Document:

Exhibit 4.5

 

AMENDMENT TO AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT

 

THIS AMENDMENT TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT (this “AMENDMENT”) is entered into on November 1, 2021 by and among

 

		1.	Belite Bio, Inc, an exempted company incorporated
                                            under the laws of the Cayman Islands with limited liability (the “Company”),

 

		2.	each of the Persons named on Schedule A-1
                                            attached hereto (collectively, the “Principals”, and each an “Principal”);

 

		3.	each of the Persons listed in Schedule A-2
                                            attached hereto (collectively, the “Investors”, and each an “Investor”).

 

Each of the parties to this
Amendment is referred to herein individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

		A	The Parties and certain other parties thereto
                                            entered into that certain Amended and Restated Shareholders Agreement on December 23, 2020
                                            (the “Shareholders Agreement”).

 

		B	The Parties hereto constitute the required parties
                                            set forth in Section 15.11 of the Shareholders Agreement and desire to amend the Shareholders
                                            Agreement as set forth in this Amendment.

 

WITNESSETH

 

NOW, THEREFORE, in consideration
of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties intending to be legally bound hereto hereby agree as follows:

 

1.             Definitions.
Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Shareholders Agreement.

 

2.             Amendments.

 

2.1          Section
12.1(i) of the Shareholders Agreement shall be deleted and replaced in its entirety by the following to read:

 

12.1 Board of Directors.

 

(i)                
The Company shall have, and the Parties hereto agree to cause the Company to have, a Board consisting of four (4) authorized directors.
The holders of a majority of the voting power of the issued and outstanding Ordinary Shares shall have right to designate, appoint, remove,
replace and reappoint four (4) directors on the Board (the “Ordinary Directors”).

 

2.2          Section
12.2(i) of the Shareholders Agreement shall be deleted and replaced in its entirety by the following to read:

 

    Belite Bio, Inc Amendment to Amended and 
 Restated Shareholders Agreement

     

    

 

12.2       Voting
Agreements

 

(i)                
With respect to each election of directors of the Board, each holder of voting securities of the Company shall vote at each meeting
of shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the
case may be, all of such holder’s voting securities of the Company as may be necessary (i) to keep the authorized size of the Board
at four (4) directors, (ii) to cause the election or re-election as members of the Board, and during such period to continue in office,
each of the individuals designated pursuant to Section 12.1, and (iii) against any nominees not designated pursuant to Section 12.1.

 

2.3             
Section 15.1 of the Shareholders Agreement shall be deleted and replaced in its entirety by the following to read:

 

15.1 Termination.
This Agreement shall terminate upon mutual consent of the Parties hereto. The provisions of Sections 7, 8, 9, 10, 11, 12, 13, and 14
shall terminate on the earliest of the consummation of the Qualified IPO or a Deemed Liquidation Event. If this Agreement terminates,
the Parties shall be released from their obligations under this Agreement, except in respect of any obligation stated, explicitly or
otherwise, to continue to exist after the termination of this Agreement (including without limitation those under Sections 2 through
6, 14.3 and Section 15). This Agreement shall terminate with respect to any shareholder of the Company when such shareholder no longer
holds any Shares. If any Party breaches this Agreement before the termination of this Agreement, it shall not be released from its obligations
arising from such breach on termination.

 

3.             
Miscellaneous.

 

3.1             
General; Effective Date. Except as amended hereby, the Shareholders Agreement has not been modified, and as amended hereby,
is in full force and effect. The Shareholders Agreement, as amended by this Amendment, represents the final, entire and complete agreement
among the Parties with respect to the subject matter of the Shareholders Agreement and this Amendment and supersedes all other prior
or contemporaneous agreements, communications or representations, whether oral or written, express or implied. This Amendment constitutes
a part of the Shareholders Agreement and all references in the Shareholders Agreement to the Shareholders Agreement (e.g., “this
Agreement,” “herein,” etc.) shall constitute references to the Shareholders Agreement as amended by this Amendment.

 

3.2             
Governing Law. This Amendment and all actions arising out of or in connection with this Amendment shall be governed by and
construed in accordance with the Laws of Hong Kong, without regard to the conflicts of law provisions of any jurisdiction.

 

3.3             
Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

    Belite Bio, Inc Amendment to Amended and 
 Restated Shareholders Agreement

     

    

 

[The remainder of this page has been intentionally
left blank.]

 

    Belite Bio, Inc Amendment to Amended and 
 Restated Shareholders Agreement

     

    

 

       IN
WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to execute this Amendment on the date
and year first above written.

 

COMPANY:

 

	 	Belite Bio, Inc
	 	 
	 	By:	/s/ Tom Lin
	 	Name:	Tom Lin (Yu-Hsin Lin)
	 	Title:	Director

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

       IN
WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to execute this Amendment on the date
and year first above written.

 

Principal & Investor:

 

	 	Lin Bioscience International Ltd.
	 	 
	 	By:	/s/ Tom Lin
	 	 	Name:	Tom Lin (Yu-Hsin Lin)
	 	 	Title:	Director

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Cheng-Chao Sung (ID: ########)
	 	 
	 	/s/ Cheng-Chao Sung

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Yun-Ju Huang (ID: ######## )
	 	 
	 	/s/ Yun-Ju Huang

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Cheng-Han Huang (ID: ########)
	 	 
	 	/s/ Cheng-Han Huang

 

[Signature
Page to Belite Bio, Inc Amendment to Amended and Restated Shareholders Agreement] 

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	H&D (SINGAPORE) INVESTMENT HOLDING PTE. LTD. (ID: ########
    )
	 	 
	 	By:	/s/ Chu Ping Yu
	 	Name:	Chu Ping Yu
	 	Title:	Director

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Grand Fortune Venture Capital Corporation (ID: ########)
	 	 
	 	(Company Seal)
	 	 
	 	By:	/s/ Huang Hsien Hua
	 	Name:	 
	 	Title:	 

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Foryou Venture Capital Limited Partnership (ID: ########)
	 	 
	 	(Company Seal)
	 	 
	 	By:	/s/ Huang Hsien Hua
	 	Name:	 
	 	Title:	 

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	YUN HSIEN ENTERPRISE CO., LTD (ID: ########)
	 	 
	 	(Company Seal)
	 	 
	 	By:	(seal) Yu-Hsien Wu
	 	Name:	Yu-Hsien Wu
	 	Title:	 

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Foryou Capital Corporation (ID: ########)
	 	 
	 	(Company Seal)
	 	 
	 	By:	/s/ Huang Hsien Hua
	 	Name:	 
	 	Title:	 

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Amendment on the date and year first above written.

 

Investor:

 

	 	Ching-Yu Peng (ID: ########)
	 	 
	 	/s/ Ching-Yu Peng

 

[Signature Page to Belite
Bio, Inc Amendment to Amended and Restated Shareholders Agreement]

 

    

     

    

 

SCHEDULE A-1

 

List of PRINCIPALS

 

    Belite Bio, Inc Amendment to Amended and 
 Restated Shareholders Agreement

     

    

 

SCHEDULE A-2

 

LIST OF INVESTORS

 

    Belite Bio, Inc Amendment to Amended and 
 Restated Shareholders AgreementExhibit 10.1

 

BELITE BIO, INC

AMENDED AND RESTATED SHARE INCENTIVE PLAN

 

PREFACE

 

This Plan is divided into
two separate equity programs: (1) the option and share appreciation rights grant program set forth in Section 5 under which Eligible
Persons (as defined in Section 3) may, at the discretion of the Administrator, be granted Options and/or SARs, and (2) the share award
program set forth in Section 6 under which Eligible Persons may, at the discretion of the Administrator, be awarded restricted or unrestricted
Ordinary Shares. Section 2 of this Plan contains the general rules regarding the administration of this Plan. Section 3 sets forth the
requirements for eligibility to receive an Award grant under this Plan. Section 4 describes the authorized shares of the Company that
may be subject to Awards granted under this Plan. Section 7 contains other provisions applicable to all Awards granted under this Plan.
Section 8 provides definitions for certain capitalized terms used in this Plan and not otherwise defined herein.

 

1.             PURPOSE
OF THE PLAN.

 

The purpose of this Plan
is to promote the success of the Company and the interests of its shareholders by providing a means through which the Company may grant
equity-based incentives to attract, motivate, retain and reward certain officers, employees, directors and other eligible persons and
to further link the interests of Award recipients with those of the Company’s shareholders generally.

 

2.             ADMINISTRATION.

 

2.1             
Administrator. This Plan shall be administered by and all Awards under this Plan shall be authorized by the Administrator.
The “Administrator” means the Board or one or more committees appointed by the Board or another committee (within
its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more
directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority
to another committee so constituted. The Board or a committee comprised solely of directors may also delegate, to the extent permitted
by the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and any other applicable law, to one
or more officers of the Company, its powers under this Plan (a) to designate the officers and employees of the Company and its Affiliates
who will receive grants of Awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions
of, such Awards. The Board may delegate different levels of authority to different committees with administrative and grant authority
under this Plan. Unless otherwise provided in the Memorandum and Articles of Association of the Company or the applicable charter of
any Administrator, a majority of the members of the acting Administrator shall constitute a quorum, and the vote of a majority of the
members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute
action by the acting Administrator.

