either case with respect to any property or assets acquired with the proceeds of such indebtedness, and (v) all indebtedness
referred to in clauses (i) through (iv) above of any other Person secured by any Encumbrance upon or in any property or assets
owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness.

 

“Indemnified
Party” has the meaning set forth in Section 7.06.

 

“Independent
Third Party” means, with respect to Seller, any Person who is not an Affiliate of Seller.

 

“Information”
has the meaning set forth in Section 5.10.

 

“Intellectual
Property License” means any license, sublicense, right, covenant, non-assertion, permission, immunity, consent,
release or waiver under or with respect to any Intellectual Property Rights or Technology.

 

    	 	4	 

    	 	 	CONFIDENTIAL

    

 

“Intellectual
Property Rights” means any and all intellectual or industrial property or other proprietary rights, existing now
or in the future anywhere in the world, including (i) Patent Rights; (ii) rights with respect to Marks, and all registrations
for Marks and applications to register Marks; (iii) Copyrights; (iv) rights with respect to Trade Secrets; (v) rights
with respect to domain names, including registrations for domain names; (vi) rights with respect to Databases, including registrations
of these rights and applications to register these rights; (vii) to the extent not otherwise included in the foregoing, rights
with respect to Technology, (viii) rights of publicity and personality, including all rights with respect to use of a Person’s
name, signature, likeness, image, photograph, voice, identity and personality; (ix) social media accounts, logins and passwords,
and (x) all claims, causes of action and rights to sue for past, present and future infringement or unconsented use of any
of the foregoing intellectual and other proprietary rights set forth in the foregoing subsections (i) through (ix), the right to
file applications and obtain registrations, and all rights arising therefrom and pertaining thereto and all products, proceeds
and revenues arising from or relating to any and all of the foregoing.

 

“Invention
Assignment Agreement” has the meaning set forth in Section 3.16(e).

 

“IT
Assets” has the meaning set forth in Section 3.16(h).

 

“IFRS”
means International Financial Reporting Standards as issued by the International Accounting Standards Board, as in effect from
time to time, applied on a consistent basis.

 

“Knowledge” means the actual
knowledge possessed by a Person.

 

“Law”
or “Laws” means any and all provisions of any applicable constitution,
treaty, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise,
license, agreement, directive, requirement, or other governmental restriction or any similar form of decision of, or determination
by, or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and
any and all applicable Governmental Orders.

 

“Liability”
means any direct or indirect liability, Indebtedness, claim, loss, damage, deficiency, obligation or responsibility, fixed or unfixed,
liquidated or unliquidated, secured or unsecured, accrued, absolute or contingent.

 

“Lock-up
Period” has the meaning set forth in Section 5.11.

 

“Loss”
has the meaning set forth in Section 7.02.

 

“Marks”
means trademarks, service marks, logos and design marks, trade dress, trade names, distinctive advertising taglines, fictitious
and other business names, and brand names, together with all goodwill associated with any of the foregoing.

 

“Open
Source Software” means any software licensed, provided, or distributed under any open source license, including
any license meeting the Open Source Definition (as promulgated by the Open Source Initiative) or the Free Software Definition (as
promulgated by the Free Software Foundation).

 

“Other
Interested Party” has the meaning set forth in Section 5.02.

 

“Patent
Rights” means all granted patents (including utility, utility model, expired, abandoned and design patents), patent
applications (including provisional, national, regional and international applications, as well as original, expired, abandoned,
continuation, continuation-in-part, divisional and continued prosecution applications, reissues, and re-examination applications),
statutory invention registrations, and any term extension or other action by a Governmental Authority which provides rights beyond
the original expiration date of any of the foregoing, whether within or outside the United States.

 

    	 	5	 

    	 	 	CONFIDENTIAL

    

 

“Permit”
means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement, license, exemption
or order of, registration or record filing, operating license, qualifications, ratification, certificate, declaration or filing
with, or report or notice to, or other form of permission to engage in a specific activity issued by, any Person, including any
Governmental Authority.

 

“Permits”
has the meaning set forth in Section 3.18.

 

“Permitted
Encumbrances” means (i) all statutory liens for Taxes not yet due and payable or Taxes the validity of which
are being contested in good faith by appropriate Proceedings, (ii) all landlords’, workmen’s, repairmen’s,
warehousemen’s and carriers’ liens and other similar liens imposed by Law, incurred in the ordinary course of business,
(iii) all pledges or deposits in connection with workers compensation, unemployment insurance and other social security legislation,
(iv) Encumbrances identified on title policies or preliminary title reports or other documents or writings included in the public
records and (v) all other Encumbrances of any type which do not materially detract from the value of, or materially interfere
with, the present use and enjoyment of the asset or property subject thereto or affected thereby.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including
a Governmental Authority.

 

“Personal
Information” means all information regarding or capable of being associated with an individual consumer or device,
including such information (i) that identifies, could be used to identify or is otherwise identifiable with an individual,
including name, physical address, telephone number, email address, financial account number, government-issued identifier, medical,
health or insurance information, gender, date of birth, educational or employment information, religious or political views or
affiliations, marital or other status, photograph, face geometry, or biometric information, and any other data used or intended
to be used to identify, contact or precisely locate an individual, (ii) that is data regarding an individual’s activities
online or on a mobile or other application (e.g., searches conducted, web pages or content visited or viewed), and (iii) that
consists of Internet Protocol addresses or other persistent identifiers. Personal Information may relate to any individual, including
a current, prospective or former customer, employee or vendor of any Person. Personal Information includes information in any form,
including paper, electronic and other forms.

 

“Plutux
Balance Sheet Date” has the meaning set forth in Section 3.09(a).

 

“Plutux
Benefit Plan” means each employee benefit plan and each stock purchase, stock option, restricted stock, stock
unit, stock appreciation right, severance, employment, consulting, change-in-control, retention, fringe benefit, bonus, incentive,
deferred compensation, vacation, group or individual health, dental, medical, disability and life insurance, survivor benefits,
and each other employee benefit plan, agreement, program, policy or other arrangement, in each case, that is maintained or contributed
to by Plutux for the benefit of any current or former employee, independent contractor or director of any Plutux Group Company,
or with respect to which any Plutux Group Company has or may have any Liability or obligation.

 

    	 	6	 

    	 	 	CONFIDENTIAL

    

 

“Plutux
Financial Statements” has the meaning set forth in Section 3.09(a).

 

“Plutux
Group Company” means Plutux or any of its Subsidiaries.

 

“Plutux
Group Company Contract(s)” has the meaning set forth in Section 3.12(c).

 

“Plutux
IP” shall have the meaning set forth in 0.

 

“Plutux
Material Adverse Effect” means any change or development that is or would reasonably be expected to be materially
adverse to the business, assets, liabilities, operations or financial condition of the Plutux Group Companies, taken as a whole;
provided, however, that no event, change, development or state of facts relating to the economy in general
or resulting from industry-wide developments affecting companies in similar businesses (but only to the extent such changes or
developments do not, individually or in the aggregate, have a disproportionate impact on any Plutux Group Company relative to other
Persons in similar businesses) shall be deemed in themselves to constitute a Plutux Material Adverse Effect.

 

“Plutux
Owned IP” means all Intellectual Property owned by the Plutux Group Companies.

 

“Plutux
Services” means (a) the services that are actively being provided or developed by any Plutux Group Company, (b)
those services that are made commercially available by or on behalf of any Plutux Group Company, and (c) all services offered by
any Plutux Group Company related thereto.

 

“Plutux
Registered IP” means all Intellectual Property Rights that are registered, filed, recorded, or issued (i) under
the authority of any Governmental Authority by or for any Plutux Group Company, including all Patent Rights, registered Copyrights
and registered Marks, (ii) domain names and (iii) all applications for any of the foregoing.

 

“Plutux
Shares” means ordinary shares of Plutux, par value GBP 1.00 per share.

 

“Plutux
Technology” means all Technology owned or purported to be owned by any Plutux Group Company.

 

“Post-Closing
Tax Period” means, for the purposes of the representation and warranty made under Section 3.11(m) as of
the Closing Date, any Tax period beginning after the Closing Date and the portion of the Straddle Period beginning after the Closing
Date.

 

“PRC”
or “China” means the People’s Republic of China excluding, for
the purposes of this Agreement only, Hong Kong, Macau and Taiwan.

 

“Pre-Closing
Tax Period” means, for the purposes of the representation and warranty made under Section 3.11(m) as of
the Closing Date, any Tax period ending on or before the Closing Date and that portion of any Straddle Period ending on the Closing
Date.

 

    	 	7	 

    	 	 	CONFIDENTIAL

    

 

“Privacy
Notice” has the meaning set forth in Section 3.16(f).

 

“Proceeding” means any action,
suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding),
hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving,
any court or other Governmental Authority or any arbitrator or arbitration panel.

 

“Profit Targets” has the
meaning set forth in Section 5.11.

 

“Pro
Rata Portion” means the number of Plutux Shares equal to the product of (x) the total number of Plutux Shares
proposed to be sold by the Seller to the Proposed Transferee or to the public and (y) a fraction equal to (A) the number of Plutux
Shares then held by the Seller (in case of calculating the Pro Rata Portion for the Seller) or the number of Subject Shares then
held by Purchaser (in case of calculating the Pro Rata Portion for Purchaser), divided by (B) the sum of the number of Plutux Shares
then held by the Seller and the number of Subject Shares then held by Purchaser.

 

“Purchaser
Consideration Share” or “Purchaser Consideration Shares”
has the meaning set forth in Section 2.01.

 

“Purchaser
Fundamental Reps” means the representations and warranties of Purchaser contained in Section 4.01, Section
4.02.

 

“Purchaser
Group Company” means, Purchaser or any of its Subsidiaries.

 

“Purchaser’s Incentive Plan”
means the 2004 Stock Option Plan of the Purchaser, as amended from time to time.

 

“Purchaser
Indemnified Party” has the meaning set forth in Section 7.02.

 

“Purchaser
IP” shall have the meaning set forth in Section 4.18(a).

 

“Purchaser
Lease Agreements” has the meaning set forth in Section 4.16(b).

 

“Purchaser Leased
Real Property” means all real property leased, subleased, licensed, or otherwise occupied by Purchaser Group Companies.

 

“Purchaser
Material Adverse Effect” means any change or development that is or would reasonably be expected to be materially
adverse to the business, assets, liabilities, operations or financial condition of Purchaser Group Companies, taken as a whole;
provided, however, that no event, change, development or state of facts relating to the economy in general
or resulting from industry-wide developments affecting companies in similar businesses (but only to the extent such changes or
developments do not, individually or in the aggregate, have a disproportionate impact on any Purchaser Group Company relative to
other Persons in similar businesses) shall be deemed in themselves, to constitute a Purchaser Material Adverse Effect.

 

“Purchaser Material
Contracts” has the meaning set forth in Section 4.17(a).

 

    	 	8	 

    	 	 	CONFIDENTIAL

    

 

“Purchaser
Owned IP” means all Intellectual Property owned by the Purchaser Group Companies.

 

“Purchaser
Owned Real Property” means all real property and interests in real property (including real property in connection
with land use rights contracts or certificates and construction projects) owned by Purchaser Group Companies (collectively, together
with all buildings or other structures, improvements or fixtures thereon and all easements rights of way and other appurtenant
rights thereto).

 

“Purchaser
Registered IP” means all Intellectual Property Rights that are registered, filed, recorded, or issued (i) under
the authority of any Governmental Authority by or for any Purchaser Group Company, including all Patent Rights, registered Copyrights
and registered Marks, (ii) domain names and (iii) all applications for any of the foregoing.

 

“Purchaser
Share” has the meaning set forth in the Recital.

 

“Representatives”
means a Person’s officers, directors, employees, agents, attorneys, accountants, advisors and other authorized representatives.

 

“Required Permits” has the
meaning set forth in Section 3.13 and Section 3.15.

 

“Rules”
has the meaning set forth in Section 9.09(a).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“SEC
Filings” shall have the meaning set forth in Section 4.10(a).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Seller Cancellation Option”
shall have the meaning set forth in Section 15.4(b).

 

“Seller Cancellation Option Closing
Date” shall have the meaning set forth in Section 15.4(b).

 

“Seller Cancellation Option Notice”
shall have the meaning set forth in Section 15.4(b).

 

“Seller Cancellation Option Shares”
shall have the meaning set forth in Section 15.4(b).

 

“Seller
Fundamental Reps” means the representations and warranties of Seller contained in Section 3.01, Section
3.02, Section 3.03, Section 3.04(a)(i), Section 3.06 and Section 3.07.

 

“Seller
Indemnified Party” has the meaning set forth in Section 7.04.

 

“Software”
means any (i) computer programs, including all software implementations of algorithms, models and methodologies, whether in
source code or object code, (ii) Databases, (iii) descriptions, flow-charts and other work product used to design, plan,
organize and develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools, templates, menus,
buttons and icons and (iv) documentation, including user manuals and other training documentation, related to any of the foregoing.

 

    	 	9	 

    	 	 	CONFIDENTIAL

    

 

“Straddle
Period” means, (i) for the purposes of the representation and warranty made under Section 3.11(m) as of
the Closing Date, any Tax period beginning before or on the Closing Date and ending after the Closing Date; and (ii) for the purposes
of the representation and warranty made under Section 3.11(m) as of a pre-closing date, any Tax period beginning before
or on the pre-closing date and ending after the pre-closing date.

 

“Subject
Share” or “Subject Shares” has the meaning set forth
in Section 2.01(a).

 

“Subsidiary”
means, with respect to any Person, (i) any corporation, limited liability company, partnership, joint venture, trust or other legal
entity of which such Person (either alone or through or together with any other Subsidiary), owns, directly or indirectly, more
than fifty percent (50%) of the stock or other equity (or profits or capital) interests or more than fifty percent (50%) of the
ordinary voting power, the holders of which are generally entitled to vote for the election of the board of directors or other
governing body of a non-corporate Person, and (ii) any entity whose assets, or portions thereof, has been or should be consolidated
with the net earnings of the Person and should be recorded on the books of the Person for financial reporting purposes in accordance
with the accounting principles applicable to the Person. In the case of the Seller and the Purchaser, the applicable accounting
principles shall be IFRS and U.S. GAAP, respectively.

 

“Tax”
or “Taxes” means (i) in the PRC: (a) any national, provincial, municipal,
or local taxes, charges, fees, levies, or other assessments, including all net income (including enterprise income tax and individual
income withholding tax), turnover (including value-added tax, business tax, and consumption tax), resource (including urban and
township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional
education fees), property (including urban real estate tax and land use fees), documentation (including stamp duty and deed tax),
filing, recording, social insurance (including pension, medical, unemployment, housing, and other social insurance withholding),
tariffs (including import duty and import value-added tax), and estimated and provisional taxes, charges, fees, levies, or other
assessments, imposed in all cases by a Governmental Authority, (b) all interest, penalties (administrative, civil or criminal),
or additional amounts imposed by any Governmental Authority in connection with any item described in clause (a) above, and (c)
any form of transferee liability imposed by any Governmental Authority in connection with any item described in clauses (a) and
(b) above and (ii) in any jurisdiction other than the PRC: all similar liabilities as described in clause (i)(a) and (i)(b) above.

 

“Tax
Returns” means any return, report or statement showing Taxes, used to pay Taxes, or required to be filed with
respect to any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof), including
any information return, claim for refund, amended return or declaration of estimated or provisional Tax.

 

    	 	10	 

    	 	 	CONFIDENTIAL

    

 

“Technology”
means any tangible embodiments of Intellectual Property Rights, including any (i) technology, formulae, algorithms, procedures,
processes, methods, techniques, ideas, know-how, creations, inventions, discoveries, and improvements (whether patentable or unpatentable
and whether or not reduced to practice); (ii) technical, engineering, product, marketing, servicing, business, financial,
supplier, and personnel information and materials; (iii) specifications, designs, models, devices, prototypes, schematics
and development tools; (iv) Software, websites, content, images, logos, graphics, text, photographs, artwork, audiovisual
works, videos, sound recordings, graphs, drawings, reports, analyses, writings, and other works of authorship and copyrightable
subject matter (“Works of Authorship”); and (v) all other forms
of technical information and technology used in the Plutux Services and the Business.

 

“The9 Sub” means a Subsidiary
of The9 as designated by The9.

 

“Third-Party
Claim” has the meaning set forth in Section 7.06.

 

“Trade
Secrets” means any trade secrets, or any confidential or technical information, know-how, concepts, ideas, research
and development plans, business plans, strategies or other confidential information or materials which have value or confer a competitive
advantage due to being not generally known or not publicly disseminated.

 

“US$” or “USD”
shall mean U.S. dollars, the lawful currency of the United States of America.

 

“U.S.
GAAP” means United States generally accepted accounting principles, as in effect from time to time, applied on
a consistent basis.

 

“Warrantors” means, collectively,
the Seller and Plutux, and “Warrantor” means any one of them;

 

Section 1.02    Definitional
and Interpretative Provisions.

 

(a)          When
a reference is made in this Agreement to an Article or Section, such reference is to an Article or Section of this Agreement unless
otherwise specified.

 

(b)          The
words “hereof,” “herein,” “hereby” and “hereunder” and words of like import used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(c)          The
headings and sub-headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation
of this Agreement.

 

(d)          Any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Where a word or phrase
is defined herein, each of its other grammatical forms shall have a corresponding meaning.

 

(e)          Whenever
the words “include,” “includes” or “including” are used in this Agreement, they are deemed
to be followed by the words “without limitation.”

 

(f)          The
use of “or” is not intended to be exclusive unless expressly indicated otherwise.

 

    	 	11	 

    	 	 	CONFIDENTIAL

    

 

(g)          References
to a Person are also to its permitted successors and assigns.

 

(h)          A
reference to any legislation or to any provision of any legislation shall include any modification, amendment, re-enactment thereof,
any legislative provision substituted therefor and all rules, regulations and statutory instruments issued or related to such legislation.

 

(i)           The
Parties have each participated in the negotiation and drafting of this Agreement and if any ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall
arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim
drafts thereof.

 

Article
II

 

Description
of the Transaction

 

Section 2.01    Pre-Closing
and Closing; Purchase and Sale of Subject Shares.

 

(a)          Upon
the terms and subject to the conditions of this Agreement, the Seller agrees to sell to Purchaser eighty (80) Plutux Shares representing
8% of the fully diluted and as converted total share capital of Plutux (the “Subject
Shares” and each, a “Subject Share”), and in exchange therefor, Purchaser agrees to issue to
the Seller 21,000,000 Purchaser Shares (the “Purchaser
Consideration Shares” and each, a “Purchaser Consideration Share”), free and clear of all Encumbrances.
The9 Sub, as the designated entity of The9, shall receive the Subject Shares at Closing.

 

(b)          Upon
closing (the “Closing”), subject to satisfaction or waiver of each
of the conditions set forth in Article VI required by this Agreement to be satisfied at Closing, Purchaser shall deliver
the Purchaser Consideration Shares to the Seller, and the Seller shall deliver the Subject Shares to The9 Sub.

 

(c)          The
consummation of the transactions contemplated by this Agreement at Closing shall take place electronically. The Closing shall take
place at a time and on a date to be specified by the Parties, which shall be no later than the third Business Day after the date
on which each of the conditions set forth in Article VI required by this Agreement to be satisfied at Closing is satisfied
or waived (other than those conditions that by their nature are to be satisfied at Closing, but subject to the satisfaction or
waiver thereof at the Closing), or at such other time, date and location as the Parties agree in writing. The date on which Closing
actually takes place is referred to in this Agreement as the “Closing Date”.

 

Section 2.02    Closing
Deliveries and Conditions.

