Document:

EX-10.6

 Exhibit 10.6 

Execution Version 
  

 
 Exclusive Service Agreement

 Between 

Guangzhou Zhipeng IoV Technology Co., Ltd. 

And 
 Guangzhou Xiaopeng
Motors Technology Co., Ltd. 
 May 28, 2018 
  

 

 Exclusive Service Agreement 

This exclusive service agreement (“Agreement”) is made by the following parties on May 28, 2018: 

 

	1.	 Guangzhou Zhipeng IoV Technology Co., Ltd., with its registered address at Room 209, No. 8 Songgang
Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou (voluntary declaration), and its legal representative being He Tao (“Party A”). 

 

	2.	 Guangzhou Xiaopeng Motors Technology Co., Ltd., with its registered address at Room 245, No. 333, Jiufo
Jianshe Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou, China, and its legal representative being Xia Heng (“Party B”). 

(Each of Party A and Party B is hereinafter referred to collectively as the “Parties” and individually as a “Party”.) 

Recitals: 
 Whereas, Party A is a limited
liability company established in Guangzhou and validly existing according to law, the business scope of which is “technical research and development of vehicle engineering; new material technology transfer services; energy-saving technology
transfer services; computer technology transfer services; IT consulting services; goods information consulting services; business consulting services; scientific and technological information consulting services; logistics agency service; computer
network system engineering services; computer wholesale; computer parts wholesale; computer retail; computer parts retail; computer technology development, technical service; research and development of computer hardware; software wholesale;
software retail; software development; software services; software technology promotion services; goods wholesale trade (except the goods subject to license and approval); online goods sales (except the goods subject to license and approval); goods
retail trade (except the goods subject to license and approval); online goods retail (except the goods subject to license and approval); tickets business services; data processing and storage services; data transaction service; design of data
processing and storage product; development of book data processing technology; information system integration services; corporate management services (except for the business projects subject to license); corporate management consulting services;
corporate finance consulting services; advertising industry; car parts wholesale; car parts retail; car leasing; agency for annual car review and transfer procedures; payment of vehicle fines and performance of vehicle tax procedures on behalf of
the client; electronic components wholesale; electronic product wholesale; electronic product retail; intelligent installation engineering services; technical services of intelligent machine system; manufacturing of special instruments for
navigation, meteorology and ocean; professional repair of radar and radio navigation equipment; engineering installation services of radar, navigation and measurement and control system; goods import and export (except exclusively controlled goods);
technology import and export; communication equipment retail; (projects that must be approved according to law can only be carried out after approval by relevant departments)”; 

Whereas, Party B is a limited liability company established in Guangzhou and validly existing according to law, the business scope of which is “technical
research and development of vehicle engineering; car parts wholesale; sales of car charging modules; goods import and export (except exclusively controlled goods); technology import and export; sales of charging piles; providing battery charging
services for electric vehicles; manufacturing of charging piles; car leasing; car parts design service; installation and management of charging pile facilities; car retail; manufacturing of communication terminal equipment; (projects that must be
approved according to law can only be carried out after approval by relevant departments)”; 

 Whereas, Party A needs Party B to provide the services related to Party A’s Business (as defined below)
and Party B agrees to provide such services to Party A. 
 Now, therefore, the Parties agree as follows upon consensus through negotiation: 

 

	1.	 Definitions 

 

	1.1	 The following terms used in this Agreement have the meanings below, unless this Agreement stipulates otherwise
or the context requires otherwise: 

  

			
	“Party A’s Business”	  	Means the business activities conducted and developed by Party A at the present or at any time during the term of this Agreement.
		
	“Services”	  	 Means the services provided by Party B within its business scope to Party A exclusively with respect to Party A’s Business, including
but not limited to:
 technical research and development of vehicle engineering; car parts wholesale; sales of car charging modules; goods import and export
(except exclusively controlled goods); technology import and export; sales of charging piles; providing battery charging services for electric vehicles; manufacturing of charging piles; car leasing; car parts design service; installation and
management of charging pile facilities; car retail; manufacturing of communication terminal equipment.

		
	“Annual Business Plan”	  	Means the business development plan and budget report of Party A for the next calendar year prepared by Party A with the assistance of Party B before November 30 of each year according to this Agreement.
		