 

     1 

     

    

 

2.2          Plan
Awards; Interpretation; Powers of Administrator. Subject to the express provisions of this Plan, the Administrator is authorized
and empowered to do all things necessary or desirable in connection with the authorization of Awards and the administration of this Plan
(in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including,
without limitation, the authority to:

 

		(a)	determine
                                            eligibility and, from among those persons determined to be eligible, the particular Eligible
                                            Persons who will receive Awards;

 

		(b)	grant
                                            Awards to Eligible Persons, determine the price and number of securities to be offered or
                                            awarded to any of such persons, determine the other specific terms and conditions of Awards
                                            consistent with the express limits of this Plan, establish the installments (if any) in which
                                            such Awards will become exercisable or will vest (which may include, without limitation,
                                            performance and/or time-based schedules) or determine that no delayed exercisability or vesting
                                            is required, establish any applicable performance targets, and establish the events of termination
                                            or reversion of such Awards;

 

		(c)	approve
                                            the forms of Award Agreements, which need not be identical either as to type of Award or
                                            among Participants;

 

		(d)	construe
                                            and interpret this Plan and any Award Agreement or other agreements defining the rights and
                                            obligations of the Company, its Affiliates, and Participants under this Plan, make factual
                                            determinations with respect to the administration of this Plan, further define the terms
                                            used in this Plan, and prescribe, amend and rescind rules and regulations relating to the
                                            administration of this Plan or the Awards;

 

		(e)	cancel,
                                            modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend,
                                            or terminate any or all outstanding Awards, subject to any required consent under Section
                                            7.7.4;

 

		(f)	accelerate
                                            or extend the vesting or exercisability or extend the term of any or all outstanding Awards
                                            (within the maximum ten-year term of Awards under Sections 5.4.2 and 6.5) in such circumstances
                                            as the Administrator may deem appropriate (including, without limitation, in connection with
                                            a termination of employment or services or other events of a personal nature);

 

		(g)	determine
                                            Fair Market Value for purposes of this Plan and Awards;

 

		(h)	determine
                                            the duration and purposes of leaves of absence that may be granted to Participants without
                                            constituting a termination of their employment for purposes of this Plan;

 

		(i)	determine
                                            whether, and the extent to which, adjustments are required pursuant to Section 7.3 hereof
                                            and authorize the termination, conversion, substitution or succession of awards upon the
                                            occurrence of an event of the type described in Section 7.3; and

 

		(j)	implement
                                            any procedures, steps, additional or different requirements as may be necessary to comply
                                            with any laws of the People’s Republic of China (the “PRC”) that
                                            may be applicable to this Plan, any Award or any related documents, including but not limited
                                            to foreign exchange laws, tax laws and securities laws of the PRC.

 

     2 

     

    

 

2.3          Binding
Determinations. Any action taken by, or inaction of, the Company, any Affiliate, the Board or the Administrator relating or pursuant
to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body
and shall be conclusive and binding upon all persons. Neither the Board nor the Administrator, nor any member thereof or person acting
at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in
connection with this Plan (or any Award), and all such persons shall be entitled to indemnification and reimbursement by the Company
in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting therefrom
to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from
time to time.

 

2.4          Reliance
on Experts. In making any determination or in taking or not taking any action under this Plan, the Administrator may obtain and
may rely upon the advice of experts, including employees of and professional advisors to the Company. No director, officer or agent of
the Company or any of its Affiliates shall be liable for any such action or determination taken or made or omitted in good faith.

 

2.5          Delegation.
The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Company or
any of its Affiliates or to third parties.

 

3.             ELIGIBILITY.

 

Awards may be granted under
this Plan only to those persons that the Administrator determines to be Eligible Persons. An “Eligible Person” means
any person who qualifies as one of the following at the time of grant of the respective Award:

 

		(a)	an
                                            officer (whether or not a director) or employee of the Company or any of its Affiliates;

 

		(b)	any
                                            member of the Board; or

 

		(c)	any
                                            director of one of the Company’s Affiliates, or any individual consultant or advisor
                                            who renders bona fide services (other than services in connection with the offering or sale
                                            of securities of the Company or one of its Affiliates, as applicable, in a capital raising
                                            transaction or as a market maker or promoter of that entity’s securities) to the Company
                                            or one of its Affiliates.

 

An advisor or consultant
may be selected as an Eligible Person pursuant to clause (c) above only if such person’s participation in this Plan would not adversely
affect (1) the Company’s eligibility to rely on the Rule 701 exemption from registration under the Securities Act for the offering
of shares issuable under this Plan by the Company, or (2) the Company’s compliance with any other applicable laws.

 

An Eligible Person may, but
need not, be granted one or more Awards pursuant to Section 5 and/or one or more Awards pursuant to Section 6. An Eligible Person who
has been granted an Award under this Plan may, if otherwise eligible, be granted additional Awards under this Plan if the Administrator
so determines. However, a person’s status as an Eligible Person is not a commitment that any Award will be granted to that person
under this Plan. Furthermore, an Eligible Person who has been granted an Award under Section 5 is not necessarily entitled to an Award
under Section 6, or vice versa, unless otherwise expressly determined by the Administrator.

 

Each Award granted under
this Plan must be approved by the Administrator at or prior to the grant of the Award.

 

     3 

     

    

 

4.             SHARES
SUBJECT TO THE PLAN.

 

4.1          Shares
Available. Subject to the provisions of Section 7.3.1, the shares that may be delivered under this Plan will be the Company’s
authorized but unissued Ordinary Shares (and any of its Ordinary Shares held as treasury shares). The Ordinary Shares issued and delivered
may be issued and delivered for any lawful consideration.

 

4.2          Share
Limit. Subject to the provisions of Section 7.3.1 and further subject to the share counting rules of Section 4.3, the maximum
number of Ordinary Shares that may be delivered pursuant to Awards granted under this Plan will not exceed 4,165,310 shares (the “Share
Limit”) in the aggregate. As required under U.S. Treasury Regulation Section 1.422-2(b)(3)(i), in no event will the number
of Ordinary Shares that may be delivered pursuant to Incentive Stock Options granted under this Plan exceed the Share Limit.

 

4.3          Replenishment
and Reissue of Unvested Awards. To the extent that an Award is settled in cash or a form other than Ordinary Shares, the shares
that would have been delivered had there been no such cash or other settlement shall not be counted against the shares available for
issuance under this Plan. No Award may be granted under this Plan unless, on the date of grant, the sum of (a) the maximum number
of Ordinary Shares issuable at any time pursuant to such Award, plus (b) the number of Ordinary Shares that have previously been
issued pursuant to Awards granted under this Plan, plus (c) the maximum number of Ordinary Shares that may be issued at any time
after such date of grant pursuant to Awards that are outstanding on such date, does not exceed the Share Limit. Ordinary Shares that
are subject to or underlie Options or SARs granted under this Plan that expire or for any reason are canceled or terminated without having
been exercised (or Ordinary Shares subject to or underlying the unexercised portion of such Options or SARs in the case of Options or
SARs that were partially exercised), as well as Ordinary Shares that are subject to Share Awards made under this Plan that are forfeited
to the Company or otherwise repurchased by the Company prior to the vesting of such shares for a price not greater than the original
purchase or issue price of such shares (as adjusted pursuant to Section 7.3.1) will again, except to the extent prohibited by law or
applicable listing or regulatory requirements, be available for subsequent Award grants under this Plan. Shares that are exchanged by
a Participant or withheld by the Company as full or partial payment in connection with any Award under this Plan, as well as any shares
exchanged by a Participant or withheld by the Company or one of its Affiliates to satisfy the tax withholding obligations related to
any Award, shall be available for subsequent Awards under this Plan. In the case of an exercise of a SAR, only the number of shares actually
issued in respect of such exercise shall be charged against this Plan’s Share Limit. Adjustments to the Share Limit pursuant to
this Section 4.3 are subject to any applicable limitations of the Code in the case of Awards intended to be Incentive Stock Options.

 

4.4          Reservation
of Shares. The Company shall at all times reserve a number of Ordinary Shares sufficient to cover the Company’s obligations
and contingent obligations to deliver shares with respect to Awards then outstanding under this Plan.

 

     4 

     

    

 

5.            OPTION
AND SAR GRANT PROGRAM.

 

5.1          Option
and SAR Grants in General. Each Option or SAR shall be evidenced by an Award Agreement in the form approved by the Administrator.
The Award Agreement evidencing an Option or SAR shall contain the terms established by the Administrator for that Award, as well as any
other terms, provisions, or restrictions that the Administrator may impose on the Option or SAR or any Ordinary Shares subject to the
Option or SAR; in each case subject to the applicable provisions and limitations of this Section 5 and the other applicable provisions
and limitations of this Plan. The Administrator may require that the recipient of an Option or SAR promptly execute and return to the
Company his or her Award Agreement evidencing the Award. In addition, the Administrator may require that the spouse of any married recipient
of an Option or SAR also promptly execute and return to the Company the Award Agreement evidencing the Award granted to the recipient
or such other spousal consent form that the Administrator may require in connection with the grant of the Award.

 

5.2          Incentive
Stock Option Status. The Administrator will designate each Option granted under this Plan to a U.S. resident as either an Incentive
Stock Option or a Nonqualified Option, and such designation shall be set forth in the applicable Award Agreement. Any Option granted
under this Plan to a U.S. resident that is not expressly designated in the applicable Award Agreement as an Incentive Stock Option will
be deemed to be designated a Nonqualified Option under this Plan and not an “incentive stock option” within the meaning of
Section 422 of the Code. Incentive Stock Options shall be subject to the provisions of Section 5.5 in addition to the provisions of this
Plan applicable to Options generally. The Administrator may designate any Option granted under this Plan to a non-U.S. resident in accordance
with the rules and regulations applicable to options in the jurisdiction in which such person is a resident.