 

(a)          Seller
Closing Deliveries. The Seller shall deliver, or cause to be delivered, the items set forth
below under this Section 2.02(a) to Purchaser at the Closing:

 

(i)           a
draft of the register of members of Plutux evidencing, and a draft of share certificate representing, all of the Subject Shares
registered in the name of The9 Sub (with the original updated register of members of Plutux and original share certificate delivered
to the Purchaser within 14 Business Days after the Closing);

 

    	 	12	 

    	 	 	CONFIDENTIAL

    

 

(ii)          a
certificate, executed by the secretary or a duly authorized director or officer of the Seller, dated as of the Closing Date, certifying
(A) a copy of the resolutions of the Seller’s Board authorizing the execution, delivery and performance of this Agreement;
(B) the incumbency and signatures of the Seller’s directors or officers executing this Agreement; and (C) that the conditions
set forth in Section 6.01 (with respect to itself) and Section 6.02 have been duly satisfied, which shall be in full
force and effect;

 

(iii)         a
certificate, executed by the secretary or a duly authorized director or officer of Plutux, dated as of the Closing Date, certifying
(A) a copy of the resolutions of Plutux’s Board authorizing the execution, delivery and performance of this Agreement; and
(B) a copy of the Constitutional Documents of Plutux; and

 

(iv)         a
good standing certificate from the registry office at Gibraltar and, if applicable, each other jurisdiction in which Plutux is
qualified to do business as a foreign corporation, dated within five (5) Business Days prior to the Closing Date.

 

(b)          Purchaser
Closing Deliveries. Purchaser shall deliver, or cause to be delivered, the items set forth
below under this Section 2.02(b) to Seller at the Closing:

 

(i)           a
certified copy of the register of members evidencing, and an original share certificate representing, the Purchaser Consideration
Shares, fully paid and registered in the name of Seller, provided that the original
share certificate shall bear the legend as set forth in Section 3.24(c), and the Purchaser Consideration Shares shall be
denoted in the register of members as subject to transfer restrictions; and

 

(ii)          a
certificate of the secretary or a duly authorized director or officer of Purchaser, dated as of the Closing Date, certifying (A)
a copy of the resolutions of Purchaser’s Board authorizing the execution, delivery and performance of this Agreement, including
the sale and delivery of the Purchaser Consideration Shares in accordance with this Agreement; and (B) that the conditions set
forth in Section 6.01 (with respect to itself) and Section 6.03 have been duly satisfied, which shall be in full force and
effect.

 

(c)          Seller
Post-Closing Deliveries. The Seller shall deliver the original updated register of members of Plutux and original share certificate
delivered, of which the drafts have been confirmed by the Purchaser in accordance Section 2.02(a)(i), to the Purchaser as soon
as practicable and no later than 14 Business Days after the Closing.

 

    	 	13	 

    	 	 	CONFIDENTIAL

    

 

Article
III

 

Representations
and Warranties of Warrantors

 

Subject to Section 9.05, except as set
forth in the Disclosure Schedule, each of the Warrantors jointly and severally represents and warrants to the Purchaser that each
of the representations and warranties contained in this Article III is true, complete and not misleading as of the date
of this Agreement, and each of such representations and warranties shall be true, complete and not misleading on and as of the
Closing Date, with the same effect as if made on and as of the Closing Date, as applicable (except for such representations and
warranties that are made as of a specified date, which shall be true, complete and not misleading as of such date):

 

Section 3.01    Organization
and Good Standing of Seller. The Seller is a company duly incorporated and organized (as applicable) and validly existing
in good standing (as applicable) under the Laws of Cayman Islands and in accordance with its Constitutional Documents, each as
amended (as the case may be), and is in material compliance with all registrations and approval requirements of its place of incorporation.

 

Section 3.02    Organization,
Good Standing and Qualification of Plutux; Subsidiaries. Section 3.02 of the Disclosure Schedule sets forth a true,
correct and complete list of Plutux’s Subsidiaries as of the date of this Agreement. Each Plutux Group Company is duly organized,
incorporated or formed, validly existing and in good standing (with respect to the jurisdictions that recognize the concept of
good standing) under the Laws of the jurisdiction of its organization, incorporation or formation. Each Plutux Group Company has
all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business
as now conducted. Each Plutux Group Company is duly qualified to do business as a foreign corporation and is in good standing
in each jurisdiction where such qualification is necessary.

 

Section 3.03    Authorization;
Enforceable Agreement. Each of the Warrantors has the absolute and unrestricted right, power and authority to enter into and
to perform its obligations under this Agreement; and the execution, delivery and performance by each Warrantor of this Agreement,
and the offer, sale and delivery of the Subject Shares by the Seller as contemplated under this Agreement have been duly authorized
by all necessary action on the part of the Seller, Plutux and their respective Boards. This Agreement, when executed and delivered,
assuming due authorization, execution and delivery by Purchaser, constitutes and will constitute valid and legally binding obligations
of the Warrantors, enforceable in accordance with its terms, subject to (i) laws of general application relating to bankruptcy,
insolvency and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable
remedies.

 

Section 3.04    Non-contravention.

 

(a)          Seller
has delivered to Purchaser accurate and complete copies of: (i) the Constitutional Documents, each as amended, of the Seller and
each Plutux Group Company; (ii) the stock records of each Plutux Group Company; and (iii) the minutes and other records of the
meetings and other proceedings (including any actions taken by written consent or otherwise without a meeting) of the stockholders
of each Plutux Group Company, Plutux’s Board and all committees thereof, and the boards of directors and committees thereof
or equivalent governing bodies of each of Plutux’s Subsidiaries. There has not been any violation of any of the provisions
of its Constitutional Documents, each as amended, of any Plutux Group Company and none of the Plutux Group Companies has taken
any action that is inconsistent in any material respect with any resolution adopted by the stockholders of the Plutux Group Companies,
Plutux’s Board and all committees thereof, and the boards of directors and committees thereof or equivalent governing bodies
of each of Plutux’s Subsidiaries.

 

    	 	14	 

    	 	 	CONFIDENTIAL

    

 

(b)          The
execution, delivery and performance by the Seller of this Agreement, the consummation of the transactions contemplated hereby,
the offer, sale and delivery of the Subject Shares hereunder will not (i) conflict with or violate any provision of the Seller’s
Constitutional Documents or any Plutux Group Company’s Constitutional Documents, each as amended, (ii) conflict with or violate
any applicable Law or any Governmental Order to which Seller or any Plutux Group Company is subject or (iii) conflict with, result
in any breach of or creation of an Encumbrance under, constitute a default (with or without notice or lapse of time, or both) under,
require any notice or consent under, or give to others any rights of termination, acceleration or cancellation of, any Contract
to which Seller or any Plutux Group Company is a party or by which Seller or any Plutux Group Company is bound or to which any
of the assets or properties of Seller or any Plutux Group Company are subject.

 

Section 3.05    Governmental
Consents. No consent, approval, order, or authorization of or registration, qualification, declaration, or filing with, any
Governmental Authority on the part of Seller or any Plutux Group Company is required in connection with the offer, sale and delivery
of the Subject Shares by the Seller and the consummation of the transactions contemplated hereunder, other than the filing of
any required notifications under applicable Laws, which filings will have occurred within the appropriate time periods.

 

Section 3.06    Capitalization.

 

(a)          The
authorized capital stock of Plutux consists of 1,000 Plutux Shares, of which 1,000 Plutux Shares are outstanding. No Plutux Group
Company has any share incentive plan under which options, restricted shares, restricted share units or other share-based awards
may be granted to the employees, directors, officers or consultants of any Plutux Group Company.

 

(b)          All
outstanding Plutux Shares have been duly authorized and validly issued and are fully paid and non-assessable. None of the Plutux
Shares remains subject to vesting or forfeiture restrictions.

 

(c)          There
are no outstanding (i) shares of capital stock or voting securities of Plutux, (ii) securities of Plutux convertible into or exchangeable
for shares of capital stock or voting securities of Plutux or (iii) options or other rights to acquire from Plutux, or other obligation
of Plutux to issue, any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting
securities of Plutux.

 

(d)          All
outstanding Plutux Shares have been issued in compliance with (i) all applicable securities Laws and other applicable Laws and
(ii) all requirements set forth in applicable Contracts.

 

(e)          There
are no outstanding rights or obligations of Plutux to repurchase or redeem any of its securities. All securities that were reacquired
by Plutux were reacquired in compliance with all applicable Laws and all requirements set forth in applicable Contracts.

 

    	 	15	 

    	 	 	CONFIDENTIAL

    

 

(f)          No
Subsidiary of Plutux has or is bound by any outstanding subscriptions, options, warrants, call rights, agreements, or commitments
relating to the issuance, sale, delivery, voting, transfer or redemption by any such Subsidiaries (including any right of conversion
or exchange under any outstanding security or other instrument) of the capital stock of any such Subsidiaries. There are no outstanding
contractual obligations of any Subsidiary of Plutux to repurchase, redeem or otherwise acquire any of its capital stock or other
equity interests. All of the shares of capital of each of the Subsidiaries of Plutux are validly issued, fully paid (to the extent
required under the applicable governing documents) and non-assessable and are owned by Plutux free and clear of any Encumbrances.
Plutux has not agreed and is not obligated to, directly or indirectly, make any future investment in, or capital contribution or
advance to, any Person.

 

Section 3.07    Title
to Shares. The Seller is the sole record and beneficial owner, free and clear of any and all Encumbrances, of the Subject
Shares. There are no options, warrants, rights, convertible securities or other agreements or commitments (written or oral) obligating
Seller to transfer or sell, or cause the issuance, transfer or sale of, any such Subject Shares.

 

Section 3.08    Disclosure.
All information and materials provided or made available to Purchaser by or on behalf of the Seller with respect to itself or
Plutux in connection with the negotiation or execution of this Agreement are true and correct in all material aspects as of the
date hereof and do not contain any untrue statement of a fact or omit to state any fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading in any material aspect.

 

Section 3.09    Financial
Statements.

 

(a)          The
Seller has prepared, or caused to be prepared, and made available to Purchaser the unaudited consolidated financial statements
of Plutux (including the balance sheet, the statements of income and statements of cash flow of Plutux) as of July 30, 2018 and
for the period from April 18, 2018 to July 30, 2018 (collectively, the “Plutux Financial
Statements”). Plutux Financial Statements (A) fairly present, in all material aspects, the financial condition
and the results of operations of the Plutux Group Companies of the respective dates and during the respective periods indicated
in the Plutux Financial Statements in accordance with IFRS, (B) were prepared in accordance with IFRS applied on a consistent basis
throughout the periods covered thereby and (C) are true, correct and complete and have been prepared from and are consistent with
the books and records of each of the Plutux Group Companies in all material aspects. The unaudited balance sheet of Plutux as of
June 30, 2018 shall be referred to in this Agreement as the “Current Balance Sheet”
and the date thereof shall be referred to in this Agreement as the “Plutux Balance Sheet
Date.”

 

(b)          Plutux
does not have any liabilities or obligations (accrued, absolute, contingent or otherwise) that would be required under IFRS to
be reflected on a consolidated balance sheet of Plutux, other than liabilities or obligations(i) that were incurred in the ordinary
course of business since April 18, 2018, or (ii) other undisclosed liabilities which would not, individually or in the aggregate,
have a Plutux Material Adverse Effect.

 

    	 	16	 

    	 	 	CONFIDENTIAL

    

 

(c)          Plutux
maintains accurate books and records reflecting assets and liabilities and maintains internal accounting controls that provide
reasonable assurance that (i) transactions are executed with management’s authorization, (ii) transactions are
recorded as necessary to conform with IFRS as well as to permit preparation of Plutux’s consolidated financial statements
and to maintain accountability for its assets, and (iii) access to the assets of Plutux is permitted only in accordance with
management’s authorization. To the Knowledge of the Seller, Plutux, on a consolidated basis, does not have any unremedied
significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting.

 

Section 3.10    No
Undisclosed Liabilities. No Plutux Group Company has any Liabilities except (a) as reflected in, reserved against or
disclosed in Plutux Financial Statements, (b) as incurred in the ordinary course of business since Plutux Balance Sheet Date
(which are not and would not reasonably be expected to be materially adverse to any Plutux Group Company), (c) for Liabilities
arising from matters disclosed in Section 3.10 of the Disclosure Schedule, or (d) as incurred under this Agreement
or in connection with the transactions contemplated hereby.

 

Section 3.11    Absence
of Changes. Since the Plutux Balance Sheet Date, except as otherwise explicitly permitted by this Agreement, there has not
been:

 

(a)          any
event or condition of any kind or character that has had or would reasonably be expected to have a Plutux Material Adverse Effect;

 

(b)          any
declaration or payment of any dividend, or any authorization or payment of any distribution, on any of the share capital of Plutux,
or any redemption or repurchase of any Equity Securities of Plutux;

 

(c)          any
material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of any Plutux Group Company;

 

(d)          any
waiver, not in the ordinary course of business consistent with past practice, by any Plutux Group Company of a material right or
of a material debt owed to it;

 

(e)          any
satisfaction or discharge of any Encumbrance or payment of any Liabilities by any Plutux Group Company, except in the ordinary
course of business consistent with past practice or in an amount individually or among related Liabilities below US$5,000,000;

 

(f)          any
change or amendment to the Constitutional Documents, each as amended, of any Plutux Group Company or material change to any material
Contract or arrangement by which any Plutux Group Company is bound or to which any of their respective material assets or properties
is subject;

 

(g)          any
material transaction entered into by any Plutux Group Company other than in the ordinary course of business consistent with past
practice, except for the transaction for the issuance of convertible notes that has been or to be entered into on or around the
date hereof;

 

    	 	17	 

    	 	 	CONFIDENTIAL

    

 

(h)          the
loss of the services of any key employee, or material change in the composition or duties of the executive officers of any Plutux
Group Company;

 

(i)           any
issuance of (i) capital stock of any Plutux Group Company, (ii) any options, warrants, rights of conversion or other
rights, agreements, arrangements or commitments obligating Plutux to issue, deliver or sell any capital stock of any Plutux Group
Company or (iii) any notes, bonds or other debt security, except for the transaction for the issuance of convertible notes
that has been or to be entered into on or around the date hereof;

 

(j)          any
sale, assignment, transfer, lease or other disposition, or agreement to sell, assign, transfer, lease or otherwise dispose of,
any of the fixed assets of any Plutux Group Company having a value, in any individual case, in excess of US$100,000 or any sale,
transfer, assignment, abandonment, exclusive license or other transfer of any Plutux Owned IP;

 

(k)          any
acquisition (by merger, consolidation or other combination, or acquisition of stock or assets or otherwise) by any Plutux Group
Company of any corporation, partnership or other business organization, or any division thereof;

 

(l)          any
material change in any method of financial accounting or financial accounting practice used by any Plutux Group Company, other
than such changes as are required by IFRS;

 

(m)         (i)
any material Tax election (including any change in material Tax election), (ii) any adoption or change (or request to adopt
or change) of any material method of Tax accounting, (iii) any entering into or amendment of (or request to enter into or
amend) any agreement, settlement or compromise with respect to any material Tax liability, (iv) any filing or amendment of
any income or other material Tax Return, (v) any surrender of any right to claim a refund, offset or other reduction of a
material amount of Taxes, (vi) any consent to any extension or waiver of the statute of limitations for the assessment or
collection of any Tax, or (vii) except in the ordinary course of business consistent with past practice, the acceleration or movement
of any Tax deduction, attribute or benefit to the Pre-Closing Tax Period or the deferral of any Tax detriment or taxable income
to the Post-Closing Tax Period;

 

(n)          other
than as required by applicable Law or the terms of any Plutux Benefit Plan, (i) entry into or material amendment of any Plutux
Benefit Plan, (ii) a material increase, individually or in the aggregate, in the compensation or benefits (including annual base
salary or annual bonus opportunity) of any employee, director or officer of any Plutux Group Company, (iii) hiring any new employee
or other service provider with an annual base salary in excess of US$1,000,000, (iv) the grant or provision of any severance
or termination payments or benefits to any director, officer, employee or consultant of any Plutux Group Company, (v) actions
to accelerate the vesting or payment, or fund or in any other way secure the payment, compensation or benefits under any Plutux
Benefit Plan or (vi) entry into or amendment of any collective bargaining agreements;

 

(o)          any
incurrence, creation or assumption of (i) any Encumbrance on any assets or properties (other than Permitted Encumbrances)
of any Plutux Group Company, (ii) any Liability of any Plutux Group Company for borrowed money, or (iii) any Liability
of any Plutux Group Company as a guarantor or surety with respect to the obligations of others, except for any Encumbrance or Liability
that is not exceeding US$1,000,000;

 

    	 	18	 

    	 	 	CONFIDENTIAL

    

 

(p)          any
deferral of the payment of any accounts payable other than in the ordinary course of business, or any discount, accommodation or
other concession made other than in the ordinary course of business, in order to accelerate or induce the collection of any receivable;

 

(q)          any
Action or, to the Knowledge of the Seller, investigation or audit, initiated against, or settled by, any Plutux Group Company;

 

(r)          any
capital expenditures or commitments for capital expenditures in excess of US$1,000,000 in the aggregate;

 

(s)          any
other event or condition of any character that has had or could reasonably be expected to have, individually or in the aggregate,
a Plutux Material Adverse Effect; or

 

(t)          any
agreement, other than this Agreement, to take any actions specified in this Section 3.11.

 

Section 3.12    Plutux
Group Company Contracts.

 

(a)          Except
as disclosed in Section 3.12(a) of the Disclosure Schedule, no Plutux Group Company is a party to or subject to any material
Contract, arrangement or obligation which (i) contains covenants limiting, in any material respect, the freedom of any Plutux Group
Company to (A) compete with any Person in any line of business or in any area or territory or (B) freely set prices for
its products, services or technologies (including most favored customer pricing provisions); (ii) is in connection with a material
partnership or joint venture (but excluding content partner agreements entered into in the ordinary course of business); (iii)
is a Contract with any Affiliates, officer or director of any Plutux Group Company (other than employment arrangements, including
stock option agreements, entered into in the ordinary course of business); (iv) (A) includes any grant of an Intellectual
Property License, by any Plutux Group Company to any other Person, that is material to the conduct of the Business; (B) obligates
any Plutux Group Company to grant an Intellectual Property License on preferential, or reasonable and non-discriminatory or any
other terms to any other Person in connection with any Plutux Group Company’s participation in the development, adoption
or use of a standard or otherwise; or (C) includes any grant to any Plutux Group Company of an Intellectual Property License
that is material to the conduct of the Business by any other Person (other than, with respect to this clause (C) only, (1) licenses
for Open Source Software and (2) Contracts that follow Plutux’s standard form of Invention Assignment Agreement (as
defined below), if applicable) or (v) is otherwise considered material to the Plutux Group Companies, taken as a whole.

 

    	 	19	 

    	 	 	CONFIDENTIAL

    

 

(b)          (i)
Each Plutux Group Company Contract is in full force and effect and represents a binding obligation on each Plutux Group Company
that is a party thereto, (ii) neither any Plutux Group Company nor, to the Knowledge of the Seller, any other party thereto,
is in material breach or violation of, or material default under, or has committed or failed to perform any act which, with or
without notice, lapse of time or both would constitute a material default under the provisions of, any of the Plutux Group Company
Contracts, nor has any Plutux Group Company received any written notice that it has materially breached, violated or defaulted
under any of the Plutux Group Company Contracts, and (iii) as of the date of this Agreement, no Plutux Group Company has received
any outstanding written notice of cancellation or termination in connection with any Plutux Group Company Contract and neither
any Plutux Group Company nor, to the Knowledge of the Seller, any other party currently contemplates any termination, material
amendment or change to any Plutux Group Company Contract.