	“Service Fee”	  	Means all fees payable by Party A to Party B for the Services provided by Party B according to Article 3 hereof.
		
	“Business-related IP”	  	Means any and all intellectual properties developed by Party A based on the Services provided by Party B hereunder with respect to Party A’s Business.
		
	“Confidential Information”	  	Has the meaning set forth in Article 6.1 hereof.
		
	“Breaching Party”	  	Has the meaning set forth in Article 12.1 of this Agreement.
		
	“Breach”	  	Has the meaning set forth in Article 12.1 of this Agreement.
		
	“Party’s Rights”	  	Has the meaning set forth in Article 14.5 of this Agreement.

  

	1.2	 Any reference to any laws and regulations (“Laws”) shall be reference to:

  

	 	(a)	 those Laws as amended, modified, supplemented and restated, whether they become effective before or after the
conclusion of this Agreement; and 

  

	 	(b)	 other decisions, notices and regulations prepared or effective under the Laws. 

 

	1.3	 Unless the context indicates otherwise, any reference to any articles, paragraphs, subparagraphs or items
herein are reference to the articles, paragraphs, subparagraphs or items of this Agreement. 

	2.	 Services 

  

	2.1	 During the term of this Agreement, party A entrusts exclusively Party B to provide the Services, and Party B
shall diligently provide Party A with the Services according to the needs of Party A’s Business. The Parties understand that Party B’s actual provision of Services is subject to Party B’s approved business scope. If the Service
requested to be provided by Party A exceeds Party B’s approved business scope, Party B shall apply for expanding its business scope to the maximum extent permitted by Laws, and continue to provide relevant Service after the expansion of its
business scope is approved. 

  

	2.2	 Party B shall communicate and exchange relevant information of Party A’s Busines with Party A, to provide
the Services hereunder. 

  

	2.3	 Notwithstanding any other provisions hereof, Party B has the right to designate any third party to provide the
Services hereunder in whole or in part, or delegate the third party to perform its obligations hereunder. Party A hereby agrees that Party B has the right to transfer its rights and obligations hereunder to any third party. 

 

	3.	 Service Fee 

  

	3.1	 In respect of the Services provided by Party B according to this Agreement, Party A shall pay the Service Fee
to Party B according to the following provisions: 

  

	 	3.1.1	 Upon agreement by the Parties through negotiation, Party A shall pay relevant Service Fee to Party B on an
annual basis for the Services provided by Party B to Party A in each calendar year of the term of this Agreement. 

  

	 	3.1.2	 Upon agreement by the Parties through negotiation, Party A shall pay relevant Service Fee to Party B separately
for the specific Services provided by Party B to Party A from time to time at the request of Party A. 

  

	3.2	 Party B shall promptly issue payment notice and special VAT invoice to Party A and settle annually. Party A
shall pay Party B the above Service Fee (tax inclusive) within one month after receiving the invoice. 

  

	3.3	 The Parties agree that to extent that the scope of Service and the amount of the Service Fee specified in
Article 3.1 and Article 3.2 do not violate any mandatory provisions of laws and regulations, the Parties shall determine and adjust according to the proposal made by Party B from time to time. Party A shall not reject Party B’s proposal without
any reasonable cause. 

  

	3.4	 The Parties shall assume their respective taxes and obligations of withholding (if any) according to the
applicable laws. 

  

	4.	 Obligations of Party A 

 

	4.1	 Party B’s services hereunder are exclusive. During the term of this Agreement, without the prior written
consent of Party B, Party A shall not enter into any agreement with any other third party or accept from such third party any other service same as or similar to the services provided by Party B. 

 

	4.2	 Party A shall provide Party B with its definitive Annual Business Plan for the next year before
November 30 of each year so that Party B may prepare corresponding service plan and arrange the required manpower and service capacity. If Party A needs any manpower to be arranged by Party B temporarily, it shall negotiate with Party B fifteen
(15) days in advance to reach an agreement. 

	4.3	 To facilitate the provision of the Services by Party B, at the request of Party B, Party A shall provide Party
B with the information required by Party B. 