 

		5.3	Option
                                            or SAR Price.

 

5.3.1       Option
Pricing Limits. Subject to the following provisions of this Section 5.3.1, the Administrator will determine the purchase price per
share of the Ordinary Shares covered by each Option (the “exercise price” of the Option) at the time of the grant of the
Option, which exercise price will be set forth in the applicable Award Agreement. In no case will the exercise price of an Option be
less than the greatest of:

 

		(a)	the
                                            par value of an Ordinary Share;

 

		(b)	subject
                                            to clause (c) below, 100% of the Fair Market Value of an Ordinary Share on the date of grant;
                                            or

 

		(c)	in
                                            the case of an Incentive Stock Option granted to a Participant described in Section 5.5.4,
                                            110% of the Fair Market Value of an Ordinary Share on the date of grant.

 

     5 

     

    

 

5.3.2       Payment
Provisions. The Company will not be obligated to deliver certificates for the Ordinary Shares to be purchased upon the exercise of
an Option unless and until it receives full payment of the exercise price therefor, all related withholding obligations under Section
7.6 have been satisfied, and all other conditions to the exercise of the Option set forth herein or in the Award Agreement have been
satisfied. The purchase price of any Ordinary Shares purchased upon the exercise of an Option must be paid in full at the time of each
purchase in such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation, one
or a combination of the following methods:

 

		(a)	cash,
                                            check payable to the order of the Company, or electronic funds transfer;

 

		(b)	notice
                                            and third party payment in such manner as may be authorized by the Administrator;

 

		(c)	the
                                            delivery of previously owned Ordinary Shares;

 

		(d)	by
                                            a reduction in the number of Ordinary Shares otherwise deliverable pursuant to the Award;

 

		(e)	subject
                                            to such procedures as the Administrator may adopt, pursuant to a “cashless exercise”;
                                            or

 

		(f)	if
                                            authorized by the Administrator or specified in the applicable Award Agreement, by a promissory
                                            note of the Participant consistent with the requirements of Section 5.3.3.

 

In no event shall
any shares newly-issued by the Company be issued for less than the minimum lawful consideration for such shares or for consideration
other than consideration permitted by applicable law. Ordinary Shares used to satisfy the exercise price of an Option (whether previously-owned
shares or shares otherwise deliverable pursuant to the terms of the Option) shall be valued at their Fair Market Value on the date of
exercise. Unless otherwise expressly provided in the applicable Award Agreement, the Administrator may eliminate or limit a Participant’s
ability to pay the purchase or exercise price of any Award by any method other than cash payment to the Company. The Administrator may
take all actions necessary to alter the method of Option exercise and the exchange and transmittal of proceeds with respect to Participants
resident in the PRC not having permanent residence in a country other than the PRC in order to comply with applicable PRC foreign exchange
and tax regulations and any other applicable PRC laws and regulations.

 

     6 

     

    

 

5.3.3       Acceptance
of Notes to Finance Exercise. The Company may, with the Administrator’s approval in each specific case, accept one or more
promissory notes from any Eligible Person in connection with the exercise of any Option; provided that any such note shall be subject
to the following terms and conditions:

 

		(a)	The
                                            principal of the note shall not exceed the amount required to be paid to the Company upon
                                            the exercise, purchase or acquisition of one or more Awards under this Plan and the note
                                            shall be delivered directly to the Company in consideration of such exercise, purchase or
                                            acquisition.

 

		(b)	The
                                            initial term of the note shall be determined by the Administrator; provided that the term
                                            of the note, including extensions, shall not exceed a period of five years.

 

		(c)	The
                                            note shall provide for full recourse to the Participant and shall bear interest at a rate
                                            determined by the Administrator, but not less than the interest rate necessary to avoid the
                                            imputation of interest under the Code or other applicable tax law, rules or regulations,
                                            and to avoid any adverse accounting consequences in connection with the exercise, purchase
                                            or acquisition.

 

		(d)	If
                                            the employment or services of the Participant by or to the Company and its Affiliates terminates,
                                            the unpaid principal balance of the note shall become due and payable on the 30th business
                                            day after such termination; provided, however, that if a sale of the shares acquired on exercise
                                            of the Option would cause such Participant to incur liability under Section 16(b) of the
                                            Exchange Act, the unpaid balance shall become due and payable on the 10th business day after
                                            the first day on which a sale of such shares could have been made without incurring such
                                            liability assuming for these purposes that there are no other transactions (or deemed transactions)
                                            in securities of the Company by the Participant subsequent to such termination.

 

		(e)	If
                                            required by the Administrator or by applicable law, the note shall be secured by a pledge
                                            of any shares or rights financed thereby or other collateral, in compliance with applicable
                                            law.

 

The terms, repayment
provisions, and collateral release provisions of the note and the pledge securing the note shall conform with all applicable rules and
regulations, including those of the Federal Reserve Board of the United States and any applicable law, as then in effect.

 

5.3.4       Base
Price of SARs. The Administrator will determine the base price per share of the Ordinary Shares covered by each SAR at the time of
the grant of the SAR, which base price will be set forth in the applicable Award Agreement and will not be less than 100% of the Fair
Market Value of an Ordinary Share on the date of grant of the SAR.

 

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		5.4	Vesting;
                                            Term; Exercise Procedure.

 

5.4.1       Vesting.
Except as provided in Section 5.8, an Option or SAR may be exercised only to the extent that it is vested and exercisable. The Administrator
will determine the vesting and/or exercisability provisions of each Option or SAR (which may be based on performance criteria, passage
of time or other factors or any combination thereof), which provisions will be set forth in the applicable Award Agreement. Unless the
Administrator otherwise expressly provides, once exercisable an Option or SAR will remain exercisable until the expiration or earlier
termination of the Option or SAR.

 

5.4.2       Term.
Each Option and SAR shall expire not more than 10 years after its date of grant. Each Option and SAR will be subject to earlier termination
as provided in or pursuant to Sections 5.6 and 7.3 or the terms of the applicable Award Agreement.

 

5.4.3       Exercise
Procedure. Any exercisable Option or SAR will be deemed to be exercised when (a) the applicable exercise procedures in the related
Award Agreement have been satisfied (or, in the absence of any such procedures in the related Award Agreement, the Company has received
written notice of such exercise from the Participant), (b) in the case of an Option, the Company has received any required payment made
in accordance with Section 5.3, (c) in the case of an Option or SAR, all withholding obligations arising in connection with the
exercise have been satisfied in accordance with Section 7.6, and (d) in the case of an Option or SAR, the Company has received any written
statement required pursuant to Section 7.5.1.

 

5.4.4       Fractional
Shares/Minimum Issue. Fractional share interests will be disregarded, but may be accumulated. The Administrator, however, may determine
that cash, other securities, or other property will be paid or transferred in lieu of any fractional share interests. No Option or SAR
may be exercised as to fewer than 100 shares (subject to adjustment pursuant to Section 7.3.1) at one time unless the number as to which
the Award is exercised is the total number at the time then subject to the vested and exercisable portion of the Award.

 

		5.5	Limitations
                                            on Grant and Terms of Incentive Stock Options.

 

5.5.1       US$100,000
Limit. To the extent that the aggregate Fair Market Value of shares with respect to which incentive stock options (within the meaning
of Section 422 of the Code) first become exercisable by a Participant in any calendar year exceeds US$100,000, taking into account both
Ordinary Shares subject to Incentive Stock Options under this Plan and shares subject to incentive stock options under all other plans
of the Company or any of its Affiliates, such options will be treated as Nonqualified Options. For this purpose, the Fair Market Value
of the shares subject to options will be determined as of the date the options were awarded. In reducing the number of options treated
as incentive stock options to meet the US$100,000 limit, the most recently granted options will be reduced (recharacterized as Nonqualified
Options) first. To the extent a reduction of simultaneously granted options is necessary to meet the US$100,000 limit, the Administrator
may, in the manner and to the extent permitted by law, designate which Ordinary Shares are to be treated as shares acquired pursuant
to the exercise of an incentive stock option.

 

5.5.2       Other
Code Limits. Incentive Stock Options may only be granted to individuals that are employees of the Company or one of its Affiliates
and satisfy the other eligibility requirements of the Code. Any Award Agreement relating to Incentive Stock Options will contain or shall
be deemed to contain such other terms and conditions as from time to time are required in order that the Option be an “incentive
stock option” as that term is defined in Section 422 of the Code.

 

     8 

     

    

 

5.5.3       ISO
Notice of Sale Requirement. Any Participant who exercises an Incentive Stock Option shall give prompt written notice to the Company
of any sale or other transfer of the Ordinary Shares acquired on such exercise if the sale or other transfer occurs within (a) one year
after the exercise date of the Option, or (b) two years after the grant date of the Option.