 

(c)          “Plutux
Group Company Contract(s)” shall refer to each and all material Contract(s), arrangement(s) or obligation(s) (i)
that is disclosed in Section 3.12(a) of the Disclosure Schedule, (ii) Indebtedness, guarantees, loans, credit or financing
agreements or instruments, other Contracts for money borrowed, including any agreements or commitments for future loans, credit
or financing, any currency exchange, commodities or other hedging arrangement or a leasing transaction of a type required to be
capitalized in accordance with IFRS; (iii) requiring expenditures by any Plutux Group Company after the date of this Agreement
in an amount in excess of US$1,000,000 and which are not terminable by the Plutux Group Company which is a party thereto without
cause on 30 days’ prior written notice (or less), other than in connection with the Plutux Group Company’s ordinary
course of business; (iv) that (A) provide for the creation or development (including joint development) by any Plutux Group
Company for any other Person, or for any Plutux Group Company by any other Person, of any Technology or Intellectual Property Rights
that is or would be material to the conduct of the Business; or (B) provide for the assignment or other transfer to any Plutux
Group Company from any other Person, or by any Plutux Group Company to any other Person, of any ownership interest in any Technology
or Intellectual Property Rights that is or are material to the conduct of the Business, excluding, in each case, Contracts that
follow Plutux’s standard form of Invention Assignment Agreement (as defined below; in the form made available to Purchaser);
or (v) pursuant to which any Plutux Group Company has acquired a business or entity, or substantially all of the assets of a business
or entity, whether by way of merger, consolidation, purchase of stock, purchase of assets, license or otherwise.

 

Section 3.13    Compliance
with Laws; Orders and Permits. Section 3.13 of the Disclosure Schedule sets forth all Permits that are necessary for
each Plutux Group Company to own or lease its properties and assets and conduct its business as currently conducted and as proposed
to be conducted (the “Required Permits”). Each Plutux Group Company
has been and is in compliance in all material respects with all Laws and Governmental Orders to which such Plutux Group Company
is subject or by which such Plutux Group Company’s assets or properties are bound. Each Plutux Group Company owns, holds,
possesses or lawfully uses in the operation of its business all the Required Permits, and all the Required Permits are in full
force and effect and no cancellation or suspension of any Required Permit is pending or, to the Knowledge of Seller, threatened,
except to the extent the failure to own, hold, possess or use the Required Permits would not, individually or in the aggregate,
have a Plutux Material Adverse Effect.

 

    	 	20	 

    	 	 	CONFIDENTIAL

    

 

Section 3.14    Litigation.

 

(a)          There
is no pending Proceeding, and to the Knowledge of the Seller, no Person has threatened to commence any Proceeding: (i) that involves
any Plutux Group Company or any of the assets owned or used by any Plutux Group Company or any Person whose liability any Plutux
Group Company has or may have retained or assumed, either contractually or by operation of Law; or (ii) that challenges, or that
may have the effect of preventing, delaying, making illegal or otherwise interfering with any of the transactions contemplated
by this Agreement. To the Knowledge of the Seller, no event has occurred, and no claim, dispute or other condition or circumstance
exists, that will, or that would reasonably be expected to, give rise to or serve as a basis for the commencement of any such Proceeding.

 

(b)          There
is no order, writ, injunction, directive, restriction, judgment or decree to which any Plutux Group Company, or any of the assets
owned or used by any Plutux Group Company, is subject or which restricts in any respect the ability of any Plutux Group Company
to conduct its business. To the Knowledge of the Seller, no director, officer or other employee of any Plutux Group Company is
subject to any order, writ, injunction, judgment or decree that prohibits such director, officer or other employee from engaging
in or continuing any conduct, activity or practice relating to the Business. No Plutux Group Company nor any assets or properties
or any Plutux Group Company are subject to any settlement agreements or similar written agreements with any Governmental Authority
relating to any Plutux Group Company or any assets or properties or any Plutux Group Company.

 

Section 3.15    Properties.

 

(a)          None
of the Plutux Group Companies holds ownership title in any real property.

 

(b)          None
of the Plutux Group Companies holds any leasehold interest in any real property.

 

(c)          None
of the Plutux Group Company owns any personal assets and properties with an original purchase price of US$1,000,000 or greater.

 

(d)          All
machinery, vehicles, equipment and personal assets and properties used in the Business are in good condition, normal wear and tear
excepted.

 

Section 3.16    Intellectual
Property.

 

(a)          As
of the date of this Agreement, there is no Plutux Registered IP, or any Marks currently used or proposed to be used by the Plutux
Group Companies and material to the Business but for which no registration has been sought.

 

(b)          Since
April 18, 2018, no Plutux Group Company has received any written notice from any third party (i) regarding any actual, alleged,
or suspected infringement, misappropriation, misuse, dilution, violation, or unauthorized disclosure or other unauthorized use
of any Intellectual Property Rights or Technology or any unfair competition or trade practices, (ii) inviting any Plutux Group
Company to take a license under any Intellectual Property Rights or consider the applicability of any Intellectual Property Rights
to any Plutux Services or the conduct of the Business or (iii) challenging the ownership, use, validity or enforceability
of any Plutux IP or Plutux Technology.

 

    	 	21	 

    	 	 	CONFIDENTIAL

    

 

(c)          To
the Knowledge of the Seller, no Person has been or is infringing, misappropriating, misusing, diluting, disclosing without authorization,
or otherwise violating any Plutux IP. No Plutux Group Company has violated, infringed or misappropriated in any material respect
any Intellectual Property Rights of any other Person, nor has any Plutux Group Company received any written notice alleging any
of the foregoing.

 

(d)          Each
Plutux Group Company (i) has taken reasonable and appropriate measures that are, as a whole, not less protective and comprehensive
than the measures that would be taken by reasonably prudent business persons operating in the industry of the Plutux Group Companies,
to protect the confidentiality of all Trade Secrets of each Plutux Group Company and all Trade Secrets of any third Person with
respect to which any Plutux Group Company has a confidentiality obligation and (ii) has not disclosed any such Trade Secrets to
any Person other than (x) an officer, director, employee or consultant of the Plutux Group Companies and (y) pursuant to a written
nondisclosure agreement with such Person.

 

(e)          Each
Person who is or was an employee or independent contractor of any Plutux Group Company and who has been, with respect to employees,
involved in the creation or development of or, with respect to independent contractors, engaged to create or develop, any Intellectual
Property Rights owned, used, held for use, or practiced by any Plutux Group Company or Technology owned, used, held for use, or
practiced by any Plutux Group Company has signed an agreement that effectively and validly assigns to such Plutux Group Company
all of such Person’s rights (including a waiver of any moral rights) in such Intellectual Property Rights and Technology
created or developed by such employee or independent contractor in the scope of his or her employment or engagement with such Plutux
Group Company (an “Invention Assignment Agreement”).

 

(f)          The
Plutux Group Companies’ privacy statement addressing the collection, retention, use and distribution of Personal Information
and other information of individuals visiting the websites and applications (including mobile and tablet applications) owned or
operated by the Plutux Group Companies (the “Privacy Notice”) is and
has at all times been posted and accessible to such individuals. The Plutux Group Companies have completely and accurately described
in the Privacy Notice the Plutux Group Companies’ use of cookies, web beacons and other online tracking technologies. Plutux
Group Companies in the operation of the Business (i) complies, and at all times has complied, with the Privacy Notice applicable
to any given set of Personal Information or other information that is collected by or on behalf of the Plutux Group Companies;
(ii) complies, and at all times has complied, with all of each Plutux Group Company’s contractual commitments to its
customers, visitors or other end users of its websites and applications (including mobile and tablet applications) regarding the
collection, retention, use, disclosure, disposal and security of Personal Information and other information of such customers,
website visitors or other end users; (iii) complies, and at all times has complied, in all material respects with all applicable
Laws and regulatory and self-regulatory guidelines, published interpretations by Governmental Authorities regarding the collection,
retention, use, disclosure, disposal and security of Personal Information. Since April 18, 2018, no Plutux Group Company has received
any written claims, notices or complaints regarding any Plutux Group Company’s information practices or the disclosure, retention,
misuse or security of any Personal Information, or alleging a violation of any person’s privacy, personal or confidentiality
rights under the Privacy Notice or otherwise by any person, any foreign bodies, or any other Governmental Authority. To the Knowledge
of Seller, there has been no unauthorized access to Personal Information maintained by or on behalf of any Plutux Group Company.

 

    	 	22	 

    	 	 	CONFIDENTIAL

    

 

(g)          No
use of Open Source Software, whether included, incorporated or embedded in, linked to, combined with or otherwise used by any Plutux
Group Company or in the provision of any Plutux Technology or Plutux Services, (i) has had the effect of requiring any Software
owned or purported to be owned by any Plutux Group Company or any portions thereof, modifications thereto or derivative works thereof,
to be (A) disclosed or distributed in source code form to any third party (including making the source code publicly available),
(B) licensed to third parties under terms that permit preparing derivative works, reverse engineering or redistributing such
Software, (C) licensed or otherwise distributed to third parties at no charge (or at a nominal charge), (ii) has had
the effect of requiring any Plutux Group Company to grant any Intellectual Property License with respect to Patent Rights, in each
case in the operation of the Business as currently conducted, or (iii) otherwise has had or would reasonably be expected to have
an adverse effect on any Plutux Group Company. Each Plutux Group Company is in compliance with all terms and conditions of all
relevant licenses (including all requirements relating to notices and making source code available to third parties) for all Open
Source Software that (A) is or has been distributed (or is or has been required to be distributed) in connection with the provision
of any Plutux Services or (B) was or is incorporated in whole or in part into or otherwise forms any part of any Plutux Technology
or Plutux Services.

 

(h)          All
Software, information technology equipment, websites, content, e-commerce platforms, and software as a service used in the operation
of the Business, including in the provision of any Computer Product, constitute the “IT
Assets”. The IT Assets are adequate and sufficient (including with respect to working condition and capacity)
for the operations of the Plutux Group Companies in all material respects. The IT Assets are free from material defects, substantially
conform to applicable specifications and samples and associated documentation, and have not materially malfunctioned or failed
in a manner that has had a material adverse impact on any Plutux Group Company during the six (6) months prior to the date of this
Agreement and, to the Knowledge of Seller, there has been no unauthorized access to or use of any IT Assets (or any Software, information
or data stored on any IT Assets). Each Plutux Group Company has taken organizational, physical, administrative and technical measures
(including firewall protections and regular virus scans) consistent with customary practices in the industry of the Plutux Group
Companies and its obligations to third Persons, to secure the IT Assets and protect them from unauthorized access, use or modification.
Each Plutux Group Company has implemented reasonable business continuity, and backup and disaster recovery technology, plans, procedures
and facilities consistent with industry practices with respect to the IT Assets.

 

Section 3.17    Insurance
Coverage. None of Plutux Group Company have any material policies of property, fire, liability, worker’s compensation,
errors and omissions and other forms of insurance (other than title insurance).

 

    	 	23	 

    	 	 	CONFIDENTIAL

    

 

Section 3.18    Licenses
and Permits. The Plutux Group Companies have, and at all times have had, all licenses, permits, qualifications, accreditations,
approvals and authorizations of any Governmental Authority (collectively, the “Permits”),
and have made all necessary filings required under applicable Law, necessary to service its accounts in accordance with applicable
Laws and otherwise to conduct the Business in all material respects. No Plutux Group Company has received any written notice or
other written communication regarding any actual or possible violation of or failure to comply with any term or requirement of
any Permit or any actual or possible revocation, withdrawal, suspension, cancellation, termination or modification of any Permit.
Each such Permit has been validly issued or obtained and is, and after the consummation of the transactions contemplated by this
Agreement will be, in full force and effect.

 

Section 3.19    Indebtedness.
Section 3.19 of the Disclosure Schedule sets forth a true, correct and complete list of the material Indebtedness of each
Plutux Group Company, and the material terms thereof, as of the date of this Agreement. None of the Plutux Group Companies is,
immediately prior to this Agreement, or will be, at the time of the Closing after giving effect to the Closing, as applicable,
in default in the payment of any material Indebtedness (except where waiver or consent thereof has been obtained).

 

Section 3.20    Tax
Matters.

 

(a)          Each
Plutux Group Company (A) has timely filed all material Tax Returns required to be filed by it; (B) has timely paid all Taxes required
to be paid by it for which payment was due (whether or not shown on any Tax Returns) and; (C) has established an adequate accrual
or reserve for the payment of all material Taxes payable in respect of the periods or portions thereof that are not yet due and
payable.

 

(b)          No
deficiencies for any Tax have been claimed, proposed, assessed or, to the Knowledge of the Seller, threatened against any Plutux
Group Company in writing.

 

(c)          None
of the Plutux Group Companies has received from any Governmental Authority (including any sales or use tax authority) any (A) written
notice indicating an intent to open a tax audit, (B) written request for information related to material Tax matters, or (C) written
notice of deficiency of any amount of Tax proposed, asserted, or assessed by any governmental authority against any Plutux Group
Company. No Tax Return of any Plutux Group Company is under audit by any Governmental Authority. No claim has ever been made by
a Governmental Authority in a jurisdiction where any Plutux Group Company does not file Tax Returns or pay any Taxes that any Plutux
Group Company is or may be required to file any such Tax Returns or pay any Taxes in that jurisdiction that has not been resolved.

 

(d)          No
Tax liens are currently in effect against any of the assets of any Plutux Group Company other than liens for Taxes not yet due
and payable. There is not in effect any waiver by any Plutux Group Company of any statute of limitations with respect to any Taxes
nor has any Plutux Group Company agreed to any extension of time for filing any material Tax Return that has not been filed.

 

    	 	24	 

    	 	 	CONFIDENTIAL

    

 

(e)          Each
of the Plutux Group Companies has complied with all applicable Law relating to the withholding of Taxes in all material aspects.

 

(f)          None
of the Plutux Group Companies has any Liability for another person (other than a Plutux Group Company) as a result of being a member
of a consolidated, combined, unitary or aggregate group of companies.

 

(g)          Any
material preferential Tax treatment enjoyed by any Plutux Group Company has been in compliance with all applicable Laws and will
not be subject to any retroactive deduction or cancellation except as a result of retroactive effects of changes in the applicable
Laws.

 

(h)          Each
Plutux Group Company has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or
owing to any employee, independent contractor, creditor, or stockholder of such Plutux Group Company or other Person.

 

Section 3.21    Employees
and Employee Benefit Matters.

 

(a)          The
services provided by each employee and independent contractor of each Plutux Group Company are terminable at the will of the applicable
Plutux Group Company. No executive or key employee of any Plutux Group Company and no group of employees or independent contractors
of any Plutux Group Company has informed any Plutux Group Company (whether orally or in writing) of any plan to terminate employment
with or services for any Plutux Group Company, and, to the Seller’s Knowledge, no such Person has any plans to terminate
employment with or services for any Plutux Group Company.

 

(b)          Plutux
has furnished or made available to Purchaser accurate and complete copies of (i) all documents constituting each Plutux Benefit
Plan (and written descriptions of all material terms of any plan that is not in writing), including all amendments thereto and
all related trust documents and other funding arrangements, (ii) the most recent annual report (and all schedules and financial
statements attached thereto), if any, required under applicable Laws in connection with each Plutux Benefit Plan, (iii) if Plutux
Benefit Plan is funded, the most recent annual and periodic accounting of Plutux Benefit Plan assets, (iv) the most recent summary
plan description together with the summary(ies) of material modifications thereto, if any, required under any applicable Laws with
respect to each Plutux Benefit Plan, (v) all material written Contracts relating to each Plutux Benefit Plan to the extent currently
effective, including administrative service agreements and group insurance contracts, (vi) the most recent determination or opinion
letter from the relevant tax authorities relating to each Plutux Benefit Plan, if any, and (vii) all material correspondence within
the past three years to or from any Governmental Authority relating to any Plutux Benefit Plan.

 

    	 	25	 

    	 	 	CONFIDENTIAL

    

 

(c)          Each
Plutux Benefit Plan has been established, maintained, operated, and administered in material compliance with its terms and any
related documents or agreements and in material compliance with all applicable Laws, and contributions (including all employer
contributions and employee salary reduction contributions), premiums or payments required to be made under the terms of any Plutux
Benefit Plan as of the date of this Agreement have been timely made. There have been no prohibited transactions or breaches of
any of the duties imposed on any Plutux Group Company with respect to Plutux Benefit Plans that could result in any material liability
or excise tax under applicable Laws being imposed on the Plutux Group Companies. Each Plutux Benefit Plan intended to be qualified
under any applicable Laws has been determined by the relevant tax authorities to be so qualified, and each trust created thereunder
has been determined by relevant tax authorities to be exempt from tax under applicable Laws and, to the Knowledge of the Seller,
no event or omission has occurred which could reasonably be expected to cause any such Plutux Benefit Plan to lose its qualification
under the applicable Law. None of the Plutux Group Companies have ever maintained or contributed to any Plutux Benefits Plan providing
or promising any health or other non-pension benefits to employees after their employment terminates.

 

(d)          No
liability under applicable Laws has been incurred by any Plutux Group Company that has not been satisfied in full, and, to the
Seller’s Knowledge, no condition exists that could give rise to any such liability thereunder. Each Plutux Group Company
is, and during all applicable years (not to exceed three years preceding the Pre-closing and the Closing, as applicable) have been,
in material compliance with the applicable tax Laws. No event has occurred which reasonably could be expected to result in a material
violation of, or penalty or liability under, applicable Laws.

 

(e)          There
is no pending or, to the Seller’s Knowledge, threatened, assessment, complaint, Proceeding, arbitration, litigation, or investigation
of any kind in any court or government agency with respect to any Plutux Benefit Plan (other than routine claims for benefits).

 

(f)          No
Plutux Benefit Plan is subject to the applicable Laws of any jurisdiction outside of Gibraltar or provides compensation or benefits
to any employee or former employee of any Plutux Group Company (or any dependent thereof) who resides outside of Korea.

 

(g)          No
Plutux Group Company is engaged in any unfair labor practice and there are no complaints against any Plutux Group Company pending
before any similar national, state or local labor agency by or on behalf of any employee of the Plutux Group Companies. There are
no representation questions, arbitration proceedings, labor strikes, slow-downs or stoppages, grievances or other labor disputes
pending or, to the Seller’s Knowledge, threatened with respect to the employees of any Plutux Group Companies, and, for the
past five years from the date of this Agreement, no Plutux Group Company has experienced any strike, work stoppage, lock-up, slow-down
or other material labor dispute or any attempt by organized labor to cause any Plutux Group Company to comply with or conform to
demands of organized labor relating to its employees or recognize any union or collective bargaining units. Each of the Plutux
Group Companies have, for the past five years from the date of this Agreement, complied in all material respects with all Laws
relating to employment, equal employment opportunity, nondiscrimination, employment and reemployment rights of members of the uniformed
services, immigration, wages, hours, benefits, employee leaves, collective bargaining, the payment of social security and similar
taxes, occupational safety and health and plant closings and layoffs.

 

    	 	26	 

    	 	 	CONFIDENTIAL

    

 

Section 3.22    Anti-Corruption
Compliance. None of the Plutux Group Companies, their respective directors, officers, and, to the Knowledge of the Seller,
agents, employees or other Persons that act for or on behalf of any Plutux Group Company, authorized or made, either directly
or indirectly through any third party, any gift, offer, promise, or payment of anything of value: (a) to any Governmental Official
(as defined below) with the intent or purpose of (i) influencing any act or decision of such Governmental Official in his or her
official capacity, (ii) inducing such Governmental Official to do or omit to do any act in violation of the lawful duty of such
Governmental Official, (iii) securing any improper advantage for any Plutux Group Company, or (iv) inducing such Governmental
Official to use his or her influence with a government or instrumentality thereof, political party or international organization
to affect or influence any act or decision of such government or instrumentality, political party or international organization,
in order to assist any Plutux Group Company or in obtaining or retaining business for or with, or directing business to, any person,
except to the extent that such conduct was expressly permitted by applicable Law; or (b) to any Person in violation of any Law
against commercial or official bribery or corruption, including, but not limited to, the U.S. Foreign Corrupt Practices Act of
1977 (“FCPA”). As used in this Agreement, “Governmental
Official” means (a) any employee or official of any government, including any employee or official of any entity
owned or controlled by a government, (b) any employee or official of a political party, (c) any candidate for political office
or his or her employee, or (d) any employee or official of an international organization. Each Plutux Group Company has implemented
policies and procedures to prevent and detect violations of the FCPA and any other Law against commercial or official bribery
or corruption.

 

Section 3.23    Related
Party Transactions. Since incorporation, none of the Affiliates, officers or directors of any Plutux Group Company is presently
a party to any transaction with any Plutux Group Company (other than as holders of share options and for services as employees,
officers and directors), including any Contract or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any Affiliate, officer or director
of any Plutux Group Company. None of the Affiliates, officers or directors of any Plutux Group Company directly or indirectly
competes with, or has any interest in any Person that, directly or indirectly, competes with, any Plutux Group Company.