  

	4.4	 Party A shall pay the Service Fee to Party B promptly and fully according to the provisions of Article 3
hereof. 

  

	4.5	 Party A shall maintain its own good reputation, actively expand its business, and strive to maximize its
revenue. 

  

	4.6	 During the term of this Agreement, Party A agrees to cooperate with Party B and Party B’s parent company
(whether direct or indirect) to carry out audits on related-party transactions or other issues and provide relevant information and material relating to Party A’s operation, business, client, finance, employee, etc. to Party B and Party
B’s parent company or the auditor appointed by Party B, and agrees that Party B’s parent company may disclose such information or material to meet the requirements of the regulators in the place where the securities of Party B’s
parent company are listed. 

  

	5.	 Intellectual Property Rights 

 

	5.1	 The intellectual property rights held originally or obtained during the term of this Agreement by Party B,
including the intellectual property rights to the work achievement created during the provision of the Services, shall be owned by Party B. 

  

	5.2	 Since Party A’s Business is dependent on the Services to be provided by Party B hereunder, in respect of
the intellectual property rights to the business developed by Party A based on the Services, Party A agrees that: 

  

	 	(1)	 if the intellectual property rights to such business are obtained by Party A upon the entrustment of Party B or
through the cooperation between Party A and Party B, the ownership and the application right related to relevant intellectual property rights shall be vested in Party B. 

 

	 	(2)	 if relevant intellectual property rights to the business are developed and obtained by Party A independently,
the ownership shall be vested in Party A, provided that (A) Party A promptly notifies Party B of the details of such intellectual property rights and provides relevant information reasonably requested by Party B; (B) if Party A intends to
license or transfer relevant intellectual property rights to the business, Party A shall first transfer such intellectual property rights to Party B or grant an exclusive license to Party B on such intellectual property rights subject to the
mandatory provisions of the laws of China, and Party B may use such intellectual property rights to the extent of the transfer or license (however, Party B has the right to decide whether to accept such transfer or license); Party A can transfer or
license such intellectual property rights to any third party only when Party B waives the priority to purchase such intellectual property rights or waives the exclusive license on the conditions not more favorable than those offered to Party B
(including but not limited to the transfer price or license royalty), and shall ensure that the third party will fully comply with and perform the obligations of Party A hereunder; (C) except the circumstance specified in the above Item (B),
during the term of this Agreement, Party B has the right to purchase relevant intellectual property rights to the business; then Party A shall agrees to such purchase subject to the mandatory provisions of the laws of China at the minimum price
permitted by the current laws of China. 

  

	5.3	 If Party B is granted the exclusive license to use relevant intellectual property rights to the abovementioned
business according to Paragraph (2) of Article 5.2 hereof, the following provisions shall apply: 

  

	 	(1)	 The license period shall be no less than five (5) years (starting from the effective date of relevant
license agreement); 

	 	(2)	 The scope of right under the license shall be as large as possible; 

 

	 	(3)	 During the license period and within the license scope, no other party (including Party A) other than Party B
may use or permit others to use such intellectual property rights in whatever forms; 

  

	 	(4)	 Without prejudice to the conditions under Paragraph (3) of Article 5.3, Party A has the right to decide in
its sole discretion to authorize any other third party to use such intellectual property rights; 

  

	 	(5)	 When the license period expires, Party B has the right to renew the license agreement and Party A shall agree
to such renewal. The original terms of the license agreement shall be maintained, except the changes approved by Party B. 

  

	5.4	 Notwithstanding the provisions of Paragraph (2) of Article 5.2, if relevant intellectual property rights
to the business specified in that paragraph can be established only when they are registered according to applicable law, the application for registration shall be carried out according to the following provisions: 

 

	 	(1)	 If Party A intends to apply for the registration of the above intellectual property rights, it shall obtain the
prior written consent of Party B. 

  

	 	(2)	 Party A may apply for the registration or transfer the application right to any third party only when Party B
waives the right to purchase the right to apply for registration of relevant intellectual property rights to the business. Where Party A transfers the above application right to any third party, Party A shall ensure the third party to fully comply
with and perform its obligations hereunder. Meanwhile, the conditions on which Party A transfers the application right to the third party (including but not limited the transfer price) shall not be more favorable than the conditions it offers to
Party B under Paragraph (3) of Article 5.4. 