 

5.5.4       Limits
on 10% Holders. No Incentive Stock Option may be granted to any person who, at the time the Incentive Stock Option is granted, owns
(or is deemed to own under Section 424(d) of the Code) outstanding shares of the Company (or any of its Affiliates) possessing more than
10% of the total combined voting power of all classes of shares of the Company (or any of its Affiliates), unless the exercise price
of such Incentive Stock Option is at least 110% of the Fair Market Value of the shares subject to the Incentive Stock Option and the
Incentive Stock Option by its terms is not exercisable more than five years after the date the Incentive Stock Option is granted.

 

		5.6	Effects
                                            of Termination of Employment on Options and SARs.

 

5.6.1       Dismissal
for Cause. Unless otherwise provided in the applicable Award Agreement and subject to earlier termination pursuant to or as contemplated
by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates is terminated
by such entity for Cause, the Participant’s Option or SAR will terminate on the Participant’s Severance Date, whether or
not the Option or SAR is then vested and/or exercisable.

 

5.6.2       Death
or Disability. Unless otherwise provided in the applicable Award Agreement (consistent with applicable securities laws) and subject
to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the
Company or any of its Affiliates terminates as a result of the Participant’s death or Total Disability:

 

		(a)	the
                                            Participant (or his or her Personal Representative or Beneficiary, in the case of the Participant’s
                                            Total Disability or death, respectively), will have until the date that is 12 months after
                                            the Participant’s Severance Date to exercise the Participant’s Option or SAR
                                            (or portion thereof) to the extent that it was vested and exercisable on the Severance Date;

 

		(b)	the
                                            Option or SAR, to the extent not vested and exercisable on the Participant’s Severance
                                            Date, shall terminate on the Severance Date; and

 

		(c)	the
                                            Option or SAR, to the extent exercisable for the 12-month period following the Participant’s
                                            Severance Date and not exercised during such period, shall terminate at the close of business
                                            on the last day of the 12-month period.

 

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5.6.3       Other
Terminations of Employment. Unless otherwise provided in the applicable Award Agreement (consistent with applicable securities laws)
and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or
service to the Company or any of its Affiliates terminates for any reason other than a termination by such entity for Cause or because
of the Participant’s death or Total Disability:

 

		(a)	the
                                            Participant will have until the date that is 3 months after the Participant’s Severance
                                            Date to exercise his or her Option or SAR (or portion thereof) to the extent that it was
                                            vested and exercisable on the Severance Date;

 

		(b)	the
                                            Option or SAR, to the extent not vested and exercisable on the Participant’s Severance
                                            Date, shall terminate on the Severance Date; and

 

		(c)	the
                                            Option or SAR, to the extent exercisable for the 3-month period following the Participant’s
                                            Severance Date and not exercised during such period, shall terminate at the close of business
                                            on the last day of the 3-month period.

 

5.7          Option
and SAR Repricing/Cancellation and Regrant/Waiver of Restrictions. Subject to Section 4 and Section 7.7 and the specific
limitations on Options and SARs contained in this Plan, the Administrator from time to time may authorize, generally or in specific cases
only, for the benefit of any Eligible Person, any adjustment in the exercise or base price, the vesting schedule, the number of shares
subject to, or the term of, an Option or SAR granted under this Plan by cancellation of an outstanding Option or SAR and a subsequent
regranting of the Option or SAR, by amendment, by substitution of an outstanding Option or SAR, by waiver or by other legally valid means.
Such amendment or other action may result in, among other changes, an exercise or base price that is higher or lower than the exercise
or base price of the original or prior Option or SAR, provide for a greater or lesser number of Ordinary Shares subject to the Option
or SAR, or provide for a longer or shorter vesting or exercise period. In no event, however, may any such amendment or other action reduce
the exercise or base price of the Option or SAR to less than the Fair Market Value of an Ordinary Share at the time of such change, or
extend the maximum term of the Option or SAR at a time when the exercise or base price of such Award is less than the Fair Market Value
of an Ordinary Share.

 

5.8          Early
Exercise Options and SARs. The Administrator may, in its discretion, designate any Option or SAR as an “early exercise
Option” or “early exercise SAR” which, by express provision in the applicable Award Agreement, may be exercised prior
to the date such Option or SAR has vested. If the Participant elects to exercise all or a portion of an early exercise Option or SAR
before it is vested, the Ordinary Shares acquired under the Option or SAR which are attributable to the unvested portion of the Option
or SAR shall be Restricted Shares. The applicable Award Agreement will specify the extent (if any) to which and the time (if ever) at
which the Participant will be entitled to dividends, voting and other rights in respect of such Restricted Shares prior to vesting, and
the restrictions imposed on such shares and the conditions of release or lapse of such restrictions. Unless otherwise expressly provided
in the applicable Award Agreement, such Restricted Shares shall be subject to the provisions of Sections 6.6 through 6.9, below.

 

     10 

     

    

 

6.            SHARE
AWARD PROGRAM.

 

6.1          Share
Awards in General. Each Share Award shall be evidenced by an Award Agreement in the form approved by the Administrator. The Award
Agreement evidencing a Share Award shall contain the terms established by the Administrator for that Share Award, as well as any other
terms, provisions, or restrictions that the Administrator may impose on the Share Award; in each case subject to the applicable provisions
and limitations of this Section 6 and the other applicable provisions and limitations of this Plan. The Administrator may require that
the recipient of a Share Award promptly execute and return to the Company his or her Award Agreement evidencing the Share Award. In addition,
the Administrator may require that the spouse of any married recipient of a Share Award also promptly execute and return to the Company
the Award Agreement evidencing the Share Award granted to the recipient or such other spousal consent form that the Administrator may
require in connection with the grant of the Share Award.

 

6.2          Types
of Share Awards. The Administrator shall designate whether a Share Award shall be a Restricted Share Award, and such designation
shall be set forth in the applicable Award Agreement.

 

		6.3	Purchase
                                            Price.

 

6.3.1       Pricing
Limits. Subject to the following provisions of this Section 6.3, the Administrator will determine the purchase price per share of
the Ordinary Shares covered by each Share Award at the time of grant of the Award. In no case will such purchase price be less than the
par value of the Ordinary Shares.

 

6.3.2       Payment
Provisions. The Company will not be obligated to record in the Company’s register of members, or issue certificates evidencing,
Ordinary Shares awarded under this Section 6 unless and until it receives full payment of the purchase price therefor and all other conditions
to the purchase, as determined by the Administrator, have been satisfied, at which point the relevant shares shall be issued and noted
in the Company’s register of members. The purchase price of any shares subject to a Share Award must be paid in full at the time
of the purchase in such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation,
one or a combination of the methods set forth in clauses (a) through (f) in Section 5.3.2 and/or past services rendered to the Company
or any of its Affiliates.

 

6.4          Vesting.
The restrictions imposed on the Ordinary Shares subject to a Restricted Share Award (which may be based on performance criteria, passage
of time or other factors or any combination thereof) will be set forth in the applicable Award Agreement.

 

6.5          Term;
Settlement of Awards. A Share Award shall either vest or be forfeited not more than 10 years after the date of grant. Each Share
Award will be subject to earlier termination as provided in or pursuant to Sections 6.8 and 7.3. Payment of Awards may be in the form
of cash, Ordinary Shares, other Awards or combinations thereof as the Administrator shall determine, and with such restrictions as it
may impose. The Administrator may also require or permit Participants to elect to defer the issuance of shares or the settlement of Awards
in cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements
include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents
where the deferred amounts are denominated in shares.

 

     11 

     

    

 

6.6          Share
Certificates; Fractional Shares. Share certificates evidencing Restricted Shares will bear a legend making appropriate reference
to the restrictions imposed hereunder and will be held by the Company or by a third party designated by the Administrator until the restrictions
on such shares have lapsed, the shares have vested in accordance with the provisions of the Award Agreement and Section 6.4, and any
related loan has been repaid. Fractional share interests will be disregarded, but may be accumulated. The Administrator, however, may
determine that cash, other securities, or other property will be paid or transferred in lieu of any fractional share interests.

 

6.7          Dividend
and Voting Rights. Unless otherwise provided in the applicable Award Agreement, a Participant holding Restricted Shares will
be entitled to cash dividend and voting rights for all Restricted Shares issued even though they are not vested, but such rights will
terminate immediately as to any Restricted Shares which cease to be eligible for vesting or are repurchased by the Company.

 

6.8          Termination
of Employment; Return to the Company. Unless the Administrator otherwise expressly provides, Restricted Shares subject to an
Award that remain subject to vesting conditions that have not been satisfied by the time specified in the applicable Award Agreement
(which may include, without limitation, the Participant’s Severance Date), will not vest and will be reacquired by the Company
in such manner and on such terms as the Administrator provides, which terms shall include, to the extent not prohibited by law, return
or repayment of the lower of (a) the Fair Market Value of the Restricted Shares at the time of the termination, or (b) if applicable,
the original purchase price of the Restricted Shares, without interest. The Award Agreement shall specify any other terms or conditions
of the repurchase if the Award fails to vest. Any other Share Award that has not been exercised as of a Participant’s Severance
Date shall terminate on that date unless otherwise expressly provided by the Administrator in the applicable Award Agreement.

 

6.9          Waiver
of Restrictions. Subject to Sections 4 and 7.7 and the specific limitations on Share Awards contained in this Plan, the Administrator
from time to time may authorize, generally or in specific cases only, for the benefit of any Eligible Person, any adjustment in the vesting
schedule, or the restrictions upon or the term of, a Share Award granted under this Plan by amendment, by substitution of an outstanding
Share Award, by waiver or by other legally valid means.