 

Section 3.24    Status
of Seller as Purchaser of the Purchaser Consideration Shares.

 

(a)          Seller
is (i) not a “U.S. person” and is located outside the United States, as such terms are defined in Rule 902 of Regulation
S under the Securities Act; (ii) aware that the issuance and sale of the Purchaser Consideration Shares is being made in reliance
on Rule 903 promulgated under the Securities Act, and (iii) acquiring the Purchaser Consideration Shares for its own account and
not with a view to, or the intention of, or for sale in connection with, any distribution thereof in violation of applicable securities
Laws.

 

(b)          Seller
understands and agrees that the Purchaser Consideration Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act, that the Purchaser Consideration Shares will not be registered under the Securities Act
and that such Securities may be offered, resold, pledged or otherwise transferred only (i) in a transaction not involving a public
offering, (ii) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if available),
(iii) pursuant to an exemption from registration under the Securities Act provided by Rule 904 thereunder (if available), (iv)
pursuant to an effective registration statement under the Securities Act or (v) to Purchaser or one of its Subsidiaries, in each
of cases (i) through (v) in accordance with any applicable state and federal securities Laws, and that it will notify any subsequent
purchaser of Securities from it of the resale restrictions referred to above, as applicable.

 

    	 	27	 

    	 	 	CONFIDENTIAL

    

 

(c)          In
addition to any other legend that may be required, each certificate for the Purchaser Consideration Shares to be issued to Seller
pursuant to and subject to the terms and conditions of this Agreement shall bear a legend in substantially the following form (it
being agreed that if the Purchaser Consideration Shares are not certificated, other appropriate restrictions shall be implemented
to give effect to the following):

 

“THE SALE, TRANSFER, ASSIGNMENT,
PLEDGE OR ENCUMBRANCE OR ANY OTHER ALIENATION OF THE SHARES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF THE HOLDERS OF SUCH
SHARES ARE SUBJECT TO THE TERMS AND CONDITIONS OF A SHARE PURCHASE AGREEMENT DATED AUGUST 31, 2018, AS AMENDED FROM TIME TO TIME.
A COPY OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE REGISTERED HOLDER OF THIS CERTIFICATE TO THE
COMPANY.”

 

“THE SHARES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES
LAWS, OR (B) AN OPINION OF COUNSEL, IN FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT AND ANY OTHER APPLICABLE SECURITIES LAWS; OR (II) UNLESS THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 144 OR ANOTHER AVAILABLE
EXEMPTION UNDER THE SECURITIES ACT.”

 

(d)          The
Seller understands that Purchaser will rely upon the truth and accuracy of the foregoing representations, acknowledgements and
agreements.

 

Article
IV

 

Representations
and Warranties of Purchaser

 

Except as otherwise disclosed in any SEC Filings,
Purchaser hereby represents and warrants to the Seller that each of the representations and warranties contained in this Article
IV is true, complete and not misleading as of the date of this Agreement, and each of such representations and warranties shall
be true, complete and not misleading on and as of the Closing Date, with the same effect as if made on and as of the Closing Date
(except for such representations and warranties that are made as of a specified date, which shall be true, complete and not misleading
as of such date):

 

    	 	28	 

    	 	 	CONFIDENTIAL

    

 

Section 4.01    Organization,
Good Standing and Qualification. The Purchaser is duly organized, incorporated or formed, validly existing and in good standing
(with respect to the jurisdictions that recognize the concept of good standing) under the Laws of the jurisdiction of its organization,
incorporation or formation. Each Purchaser Group Company has all corporate powers and all governmental licenses, authorizations,
permits, consents and approvals required to carry on its business as now conducted. Each Purchaser Group Company is duly qualified
to do business as a foreign corporation and is in good standing in each jurisdiction where such qualification is necessary.

 

Section 4.02    Authorization;
Enforceable Agreement. Purchaser has the absolute and unrestricted right, power and authority to enter into and to perform
its obligations under this Agreement; and the execution, delivery and performance by Purchaser of this Agreement, and the authorization,
issuance (or reservation for issuance) and delivery of the Purchase Consideration Shares have been duly authorized by all necessary
action on the part of Purchaser and its Board. This Agreement, when executed and delivered, assuming due authorization, execution
and delivery by Seller, constitutes and will constitute valid and legally binding obligations of Purchaser, enforceable in accordance
with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii)
rules of law governing specific performance, injunctive relief and other equitable remedies.

 

Section 4.03    Non-contravention.
The execution, delivery and performance by Purchaser of this Agreement, the consummation of the transactions contemplated hereby,
the issuance and delivery of the Purchaser Consideration Shares hereunder will not (i) conflict with or violate any provision
of any Purchaser Group Company’s Constitutional Documents, each as amended, (ii) conflict with or violate any applicable
Law or any Governmental Order to which any Purchaser Group Company is subject or (iii) conflict with, result in any breach of
or creation of an Encumbrance under, constitute a default (with or without notice or lapse of time, or both) under, require any
notice or consent under, or give to others any rights of termination, acceleration or cancellation of, any Contract to which any
Purchaser Group Company is a party or by which it is bound or to which any of its assets or properties are subject.

 

Section 4.04    Governmental
Consents. No consent, approval, order, or authorization of or registration, qualification, declaration, or filing with, any
Governmental Authority on the part of any Purchaser Group Company is required in connection with the issuance and delivery of
the Purchaser Consideration Shares and the consummation by Purchaser of the transactions contemplated hereunder, other than: (i)
the filing of any required notifications under applicable securities Laws, which filings will have occurred within the appropriate
time periods; (ii) any application or notification to NASDAQ that is required in connection with the issuance and sale of the
Purchaser Consideration Shares; (iii) any filings required by the Financial Industry Regulatory Authority; and (iv) the filing
with the SEC of such reports under the Exchange Act as may be required in connection with this Agreement and the transactions
contemplated by this Agreement.

 

    	 	29	 

    	 	 	CONFIDENTIAL

    

 

Section 4.05    Valid
Issuances. The Purchaser Consideration Shares, when issued and delivered in accordance with the terms and for the consideration
set forth in this Agreement, will be duly authorized and validly issued, fully paid and non-assessable, and will be free and clear
of any Encumbrances and restrictions on transfer other than any restrictions or conditions on transfer under this Agreement, Purchaser’s
Constitutional Documents, each as amended, and under applicable Laws.

 

Article
V

 

Covenants
and Additional Agreements of the Parties

 

Section 5.01    Conduct
of Plutux. From the date of this Agreement until the Closing, Seller shall, and shall cause each Plutux Group Company to conduct
its business in the ordinary course consistent with past practice and use its commercially reasonable efforts to (i) preserve
intact its present business organization, (ii) maintain in effect all of its foreign, federal, state and local Permits, (iii)
keep available the services of officers and key employees of the Plutux Group Companies, (iv) maintain satisfactory relationships
with the customers, lenders, suppliers of the Plutux Group Companies and others having material business relationships with the
Plutux Group Companies. Without limiting the generality of the foregoing, except as expressly contemplated by this Agreement or
pursuant to the written consent of Purchaser (which consent shall not be unreasonably withheld), the Seller shall, and cause each
of the Plutux Group Companies not to:

 

(a)          amend
its certificate of incorporation, bylaws or other similar organizational documents (whether by merger, consolidation or otherwise);

 

(b)          declare,
set aside or pay any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect
of any Plutux Shares or securities of any other Plutux Group Company, or redeem, repurchase or otherwise acquire or offer to redeem,
repurchase, or otherwise acquire any Plutux Shares or securities of any other Plutux Group Company;

 

(c)          (i)
issue, deliver or sell, or authorize the issuance, delivery or sale of, any shares of any Plutux Shares or securities of any other
Plutux Group Company, or (ii) amend any term of any Plutux Shares or the security of any other Plutux Group Company (whether by
merger, consolidation or otherwise) to provide for acceleration of vesting as a result of the transactions contemplated by this
Agreement or a termination of employment or service related to the transactions contemplated by this Agreement;

 

(d)          effect
any material acquisitions (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, of any
assets, securities, properties, interests or businesses;

 

(e)          commence,
settle, or offer or propose to settle, (i) any Proceeding involving or against any Plutux Group Company (other than any Proceeding
involving a settlement of US$150,000 or less as its sole remedy), (ii) any stockholder litigation or dispute against any Plutux
Group Company or any of its officers or directors or (iii) any Proceeding that relates to the transactions contemplated hereby;
or

 

    	 	30	 

    	 	 	CONFIDENTIAL

    

 

(f)          agree,
resolve or commit to do any of the foregoing.

 

Section 5.02    [Reserved].

 

Section 5.03    Access
to Information.

 

(a)          Prior
to the Closing Date, the Seller shall, shall cause each Plutux Group Company to, upon the Seller’s receipt of reasonable
prior notice, provide to the Purchaser financial or other information (including non-public information) regarding the business
and operation of any Plutux Group Company, including any information or statements as may be reasonably necessary for Purchaser
(or any of its direct or indirect owners) to file any Tax Return or other filings required by Law. Prior to the Closing Date, at
such times as may be agreed in advance with the Seller on behalf of Plutux, representatives of the Purchaser may, during normal
office hours, (a) visit and inspect any of the sites and premises where the business of any Plutux Group Company is conducted and
(b) have reasonable access to those officers, employees, agents, accountants, auditors, contractors and subcontractors of any Plutux
Group Company who have or may have knowledge of matters with respect to which the Purchaser reasonably seeks information. The Purchaser
hereby acknowledges its obligations of confidentiality under Section 5.10 hereof.

 

(b)          Upon
the Purchaser’s reasonable request, the Seller shall, and shall cause Plutux to reasonably cooperate with the Purchaser,
and provide the Purchaser with all information reasonably available to any Plutux Group Company, to permit the Purchaser to (i)
accurately prepare its Tax Returns and comply with any reporting requirements as a result of such determination; (ii) determine
whether any Plutux Group Company is or has been a “passive foreign investment company” for United States federal income
tax purposes and to determine the consequences to Purchaser of such status; and (iii) make or cause to be made and maintain any
and all United States federal income tax elections that may be advisable in the Purchaser’s reasonable discretion, to the
extent related to the investment in Plutux pursuant to this Agreement, including without limitation a “qualified electing
fund” election under Section 1295 of the Code.

 

Section 5.04    Notices
of Certain Events. The Seller shall promptly notify the Purchaser of the occurrence of any transaction or event or series
of transactions or events if prior to the Closing, as applicable, as a consequence to which (A) any representation or warranty
made by the Seller in this Agreement was, when made, or has subsequently become, untrue or inaccurate in any material respect,
or (B) the Seller shall fail to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by
the Seller pursuant to this Agreement or (C) the consummation of the transactions contemplated by this Agreement will be, or would
reasonably be expected to be, prevented or materially delayed.

 

    	 	31	 

    	 	 	CONFIDENTIAL

    

 

Section 5.05    Commercially
Reasonable Efforts.

 

(a)          For
the purposes of Closing, (i) the Seller shall use commercially reasonable efforts to cause the conditions set forth in Section
6.01 and Section 6.02 to be satisfied, but subject to any waiver thereof, at Closing to be satisfied on a timely basis
and, consistent with using such commercially reasonable efforts, if reasonably practicable, cause such conditions to be satisfied
as soon as possible after the date hereof; and (ii) Purchaser shall use commercially reasonable efforts to cause the conditions
set forth in Section 6.01 and Section 6.03 to be satisfied, but subject to any waiver thereof, at Closing to be satisfied
on a timely basis and, consistent with using such commercially reasonable efforts, if reasonably practicable, cause such conditions
to be satisfied as soon as possible after the date hereof.

 

(b)          As
promptly as practicable after the execution of this Agreement, each Party to this Agreement (i) shall make all filings and give
all notices reasonably required to be made and given by such Party in connection with the transactions contemplated by this Agreement
and (ii) shall use all commercially reasonable efforts to obtain all Consents required to be obtained (pursuant to any applicable
Law or Contract, or otherwise) by such Party in connection with the transactions contemplated by this Agreement. Each Party shall,
upon request of another Party and to the extent permitted by applicable Law or applicable Contracts, promptly deliver to such other
party a copy of each such filing made, each such notice given and each such Consent obtained by it.

 

(c)          The
Parties understand and agree that the commercially reasonable efforts of any party hereto shall not be deemed to include entering
into any settlement, undertaking, consent decree, stipulation or agreement with any Governmental Authority in connection with the
transactions contemplated hereby. Notwithstanding anything herein to the contrary, Purchaser shall not be required to contest or
defend any objections or oppositions raised by any Governmental Authority relating to the matters contemplated by this Section
5.05, although it may, at its sole discretion, elect to do so.

 

Section 5.06    Corporate
Existence, Assets, Insurance. The Seller shall cause each of Plutux Group Companies to, (a) maintain its corporate existence,
excluding creations of and mergers among Subsidiaries of Plutux or the termination of existence of a Subsidiary which would not
reasonably be expected to be material to Plutux or any of its Subsidiaries, (b) maintain its material assets in good working
order and condition, ordinary wear and tear excepted; and (c) maintain with financially sound and reputable insurance companies,
insurance on all of its insurable assets in at least such amounts and against at least such risks as are usually insured against
in the same general area by companies of established repute engaged in the same or a similar business in the markets where Plutux
Group Companies conduct the Business.

 

Section 5.07    Compliance
with Laws. The Seller shall comply, and cause each Plutux Group Company to comply, in all material respects with all applicable
Laws, ordinances, rules, regulations and requirements of any Governmental Authorities.

 

Section 5.08    Anti-Corruption
Compliance.

 

(a)          The
Seller shall not, and shall cause each of Plutux Group Company not to take any action or omit to take any action that would or
would reasonably be expected to lead to, or otherwise cause or allow to occur, any event or occurrence that, if such event or occurrence
occurred prior to or at Closing, as applicable, would constitute a breach of, or require disclosure against, the representations
contained in Section 3.22.

 

    	 	32	 

    	 	 	CONFIDENTIAL

    

 

(b)          The
Seller cause each of the Plutux Group Companies to maintain its books and records in a manner that, in reasonable detail, accurately
and fairly reflects the transactions and disposition of its assets in all material aspects.

 

Section 5.09    Public
Disclosure. On the first Business Day following the date of this Agreement, the Purchaser shall issue a press release and
file a Current Report on Form 6-K describing the terms of the transactions contemplated hereunder in the form required by the
Exchange Act (the “6-K Filing”), provided that the Seller shall be consulted by the Purchaser in connection
with any such press release or other public disclosure prior to its release.

 

Section 5.10    Confidentiality.
Each Party shall hold, and will cause its respective Affiliates and their directors, officers, employees, agents, consultants
and advisors to hold, in strict confidence, unless disclosure to a regulatory authority is necessary or appropriate in connection
with any necessary regulatory approval or unless disclosure is required by judicial or administrative process or by other requirement
of Law or the applicable requirements of any regulatory agency or relevant stock exchange, all non-public records, books, contracts,
instruments, computer data and other data and information (collectively, “Information”)
concerning the other Party furnished to it by such other Party or its Representatives pursuant to this Agreement (except to the
extent that such information can be shown to have been (a) previously known by such Party on a non-confidential basis, (b) in
the public domain through no fault of such Party or (c) later lawfully acquired from other sources on a non-confidential basis
by the Party to which it was furnished), and no Party shall release or disclose such Information to any other person, except its
Affiliates, officers, directors, employees, partners, members, auditors, attorneys, financial advisors, and other consultants
and advisors. Without limiting the generality of the foregoing, the following shall not constitute a breach of the confidentiality
obligation under this Section 5.10 by the Purchaser: (i) the issue of the 6-K Filing pursuant to Section 5.09 and
(ii) the filing of, and the disclosure of the material terms of, this Agreement in the reports, schedules, forms, statements and
other documents required to be filed with or furnished to the SEC under the Securities Act or the Exchange Act, provided
that the Seller shall be consulted by the Purchaser in connection with any such public disclosure prior to its release.

 

Section 5.11    Lock-up.
Each of the Seller and the Purchaser hereby agrees that, notwithstanding any other provisions to the contrary herein, without
the prior written consent of the Purchaser or the Seller, as applicable, it will not (i) offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any of the Purchaser Consideration Shares (with respect to
the Seller) or the Subject Shares (with respect to the Purchaser) or any other securities so owned convertible into or exercisable
or exchangeable for any of the Purchaser Consideration Shares (with respect to the Seller) or the Subject Shares (with respect
to the Purchaser), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any of the Purchaser Consideration Shares (with respect to the Seller) or the Subject Shares
(with respect to the Purchaser) during the period commencing on the Closing Date and expiring on the date of all the following
conditions are met(the “Lock-up Period”): (i) Plutux commences its
operations of Business by December 31, 2019; for the avoidance of doubt, Plutux shall be deemed to have commenced its operations
as long as the mobile application of Plutux platform is made available for download and use on any mobile application platforms;
and (ii) the unaudited net income after tax of the Plutux on a consolidated basis in the first 12 months after its commence of
operations is no less than US$30,000,000 ((i) and (ii) collectively “Profit Targets”). The Purchaser Consideration
Shares (with respect to the Seller) or the Subject Shares (with respect to the Purchaser), which are subject to the lock-up under
this Section 5.11, may be released at any time prior to the expiration of the Lock-up Period if there is a written consent
of the Purchaser or the Seller, as applicable, for the release of such shares. After the Lock-up Period and upon the request of
the Seller, the Purchase shall use its best efforts to facilitate the conversion of the Purchaser Consideration Shares into ADSs
in accordance with ADS conversion procedures of the Depositary.

 

    	 	33	 

    	 	 	CONFIDENTIAL

    

 

Section 5.12    [Reserved].

 

Section 5.13    Non-compete
Undertaking. Upon Closing and until the first date upon which Purchaser ceases to own any Subject Shares, the Seller shall
not, and shall cause each of the Affiliates of the Seller not to, other than through the Plutux Group Companies, directly or indirectly,
sell or otherwise provide to any third party any product or service or otherwise engage or invest in any business that is of the
same nature as the Business, whether as a principal or for its own account, or as a shareholder or other equity owner in any Person
(other than Plutux).

 

Section 5.14    Repurchase and Cancellation.

 

(a)           In
the event that Plutux fails to meet the Profit Targets, the Purchaser is entitled and may elect to repurchase all of the Purchaser
Consideration Shares from the Seller or its assignees at the sole consideration of Subject Shares (“Cancellation Option
of The9”), and the Seller is entitled and may elect to repurchase all of the Subject Shares from the Purchaser or its
assignees at the sole consideration of Purchaser Consideration Shares (“Cancellation Option of Plutux”, together
with the Cancellation Option of The9, the “Cancellation Option”). The Cancellation Option shall only be exercised
by the delivery of a written notice from the party exercising the Cancellation Option to the other party (the “Cancellation
Option Notice”) specifying the (i) exercise of the Cancellation Option and (ii) the proposed delivery date of, with respect
to Cancellation Option of The9, the Purchaser Consideration Shares, or with respect to Cancellation Option of Plutux, the Subject
Shares, which shall be at least fifteen (15) days from the date of the Cancellation Option Notice (the “Cancellation Option
Closing Date”). On Cancellation Option Closing Date, the Purchaser shall cause the delivery of Subject Shares and the
Seller shall cause the delivery of Cancellation Option Shares. Upon the closing of the Cancellation Option, this agreement shall
be deemed terminated.