  

	 	(3)	 During the term of this Agreement, Party B may request at any time Party A to apply for registration of
relevant intellectual property rights to the business, and decide in its sole discretion whether to purchase the above application right. At the request of Party B, Party A shall transfer the application right to Party B subject to the mandatory
provisions of the laws of China at the minimum price permitted by the current laws of China. Party B shall become the legal owner of relevant intellectual property rights to the business after it obtains the application right and then applies for
and completes the registration of such intellectual property rights. 

  

	5.5	 Each Party undertakes to indemnify the other Party any and all economic losses incurred by the other Party due
to the first Party’s infringement of other’s intellectual property rights (including copyright, trademark, patent, and know-how). 

 

	6.	 Confidentiality Obligations 

 

	6.1	 Each Party shall keep strict confidential the business secrets, proprietary information, client information and
other confidential information of the other Party obtained during the execution and performance of this Agreement (“Confidential Information”) regardless of whether this Agreement has been terminated. The receiving Party shall not
disclose any Confidential Information to any third party, except upon prior written consent of the disclosing Party or as required by applicable laws and regulations or the rules of the jurisdiction where the affiliate of a Party is listed. The
receiving Party shall not use directly or indirectly any Confidential Information except for purpose of performing this Agreement. 

  

	6.2	 The Parties acknowledge that the following information is not Confidential Information: 

 

	 	(a)	 The information obtained by the receiving Party by legal means before the disclosure, which is evidenced by
written proof; 

	 	(b)	 The information that has entered public domain not through the fault of the receiving Party; or

  

	 	(c)	 The information obtained by the receiving Party legally through other channel after receiving the information
from the disclosing Party. 

  

	6.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or any engaged
professionals, provided that it shall ensure such persons to comply with relevant terms and conditions of this Agreement and shall assume any liability arising from the breach by such persons of relevant terms and conditions of this Agreement.

  

	6.4	 Notwithstanding any other provisions hereof, this Article 6 shall survive the suspension or termination of this
Agreement. 

  

	7.	 Representations and Warranties of Party A 

Party A hereby represents and warrants to Party B that 
  

	7.1	 it is a limited liability company duly established and validly existing under the laws of China who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	7.2	 it has full internal power and authority to execute, deliver and perform this Agreement and all other documents
relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. This Agreement is duly executed and delivered by it, constitutes its legal and binding
obligations, and is enforceable against it according to the terms hereof. 

  

	7.3	 it shall promptly notify Party B of any circumstance that has or may have material adverse effect on Party
A’s Business and operation, and use its best effort to prevent the occurrence of such circumstance and/or expansion of loss. 

  

	7.4	 it shall not dispose of any of its material assets in whatever form or change its existing shareholding
structure, without the written consent of Party B. 

  

	7.5	 it holds all the business licenses and certificates required for its operation when this Agreement becomes
effective, and has full right and qualification to operate Party A’s Business currently conducted by it in China. 

  

	7.6	 At the written request of Party B, it shall use all of its current accounts receivable and/or other assets it
legally owns and may dispose of as the security for the payment of the Service Fee specified in Article 3 hereof. 

  

	7.7	 it shall indemnify Party B and hold Party B harmless from all losses Party B suffers or may suffer from
provision of the Services, including but not limited to any losses arising from any litigation, demand, arbitration, or claim by any third party, or any administrative investigation or penalty by any government authority, except for any loss caused
by the intentional misconduct or gross negligence of Party B. 

  

	7.8	 it shall not enter into any other agreement or arrangement that contradicts to this Agreement or may damage
Party B’s interest hereunder, without the written consent of Party B. 

  

	8.	 Representations and Warranties of Party B 

Party B hereby represents and warrants to Party A that 
  

	8.1	 it is a limited liability company duly established and validly existing under the laws of China who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

	8.2	 it has full internal power and authority to execute, deliver and perform this Agreement and all other documents
relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. This Agreement is duly executed and delivered by it, constitutes its legal and binding
obligations, and is enforceable against it according to the terms hereof. 

  

	9.	 Term of Agreement 

 

	9.1	 This Agreement is formed when the Parties officially sign it, and, once formed, will become effective
retrospectively as of May 28, 2018. This Agreement shall be valid for twenty (20) years, unless this Agreement expressly provides otherwise or the Parties terminate it by written notice. This Agreement shall renew for one (1) year
automatically when it original term or renewal term expires, unless Party B notifies Party A thirty (30) days in advance that this Agreement will not be renewed. 