 

     12 

     

    

 

7.             PROVISIONS
APPLICABLE TO ALL AWARDS.

 

		7.1	Rights
                                            of Eligible Persons, Participants and Beneficiaries.

 

7.1.1       Employment
Status. No Person shall have any claim or rights to be granted an Award (or additional Awards, as the case may be) under this Plan,
subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.

 

7.1.2       No
Employment/Service Contract. Nothing contained in this Plan (or in any other documents under this Plan or related to any Award) shall
confer upon any Eligible Person or Participant any right to continue in the employ or other service of the Company or any of its Affiliates,
constitute any contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor
shall interfere in any way with the right of the Company or any Affiliate to change such person’s compensation or other benefits,
or to terminate his or her employment or other service, with or without cause at any time. Nothing in this Section 7.1.2, or in Section
7.3 or 7.15, however, is intended to adversely affect any express independent right of such person under a separate employment or service
contract. An Award Agreement shall not constitute a contract of employment or service.

 

7.1.3       Plan
Not Funded. Awards payable under this Plan will be payable in Ordinary Shares or from the general assets of the Company, and (except
as to the share reservation provided in Section 4.4) no special or separate reserve, fund or deposit will be made to assure payment
of such Awards. No Participant, Beneficiary or other person will have any right, title or interest in any fund or in any specific asset
(including Ordinary Shares, except as expressly provided) of the Company or any of its Affiliates by reason of any Award hereunder. Neither
the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to
the provisions of this Plan will create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company
or any of its Affiliates and any Participant, Beneficiary or other person. To the extent that a Participant, Beneficiary or other person
acquires a right to receive payment pursuant to any Award hereunder, such right will be no greater than the right of any unsecured general
creditor of the Company.

 

7.1.4       Charter
Documents. The Memorandum and Articles of Association of the Company, as may lawfully be amended from time to time, may provide for
additional restrictions and limitations with respect to the Ordinary Shares (including additional restrictions and limitations on the
voting or transfer of Ordinary Shares) or priorities, rights and preferences as to securities and interests prior in rights to the Ordinary
Shares. These restrictions and limitations are in addition to (and not in lieu of) those set forth in this Plan or any Award Agreement
and are incorporated herein by this reference.

 

		7.2	No
                                            Transferability; Limited Exception to Transfer Restrictions.

 

7.2.1       Limit
on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 7.2, by applicable law and by
the Award Agreement, as the same may be amended:

 

		(a)	all
                                            Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation,
                                            alienation, assignment, pledge, encumbrance or charge;

 

		(b)	Awards
                                            will be exercised only by the Participant; and

 

		(c)	amounts
                                            payable or shares issuable pursuant to an Award will be delivered only to (or for the account
                                            of), and, in the case of Ordinary Shares, registered in the name of, the Participant.

 

In addition, the
shares shall be subject to the restrictions set forth in the applicable Award Agreement.

 

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7.2.2       Further
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 7.2.1 will not apply to:

 

		(a)	transfers
                                            to the Company;

 

		(b)	transfers
                                            by gift or domestic relations order to one or more “family members” (as that
                                            term is defined in SEC Rule 701 promulgated under the Securities Act) of the Participant,
                                            including transfers to a trust in which the Participant
                                            (or other family member) has more than 50% of the beneficial interest, a foundation in which
                                            the Participant (or other family member) controls the management of assets, or an entity
                                            in which the Participant (or other family member) owns more than 50% of the voting interest,
                                            so long as such transfer is expressly authorized by the Administrator and is in compliance
                                            with all applicable laws;

 

		(c)	the
                                            designation of a Beneficiary to receive benefits if the Participant dies or, if the Participant
                                            has died, transfers to or exercises by the Participant’s Beneficiary, or, in the absence
                                            of a validly designated Beneficiary, transfers by will or the laws of descent and distribution;
                                            or

 

		(d)	if
                                            the Participant has suffered a disability, permitted transfers or exercises on behalf of
                                            the Participant by the Participant’s duly authorized legal representative.

 

Notwithstanding
anything else in this Section 7.2.2 to the contrary, but subject to compliance with all applicable laws, Incentive Stock Options and
Restricted Share Awards will be subject to any and all transfer restrictions under the Code applicable to such awards or necessary to
maintain the intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all applicable
laws, any contemplated transfer by gift or domestic relations order to one or more family members of a Participant as referenced in clause
(b) above is subject to the condition precedent that the transfer be approved by the Administrator in order for it to be effective. The
Administrator may, in its sole discretion, withhold its approval of any such proposed transfer.

 

     14 

     

    

 

		7.3	Adjustments;
                                            Changes in Control.

 

7.3.1       Adjustments.
Subject to Section 7.3.2 below, upon (or, as may be necessary to effect the adjustment, immediately prior to) any reclassification, recapitalization,
share split (including a share split in the form of a share dividend) or reverse share split; any merger, combination, consolidation,
or other reorganization; any split-up, spin-off, or similar extraordinary dividend distribution in respect of the Ordinary Shares; or
any exchange of Ordinary Shares or other securities of the Company, or any similar, unusual or extraordinary corporate transaction in
respect of the Ordinary Shares; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of
Ordinary Shares (or other securities) that thereafter may be made the subject of Awards (including the specific share limits, maximums
and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of Ordinary Shares (or other securities or property)
subject to any outstanding Awards, (3) the grant, purchase, exercise or base price of any outstanding Awards, and/or (4) the securities,
cash or other property deliverable upon exercise or vesting of any outstanding Awards, in each case to the extent necessary to preserve
(but not increase) the level of incentives intended by this Plan and the then-outstanding Awards.

 

Unless otherwise expressly
provided in the applicable Award Agreement, upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or
transaction described in the preceding paragraph or a sale of all or substantially all of the business or assets of the Company as an
entirety, the Administrator shall equitably and proportionately adjust the performance standards applicable to any then-outstanding performance-based
Awards to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding
performance-based Awards.

 

It is intended that,
if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable legal, tax (including,
without limitation and as applicable in the circumstances, Sections 409A, 424 and 457A of the Code) and accounting (so as to not trigger
any charge to earnings with respect to such adjustment) requirements.

 

Without limiting the
generality of Section 2.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances
pursuant to this Section 7.3.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.

 

Unless otherwise expressly
provided by the Administrator, in no event shall a conversion of one or more outstanding shares of the Company’s preferred share
(if any) or any new issuance of securities by the Company for consideration be deemed, in and of itself, to require an adjustment pursuant
to this Section 7.3.1.

 

7.3.2       Consequences
of a Change in Control Event. Upon the occurrence of a Change in Control Event, the Administrator may make provision for a cash payment
in settlement of, or for the assumption, substitution or exchange of any or all outstanding Awards (or the cash, securities or other
property deliverable to the holder(s) of any or all outstanding Awards) based upon, to the extent relevant in the circumstances, the
distribution or consideration payable to holders of the Ordinary Shares upon or in respect of such event.

 

     15 

     

    

 

The Administrator may,
in its sole discretion, provide in the applicable Award Agreement or by an amendment thereto for the accelerated vesting of one or more
Awards to the extent such Awards are outstanding upon a Change in Control Event or such other events or circumstances as the Administrator
may provide.

 

The Administrator may
adopt such valuation methodologies for outstanding Awards as it deems reasonable in the event of a cash, securities or other property
settlement. In the case of Options and SARs, but without limitation on other methodologies, the Administrator may base such settlement
solely upon the excess (if any) of the amount payable upon or in respect of such event over the exercise or base price of the Option
or SAR, as applicable, to the extent of the then vested and exercisable shares subject to the Option or SAR.

 

In any of the events
referred to in this Section 7.3.2, the Administrator may take such action contemplated by this Section 7.3.2 prior to such event (as
opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the Participant
to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing,
the Administrator may deem an acceleration to occur immediately prior to the applicable event and/or reinstate the original terms of
the Award if an event giving rise to an acceleration does not occur.

 

7.3.3       Early
Termination of Awards. Upon the occurrence of a Change in Control Event, each then-outstanding Award (whether or not vested and/or
exercisable) shall terminate, subject to any provision that has been expressly made by the Administrator, through a plan of reorganization
or otherwise, for the survival, substitution, assumption, exchange or other continuation or settlement of such Award and provided that,
in the case of Options and SARs that will not survive or be substituted for, assumed, exchanged, or otherwise continued or settled in
the Change in Control Event, the holder of such Award shall be given reasonable advance notice of the impending termination and a reasonable
opportunity to exercise his or her outstanding and vested Options and SARs in accordance with their terms before the termination of the
Awards (except that in no case shall more than ten days’ notice of the impending termination be required). For purposes of this
Section 7.3, an Award shall be deemed to have been “assumed” if (without limiting other circumstances in which an Award is
assumed) the Award continues after the Change in Control Event, and/or is assumed and continued by a Parent (as such term is defined
in the definition of Change in Control Event) following a Change in Control Event, and confers the right to purchase or receive, as applicable
and subject to vesting and the other terms and conditions of the Award, for each Ordinary Share subject to the Award immediately prior
to the Change in Control Event, the consideration (whether cash, shares, or other securities or property) received in the Change in Control
Event by the shareholders of the Company for each Ordinary Share sold or exchanged in such transaction (or the consideration received
by a majority of the shareholders participating in such transaction if the shareholders were offered a choice of consideration);

 

provided, however, that if the consideration
offered for an Ordinary Share in the transaction is not solely the ordinary or common shares of a successor company or a Parent, the
Administrator may provide for the consideration to be received upon exercise or payment of the Award, for each share subject to the Award,
to be solely ordinary or common shares (as applicable) of the successor company or a Parent equal in Fair Market Value to the per share
consideration received by the shareholders participating in the Change in Control Event.