 

(b)          In
the event that The9 fails to maintain its listing status on Nasdaq Global Market, The9 shall immediately notify the Seller and
Plutux in writing. Upon the foregoing written notice, the Seller is entitled and may elect to repurchase all of the Subject Shares
(“Seller Cancellation Option Shares”) from the Purchaser or its assignees at the sole consideration of Purchaser
Consideration Shares (“Seller Cancellation Option”). The Seller Cancellation Option shall only be exercised
by the delivery of a written notice from the Seller to The9 (the “Seller Cancellation Option Notice”) specifying
the (i) exercise of the Seller Cancellation Option and (ii) the proposed delivery date of the Seller Cancellation Option Shares
which shall be at least fifteen (15) days from the date of the Seller Cancellation Option Notice (the “Seller Cancellation
Option Closing Date”). On Cancellation Option Closing Date, The Purchaser shall cause the delivery of Subject Shares
and the Seller shall cause the delivery of Seller Cancellation Option Shares. Upon the closing of the Seller Cancellation Option,
this agreement shall be deemed terminated.

 

    	 	34	 

    	 	 	CONFIDENTIAL

    

 

(c)          In
the event that Seller, directly or indirectly, separately or in aggregate, sells, transfers or disposes of more than 50% of the
outstanding share capital of the Plutux, the Purchaser is entitled and may elect to repurchase all of the Purchaser Consideration
Shares from the Seller or its assignees at the sole consideration of Subject Shares (“Cancellation Option II”).
The Cancellation Option II shall only be exercised by the delivery of a written notice from the Purchaser exercising the Cancellation
Option II to Seller (the “Cancellation Option II Notice”) specifying the (i) exercise of the Cancellation Option
II and (ii) the proposed delivery date of the Purchaser Consideration Shares, which shall be at least fifteen (15) days from the
date of the Cancellation Option II Notice (the “Cancellation Option II Closing Date”). On Cancellation Option
II Closing Date, the Purchaser shall cause the delivery of Subject Shares and the Seller shall cause the delivery of Cancellation
Option Shares. Upon the closing of the Cancellation Option II, this agreement shall be deemed terminated.

 

Article
VI

 

Conditions
to Pre-closing and Closing

 

Section 6.01    Conditions
to the Obligations of Each Party. The obligations of the Parties to consummate the transactions at Closing contemplated by
this Agreement are subject to the satisfaction of this Section 6.01:

 

(a)          Governmental
Approvals. All notices to, filings with and Consents of Governmental Authorities required to be made or obtained under any
applicable Law in connection with the execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement shall have been made or obtained and be in full force and effect.

 

(b)          No
Injunction. No temporary restraining order, preliminary or permanent injunction or other order or decree issued by any Governmental
Authority of competent jurisdiction shall be in effect which prevents the consummation of the transactions contemplated by this
Agreement on the terms contemplated herein, and no applicable Law shall have been enacted or be deemed applicable to the transactions
contemplated by this Agreement that makes consummation of the transactions contemplated by this Agreement illegal.

 

(c)          No
Litigation. There shall not be pending or overtly threatened by or before any Governmental Authority any Proceeding that (i)
seeks to prevent the consummation of the transactions contemplated by this Agreement on the terms contemplated herein, or (ii)
seeks the award of Damages (in an amount material to either the Purchaser or Plutux Group Companies taken as a whole) payable by,
or any other remedy against, the Purchaser or any Plutux Group Company if the transactions contemplated by this Agreement are consummated.

 

    	 	35	 

    	 	 	CONFIDENTIAL

    

 

Section 6.02    Conditions
to the Obligations of Purchaser. The obligations of the Purchaser to consummate the transactions at Closing contemplated by
this Agreement are subject to the satisfaction of the following further conditions:

 

(a)          Representations
and Warranties. Each of the representations and warranties of the Seller in this Agreement shall be true and correct in all
material respects (without giving effect to any limitation as to “materiality” set forth therein) as of Closing, except
for such representations and warranties made as of a specific date, which shall be true and correct as of such date.

 

(b)          Performance.
The Seller shall have performed and complied with all agreements, covenants, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it at or prior to the Closing.

 

(c)          Corporate
Approvals. The Seller shall (i) have duly attended to and carried out all corporate procedures that are required under the
Laws of its place of incorporation or establishment to effect its execution, delivery and performance of this Agreement and the
transactions contemplated hereby, and (ii) have provided a copy of all resolutions and documentation evidencing authorization by
the Seller’s and Plutux’s respective Board of this Agreement and the transactions contemplated hereby, and the execution,
delivery and performance of this Agreement (where applicable), certified by a duly authorized director of Seller’s and Plutux’s
respective Board or secretary to be true, complete and correct copies thereof;

 

(d)          Consents.
All Consents required to be obtained by the Seller or Plutux (including, but not limited to, any Consent required to be obtained
from any Governmental Authority) in connection with the transactions contemplated by this Agreement shall have been obtained in
form and substance reasonably satisfactory to the Purchaser and shall be in full force and effect, except in the case where the
failure to obtain any such Consents has not had and would not reasonably be expected to have, individually or in the aggregate,
a Plutux Material Adverse Effect;

 

(e)          No
Plutux Material Adverse Effect. Since the date of this Agreement, there shall not have occurred any Plutux Material Adverse
Effect;

 

(f)          Qualification
under Securities Laws. All registrations, qualifications, permits and approvals, if any, required to be obtained prior to the
Closing under applicable securities Laws shall have been obtained for the lawful execution, delivery and performance of this Agreement
including, without limitation, the offer and sale of the Subject Shares;

 

(g)          Orders.
There shall be no Governmental Authority that has

 

(i)           instituted
or to the Knowledge of the Seller, threatened any action or investigation to restrain, prohibit or otherwise challenge any transaction
contemplated under this Agreement;

 

(ii)          to
the Knowledge of the Seller, threatened to take any action as a result of or in anticipation of transactions contemplated under
this Agreement; or

 

    	 	36	 

    	 	 	CONFIDENTIAL

    

 

(iii)         proposed,
enacted, issued, promulgated, enforced or entered any Law or Governmental Order (whether temporary, preliminary or permanent) which
would prohibit, restrict or delay the (A) the transactions contemplated by this Agreement, (B) the operation of any or all of the
Plutux Group Companies after the date hereof, including to compel Plutux or any of its Subsidiaries to dispose of all or a material
portion of the business or assets of Plutux or any of its Subsidiaries as a result of the consummation of such transactions.

 

(h)          Closing
Deliverables. The Purchaser shall have received each of the agreements and documents required by this Agreement to be delivered
by the Seller and Plutux at Closing, as applicable, as specified in Section 2.02(a), each of which shall be in full force
and effect.

 

(i)           Each
of the shareholders of the Plutux has waived its right of first refusal to acquire the Subject Shares which the Seller proposes
to sell hereunder and the Seller shall deliver to the Purchaser documents evidencing such waiver.

 

Section 6.03    Conditions
to the Obligations of Seller. The obligations of the Seller to consummate the transactions at Closing contemplated by this
Agreement are subject to the satisfaction of all the following further conditions.

 

(a)          Representations
and Warranties. Each of the representations and warranties of the Purchaser contained in this Agreement shall be true and correct
in all material respects (without giving effect to any limitation as to “materiality” set forth therein) as of Closing,
as applicable, except for such representations and warranties made as of a specific date, which shall be true and correct as of
such date.

 

(b)          Performance.
The Purchaser shall have performed and complied with all agreements, covenants, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it at or prior to Closing, as applicable.

 

(c)          Corporate
Authority. The Purchaser shall have duly attended to and carried out all corporate procedures that are required under the Laws
of its place of incorporation or establishment to effect its execution, delivery and performance of this Agreement to which it
is as a party, and the transactions contemplated hereby.

 

(d)          Consents.
All Consents required to be obtained by the Purchaser (including, but not limited to, any Consent required to be obtained from
any Governmental Authority) in connection with the transactions contemplated by this Agreement, including, but not limited to,
the approval of the issuance of the Purchaser Consideration Shares, shall have been obtained in form and substance reasonably satisfactory
to the Seller and shall be in full force and effect, except where the failure to obtain any such Consents has not had and would
not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

 

(e)          No
Purchaser Material Adverse Effect. Since the date of this Agreement, there shall not have occurred any Purchaser Material Adverse
Effect.

 

    	 	37	 

    	 	 	CONFIDENTIAL

    

 

(f)          Closing
Deliverables. The Seller shall have received each of the agreements and documents required by this Agreement to be delivered
by the Purchaser at Closing, as applicable, as specified in Section 2.02(b), each of which shall be in full force and effect.

 

(g)          Token
Subscription. Plutux shall have received US$500,000 in fiat money or cryptocurrencies from CellLink Global Foundation Limited
for subscription of Plutux’s tokens.

 

Article
VII

 

Indemnification

 

Section 7.01    Survival
of Representations and Warranties.

 

(a)          The
representations and warranties of Warrantors contained in this Agreement shall survive the Closing until twelve (12) months after
the Closing; provided, however, that Seller Fundamental Reps shall survive indefinitely. The covenants and agreements
of each Warrantor set forth in this Agreement shall survive the Closing until fully discharged in accordance with their terms.
Neither the period of survival nor the liability of any Warrantor with respect to Warrantors ’s representations, warranties,
covenants and agreements shall be reduced by any investigation made at any time by or on behalf of the Purchaser. If written notice
of a claim setting forth reasonable details as to the basis of the claim has been given prior to the expiration of the applicable
representations and warranties or prior to the discharge of the applicable covenant or agreement by the Purchaser to any of the
Warrantors, then the relevant representations, warranties, covenants and agreements shall survive as to such claim, until such
claim has been finally resolved.

 

(b)          The
representations and warranties of the Purchaser contained in this Agreement shall survive the Closing until twelve (12) months
after the Closing; provided, however, that Purchaser Fundamental Reps shall survive indefinitely. The covenants and
agreements of the Purchaser set forth in this Agreement shall survive the Closing until fully discharged in accordance with their
terms. Neither the period of survival nor the liability of the Purchaser with respect to Purchaser’ representations, warranties,
covenants and agreements shall be reduced by any investigation made at any time by or on behalf of the Seller. If written notice
of a claim setting forth reasonable details as to the basis of the claim has been given prior to the expiration of the applicable
representations and warranties or prior to the discharge of the applicable covenants or agreement by the Seller to the Purchaser,
then the relevant representations, warranties, covenants and agreements shall survive as to such claim, until such claim has been
finally resolved.

 

(c)          Notwithstanding
the expiration dates set forth in Sections 7.01(a) and 7.01(b), all representations and warranties made by each Party
in this Agreement shall survive indefinitely in the event of fraud or willful or intentional misrepresentation by such Party.

 

    	 	38	 

    	 	 	CONFIDENTIAL

    

 

Section 7.02    Indemnification
by Warrantors. Following the Closing, the Warrantors hereof jointly and severally undertake to fully indemnify and hold harmless
each of the Purchaser and its Affiliates and their respective officers, directors, employees, agents, successors and assigns (each
an “Purchaser Indemnified Party”) for and against any and all Liabilities,
losses, Damages, claims, costs and expenses, interest, awards, judgments and penalties (including attorneys’ and consultants’
fees and expenses) (each, a “Loss”) actually suffered or incurred
by them (including any Action brought or otherwise initiated by any of them), arising out of or resulting from:

 

(a)          the
failure of any representation or warranty made by any of the Warrantors under this Agreement to be true and accurate when made;
or

 

(b)          the
breach or violation of, or failure to perform or fulfill, any covenant or agreement by any of the Warrantors contained in this
Agreement.

 

Section 7.03    Limits
on Indemnification by Warrantor. Notwithstanding anything to the contrary contained in this Agreement:

 

(a)          the
Warrantors shall not be liable for any claim for indemnification pursuant to Section 7.02(a), other than any claim arising
from fraud, willful misconduct or intentional misrepresentation or arising out of the breach of any Seller Fundamental Reps, unless
and until the aggregate amount of indemnifiable Losses which may be recovered from the Warrantors in aggregate equals or exceeds
US$1,000,000, whereupon the Purchaser Indemnified Party shall be entitled to indemnification for the full amount of such Losses;
and

 

(b)          the
maximum amount of indemnifiable Losses which may be recovered by the Purchaser Indemnified Parties from the Warrantors arising
out of or resulting from the causes set forth in Section 7.02(a), other than any claim arising from fraud, willful misconduct
or intentional misrepresentation or arising out of the breach of any Seller Fundamental Reps, shall be an amount equal to US$1,000,000.

 

Section 7.04    Indemnification
by Purchaser. Following the Closing, the Purchaser shall indemnify and hold harmless Warrantors and its Affiliates and its
officers, directors, employees, agents, successors and assigns (each a “Warrantor Indemnified
Party”), for and against any and all Losses actually suffered or incurred by them (including any Action brought
or otherwise initiated by any of them), arising out of or resulting from:

 

(a)          the
failure of any representation or warranty made by the Purchaser under this Agreement to be true and accurate when made; or

 

(b)          the
breach or violation of, or failure to perform or fulfill, any covenant or agreement by Purchaser contained in this Agreement.

 

Section 7.05    Limits
on Indemnification by Purchaser. Notwithstanding anything to the contrary contained in this Agreement:

 

(a)          the
Purchaser shall not be liable for any claim for indemnification pursuant to Section 7.04(a), other than any claim arising
from fraud, willful misconduct or intentional misrepresentation or arising out of the breach of any Purchaser Fundamental Reps,
unless and until the aggregate amount of indemnifiable Losses which may be recovered from the Indemnifying Parties equals or exceeds
US$100,000, whereupon the Warrantor Indemnified Party shall be entitled to indemnification for the full amount of such Losses;
and

 

    	 	39	 

    	 	 	CONFIDENTIAL

    

 

(b)          the
maximum amount of indemnifiable Losses which may be recovered by Warrantor Indemnified Parties from the Purchaser arising out of
or resulting from the causes set forth in Section 7.04(a), other than any claim arising from fraud, willful misconduct or
intentional misrepresentation or arising out of the breach of any Purchaser Fundamental Reps, shall be an amount equal to US$1,000,000.

 

Section 7.06    Third-Party
Claims. If a Purchaser Indemnified Party or a Warrantor Indemnified Party (each, an “Indemnified
Party”) shall receive notice of any Action, audit, demand or assessment (each, a “Third-Party
Claim”) against it or which may give rise to a claim for Loss under this Article VII, within thirty (30)
calendar days of the receipt of such notice, the Indemnified Party shall give the Indemnifying Party or Indemnifying Parties,
as the case may be, notice of such Third-Party Claim; provided, however, that the failure to provide such notice
shall not release any Indemnifying Party from any of its obligations under this Article VII except to the extent that such
Indemnifying Party is materially prejudiced by such failure and shall not relieve such Indemnifying Party from any other obligation
or liability that it may have to any Indemnified Party otherwise than under this Article VII. If the Indemnifying Party
acknowledges in writing its obligation to indemnify the Indemnified Party or Indemnified Parties hereunder against any Losses
that may result from such Third-Party Claim, then such Indemnifying Party or Indemnifying Parties, as the case may be, shall be
entitled to assume and control the defense of such Third-Party Claim at its or their expense and through counsel of its or their
choice if it or they give notice of such intention to do so to the Indemnified Party or Indemnified Parties, as the case may be,
within fourteen (14) calendar days of the receipt of notice from any Indemnified Party of such Third-Party Claim; provided,
however, that if there exists or is reasonably likely to exist a conflict of interest that would make it inappropriate
in the reasonable judgment of the Indemnified Party or Indemnified Parties in its or their sole and absolute discretion for the
same counsel to represent both the Indemnified Party or Indemnified Parties and the Indemnifying Party or Indemnifying Parties,
then the Indemnified Party or Indemnified Parties shall be entitled to retain its or their own counsel in each jurisdiction for
which the Indemnified Party determines counsel is required, at the expense of the Indemnifying Party or Indemnifying Parties.
In the event that the Indemnifying Party or Indemnifying Parties exercise the right to undertake any such defense against any
such Third-Party Claim as provided above, the Indemnified Party or Indemnified Parties shall cooperate with the Indemnifying Party
or Indemnifying Parties in such defense and make available to any Indemnifying Party, at such Indemnifying Party’s expense,
all witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified
Party’s control relating thereto as is reasonably required by such Indemnifying Party. Similarly, in the event any Indemnified
Party is, directly or indirectly, conducting the defense against any such Third-Party Claim, such Indemnifying Party shall cooperate
with the Indemnified Party or Indemnified Parties in such defense and make available to any Indemnified Party, at such Indemnifying
Party’s or Indemnifying Parties’ expense, all such witnesses, records, materials and information in such Indemnifying
Party’s possession or under such Indemnifying Party’s control relating thereto as is reasonably required by any Indemnified
Party. No Third-Party Claim may be settled (i) by any Indemnified Party without the prior written consent of the Indemnifying
Party or Indemnifying Parties (which shall not be unreasonably withheld or delayed) if the Indemnifying Party or Indemnifying
Parties acknowledge in writing its or their obligation to indemnify such Indemnified Party hereunder against any Losses that may
result from such Third-Party Claim or (ii) by any Indemnifying Party without the prior written consent of the Indemnified Party
or Indemnified Parties, except, in the case of (ii) only, where settlement of such Third-Party Claim (A) includes an unconditional
release of the Indemnified Party or Indemnified Parties from all liability arising out of such Action, audit, demand or assessment
and (B) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Party.

 

    	 	40	 

    	 	 	CONFIDENTIAL

    

 

Section 7.07    Exclusive
Remedy. Following the Closing, indemnification as set forth in this Article VII shall be the exclusive remedy available
to the Seller and the Warrantors with respect to any breaches of any representations and warranties, covenants or agreement by
the other Parties in this Agreement, except in each case pursuant to Section 9.02 or in the case of fraud or willful or
intentional misconduct by the other Parties (which remedies shall, for the avoidance of doubt, be in addition to the remedies
set forth in this Article VII).

 

Article
VIII

 

Termination

 

Section 8.01    Termination.
This Agreement may be terminated and the transactions contemplated by this Agreement may be abandoned at any time prior to the
Closing:

 

(a)          by
written agreement of the Parties;

 

(b)          by
Seller or Purchaser if an injunction, restraining order or decree of any nature of any Governmental Authority of competent jurisdiction
is issued that prohibits the consummation of the transactions contemplated hereby due to reasons other than a fault of such Party;

 

(c)          by
the Purchaser (i) if any one of the Warrantors shall have breached, in any material respect, any of its representations, warranties,
covenants or other obligations under this Agreement and such breach shall be incapable of cure or has not been cured within fourteen
(14) days following the giving of written notice of such breach to the breaching Party, (ii) if there shall have occurred a Plutux
Material Adverse Effect, or (iii) if the Purchaser exercises the Cancellation Option in accordance with Section 5.14(a);

 

(d)          by
the Seller (i) if the Purchaser shall have breached, in any material respect, any of its representations, warranties, covenants
or other obligations under this Agreement and such breach shall be incapable of cure or has not been cured within fourteen (14)
days following the giving of written notice of such breach to the breaching Party, (ii) if there shall have occurred a Purchaser
Material Adverse Effect, or (iii) if the Seller exercises the Seller Cancellation Option in accordance with Section 5.14(b).

 

The Party desiring to terminate this Agreement
pursuant to this Section 8.01 (other than pursuant to Section 8.01(a)) shall give a notice of such termination to
the other Party setting forth a brief description of the basis on which such Party is terminating this Agreement.

 

    	 	41	 

    	 	 	CONFIDENTIAL

    

 

Section 8.02    Effect
of Termination. If this Agreement is terminated pursuant to Section 8.01, this Agreement shall become void and of no
effect without liability of any Party (or any Representative of such Party) to the other party hereto; provided that: (a)
no Party shall be relieved of any obligation or liability arising from any prior breach by such Party of any provision of this
Agreement; and (b) the Parties shall, in all events, remain bound by and continue to be subject to the provisions set forth in
Section 5.09, Section 5.10, Article VII, this Section 8.02, Section 9.02, Section 9.07
and Section 9.09, which shall survive any termination of this Agreement.