 

	9.2	 Where the business period of Party A or Party B expires and no approval or registration formalities on
extension of the business period is gone through, this Agreement shall terminate when the business period of Party A or Party B expires. The Parties shall complete the approval or registration formalities on extension of their respective business
period three (3) months before expiration of their respective business period to renew the term of this Agreement. 

  

	9.3	 The Parties shall continue to perform the obligations under Article 6 hereof when and after this Agreement
terminates. 

  

	10.	 Indemnification 

Party A shall indemnify Party B and hold Party B harmless from all losses Party B suffers or may suffer from provision of the Services,
including but not limited to any losses arising from any litigation, demand, arbitration, or claim by any third party, or any administrative investigation or penalty by any government authority, except for any loss caused by the intentional
misconduct or gross negligence of Party B. 
  

	11.	 Notice 

  

	11.1	 Any notice, request, demand or other communication required by or made under this Agreement shall be in writing
and sent to relevant Parties. 

  

	11.2	 Where the above notice or other communication is sent by fax or email, it will be deemed delivered when it is
sent. Where the above notice or other communication is sent by personal delivery, it will be deemed delivered when it is submitted in person. Where the above notice or other communication is sent by mail, it will be deemed delivered two
(2) days after it is posted. 

  

	12.	 Liabilities for Breach of Contract 

 

	12.1	 The Parties agree and acknowledge that if either Party (“Breaching Party”) materially breaches
any provision hereunder, or fails or delays to perform any material obligation hereunder, it will constitute a breach of this Agreement (“Breach”), and the other Party has the right to request the Breaching Party to correct or take
remedial measures within a reasonable period. If the Breaching Party fails to do so within a reasonable period or ten (10) days after the other Party gives a written notice requesting correction, and if the Breaching Party is Party A, then
Party B has the right to (1) terminate this Agreement and request the Breaching Party to compensate all damages; or (2) request the enforcement of the Breaching Party’s obligations hereunder and request the Breaching Party to
compensate all damages; if the Breaching Party is Party B, then Party A has the right to request the Breaching Party to continue to perform its obligations hereunder and to compensate all damages. 

	12.2	 Notwithstanding any provisions of Article 12.1 hereof, the Parties agree and acknowledge that Party A shall not
request to terminate this Agreement on whatever grounds and in whatever circumstances, unless the law or this Agreement provides otherwise. 

  

	12.3	 Notwithstanding any other provisions hereof, this Article 12 shall survive the suspension or termination of
this Agreement. 

  

	13.	 Force Majeure 

Where either Party’s performance of this Agreement is directly affected by or either Party is unable to perform this Agreement according
to the provisions hereof due to any earthquakes, typhoons, floods, fires, wars, computer viruses, tool software design vulnerabilities, hacker attacks on the Internet, changes in policies or laws, and other force majeure events that are
unforeseeable and the consequence of which are unpredictable or unavoidable, the affected Party shall immediately notify the other Party by fax, and within thirty (30) days, provide the details of the force majeure event and the certificate
issued by a notary in the place of the force majeure event to prove that this Agreement is unable to perform or its performance needs to be postponed. The Parties shall negotiate to decide whether to waive part performance of this Agreement or to
delay the performance based on the effect of the force majeure event on the performance of this Agreement. Neither Party shall be liable for any economic loss of the other Party caused by the force majeure event. 

 

	14.	 Miscellaneous 

 

	14.1	 This Agreement is written in Chinese. This Agreement is made in five (5) counterparts, with Party A
holding one (1) counterpart, one (1) counterpart filed with the government authority for approval/registration, and the remaining counterparts maintained by Party B. 

 

	14.2	 The conclusion, validity, performance, modification, interpretation and dispute resolution of this Agreement
shall be governed by the laws of China. 

  

	14.3	 Dispute Resolution 

  

	 	14.3.1	 Any dispute arising from or relating to this Agreement shall be resolved first through the friendly negotiation
between the Parties. If negotiation fails, the dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration according to the arbitration rules of the Commission effective at the time of submission. The
arbitration will be carried out in Shenzhen. The arbitration award is final and binding upon relevant Parties. Unless the arbitration award decides otherwise, the arbitration cost shall be borne by the losing Party. The losing Party shall further
reimburse the winning Party’s attorney fee and other expenses. 