 

     16 

     

    

 

7.3.4       
Other Acceleration Rules. The Administrator may override the provisions of this Section 7.3 as to any Award by express
provision in the applicable Award Agreement and may accord any Participant a right to refuse any acceleration, whether pursuant to the
Award Agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any Incentive Stock Option accelerated
in connection with a Change in Control Event (or such other circumstances as may trigger accelerated vesting of the Incentive Stock Option)
shall remain exercisable as an Incentive Stock Option only to the extent the applicable US$100,000 limitation on Incentive Stock Options
is not exceeded. To the extent exceeded, the accelerated portion of the Option shall be exercisable as a Nonqualified Option.

 

		7.4	Termination
                                            of Employment or Services.

 

7.4.1       Events
Not Deemed a Termination of Employment. Unless the Administrator otherwise expressly provides with respect to a particular Award,
if a Participant’s employment by or service to the Company or an Affiliate terminates but immediately thereafter the Participant
continues in the employ of or service to another Affiliate or the Company, as applicable, the Participant shall be deemed to have not
had a termination of employment or service for purposes of this Plan and the Participant’s Awards. Unless the express policy of
the Company or the Administrator otherwise provides, a Participant’s employment relationship with the Company or any of its Affiliates
shall not be considered terminated solely due to any sick leave, military leave, or any other leave of absence authorized by the Company
or any Affiliate or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract
or law, such leave is for a period of not more than three months. In the case of any Participant on an approved leave of absence, continued
vesting of the Award while on leave from the employ of or service with the Company or any of its Affiliates will be suspended until the
Participant returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an
Award be exercised after the expiration of the term of the Award set forth in the Award Agreement.

 

7.4.2       Effect
of Change of Affiliate Status. For purposes of this Plan and any Award, if an entity ceases to be an Affiliate, a termination of
employment or service will be deemed to have occurred with respect to each Eligible Person in respect of such Affiliate who does not
continue as an Eligible Person in respect of another Affiliate that continues as such after giving effect to the transaction or other
event giving rise to the change in status unless the Affiliate that is sold, spun-off or otherwise divested (or its successor or a direct
or indirect parent of such Affiliate or successor) assumes the Eligible Person’s award(s) in connection with such transaction.

 

     17 

     

    

 

7.4.3       
Administrator Discretion. Notwithstanding the provisions of Section 5.6 or 6.8, in the event of, or in anticipation
of, a termination of employment or service with the Company or any of its Affiliates for any reason, the Administrator may accelerate
the vesting and exercisability of all or a portion of the Participant’s Award, and/or, subject to the provisions of Sections 5.4.2
and 7.3, extend the exercisability period of the Participant’s Option or SAR upon such terms as the Administrator determines and
expressly sets forth in or by amendment to the Award Agreement.

 

7.4.4       
Termination of Consulting or Affiliate Services. If the Participant is an Eligible Person solely by reason of clause
(c) of Section 3, the Administrator shall be the sole judge of whether the Participant continues to render services to the Company or
any of its Affiliates, unless a written contract or the Award Agreement otherwise provides.

 

		7.5	Compliance
                                            with Laws.

 

7.5.1       
General. This Plan, the granting and vesting of Awards under this Plan, and the offer, issuance and delivery of Ordinary
Shares, the acceptance of promissory notes and/or the payment of money under this Plan or under Awards are subject to compliance with
all applicable federal and state laws, applicable foreign laws, rules and regulations (including but not limited to state and federal
securities laws, and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may,
in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any person acquiring any securities under
this Plan will, if requested by the Company, provide such assurances and representations to the Company as the Administrator may deem
necessary or desirable to assure compliance with all applicable legal and accounting requirements.

 

7.5.2       
Compliance with Securities Laws. No Participant shall sell, pledge or otherwise transfer Ordinary Shares acquired pursuant
to an Award or any interest in such shares except in accordance with the express terms of this Plan and the applicable Award Agreement.
Any attempted transfer in violation of this Section 7.5 shall be void and of no effect. Without in any way limiting the provisions set
forth above, no Participant shall make any disposition of all or any portion of Ordinary Shares acquired or to be acquired pursuant to
an Award, except in compliance with all applicable federal and state securities laws and unless and until:

 

		(a)	there
                                            is then in effect a registration statement under the Securities Act covering such proposed
                                            disposition and such disposition is made in accordance with such registration statement;

 

		(b)	such
                                            disposition is made in accordance with Rule 144 under the Securities Act; or

 

		(c)	such
                                            Participant notifies the Company of the proposed disposition and furnishes the Company with
                                            a statement of the circumstances surrounding the proposed disposition, and, if requested
                                            by the Company, furnishes to the Company an opinion of counsel acceptable to the Company’s
                                            counsel, that such disposition will not require registration under the Securities Act and
                                            will be in compliance with all applicable state securities laws.

 

Notwithstanding anything
else herein to the contrary, neither the Company or any Affiliate has any obligation to register the Ordinary Shares or file any registration
statement under either federal or state securities laws, nor does the Company or any Affiliate make any representation concerning the
likelihood of a public offering of the Ordinary Shares or any other securities of the Company or any Affiliate.

 

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7.5.3       Share
Legends. All certificates evidencing Ordinary Shares issued or delivered under this Plan shall bear the following legends and/or
any other appropriate or required legends under applicable laws:

 

“OWNERSHIP OF THIS CERTIFICATE,
THE SHARES EVIDENCED BY THIS CERTIFICATE AND ANY INTEREST THEREIN ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER UNDER APPLICABLE
LAW AND UNDER AGREEMENTS WITH THE COMPANY, INCLUDING RESTRICTIONS ON SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION.”

 

“THE SHARES ARE SUBJECT TO THE
COMPANY’S RIGHT OF FIRST REFUSAL AND CALL RIGHTS TO REPURCHASE THE SHARES UNDER THE COMPANY’S SHARE INCENTIVE PLAN AND AGREEMENTS
WITH THE COMPANY THEREUNDER.”

 

“THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“ACT”), AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES,
A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.  SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE
SHARES.”

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE ACT, NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.
NO TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE
TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL TO THE COMPANY, REGISTRATION UNDER THE ACT IS
UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH ANY OTHER APPLICABLE SECURITIES LAWS.”

 

7.5.4       
Confidential Information. Any financial or other information relating to the Company obtained by Participants in connection
with or as a result of this Plan or their Awards shall be treated as confidential.

 

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		7.6	Tax
                                            Withholding. Upon any exercise, vesting, or payment of any Award or upon the disposition
                                            of Ordinary Shares acquired pursuant to the exercise of an Incentive Stock Option prior to
                                            satisfaction of the holding period requirements of Section 422 of the Code, the Company or
                                            any of its Affiliates shall have the right at its option to:

 

		(a)	require
                                            the Participant (or the Participant’s Personal Representative or Beneficiary, as the
                                            case may be) to pay or provide for payment of at least the minimum amount of any taxes which
                                            the Company or Affiliate may be required to withhold with respect to such Award event or
                                            payment;

 

		(b)	deduct
                                            from any amount otherwise payable (in respect of an Award or otherwise) in cash to the Participant
                                            (or the Participant’s Personal Representative or Beneficiary, as the case may be) the
                                            minimum amount of any taxes which the Company or Affiliate may be required to withhold with
                                            respect to such Award event or payment; or

 

		(c)	reduce
                                            the number of Ordinary Shares to be delivered by (or otherwise reacquire shares held by the
                                            Participant) the appropriate number of Ordinary Shares, valued at their then Fair Market
                                            Value, to satisfy the minimum withholding obligation.

 

In any case where
a tax is required to be withheld (including taxes in the PRC where applicable) in connection with the delivery of Ordinary Shares under
this Plan (including the sale of Ordinary Shares as may be required to comply with foreign exchange rules in the PRC for Participants
resident in the PRC), the Administrator may in its sole discretion (subject to Section 7.5) grant (either at the time of the Award or
thereafter) to the Participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish,
to have the Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued
in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises,
necessary to satisfy the minimum applicable withholding obligation on exercise, vesting or payment. In no event shall the shares withheld
exceed the minimum whole number of shares required for tax withholding under applicable law. The Company may, with the Administrator’s
approval, accept one or more promissory notes from any Eligible Person in connection with taxes required to be withheld upon the exercise,
vesting or payment of any Award under this Plan; provided that any such note shall be subject to terms and conditions established by
the Administrator and the requirements of applicable law. Any such note need not otherwise comply with the provisions of Section 5.3.3.

 

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		7.7	Plan
                                            and Award Amendments, Termination and Suspension.

 

7.7.1       
Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan,
in whole or in part. No Awards may be granted during any period that the Board suspends this Plan.

 

7.7.2       
Shareholder Approval. To the extent then required by applicable law or any applicable listing agency or required under
Sections 162, 422 or 424 of the Code or other applicable tax law, rules or regulations, to preserve the intended tax consequences of
this Plan, or deemed necessary or advisable by the Board, any amendment to this Plan shall be subject to shareholder approval.