 

Article
IX

 

Miscellaneous

 

Section 9.01    Notices.
All notices, requests and other communications required or permitted under, or otherwise made in connection with, this Agreement,
shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon confirmation of receipt
when transmitted by facsimile transmission, (c) upon receipt after dispatch by registered or certified mail, postage prepaid or
(d) on the next Business Day if transmitted by national overnight courier (with confirmation of delivery), in each case,
addressed as follows:

 

if to the Seller and Plutux, to:

 

3/F,100QRC, 100 Queen’s Road Central,

Central, Hong Kong

Attention: Cyrus Wen

 

if to The9, to:

 

The9 Limited

Building No. 3, 690 Bibo Road

Zhang Jiang Hi-Tech Park

Pudong New Area, Pudong

Shanghai 201203

People’s Republic of China

Attention: George Lai

Facsimile No.: +86-21-5172-9903

 

    	 	42	 

    	 	 	CONFIDENTIAL

    

 

if to The9 Sub, to:

 

The9 Limited

Building No. 3, 690 Bibo Road

Zhang Jiang Hi-Tech Park

Pudong New Area, Pudong

Shanghai 201203

People’s Republic of China

Attention: George Lai

Facsimile No.: +86-21-5172-9903

 

or to such other address or facsimile number as such Party may hereafter
specify for the purpose by five-day prior notice to the other Parties.

 

Section 9.02    Specific
Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions to prevent breaches of
this Agreement or to enforce specifically the performance of the terms and provisions of this Agreement in addition to any other
remedy to which they are entitled to at law or in equity, in each case without the requirement of posting any bond or other type
of security.

 

Section 9.03    Amendments
and Waivers.

 

(a)          Any
provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in
the case of an amendment, by each Party to this Agreement or, in the case of a waiver, by each Party against whom the waiver is
to be effective.

 

(b)          No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

Section 9.04    Fees
and Expenses. Except as otherwise provided herein, each Party shall pay all of its own fees and expenses (including attorneys’
fees) incurred in connection with this Agreement and the transactions contemplated hereby, except that the Seller, on the one
hand, and the Purchaser, on the other hand, shall each pay one-half of any reasonable out-of-pocket expenses payable in connection
with the sales, use, transfer, stamp duty or similar taxes payable in connection with the conveyance, transfer and assignment
of the Subject Shares and the Purchaser Consideration Shares.

 

Section 9.05    Disclosure
Schedule References. The Parties agree that any reference in a particular Section of the Disclosure Schedule shall be deemed
to be an exception to, but only to, (or, as applicable, a disclosure for purposes of) (i) the representations and warranties (or
covenants, as applicable) of the relevant Party that are contained in the corresponding Section of this Agreement and (ii) any
other representations and warranties of such Party that is contained in this Agreement, but only if the relevance of that reference
as an exception to (or a disclosure for purposes of) such representations and warranties would be readily apparent to an individual
who has read that reference and such representations and warranties.

 

    	 	43	 

    	 	 	CONFIDENTIAL

    

 

Section 9.06    Binding
Effect; Benefit; Assignment.

 

(a)          The
provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors
and assigns. Except with respect to Article VII, no provision of this Agreement is intended to confer any rights, benefits,
remedies, obligations or liabilities hereunder upon any Person other than the Parties hereto and their respective successors and
assigns.

 

(b)          No
party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each
other party hereto. Any assignment in violation of this Section 9.06(b) shall be null and void.

 

Section 9.07    Governing
Law. This Agreement shall be governed by, and construed in accordance with, the Laws of Hong Kong. Nothing in this Agreement
shall affect the right to serve process in any manner permitted by Law.

 

Section 9.08    Consultation.
Any dispute, controversy or claim (each, a “Dispute”) arising out
of or in connection with or relating to this Agreement, or the breach, termination or invalidity hereof (including the validity,
scope and enforceability of the arbitration provision set forth in Section 9.09) shall be resolved at the first instance
through consultation between the parties to such Dispute. Such consultation shall begin immediately after any party has delivered
notice to the other party to the Dispute requesting such consultation.

 

Section 9.09    Arbitration.

 

(a)          If
the Dispute is not resolved within 30 days following the date on which a notice for consultation is given or upon the notice of
any party to the Dispute notifying that such consultation has failed, the Dispute shall be finally resolved by arbitration administered
by the Hong Kong International Arbitration Centre under the UNCITRAL Arbitration Rules (the “Rules”)
as are in force at the time of any such arbitration and as may be amended by the rest of this Section 9.09. For the purpose
of such arbitration, there shall be three arbitrators to form an arbitration board (“Arbitration
Board”). One arbitrator shall be appointed by Purchaser and one shall be appointed by Seller. All selections shall
be made within 30 days after the selecting party gives or receives the demand for arbitration. Such arbitrators shall be freely
selected, and the parties shall not be limited in their selection to any prescribed list. The Chairman of the Hong Kong International
Arbitration Centre shall select the third arbitrator. If any arbitrator to be appointed by a party has not been appointed and consented
to participate within 30 days after the selection of the first arbitrator, the relevant appointment shall be made by the Chairman
of the Hong Kong International Arbitration Centre.

 

(b)          The
arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre. All arbitration
proceedings shall be conducted in English. The arbitrators shall decide any such Dispute or claim strictly in accordance with the
governing law specified in Section 9.07. Judgment upon any arbitral award rendered hereunder may be entered in any court
having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement,
as the case may be.

 

    	 	44	 

    	 	 	CONFIDENTIAL

    

 

(c)          The
Parties shall facilitate the arbitration by (i) cooperating in good faith to expedite (to the maximum extent practicable) the conduct
of the arbitration, (ii) making available to one another and to the Arbitration Board for inspection and extraction all documents,
books, records, and personnel under their control or under the control of a Person controlling or controlled by such Party if determined
by the Arbitration Board to be relevant to the Dispute, (iii) conducting arbitration hearings to the greatest extent possible on
successive business days and (iv) using their best efforts to observe the time periods established by the Rules or by the Arbitration
Board for the submission of evidence and briefs.

 

(d)          The
costs and expenses of the arbitration, including the fees of the arbitration, including the fees of the Arbitration Board, shall
be borne by the losing party to the Dispute or claim, and each Party shall pay its own fees, disbursements and other charges of
its counsel; provided that the Arbitration Board shall have the right to allocate the costs and expenses between each Party
as the Arbitration Board deems equitable.

 

(e)          Any
award made by the Arbitration Board shall be final and binding on each of the Parties that were parties to the Dispute. The Parties
expressly agree to waive the applicability of any Laws that would otherwise give the right to appeal the decisions of the Arbitration
Board so that there shall be no appeal to any court of Law for the award of the Arbitration Board, and a party shall not challenge
or resist the enforcement action taken by any other party in whose favor an award of the Arbitration Board was given.

 

Section 9.10    Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each
Party hereto shall have received a counterpart hereof signed by all of the other Parties hereto. Until and unless each Party has
received a counterpart hereof signed by the other Party hereto, this Agreement shall have no effect and no Party shall have any
right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The exchange
of a fully executed Agreement (in counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be
sufficient to bind the Parties to the terms and conditions of this Agreement.

 

Section 9.11    Entire
Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this
Agreement and supersede all prior agreements and understandings, both oral and written, between the Parties with respect to the
subject matter of this Agreement.

 

Section 9.12    Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

 

[Signature Page Follows]

 

    	 	45	 

    	 	 

    

 

IN WITNESS WHEREOF, the Parties have executed or have caused this
Agreement to be duly executed by their respective authorized officers as of the date first written above.

 

	 	The9 Limited
	 	 	 
	 	By:	/s/  George Lai
	 	 	Name: George Lai
	 	 	Title:   Director
	 	 	 
	 	1111 Limited
	 	 	 
	 	By:	/s/  George Lai
	 	 	Name:  George Lai
	 	 	Title: Director
	 	 	 
	 	Plutux Labs Limited
	 	 	 
	 	By:	/s/ Authorized Signatory 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Plutux Limited
	 	 	 
	 	By:	/s/ Authorized Signatory
	 	 	Name:
	 	 	Title:

 

[Signature Page to the Share Purchase Agreement]gsm_Ex4_13

			

					

						 

					

					

						 

				
	

					

						 

					

					

						Exhibit 4.13

				
	

					

						 

					

					

						 

				
	

					

						28 JUNE 2017

					

					

						EXECUTION VERSION

				

		

			 

		

		
			PEDRO LARREA PAGUAGA
		

		
			FERROGLOBE PLC
		

		
			 
		

			
					
						 

				
	
					
						 

				
	
					
						AMENDED AND RESTATED SERVICE AGREEMENT

				
	
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			 
		

		
			CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						CLAUSE

					
					
						PAGE

				
	
					
						1.

					
					
						TERM AND JOB DESCRIPTION

					
1
				
	
					
						2.

					
					
						DUTIES

					
2
				
	
					
						3.

					
					
						SALARY

					
3
				
	
					
						4.

					
					
						BONUS AND LONG-TERM INCENTIVE ARRANGEMENTS

					
3
				
	
					
						5.

					
					
						TAXATION

					
4
				
	
					
						6.

					
					
						EXPENSES

					
5
				
	
					
						7.

					
					
						PENSION

					
5
				
	
					
						8.

					
					
						INSURANCE

					
5
				
	
					
						9.

					
					
						HOLIDAY

					
6
				
	
					
						10.

					
					
						SICKNESS AND OTHER INCAPACITY

					
6
				
	
					
						11.

					
					
						REPRESENTATIONS AND WARRANTIES

					
6
				
	
					
						12.

					
					
						OTHER INTERESTS

					
7
				
	
					
						13.

					
					
						SHARE DEALING AND OTHER CODES OF CONDUCT

					
8
				
	
					
						14.

					
					
						INTELLECTUAL PROPERTY

					
8
				
	
					
						15.

					
					
						DISCIPLINARY AND GRIEVANCE PROCEDURES

					
9
				
	
					
						16.

					
					
						TERMINATION

					
9
				
	
					
						17.

					
					
						RESIGNATION BY THE EXECUTIVE FOR GOOD REASON

					
12
				
	
					
						18.

					
					
						REMUNERATION POLICY, MALUS AND CLAWBACK.

					
13
				
	
					
						19.

					
					
						SUSPENSION AND GARDENING LEAVE

					
13
				
	
					
						20.

					
					
						RESTRAINT ON ACTIVITIES OF EXECUTIVE AND CONFIDENTIALITY

					
15
				
	
					
						21.

					
					
						POST-TERMINATION COVENANTS

					
15
				
	
					
						22.

					
					
						EXECUTIVE'S POSITION AS DIRECTOR

					
17
				
	
					
						23.

					
					
						WAIVER OF RIGHTS

					
17
				
	
					
						24.

					
					
						DATA PROTECTION

					
18
				
	
					
						25.

					
					
						EMAIL AND INTERNET USE

					
19
				
	
					
						26.

					
					
						COUNTERPARTS

					
19
				
	
					
						27.

					
					
						CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

					
19
				
	
					
						28.

					
					
						DEFINITIONS

					
19
				
	
					
						29.

					
					
						MISCELLANEOUS

					
21
				

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			THIS AMENDED RESTATED AGREEMENT (THE AGREEMENT) IS MADE ON 28 June 2017
		

		
			 
		

		
			BETWEEN
		

		
			 
		

		
			(1)        FERROGLOBE PLC, a company with registered number 09425113, which has its registered office at Legalinx  Ltd.,  One  Fetter  Lane,  London,  EC4A lBR (the Company); and
		

		
			 
		

		
			(2)        Pedro    Larrea    Paguaga    of      22      Rutland       Court,       Rutland       Gardens, Knightsbridge, London SW7 lBW (the Executive);
		

		
			 
		

		
			WHEREAS
		

		
			 
		

		
			(1)        The Executive commenced Employment with the Company on the Effective Date; and
		

		
			 
		

		
			(2)        The Executive and the Company have now agreed to amend and restate the terms and conditions of the Employment and, in consideration of the mutual rights and undertakings contained herein, have entered into this Agreement to bring the amendment and restatement into legal effect on and with effect from the date of this Agreement.
		

		
			 
		

		
			IT IS AGREED as follows: -
		

		
			 
		

		
			1.          TERM AND JOB DESCRIPTION
		

		
			 
		

		
			1.1        The Executive shall be employed by the Company as Chief Executive Officer.
		

		
			 
		

		
			1.2        The Employment began on the Effective Date. For statutory purposes, there is no previous period of continuous employment preceding the Effective Date.
		

		
			 
		

		
			1.3        Subject to clauses 1.4 and 16 below, the Employment will continue until terminated by:
		

		
			 
		

		
			(a)         the Company giving the Executive 12 months' written notice; or
		

		
			 
		

		
			(b)         the Executive giving the Company 6 months' written notice.
		

		
			 
		

		
			1.4         Notwithstanding clause l.3(a) above, prior to the third anniversary of the Effective Date, the Company shall be required to give the Executive the following written notice:
		

		
			 
		

		
			(a)          24 months' written notice, if notice is given prior to the first anniversary of the Effective Date;
		

		
			 
		

		
			(b)         21 months' written notice, if notice is given between the first and second anniversaries of the Effective Date; and
		

		
			 
		

		
			(c)         18 months' written notice, if notice is given between the second and third anniversaries of the Effective Date.
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			 
		

		
			2.          DUTIES
		

		
			 
		

		
			2.1        During the Employment, the Executive will:-
		

		
			 
		

		
			(a)        diligently perform all such duties and exercise all such powers as are lawfully and properly assigned to him from time to time by the Board, whether such duties or powers relate to the Company or any other Group Company;
		

		
			 
		

		
			(b)        comply with all Company rules, regulations, policies and procedures (including the Company's code of business ethics) and those of any applicable Group Company from time to time in force;
		

		
			 
		

		
			(c)        comply with all directions lawfully and properly given to him by the Board;
		

		
			 
		

		
			(d)        unless prevented by sickness, injury or other incapacity, devote the whole of his time, attention and abilities during his Working Hours to the business of the Company or any other Group Company for which he is required to perform duties;
		

		
			 
		

		
			(e)        promptly provide the Board with all such information as it may require in connection with the business or affairs of the Company and of any other Group Company for which he is required to perform duties; and
		

		
			 
		

		
			(f)         report to the Company and any applicable Group Company any matters of concern that come to his attention, or of which he is aware, in particular any acts of misconduct, dishonesty, breach of any of the Company or Group policies, including but not limited to the Code of Conduct or breach of any relevant regulatory rules committed, contemplated or discussed by any member of staff, contractor or other third party.
		

		
			 
		

		
			2.2       The Executive's Working Hours shall be such hours as are required in the proper performance of his duties.
		

		
			 
		

		
			2.3       The Executive agrees, in accordance with Regulation 5 of the Working Time Regulations 1998 (the Regulations), that the provisions of Regulation 4(1) do not apply to the Executive, and that the Executive shall give the Company three months' notice in writing if he wishes Regulation 4(1) to apply to him.
		

		
			 
		

		
			2.4        The Executive's normal place of work is the Company's headquarters in central London. The Company may from time to time reasonably require the Executive to base himself in other locations. New York City, Miami, other similarly major cities on the East Coast of the United States, Madrid, and Barcelona shall be considered reasonable locations for the purpose of this clause.
		

		
			 
		

		
			2.5        The Executive agrees to travel and work (both within and outside the United Kingdom) as may be required for the proper performance of his duties under the Employment.
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

			 

		

		

		
			3.             SALARY
		

		
			 
		

		
			3.1        The Executive'  s Salary as of the date of this Agreement is £475,000 (four hundred and seventy-five thousand) (less any required deductions).  The Salary will be reviewed annually during the Employment, with the next review to take place in 2018 with any increase effective 1 January 2018 thereafter. No Salary review will be undertaken after notice has been given by either party to terminate the Employment. The Company is under no obligation to increase the Executive'  s Salary following a Salary review, but will not decrease it.
		

		
			 
		

		
			3.2        The Executive's Salary will accrue on a daily basis, and will be payable in arrears in equal monthly instalments.
		

		
			 
		

		
			3.3        The Executive's Salary will be inclusive of all fees and other remuneration to which he may be or become entitled as an officer of the Company or of any other Group Company.
		

		
			 
		

		
			3.4        The Executive agrees that,  pursuant to Part II of the Employment Rights Act 1996 the Company has the right to deduct from his Salary and/or bonus any amount  owed to the Company or any Group Company by the Executive.
		

		
			 
		

		
			3.5        While the Executive's normal place of work is outside of Spain, the Executive will be entitled to an annual expatriate benefits allowance equivalent to:
		

		
			 
		

		
			(a)        20%  of the Salary per annum, plus, provided the Executive's normal place of work is located in London, an exceptional allowance of a further 20%  of the Salary per annum for the first 3 years of the Employment,  and
		

		
			 
		

		
			(b)        20%  of Salary per annum thereafter,
		

		
			 
		

		
			provided that any such allowance shall be determined in a manner consistent with the Company's Remuneration Policy.
		

		
			 
		

		
			3.6        The Company shall comply with all administrative requirements,  including (subject to that being the correct legal position in relevant jurisdictions) the making of any necessary applications,  to ensure that the Executive pays employee's national insurance contributions in the United Kingdom and is not  required  to  pay  social security contributions in any other jurisdiction with respect to the Employment.
		

		
			 
		

		
			4.          BONUS AND LONG-TERM INCENTIVE ARRANGEMENTS
		

		
			 
		

		
			4.1        The Company operates a long-term incentive plan, and the Executive is eligible to participate therein. The term of vesting and the conditions of such vesting will be determined by the Company in a manner consistent with the Company's Remuneration Policy and any such award will be governed by the rules of the relevant long-term incentive plan. The 2016 Remuneration Policy establishes a long-term incentive award with a target level of vesting (Target LTIP) of 200% of Salary. Any long-term incentive award will be non-pensionable.
		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

		

			 

		

		

		
			4.2        The Executive is eligible for an annual bonus if objectives established by the Compensation Committee are met (Annual Bonus) in accordance with the Company's Remuneration Policy. The Compensation Committee will set the target annual bonus opportunity (Target Annual Bonus) and the maximum bonus opportunity (Maximum Annual Bonus) applicable to an Annual Bonus. Under the 2016 Remuneration Policy, (i) the Target Annual Bonus for the Executive will normally be 100% of Salary; (ii) the Maximum Annual Bonus for the Executive is normally 200% of the Executive's Target Annual Bonus; and (iii) in circumstances where there has been exceptional performance, the Maximum Annual Bonus for the Executive will be up to 500% of Salary. Any bonus payment will be non-pensionable.
		

		
			 
		

		
			4.3        In exceptional circumstances the Compensation Committee may decide to change the weighting of the Target Annual Bonus and the long-term incentive plan benefits provided to the Executive. In 2017 and 2018, provided that the market conditions remain similar and subject to the Company's Remuneration Policy, it is the Company's intention (without being legally bound) that there will be no material reduction to the level of the aggregate of Target Annual Bonus and the Target LTIP (based on face value of shares at grant date) granted during each such financial year (Aggregate Incentive Awards). Any changes to the level of Aggregate Incentive Awards applicable generally to the Company's Tier 1 Executives and Tier 2 Executives will not be considered a material reduction for the purpose of this clause.
		

		
			 
		

		
			5.          TAXATION
		

		
			 
		

		
			5.1        To the extent required by any applicable regulations, the Company shall make  all necessary deductions of tax at source in respect of the Executive's  employment income and benefits in any applicable jurisdiction, including PAYE income tax and employee's national insurance contributions in the United Kingdom.
		

		
			 
		

		
			5.2        Subject to the Executive providing full, correct and timely information to the Company, the Company shall apply any tax  reliefs available to the Executive at source and shall cooperate with the Executive in making such applications to HM Revenue and Customs as may be required to obtain their approval to make adjustments in respect of overseas work day relief pursuant to section 690 of the Income Tax (Earnings and Pensions) Act 2003 or any other reliefs that may become available to the Executive in the future.
		