 

7.7.3       
Amendments to Awards. Without limiting any other express authority of the Administrator under (but subject to) the
express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants
that the Administrator in the prior exercise of its discretion has imposed, without the consent of a Participant, and (subject to the
requirements of Sections 2.2 and 7.7.4) may make other changes to the terms and conditions of Awards.

 

7.7.4       
Limitations on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan or amendment of
any outstanding Award shall, without written consent of the Participant, affect in any manner materially adverse to the Participant any
rights or benefits of the Participant or obligations of the Company under any Award granted under this Plan prior to the effective date
of such change. Changes, settlements and other actions contemplated by Section 7.3 shall not be deemed to constitute changes or amendments
for purposes of this Section 7.7.

 

7.8          Privileges
of Share Ownership. Except as otherwise expressly authorized by the Administrator, a Participant will not be entitled to any
privilege of share ownership as to any Ordinary Shares not actually delivered to and held of record by the Participant. Except as expressly
required by Section 7.3.1, no adjustment will be made for dividends or other rights as a shareholder for which a record date is prior
to such date of delivery.

 

7.9          Share-Based
Awards in Substitution for Awards Granted by Other Company. Awards may be granted to Eligible Persons in substitution for or
in connection with an assumption of employee share options, share appreciation rights, restricted shares or other share-based awards
granted by other entities to persons who are or who will become Eligible Persons in respect of the Company or one of its Affiliates,
in connection with a distribution, merger, amalgamation or other reorganization by or with the granting entity or an affiliated entity,
or the acquisition by the Company or one of its Affiliates, directly or indirectly, of all or a substantial part of the shares or assets
of the employing entity. The Awards so granted need not comply with other specific terms of this Plan, provided the Awards reflect only
adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Ordinary Shares in the transaction
and any change in the issuer of the security. Any shares that are delivered and any Awards that are granted by, or become obligations
of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards previously granted by an
acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons that
become employed by the Company or one of its Affiliates in connection with a business or asset acquisition or similar transaction) shall
not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan.

 

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7.10        Effective
Date of the Plan. This Plan is effective upon the Effective Date, subject to approval by the shareholders of the Company within
twelve months after the date the Board approves this Plan.

 

7.11        Term
of the Plan. Unless earlier terminated by the Board, this Plan will terminate at the close of business on the day before the
10th anniversary of the Effective Date. After the termination of this Plan either upon such stated expiration date or its
earlier termination by the Board, no additional Awards may be granted under this Plan, but previously granted Awards (and the authority
of the Administrator with respect thereto, including the authority to amend such Awards) shall remain outstanding in accordance with
their applicable terms and conditions and the terms and conditions of this Plan.

 

		7.12	Governing
                                            Law/Severability/Construction.

 

		7.12.1	Choice
                                            of Law. This Plan, the Awards, all documents evidencing Awards and all other related
                                            documents will be governed by, and construed in accordance with, the laws of the Cayman Islands.

 

		7.12.2	Severability.
                                            If it is determined that any provision of this Plan or an Award Agreement is invalid and
                                            unenforceable, the remaining provisions of this Plan and/or the Award Agreement, as applicable,
                                            will continue in effect provided that the essential economic terms of this Plan and the Award
                                            can still be enforced.

 

		7.12.3	Construction.
                                            It is intended that this Plan, and any Award under this Plan, will be exempt from, or comply
                                            with, Sections 409A and 457A of the Code so as to not result in any tax, penalty or interest
                                            thereunder, and this Plan and each Award shall be construed and interpreted consistent with
                                            that intent.

 

7.13        Captions.
Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings
will not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

 

7.14        Non-Exclusivity
of Plan. Nothing in this Plan will limit or be deemed to limit the authority of the Board or the Administrator to grant awards
or authorize any other compensation, with or without reference to the Ordinary Shares, under any other plan or authority.

 

7.15        No
Restriction on Corporate Powers. The existence of this Plan, the Award Agreements, and the Awards granted hereunder, shall not
limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize: (a) any
adjustment, recapitalization, reorganization or other change in the Company’s or any Affiliate’s capital structure or its
business; (b) any merger, amalgamation, consolidation or change in the ownership of the Company or any Affiliate; (c) any issue of bonds,
debentures, capital, preferred or prior preference shares ahead of or affecting the Company’s authorized shares or the rights thereof;
(d) any dissolution or liquidation of the Company or any Affiliate; (e) any sale or transfer of all or any part of the Company or any
Affiliate’s assets or business; or (f) any other corporate act or proceeding by the Company or any Affiliate. No Participant, Beneficiary
or any other person shall have any claim under any Award or Award Agreement against any member of the Board or the Administrator, or
the Company or any employees, officers or agents of the Company or any Affiliate, as a result of any such action.

  

     22 

     

    

 

7.16         
Other Company Compensation or Benefit Programs. Payments and other benefits received by a Participant under an Award
made pursuant to this Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits
under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Affiliate, except where the
Administrator or the Board expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to,
in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or arrangements of the Company
or any Affiliate.

 

8.             DEFINITIONS.

 

“Administrator”
has the meaning given to such term in Section 2.1.

 

“Affiliate”
means (a) any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if, at the time of the
determination, each of the corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain, or (b) any corporation (other than the Company)
in an unbroken chain of corporations beginning with the Company if, at the time of the determination, each of the corporations other
than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other corporations in such chain.

 

“Award”
means an award of any Option, SAR or Share Award, or any combination thereof, whether alternative or cumulative, authorized by and granted
under this Plan.

 

“Award Agreement”
means any writing, approved by the Administrator, setting forth the terms of an Award that has been duly authorized and approved.

 

“Award Date”
means the date upon which the Administrator took the action granting an Award or such later date as the Administrator designates as the
Award Date at the time of the grant of the Award.

 

“Beneficiary”
means the person, persons, trust or trusts designated by a Participant, or, in the absence of a designation, entitled by will or the
laws of descent and distribution, to receive the benefits specified in the Award Agreement and under this Plan if the Participant dies,
and means the Participant’s executor or administrator if no other Beneficiary is designated and able to act under the circumstances.

 

     23 

     

    

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or another applicable contract
with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on
the Participant’s Awards) a termination of employment or service based upon a finding by the Company or any of its Affiliates,
acting in good faith and based on its reasonable belief at the time, that the Participant:

 

		(a)	has
                                            been negligent in the discharge of his or her duties to the Company or any Affiliate, has
                                            refused to perform stated or assigned duties or is incompetent in or (other than by reason
                                            of a disability or analogous condition) incapable of performing those duties;

 

		(b)	has
                                            been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach
                                            of confidentiality, an unauthorized disclosure or use of inside information, customer lists,
                                            trade secrets or other confidential information;

 

		(c)	has
                                            breached a fiduciary duty, or willfully and materially violated any other duty, law, rule,
                                            regulation or policy of the Company or any of its Affiliates; or has been convicted of, or
                                            pled guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations
                                            or similar offenses);

 

		(d)	has
                                            materially breached any of the provisions of any agreement with the Company or any of its
                                            Affiliates;

 

		(e)	has
                                            engaged in unfair competition with, or otherwise acted intentionally in a manner injurious
                                            to the reputation, business or assets of, the Company or any of its Affiliates; or

 

		(f)	has
                                            improperly induced a vendor or customer to break or terminate any contract with the Company
                                            or any of its Affiliates or induced a principal for whom the Company or any Affiliate acts
                                            as agent to terminate such agency relationship.

 

A termination for Cause shall
be deemed to occur (subject to reinstatement upon a contrary final determination by the Administrator) on the date on which the Company
or any Affiliate first delivers written notice to the Participant of a finding of termination for Cause.

 

“Change in Control Event”
means any of the following:

 

		(a)	Approval
                                            by shareholders of the Company (or, if no shareholder approval is required, by the Board
                                            alone) of the complete dissolution or liquidation of the Company, other than in the context
                                            of a Business Combination that does not constitute a Change in Control Event under paragraph
                                            (c) below;

 

		(b)	The
                                            acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or
                                            14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within
                                            the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1)
                                            the then-outstanding Ordinary Shares of the Company (the “Outstanding Company Ordinary
                                            Shares”) or (2) the combined voting power of the then-outstanding voting securities
                                            of the Company entitled to vote generally in the election of directors (the “Outstanding
                                            Company Voting Securities”); provided, however, that, for purposes of this paragraph
                                            (b), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition
                                            directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any
                                            employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate
                                            or a successor, (D) any acquisition by any entity pursuant to a Business Combination, (E)
                                            any acquisition by a Person described in and satisfying the conditions of Rule 13d-1(b) promulgated
                                            under the Exchange Act, or (F) any acquisition by a Person who is the beneficial owner (within
                                            the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the Outstanding
                                            Company Ordinary Shares and/or the Outstanding Company Voting Securities on the Effective
                                            Date (or an affiliate, heir, descendant, or related party of or to such Person);

  

     24 

     

    

 

		(c)	Consummation
                                            of a reorganization, amalgamation, merger, statutory share exchange or consolidation or similar
                                            corporate transaction involving the Company or any other entity a majority of whose outstanding
                                            voting shares or voting power is beneficially owned directly or indirectly by the Company
                                            (a “Subsidiary”), a sale or other disposition of all or substantially
                                            all of the assets of the Company, or the acquisition of assets or shares of another entity
                                            by the Company or any of its Subsidiaries (each, a “Business Combination”),
                                            in each case unless, following such Business Combination, (1) all or substantially all of
                                            the individuals and entities that were the beneficial owners of the Outstanding Company Ordinary
                                            Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination
                                            beneficially own, directly or indirectly, more than 50% of the then-outstanding ordinary
                                            or common shares and the combined voting power of the then-outstanding voting securities
                                            entitled to vote generally in the election of directors, as the case may be, of the entity
                                            resulting from such Business Combination (including, without limitation, an entity that,
                                            as a result of such transaction, owns the Company or all or substantially all of the Company's
                                            assets directly or through one or more subsidiaries (a “Parent”)), and
                                            (2) no Person (excluding any individual or entity described in clauses (C), (E) or (F) of
                                            paragraph (b) above) beneficially owns (within the meaning of Rule 13d-3 promulgated under
                                            the Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding
                                            ordinary or common shares of the entity resulting from such Business Combination or the combined
                                            voting power of the then-outstanding voting securities of such entity, except to the extent
                                            that the ownership in excess of 50% existed prior to the Business Combination;

 

provided, however, that a transaction
shall not constitute a Change in Control Event if it is in connection with the underwritten public offering of the Company’s securities.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Company”
means BELITE BIO, INC, an exempted company organized under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of
the Cayman Islands, and its successors.