		
			 
		

		
			5.3        The Executive shall be entitled to direct the amount of payment of the Executive's salary and cash benefits into two separate bank accounts as follows:
		

		
			 
		

		
			(a)         into a UK bank account; and
		

		
			 
		

		
			(b)        into a non-UK bank account with such sum to be paid in the currency (which the Executive may direct) equivalent of the sterling amount, based on the official exchange rate on the date of payment, and the Company will, in its discretion, bear administrative fees associated with such payment,
		

		
			 
		

		
			provided that,
		

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

		

			 

		

		

		
			(i)  unless until the Executive makes a direction, the entire earnings shall be paid into a UK bank account, and
		

		
			 
		

		
			(ii)  the Company shall be under no obligation to comply with such a direction if the Company considers that the amount to be paid into the non-UK bank account would result in insufficient earnings to pay UK PAYE income tax, is otherwise not in compliance with applicable regulations, or the Compensation Committee by unanimity determines, based on the advice of its external independent advisers, that such payment into the non-UK bank account would materially prejudice the Company.
		

		
			 
		

		
			6.          EXPENSES
		

		
			 
		

		
			The Company will reimburse (or procure the reimbursement of) all out-of-pocket expenses properly and reasonably incurred by the Executive in the course of his Employment subject to production of receipts or  other  appropriate  evidence  of payment.
		

		
			 
		

		
			7.          PENSION
		

		
			 
		

		
			7.1        Subject to clause 7.2 below, the Company will pay the Executive an annual allowance in lieu of a pension contribution on his behalf at a rate of 20% of his Salary from time to time. The allowance will accrue on a daily basis and will be payable in arrears (less any required deductions) in equal monthly instalments with  the Executive's Salary.
		

		
			 
		

		
			7.2        The  Executive acknowledges that the Company may have an obligation to auto enrol him into a pension scheme and agrees that to the extent such an obligation exists and he does not opt out of the pension scheme, the Company may reduce the amount payable to him pursuant to clause 7.1 above by an amount equal to the contributions it is required to make to the pension scheme.
		

		
			 
		

		
			8.           INSURANCE
		

		
			 
		

		
			During the Employment, subject to the Executive's age or health not being such as to prevent cover being obtained without exceptional conditions or unusually high premiums, the Company will:
		

		
			 
		

		
			(a)         pay for the benefit of the Executive, his Spouse and any dependent children (as determined in accordance with the rules of the applicable scheme) subscriptions to the Company's private medical expenses insurance arrangements for the time being in force;
		

		
			 
		

		
			(b)         pay for the benefit of the Executive subscriptions to the Company's permanent health insurance arrangements for the time being in force; and
		

		
			 
		

		
			(c)        pay for the benefit of the Executive subscriptions to the Company's life assurance arrangements for the time being in force.
		

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

		

			 

		

		

		
			For the avoidance of doubt, the Executive will be liable for any income tax and employee's national insurance contributions payable in respect of the provision of these benefits.
		

		
			 
		

		
			9.             HOLIDAY
		

		
			 
		

		
			9.1        The Executive is entitled to 25 working days' paid holiday per calendar year during his Employment (plus bank and public holidays in England), to be taken at a time or times convenient to, and with prior approval from, the Company. The right to paid holiday will accrue pro-rata during each calendar year of the Employment.
		

		
			 
		

		
			9.2        Subject to clause 9.3 the Executive has no entitlement to be paid in lieu of accrued but untaken holiday.
		

		
			 
		

		
			9.3        On termination of the Employment, the Executive's entitlement to accrued holiday pay shall be calculated on a pro-rata basis (which calculation shall be made on the basis that each day of paid holiday is equivalent to 1/260 of the Executive's Salary). If the Executive has taken more working days' paid holiday than his accrued entitlement, the Company is authorised to deduct the appropriate amount from his final Salary instalment (which deduction shall be made on the basis that each day of paid holiday is equivalent to 1/260 of the Executive's Salary).
		

		
			 
		

		
			10.        SICKNESS AND OTHER INCAPACITY
		

		
			 
		

		
			10.1      Subject to the Executive's compliance with the Company's policy on notification and certification of periods of absence from work, the Executive will continue to be paid his full Salary during any period of absence from work due to sickness, injury or other incapacity, up to a maximum of 26 weeks in aggregate in any period of 52 consecutive weeks. Such payment will be inclusive of any statutory sick pay payable in accordance with applicable legislation in force at the time of absence.
		

		
			 
		

		
			10.2      The Executive will not be paid during any period of absence from work (other than due to holiday, sickness, injury or other incapacity) without the prior permission of the Board.
		

		
			 
		

		
			10.3      The Executive agrees that he will undergo a medical examination by a doctor appointed by the Company at any time (provided that the costs of all such examinations are paid by the Company). The Company will be entitled to receive a copy of any report produced in connection with all such examinations and to discuss the contents of the report with the doctor who produced it.
		

		
			 
		

		
			11.          REPRESENTATIONS AND WARRANTIES
		

		
			 
		

		
			11.1      By entering into this Agreement the Executive represents, warrants and acknowledges to the Company that he is not subject to any contract of service or for the provision of services, any notice period or any restrictive covenant with a previous employer which would be breached by signing this Agreement and/or commencing his Employment with the Company and he is legally free from all agreements, arrangements or other restrictions seeking to restrict his right to compete with any person or to deal with or solicit clients or solicit, employ or engage employees of any
		

		
			 
		

		
			
		

		
			

		 

		

			6

		

 

		

			 

		

		

		
			person or in any way restricting him from entering into and performing the terms of this Agreement and he may join the Company to commence his duties on the Effective Date.
		

		
			 
		

		
			12.           OTHER INTERESTS
		

		
			 
		

		
			12.1      The Company acknowledges that the Executive has business interests other than those of the Company and that the Executive has declared any conflicts that are apparent as of the date of this Agreement. In the event that the Executive becomes aware of any conflicts of interest that may arise, he must disclose these to the Board together with any information or knowledge acquired or gained by him in any manner whatsoever whilst he continues in office which may be of value or which may be to the detriment of the Company or any of its subsidiary undertakings.
		

		
			 
		

		
			12.2      Subject to clauses 12.3 and 12.4, during the Employment the Executive will not (without the Board's prior written consent) be directly or indirectly engaged, concerned or interested in any other business activity, trade or occupation.
		

		
			 
		

		
			12.3      Notwithstanding clause 12.2, the Executive may, subject to his duty as a director (if applicable), hold:
		

		
			 
		

		
			(a)        an investment by way of shares or other securities in a business which is similar to or competitive with the Company of not more than 3% of the total issued share capital of any company (whether or not it is listed or dealt in on a recognised stock exchange) provided he has obtained prior written approval from the Board; and
		

		
			 
		

		
			(b)        investments in companies and executive directorships in unquoted companies which do not carry on a business similar to or competitive with any business for the time being carried on by the Company without restriction provided only that (i) such holdings and directorships are notified to the Board, (ii) there is, in the reasonable opinion of the Board, no conflict of interest between the Company and the Executive, and (iii) such holdings and directorships (including, but without limitation, in respect of their time commitment) do not, in the reasonable opinion of the Board, interfere with the Employment. Subject always to the Executive's duty as a director (if applicable), the obligation to notify the Board does not apply (x) if the Executive's investment in any one business does not exceed £100,000 and the Executive has no active participation or involvement in the business of the entity in which the investment is made; or (y) if the Executive's investment is in a mutual fund or any other form of undertakings for collective investment where the Executive has no active participation or involvement in the investment decisions (in this case, without any maximum amount).
		

		
			 
		

		
			12.4      Notwithstanding clause 12.2 above, during the Employment, the Executive may accept positions as a non-executive director (but, for the avoidance of doubt, not as a non-executive chairman) of another publicly listed company provided (i) he has obtained prior written approval from the Board, which shall not be unreasonably withheld, (ii) there is, in the reasonable opinion of the Board, no conflict of interest between the Company with respect to the proposed role, and (iii) such positions do
		

		
			 
		

		
			
		

		
			

		 

		

			7

		

 

		

			 

		

		

		
			not, in the reasonable opinion of the Board, interfere with the Employment. Depending on the Executive's other external business activities at the time, the Board will normally consider two such non-executive director roles in other publicly listed companies to be reasonable. For the avoidance of doubt, (a) the Executive is not entitled to accept a position as an executive director in any company that is not a Group Company (except for those within the scope of clause 12.3(b) above), and (b) a role as advisor to any business shall be considered a non-executive director role of a publicly listed company for the purpose of this clause.
		

		
			 
		

		
			13.           SHARE DEALING AND OTHER CODES OF CONDUCT
		

		
			 
		

		
			The Executive will comply with all codes of conduct adopted from time to time by the Board and with all applicable rules and regulations of relevant regulatory bodies, including (a) Nasdaq Stock Market or any other exchanges on which the Company's securities may be listed and (b) any applicable regulations on dealings in securities. The Executive acknowledges that compliance may require him to take appropriate steps to ensure that his connected persons (as defined in section 96B(2) of the Financial Services and Markets Act 2000) also comply with any such codes of conduct and regulations.
		

		
			 
		

		
			14.           INTELLECTUAL PROPERTY
		

		
			 
		

		
			It shall be part of the Executive's normal duties or other duties specifically assigned to him (whether or not during normal working hours and whether or not performed at the Executive's normal place of work) at all times to consider in what manner and by what new methods or devices the products, services, processes, equipment or systems of the Company with which he is concerned or for which he is responsible might be improved and might, as part of such duties, originate designs (whether registrable or not) or patentable work or other work in which copyright, database rights or trade mark rights (together Employee Works) may subsist. Accordingly:
		

		
			 
		

		
			(a)        the Executive shall forthwith disclose full details of any Employee Works in confidence to the Company and shall regard himself in relation to any Employee Works as a trustee for the Company;
		

		
			 
		

		
			(b)        all intellectual property rights in any Employee Works shall vest absolutely in the Company which shall be entitled, so far as the law permits, to the exclusive use thereof;
		

		
			 
		

		
			(c)        notwithstanding (b) above, the Executive assigns to the Company all right, title and interest, present and future, anywhere in the world, in copyright and in any other intellectual property rights in respect of all Employee Works written, originated, conceived or made by the Executive (except only those Employee Works written, originated, conceived or made by the Executive wholly outside his normal working hours hereunder and wholly unconnected with the Employment) during the continuance of the Employment;
		

		
			 
		

		
			(d)        the Executive hereby waives all moral rights as author under the Copyright Designs and Patents Act 1988 or any equivalent laws in respect of any Employee Works; and
		

		
			 
		

		
			
		

		
			

		 

		

			8

		

 

		

			 

		

		

		
			(e)        the Executive agrees and undertakes that at any time during or after the termination of the Employment he will execute such deeds or documents and do all such acts and things as the Company may deem necessary or desirable to substantiate its rights in respect of the matters referred to above including for the purpose of obtaining letters patent or other privileges in all such countries as the Company may require.
		

		
			 
		

		
			15.        DISCIPLINARY AND GRIEVANCE PROCEDURES
		

		
			 
		

		
			15.1      If the Executive is dissatisfied with any disciplinary decision taken in relation to him he may appeal in writing to the Chairman of the Board within 7 days of that decision.  The Chairman's decision shall be final.
		

		
			 
		

		
			15.2      If the Executive has any grievance in relation to the Employment he may raise it in writing with the Chairman of the Board whose decision shall be final.
		

		
			 
		

		
			16.        TERMINATION
		

		
			 
		

		
			16.1      Either party may terminate the Employment in accordance with clause 1.3 or clause 1.4, as applicable.
		

		
			 
		

		
			16.2      In lieu of giving notice to terminate the  Executive's  employment  or  at  any  time during any notice period under clause 1.3 or clause 1.4, as applicable (following service of notice either by the Executive or the Company), the Company may in its absolute discretion (but is not obliged to) terminate the Executive's employment with immediate effect and, subject to clause 16.5, make a payment in lieu of notice (the Payment in Lieu) within 28 days of the Termination Date of an amount equal to:
		

		
			 
		

		
			(a)        the basic Salary which the Executive would have been entitled to receive under this Agreement during the notice period referred to at clause 1.3 or clause 1.4, as applicable if notice had been given on the date that the Employment was terminated with immediate effect (or, if notice has already been given, during the remainder of the notice period) (the Unserved Notice Period); and
		

		
			 
		

		
			(b)        the pension allowance the Executive would have been entitled to receive in the Unserved Notice Period. For the avoidance of doubt, where the Unserved Notice Period covers multiple years then the Executive will be entitled to a payment in lieu of a pension allowance applicable for the year in which the Termination Date occurs;
		

		
			 
		

		
			(c)        the bonus(es) the Executive would have been entitled to  receive  in  the  Unserved Notice Period, calculated, in each case, by way of an average  of Annual Bonuses awarded (including the value of  any deferred  portion  thereof on the date of the award) to the Executive by  the Company  in respect  of  the  last three completed financial years immediately prior to the Termination Date (provided that (i) if the  Termination  Date occurs  before  the  third  anniversary of the Effective Date, the average shall mean the  amount  of  the  Annual Bonuses awarded since the Effective Date divided by the number of Annual Bonuses awarded, and (ii) if during the period between the Effective Date and
		

		
			 
		

		
			
		

		
			

		 

		

			9

		

 

		

			 

		

		

		
			the Termination Date, the Company has not awarded any Annual Bonus (other than as a result of failure to satisfy the applicable performance conditions), the average shall be determined by reference to the mid-point between the threshold opportunity (at which the lowest level of Annual Bonus is payable) and the Target Annual Bonus, and by reference to the Salary on the Termination Date). In all cases, the average amount calculated under this sub clause shall be proportionately adjusted for the length of the Unserved Notice Period; and
		

		
			 
		

		
			(d)        the cost to the Company of the benefits consisting of (i) those provided pursuant to clause 8 the Executive would have been entitled to receive during the Unserved Notice Period, and (ii) if an allowance under clause 3.5 is being paid at the time of the Termination Date, an annual expatriate benefits allowance equivalent to 20% of Salary pro-rated for the length of the Unserved Notice Period but not exceeding six months.
		

		
			 
		

		
			For the avoidance of doubt,  the Executive will remain bound by the post-termination covenants set out in clause 21.
		

		
			 
		

		
			16.3      In the event the Employment is terminated by resignation by the Executive for Good Reason (as defined in clause 17), the Company will make an immediate payment of a liquidated sum to the Executive of an amount equal to the Payment in Lieu (described in clause 16.2) that would be applicable at that time. The liquidated sum shall be subject to such deductions as the Company may be required to make and shall be made in full and final settlement of any claims (other than statutory claims) the Executive may have against the Company or any Group Company arising from the employment or the termination thereof. In consideration for this payment, the Executive agrees to remain bound by the post-termination covenants set out in clause 21.
		

		
			 
		

		
			16.4      For the avoidance of doubt:
		

		
			 
		

		
			(a)         the Payment in Lieu or the liquidated sum will not include any amount in respect of any other amount or benefit envisaged under this Agreement; and
		

		
			 
		

		
			(b)        the Executive will not be entitled to receive any payment in addition to the Payment in Lieu or the liquidated sum in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu or the liquidated sum is made.
		

		
			 
		

		
			16.5      The Company may determine in its absolute discretion that up to one-third of the Payment in Lieu under clause 16.2 or the liquidated sum under clause 16.3 will be payable in equal monthly instalments on the normal payroll dates over a 12 month period following the Termination Date.
		

		
			 
		

		
			16.6      The Payment in Lieu shall be subject to such deductions as may be required by law and shall be made in full and final settlement of any claims (other than statutory claims) the Executive may have against the Company or any Group Company arising from the employment or the termination thereof.
		

		
			 
		

		
			
		

		
			

		 

		

			10

		

 

		

			 

		

		

		
			16.7       The Company may also terminate the Employment immediately and with no liability to make any further payment to the Executive (other than in respect of amounts accrued due at the date of termination) for Cause. Cause means if the Executive:
		

		
			 
		

		
			(a)         commits any repeated breach (provided that the Company has notified the Executive of such breach and if capable of cure, the breach has not been cured within 30 days following receipt of the notice) or any serious breach of any of   his obligations under this Agreement or his Employment;
		

		
			 
		

		
			(b)         provides materially false or misleading information about himself or his previous employment history or omits to divulge material factors relevant to his suitability for the Employment;
		

		
			 
		

		
			(c)         is guilty of serious misconduct which, in the Board's reasonable opinion, has damaged or may damage the business or affairs of the Company or any other Group Company;
		

		
			 
		

		
			(d)         is guilty of conduct which, in the Board's reasonable opinion, brings or is likely to bring himself, the Company or any other Group Company into disrepute;
		

		
			 
		

		
			(e)         is charged with a criminal offence (other than a road traffic offence not subject to a custodial sentence);
		

		
			 
		

		
			(f)         is disqualified from acting as a director of a company by order of a  competent court;
		

		
			 
		

		
			(g)         is declared bankrupt or makes any arrangement with or for the benefit of his creditors, has an interim order made against him under Part VIII of the Insolvency Act or has an administration order made against him under the County Courts Act 1984; or
		

		
			 
		

		
			(h)         resigns his directorship of the Company or any Group Company (other than at the explicit request of the Board).
		

		
			 
		

		
			This clause shall not restrict any other right the Company may have (whether at common law or otherwise) to terminate the Employment summarily.
		

		
			 
		

		
			Any delay by the Company in exercising its rights under this clause shall not constitute a waiver of those rights.
		

		
			 
		

		
			16.8       The Company may terminate the Employment even when, as a result, the Executive would or may forfeit any entitlement to benefit under the permanent health insurance arrangements referred to in clause 8 or to sick pay under clause 10, save that the Company will not terminate the Employment solely on grounds of the Executive's ill health where such an entitlement or benefit would be forfeited.
		

		
			 
		

		
			16.9       On termination of the Employment for whatever reason (and whether in breach of contract or otherwise) the Executive will:
		

		
			 
		

		
			
		

		
			

		 

		

			11

		

 

		

			 

		

		

		
			(a)        immediately deliver to the Company all books, documents, papers, computer records, computer data, credit cards, and any other property relating to the business of or belonging to the Company or any other Group Company which is in his possession or under his control. The Executive is not entitled to retain copies or reproductions of any documents, papers or computer records relating to the business of or belonging to the Company or any other Group Company;
		

		
			 
		

		
			(b)        immediately resign from any office he holds with the Company or any other Group Company (and from any related trusteeships) without any compensation for loss of office. Should the Executive fail to do so he hereby irrevocably authorises the Company to appoint some person in his name and on his behalf to sign any documents and do anything to give effect to his resignation from office; and
		

		
			 
		

		
			(c)        immediately pay to the Company or, as the case may be, any other Group Company all outstanding loans or other amounts due or owed to the Company or any Group Company. The Executive confirms that, should he fail to do so, the Company is to be treated as authorised to deduct from any amounts due or owed to the Executive by the Company (or any other Group Company) a sum equal to such amounts.
		

		
			 
		

		
			16.10    The Executive will not at any time after termination of the Employment represent himself as being in any way concerned with or interested in the business of, or employed by, the Company or any other Group Company.
		

		
			 
		

		
			16.11    Any long-term incentive awards, including deferred bonus awards, held by the Executive under the Company's long-term incentive plan on the Termination Date will be treated in accordance with the applicable rules of the plan.
		

		
			 
		

		
			17.        RESIGNATION BY THE EXECUTIVE FOR GOOD REASON
		

		
			 
		

		
			17.1      For the avoidance of doubt, the Executive may resign from the Employment at any time under any of the following circumstances (each a Good Reason):
		

		
			 
		

		
			(a)        the Company's material failure to comply with the clauses of this Agreement, provided that the Executive has submitted a written notice of such failure to the Board and the failure is not cured within 90 days following receipt of the notice;
		

		
			 
		

		
			(b)        the overall compensation (including Salary, Aggregate Incentive Awards, pension and other benefits) granted to the Executive by the Company in a given financial year is materially reduced from the preceding financial year, unless such reduction (i) is applied generally to the Company's Tier 1 and Tier 2 Executives and (ii) is a result of substantial changes in the market conditions affecting the Company. For the avoidance of doubt, both (i) and (ii) need to be met;
		

		
			 
		

		
			(c)        the Company puts forward to its shareholders a directors' remuneration policy (as defined in Section 439A of the Companies Act 2006) pursuant to which, if approved by shareholders, the overall compensation (including Salary,
		

		
			 
		

		
			
		

		
			

		 

		

			12

		

 

		

			 

		

		

		
			Aggregate Incentive Awards, pension and other benefits) granted to the Executive by the Company in a given financial year would be materially reduced from the preceding financial year, unless such reduction (i) is applied generally to the Company's Tier 1 and Tier 2 Executives and (ii) is a result of substantial changes in the market conditions affecting the Company. For the avoidance of doubt, both (i) and (ii) need to be met;
		

		
			 
		

		
			(d)        his duties or responsibilities are substantially altered;
		

		
			 
		

		
			(e)        as a result of long-term sickness he is unable to carry out his duties and his entitlements under clause 10 have ceased;
		

		
			 
		

		
			(f)         he ceases to report to the Board or the Executive Chairman of the Company (or of any holding company of the Company, if applicable); or
		

		
			 
		

		
			(g)        the Company's headquarters are relocated outside the United Kingdom (and not to New York City, Miami, similarly major cities on the East Coast of the United States, Madrid or Barcelona).
		

		
			 
		

		
			18.        REMUNERATION POLICY, MALUS AND CLAWBACK
		

		
			 
		

		
			18.1      Notwithstanding any other provision of this Agreement, the Executive acknowledges and agrees that the payment of any amount or provision of any benefit to him is conditional upon such payment or provision being consistent with the Company's Remuneration Policy. Any provision of this Agreement which is not consistent with the Company's Remuneration Policy shall be void and the Executive shall have no entitlement to compensation or damages in respect of any loss suffered in consequence thereof.
		

		
			 
		

		
			18.2      The Executive acknowledges that in order to comply with UK corporate governance standards the discretionary bonus arrangements and share incentive plans operated by the Company from time to time (the Plans) include, or may in the future include, provisions which in certain circumstances allow for the reduction of amounts payable to the Executive and/or for the Executive to repay to the Company all or part of any amounts received by him pursuant to those Plans. The Executive hereby agrees to be bound by such provisions of the Plans both during and following the Employment and, without prejudice to clause 3.4, acknowledges the right of the Company to deduct from any amount payable to him any amount he owes to the Company or any Group Company pursuant to the Plans.
		

		
			 
		

		
			19.        SUSPENSION AND GARDENING LEAVE
		

		
			 
		

		
			19.1      Where notice of termination has been served by either party whether in accordance with clause 1.3 or otherwise, the Company shall be under no obligation to provide work for or assign any duties to the Executive for the whole or any part of the relevant notice period ("Gardening Leave") and may require him:
		

		
			 
		

		
			(a)         not to attend any premises of the Company or any other Group Company;
		

		
			 
		

		
			
		

		
			

		 

		

			13

		

 

		

			 

		

		

		
			(b)        to resign with immediate effect from any offices he holds with the Company or any other Group Company (and any related trusteeships);
		

		
			 
		

		
			(c)         to refrain from business contact with any customers, clients or employees of the Company or any Group Company;
		

		
			 
		

		
			(d)        to take any holiday which has accrued under clause 9 during any period of suspension under this clause 19.1;
		

		
			 
		

		
			(e)         to deliver promptly to the Company all papers, Confidential Information and property relating to the business of the Company or any Group Company which is in his possession or under his control (including, for the avoidance of doubt, any shares held by him as nominee for any member of the Group);
		

		
			 
		

		
			(f)         not to compete with the Company or any Group company; and/or
		

		
			 
		

		
			(g)         not to do any act or thing or make or cause to be made any statement reasonably likely to damage the business or reputation of the Company or any Group Company and the Executive must use all reasonable efforts to ensure that his Spouse does not do any such act or thing or make or cause to be made any such statements.
		

		
			 
		

		
			19.2       For the avoidance of doubt, the Executive's entitlement to the annual bonus (clause 4) shall continue during any period of Gardening Leave. To the extent that the Executive is required not to attend work or otherwise carry out his Duties during any period of Gardening Leave, the Company agrees that his Annual Bonus entitlements shall not be adversely affected and he shall receive such sums as he would have received had he remained at work and/or performing his duties calculated by way of an average of the last three years' bonus awards (or an average across the Executive's length of service, if lower than 3 years).
		

		
			 
		

		
			19.3      The provisions of clause 12.1 shall remain in full force and effect during any period of suspension under clause 19.1. The Executive will also continue to be bound by duties of good faith and fidelity to the Company and remain available to perform such duties and/or exercise such powers, authorities and discretions (if any) when called upon by the Company to do so during any period of suspension under clause 19.1.
		

		
			 
		

		
			Any suspension under clause 19.1 shall be on full Salary and benefits (save that the Executive shall not be entitled to earn or be paid any bonus during any period of suspension).
		

		
			 
		

		
			19.4      The Company may suspend the Executive from the Employment during any period in which the Company is carrying out a disciplinary investigation into any alleged acts or defaults of the Executive. Such suspension shall be on full Salary and benefits.
		

		
			 
		

		
			
		

		
			

		 

		

			14

		

 

		

			 

		

		

		
			20.        RESTRAINT ON ACTIVITIES OF EXECUTIVE AND CONFIDENTIALITY
		

		
			 
		

		
			The Executive will keep secret and will not at any time (whether during the Employment or thereafter) use for his own or another' s advantage, or reveal to any person, firm, company or organisation and shall use his best endeavours to prevent the publication or disclosure of any Confidential Information or information which the Executive knew or ought reasonably to have known to be confidential, concerning the business or affairs of the Company or any Group Company or any of its or their customers.
		

		
			 
		

		
			The restrictions in this clause shall not apply:
		

		
			 
		

		
			(a)         to any disclosure of information which is already m the public domain otherwise than by breach of this Agreement;
		

		
			 
		

		
			(b)        to any disclosure of information which was known to, or in the possession of, the Executive prior to his receipt of such information from the Company or any Group Company whenever so received;
		

		
			 
		

		
			(c)         to any disclosure of information which has been conceived or generated by the Executive independently of any information or materials received or acquired by the Executive from the Company or any Group Company;
		

		
			 
		

		
			(d)         to any disclosure or use authorised by the Board  or  required  by  the Employment or by any applicable laws or regulations, including, without limitation, to any disclosure required for patent purposes provided that the Executive promptly notifies the Company when  any  such  disclosure requirement arises to enable the Company to take such action as it deems necessary, including, without limitation,  to  seek  an  appropriate  protective order and/or make known to the  appropriate  government  or  regulatory authority or court the proprietary nature of the Confidential Information  and make any applicable claim of confidentiality with respect hereto;
		

		
			 
		

		
			(e)         so as to prevent the Executive from using his own personal skill, experience and knowledge in any business in which he may be lawfully engaged after the Employment is ended; or
		

		
			 
		

		
			(f)         to prevent the Executive making a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.
		

		
			 
		

		
			21.        POST-TERMINATION COVENANTS
		

		
			 
		

		
			21.1      In order to protect the confidential information, trade secrets and business connections of the Company and any Group Company to which the Executive has access as a result the Employment, the Executive covenants with the Company (for itself and as trustee and agent for each other Group Company) that he shall not, whether directly or indirectly,  on his own behalf or on behalf of or in conjunction with any other person, firm, company or other entity:
		

		
			 
		

		
			
		

		
			

		 

		

			15

		

 

		

			 

		

		

		
			(a)        for the period of (subject to clause 21.2 below) 12 months following the Termination Date, solicit or entice away or endeavour to solicit or entice away from the Company or any Group Company any person, firm, company or other entity who is, or was, in the period of 12 months immediately prior to the Termination Date, a client of the Company or any Group Company with whom the Executive had business dealings during the course of the Employment in that period. Nothing in this clause 21.l(a) shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any Group Company;
		

		
			 
		

		
			(b)        for the period of (subject to clause 21.2 below) 12 months following the Termination Date, have any business dealings with any person, firm, company or other entity who is, or was, in the period of 12 months immediately prior to the Termination Date, a client of the Company or any Group Company with whom the Executive had business dealings during the course of the Employment in that period. Nothing in this clause 21.l(b) shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any Group Company;
		

		
			 
		

		
			(c)        for the period of (subject to clause 21.2 below) 12 months following the Termination Date, solicit or entice away or endeavour to solicit or entice away any individual who is employed or engaged by the Company or any Group Company as a director or in a managerial or technical capacity and with whom the Executive had business dealings during the course of the Employment in the 12 month period immediately prior to the Termination Date;
		

		
			 
		

		
			(d)        for the period of (subject to clause 21.2 below) 12 months following the Termination Date, carry on, set up, be employed, engaged or interested in a business anywhere in the United Kingdom, United States of America, or such other country in which a Major Division operates as at the Termination Date, which is or is about to be in competition with the business of the Company or any Group Company as at the Termination Date with which the Executive was actively involved (including in an oversight capacity as a director of the Company) during the 12 month period immediately prior to the Termination Date. A  Major Division means a  division or business carried on as at the Termination Date by the Company or any Group Company which accounts for at least 20% of the Group's revenues or 20% of the Group's profits and with which the Executive was actively involved during the six month period to the Termination Date. The provisions of this clause 21.l(d) shall not, at any time following the Termination Date, prevent the Executive from holding shares or other capital not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, shall not prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any Group Company.
		

		
			 
		

		
			21.2      The period during which the restrictions referred to in clauses 21.l(a) (b), (c) and (d) inclusive shall apply following the Termination Date shall be reduced by the
		

		
			 
		

		
			
		

		
			

		 

		

			16

		

 

		

			 

		

		

		
			amount of time during which, if at all, the Company suspends the Executive under the provisions of clause 19.1.
		

		
			 
		

		
			21.3      The Executive agrees that if, during either the Employment or the period of the restrictions set out in 21.l(a), (b), (c) and (d) inclusive (subject to the provisions of clause 21.2), he receives an offer of employment or engagement, he will provide a copy of clause 21 to the offeror as soon as is reasonably practicable after receiving the offer and will inform the Company of the identity of the offeror as soon as possible after the offer is accepted.
		

		
			 
		

		
			21.4      The Executive warrants that the covenants contained in this clause are reasonable and necessary to protect the Company and any Group Company legitimate business interests.
		

		
			 
		

		
			21.5      Each of the restrictions in this clause is intended to be separate and severable. If any of the restrictions shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective.
		

		
			 
		

		
			21.6      The Executive will, at the request and expense of the Company, enter into a separate agreement with any Group Company that the Company may require under the terms of which he will agree to be bound by restrictions corresponding to those contained in clauses 21.l(a) (b), (c) and (d) inclusive (or such as may be appropriate in the circumstances).
		

		
			 
		

		
			22.        EXECUTIVE'S POSITION AS DIRECTOR
		

		
			 
		

		
			22.1      The Executive's duties as a director of the Company or any other Group Company, as applicable, are subject to the Articles of Association of the relevant company for the time being.
		

		
			 
		

		
			22.2      The Company shall provide and maintain for the benefit of the Executive directors' and officers' liability insurance coverage in respect of the period for which the Executive is a director of the Company or any Group Company and for a period of not less than six years following the Termination Date at such level as the Company (or any Group Company as applicable) maintains such cover for its directors generally.
		

		
			 
		

		
			23.        WAIVER OF RIGHTS
		

		
			 
		

		
			23.1      If the Employment is terminated by either party and the Executive is offered re-employment by the Company (or employment with another Group Company) on terms no less favourable in all material respects than the terms of the Employment under this Agreement, the Executive shall have no claim against the Company in respect of such termination.
		

		
			 
		

		
			
		

		
			

		 

		

			17

		

 

		

			 

		

		

		
			24.        DATA PROTECTION
		

		
			 
		

		
			24.1      The Executive consents to the Company and any Group Company processing data relating to him at any time (whether before, during or after the Employment) for the following purposes:
		

		
			 
		

		
			(a)         performing its obligations under this Agreement (including remuneration, payroll, pension, insurance and other benefits, tax and social security (including national insurance) obligations;
		

		
			 
		

		
			(b)        the legitimate interests of the Company and any Group Company including any sickness policy, working time policy, investigating acts or defaults (or alleged or suspected acts or defaults) of the Executive, security, management forecasting or planning and negotiations with the Executive;
		

		
			 
		

		
			(c)         processing in connection with any merger, sale or acquisition of a company or business in which the Company or any Group Company is involved or any transfer of any business in which the Executive performs his duties; and
		

		
			 
		

		
			(d)        transferring data to countries outside the European Economic Area for the purposes of maintaining comprehensive records and conducting analyses of the Group-wide employee population, in particular in the United States of America.
		

		
			 
		

		
			24.2      The Executive explicitly consents to the Company and any Group Company processing sensitive personal data (within the meaning of the Data Protection Act 1998) at any time (whether before, during or after the Employment) for the following purposes:
		

		
			 
		

		
			(a)        where the sensitive personal data relates to the Executive's health, any processing in connection with the operation of the Company's (or any Group Company's) sickness policy or any relevant pension scheme or monitoring absence;
		

		
			 
		

		
			(b)        where the sensitive personal data relates to an offence committed, or allegedly committed, by the Executive or any related proceedings, processing for the purpose of disciplinary investigation and/or action by the Company or any Group Company;
		

		
			 
		

		
			(c)        for all sensitive personal data, any processing in connection with any merger, sale or acquisition of a company or business in which the Company or any Group Company is involved or any transfer of any business in which the Executive performs his duties; and
		

		
			 
		

		
			(d)        for all sensitive personal data, any processing in the legitimate interests of the Company or any Group Company.
		

		
			 
		

		
			
		

		
			

		 

		

			18

		

 

		

			 

		

		

		
			25.        EMAIL AND INTERNET USE
		

		
			 
		

		
			25.1      In accordance with the Company Policy and within the bounds of the law, the Company reserves the right to monitor the Executive '  s electronic communications on a regular basis (including during any notice period, if applicable) and to monitor and record logging and traffic information as well as actual content (including the content of personal email and internet sites visited) in the Company's legitimate business interest, for example security or disciplinary reasons. All documents, communications and other files created,  sent or received on email or through the internet or intranet are the Company's property.
		

		
			 
		

		
			25.2      Upon request by the Company, the Executive must give the Company access to his Company PC, laptop, Blackberry or  other electronic device provided by the Company. Failure to comply with such a request will be regarded as a serious breach by the Executive and may result in disciplinary action being taken against him, including dismissal without notice or pay in lieu of notice.
		

		
			 
		

		
			26.        COUNTERPARTS
		

		
			 
		

		
			This Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart signature page of this agreement by e-mail or fax shall be as effective as delivery of a manually executed counterpart of this agreement. In relation to each counterpart,  upon confirmation by or on behalf of the signatory that the signatory authorises the attachment of such counterpart signature  page to the final text of this agreement,  such counterpart signature page shall take effect together with such final text as a complete authoritative counterpart.
		

		
			 
		

		
			27.        CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
		

		
			 
		

		
			A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.
		

		
			 
		

		
			28.        DEFINITIONS
		

		
			 
		

		
			In this Agreement the following expressions have the following meanings:
		

		
			 
		

		
			2016 Remuneration Policy means the Remuneration Policy approved by the Company '  s shareholders at the 2016 Annual General Meeting;
		

		
			 
		

		
			Board means the board of directors of the Company or a duly constituted committee of the board of directors;
		

		
			 
		

		
			Compensation Committee means a compensation committee of the Board;
		

		
			 
		

		
			Civil Partner has the same meaning as in the Civil Partnerships Act 2004;
		

		
			 
		

		
			Confidential Information means any information relating to the business,  customers, transactions,  processes, products, know-how, secrets or affairs of the Company, or
		

		
			 
		

		
			
		

		
			

		 

		

			19

		

 

		

			 

		

		

		
			any Group Company received or acquired by the Executive in pursuance of his duties under this Agreement or any information which is specified as confidential by the Company or a Group Company. Without prejudice to the pregoing generality; Confidential Information also applies to information concerning:
		

		
			 
		

		
			(a)         the markets, customers and potential markets and customers of the Company or any Group Company;
		

		
			 
		

		
			(b)         the pricing policy, costs of products and services to the Company or any Group Company;
		

		
			 
		

		
			(c)         the profits turnover, profit margins, business expectations, budgets, business plans or any other similar financial information of the Company or any Group Company;
		

		
			 
		

		
			(d)         technical data or know-how relating to the business carried on by the Company or any Group Company;
		

		
			 
		

		
			(e)         research projects of the Company or any Group Company; and
		

		
			 
		

		
			(f)         administrative, managerial, employment or other internal policies of the Company or any Group Company or the relations of the Company or any Group Company with customers, suppliers, competitors, the business community or the general public.
		

		
			 
		

		
			Effective Date means 1 January 2016;
		

		
			 
		

		
			Employment means the Executive's employment, which commenced on the Effective Date, in accordance with the terms and conditions of this Agreement and its predecessor agreement;
		

		
			 
		

		
			Group Company means the Company, any holding company and any subsidiary of the Company or any holding company (as defined in the Companies Act 2006) and Group shall be defined accordingly;
		

		
			 
		

		
			Remuneration Policy means the remuneration policy of the Company most recently approved by shareholders in accordance with section 439A of the Companies Act 2006;
		

		
			 
		

		
			Salary means the salary referred to in clause 3.1 as increased from time to time;
		

		
			 
		

		
			Spouse means the person to whom the Executive is married and shall include a Civil Partner. For the avoidance of doubt, references to 'marry', 'married' and 'marriage' throughout shall be deemed to include a registered Civil Partnership and entering into or being in a registered Civil Partnership;
		

		
			 
		

		
			Termination Date means the date of termination of the Employment howsoever caused (including, without limitation, termination by the Company which is in repudiatory breach of this Agreement);
		

		
			 
		

		
			
		

		
			

		 

		

			20

		

 

		

			 

		

		

		
			Tier 1 Executives means executive directors and chief executive officer (if not a director) of the Company;
		

		
			 
		

		
			Tier 2 Executives means executive officers, including chief financial officer and chief legal officer, and deputy executive officers of the Company (including, for the avoidance of doubt, the deputy chief executive officer of the Company); and
		

		
			 
		

		
			Working Hours has the meaning given to it by clause 2.2.
		

		
			 
		

		
			29.        MISCELLANEOUS
		

		
			 
		

		
			29.1      This Agreement, together with any other documents referred to in this Agreement, constitutes the entire agreement and understanding between the parties, and supersedes all other agreements both oral and in writing between the Company and the Executive (other than those expressly referred to herein). The Executive acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set out in this Agreement or expressly referred to in it as forming part of the Executive's contract of employment.
		

		
			 
		

		
			29.2      The Executive represents and warrants to the Company that he will not by reason of entering into the Employment, or by performing any duties under this Agreement, be in breach of any terms of employment with a third party whether express or implied or of any other obligation binding on him.
		

		
			 
		

		
			29.3      Any notice to be given under this Agreement to the Executive may be served by being handed to him personally or by being sent by recorded delivery first class post to him at his usual or last known address; and any notice to be given to the Company may be served by being left at or by being sent by recorded delivery first class post to its registered office for the time being. Any notice served by post shall be deemed to have been served on the day (excluding Sundays and public and bank holidays) next following the date of posting and in proving such service it shall be sufficient proof that the envelope containing the notice was properly addressed and posted as a prepaid letter by recorded delivery first class post.
		

		
			 
		

		
			29.4      Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof.
		

		
			 
		

		
			29.5      This Agreement is governed by, and shall be construed in accordance with, the laws of England. The Courts of England shall have exclusive jurisdiction in relation to all disputes arising out of or in connection with this Agreement.
		

		
			
		

		

		 

		

			21

		

 

		

			 

		

	
					
						

					
						 

				
	
					
						SIGNED as a DEED and

				
	
					
						DELIVERED by

				
	
					
						/S/ PEDRO LARREA PAGUAGA

				
	
					
						 

				
	
					
						 

				
	
					
						in the presence of

				
	
					
						Name:  /s/ Nicholas Deeming

					
						Address: 1A Ducks Walk, Twickenham, TW1 2DD

				
	
					
						 

				
	
					
						 

				
	
					
						SIGNED for and on behalf of

				
	
					
						FERROGLOBE PLC  

					
						/s/Javier Lopez Madrid

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]