 

     25 

     

    

 

“Effective Date”
means the date the Board approved this Plan.

 

“Eligible Person”
has the meaning given to such term in Section 3 of this Plan.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended from time to time.

 

“Fair Market Value,”
for purposes of this Plan and unless otherwise determined or provided by the Administrator in the circumstances, means as follows:

 

		(a)	If
                                            the Ordinary Shares are listed or admitted to trade on the New York Stock Exchange or other
                                            national securities exchange (the “Exchange”), the Fair Market Value shall
                                            equal the closing price of an Ordinary Share as reported on the composite tape for securities
                                            on the Exchange for the date in question, or, if no sales of Ordinary Shares were made on
                                            the Exchange on that date, the closing price of an Ordinary Share as reported on said composite
                                            tape for the next preceding day on which sales of Ordinary Shares were made on the Exchange.
                                            The Administrator may, however, provide with respect to one or more Awards that the Fair
                                            Market Value shall equal the closing price of an Ordinary Share as reported on the composite
                                            tape for securities listed on the Exchange on the last trading day preceding the date in
                                            question or the average of the high and low trading prices of an Ordinary Share as reported
                                            on the composite tape for securities listed on the Exchange for the date in question or the
                                            most recent trading day.

 

		(b)	If the Ordinary Shares
                                            are not listed or admitted to trade on a national securities exchange, the Fair Market Value
                                            shall be the value as reasonably determined by the Administrator for purposes of the Award
                                            in the circumstances (with the expectation being that, in the case of a valuation as of a
                                            transaction in which Ordinary Shares or similar securities are being sold or exchanged, such
                                            determination by the Administrator will be principally based on the value of the consideration
                                            received by the holders of the securities sold or exchanged in such transaction).

 

The Administrator also may
adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different methodology is necessary
or advisable to secure any intended favorable tax, legal or other treatment for the particular Award(s) (for example, and without limitation,
the Administrator may provide that Fair Market Value for purposes of one or more Awards will be based on an average of closing prices
(or the average of high and low daily trading prices) for a specified period preceding the relevant date).

 

Any determination as to Fair
Market Value made pursuant to this Plan shall be made without regard to any restriction other than a restriction which, by its terms,
will never lapse, and shall be conclusive and binding on all persons with respect to Awards granted under this Plan.

 

“Incentive Stock
Option” means an Option that is designated and intended as an “incentive stock option” within the meaning of Section 422
of the Code, the award of which contains such provisions (including but not limited to the receipt of shareholder approval of this Plan,
if the award is made prior to such approval) and is made under such circumstances and to such persons as may be necessary to comply with
that section.

 

     26 

     

    

 

“Nonqualified Option”
means an Option that is not an “incentive stock option” within the meaning of Section 422 of the Code and includes any Option
designated or intended as a Nonqualified Option and any Option designated or intended as an Incentive Stock Option that fails to meet
the applicable legal requirements thereof.

 

“Option”
means an option to purchase Ordinary Shares granted under Section 5 of this Plan. The Administrator will designate any Option granted
to an employee of the Company or an Affiliate as a Nonqualified Option or an Incentive Stock Option and may also designate any Option
as an Early Exercise Option.

 

“Ordinary Shares”
means the Company’s Ordinary Shares, par value US$0.0001 per share, and such other securities or property as may become the subject
of Awards, or become subject to Awards, pursuant to an adjustment made under Section 7.3.1 of this Plan.

 

“Participant”
means an Eligible Person who has been granted and holds an Award under this Plan.

 

“Personal Representative”
means the person or persons who, upon the disability or incompetence of a Participant, has acquired on behalf of the Participant, by
legal proceeding or otherwise, the power to exercise the rights or receive benefits under this Plan by virtue of having become the legal
representative of the Participant.

 

“Plan”
means this BELITE BIO, INC Share Incentive Plan, as it may hereafter be amended from time to time.

 

“Public Offering
Date” means the date the Ordinary Shares are first registered under the Exchange Act and listed or quoted on a recognized national
securities exchange.

 

“Restricted Shares”
means Ordinary Shares awarded to a Participant under this Plan, subject to payment of such consideration and such conditions on vesting
(which may include, among others, the passage of time, specified performance objectives or other factors) and such transfer and other
restrictions as are established in or pursuant to this Plan and the related Award Agreement, to the extent such remain unvested and restricted
under the terms of the applicable Award Agreement.

 

“Restricted Share
Award” means an award of Restricted Shares.

 

“SAR”
means a share appreciation right, representing the right, subject to the terms and conditions of the Plan and the applicable Award Agreement,
to receive a payment, in cash (subject to compliance with Section 457A of the Code) and/or Ordinary Shares (in each case, as specified
in the applicable Award Agreement), equal to the excess of the Fair Market Value of an Ordinary Share on the date the SAR is exercised
over the “base price” of the SAR, which base price shall be set forth in the applicable Award Agreement.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended from time to time.

 

     27 

     

    

 

“Severance Date”
with respect to a particular Participant means, unless otherwise provided in the applicable Award Agreement:

 

		(a)	if
                                            the Participant is an Eligible Person under clause (a) of Section 3 and the Participant’s
                                            employment by the Company or any of its Affiliates terminates (regardless of the reason),
                                            the last day that the Participant is actually employed by the Company or such Affiliate (unless,
                                            immediately following such termination of employment, the Participant is a member of the
                                            Board or, by express written agreement with the Company or any of its Affiliates, continues
                                            to provide other services to the Company or any Affiliate as an Eligible Person under clause
                                            (c) of Section 3, in which case the Participant’s Severance Date shall not be the date
                                            of such termination of employment but shall be determined in accordance with clause (b) or
                                            (c) below, as applicable, in connection with the termination of the Participant’s other
                                            services);

 

		(b)	if
                                            the Participant is not an Eligible Person under clause (a) of Section 3 but is an Eligible
                                            Person under clause (b) thereof, and the Participant ceases to be a member of the Board (regardless
                                            of the reason), the last day that the Participant is actually a member of the Board (unless,
                                            immediately following such termination, the Participant is an employee of the Company or
                                            any of its Affiliates or, by express written agreement with the Company or any of its Affiliates,
                                            continues to provide other services to the Company or any Affiliate as an Eligible Person
                                            under clause (c) of Section 3, in which case the Participant’s Severance Date shall
                                            not be the date of such termination but shall be determined in accordance with clause (a)
                                            above or (c) below, as applicable, in connection with the termination of the Participant’s
                                            employment or other services);

 

		(c)	if
                                            the Participant is not an Eligible Person under clause (a) or clause (b) of Section 3 but
                                            is an Eligible Person under clause (c) thereof, and the Participant ceases to provide services
                                            to the Company or any of its Affiliates as determined in accordance with Section 7.4.4 (regardless
                                            of the reason), the last day that the Participant actually provides services to the Company
                                            or such Affiliate as an Eligible Person under clause (c) of Section 3 (unless, immediately
                                            following such termination, the Participant is an employee of the Company or any of its Affiliates
                                            or is a member of the Board, in which case the Participant’s Severance Date shall not
                                            be the date of such termination of services but shall be determined in accordance with clause
                                            (a) or (b) above, as applicable, in connection with the termination of the Participant’s
                                            employment or membership on the Board).

 

“Share Award”
means an award granted under Section 6 of this Plan. A Share Award may include: (a) Restricted Shares, share bonuses, performance shares,
share units, phantom shares, dividend equivalents, or similar rights to purchase or acquire Ordinary Shares, whether at a fixed or variable
price or ratio related to the Ordinary Shares, upon the passage of time, the occurrence of one or more events, or the satisfaction of
performance criteria or other conditions, or any combination thereof; or (b) any similar securities with a value derived from the value
of or related to the Ordinary Shares and/or returns thereon.

 

“Total Disability”
means a “total and permanent disability” within the meaning of Section 22(e)(3) of the Code and, with respect to Awards other
than Incentive Stock Options, such other disabilities, infirmities, afflictions, or conditions as the Administrator may include.

 

     28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]