  

	 	14.3.2	 During the period of dispute resolution, the Parties shall continue to perform other provisions of this
Agreement except for the disputed matter. 

  

	14.4	 Any rights, powers and remedies granted to either Party under any provision of this Agreement shall not
preclude any other rights, powers or remedies granted to the Party under laws or other provisions hereof. No exercise by either Party of its rights, powers or remedies will preclude the exercise by the Party of other rights, powers or remedies.

  

	14.5	 No failure or delay to exercise by either Party of its rights, powers or remedies under this Agreement or laws
(“Party’s Rights”) will constitute waiver of such rights, and no single or partial waiver of the Party’s Rights will preclude exercise by the Party of such rights in other way or of other rights. 

	14.6	 The headings hereof are inserted for reference only, and shall not be used for or affect the interpretation of
any provisions hereof. 

  

	14.7	 The provisions hereof are severable and independent from other provisions. If any or several provisions hereof
are decided invalid, illegal or unenforceable at any time, the validity, legality and enforceability of other provisions hereof shall not be affected. 

  

	14.8	 This Agreement, once signed, shall supersede any other legal documents signed by the Parties with respect to
the same subject matter. Any amendment or supplement to this Agreement must be made in writing, and shall become effective after the Parties properly sign it, except that Party B transfers its rights hereunder according to Article 14.9.

  

	14.9	 Without prior written consent of Party B, Party A shall not transfer its right and/or obligation hereunder to
any third party. Party A agrees that without its written consent, Party B has the right to transfer unilaterally any right and/or obligation hereunder to any third party, provided that a written notice shall be given to Party A.

  

	14.10	 This Agreement shall bind and inure to the benefit of the legal assigns, successors and creditors of the
Parties and other entities that may obtain the equity interest or relevant rights in the Parties. 

  

	14.11	 The Parties undertake to declare and pay their respective taxes relating to the transaction contemplated
hereunder according to law. 

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

 [Signature page of the Exclusive Service Agreement] 

Guangzhou Zhipeng IoV Technology Co., Ltd. (seal) 
 Legal
representative: He Tao 
 Signature: /s/ He Tao 

 [Signature page of the Exclusive Service Agreement] 

Guangzhou Xiaopeng Motors Technology Co., Ltd. (seal) 

Legal representative: Xia Heng 
 Signature: /s. Xia HengEX-10.7

 Exhibit 10.7 

Execution Version 
  

 
 Exclusive Option Agreement

 Between 
 Xia
Heng, He Tao 
 And 

Guangzhou Xiaopeng Motors Technology Co., Ltd. 

And 
 Guangzhou Zhipeng
IoV Technology Co., Ltd. 
 In relation to Guangzhou Zhipeng IoV Technology Co., Ltd. 

May 28, 2018 
  

 

  
 1 

 Exclusive Option Agreement 

This exclusive option agreement (“Agreement”) is made by the following parties on May 28, 2018 (“Execution Date”): 

 

	1.	 Xia Heng : ID No.: ****************** 

Residential address: ****************** 

He Tao, ID No.: ****************** 

Residential address: ****************** 

(“Existing Shareholders”); 
  

	2.	 Guangzhou Zhipeng IoV Technology Co., Ltd., with its registered address at Room 209, No. 8 Songgang
Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou(voluntary declaration), and its legal representative being He Tao (“Company”). 

 

	3.	 Guangzhou Xiaopeng Motors Technology Co., Ltd., with its registered address at Room 245, No. 333, Jiufo
Jianshe Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou, China, and its legal representative being Xia Heng (“WFOE”). 

Each of the above parties is hereinafter referred to individually as a “Party”, and collectively as the “Parties”. 

Whereas, 
  

	1.	 The Existing Shareholders are the registered shareholders of the Company and hold the entire equity interest in
the Company. As of the Execution Date, the Existing Shareholders’ capital contribution in the registered capital of the Company is RMB 10 million, accounting for 100% of the registered capital. The basic information of the Company is set
forth in Exhibit 1. 

  

	2.	 Subject to the current PRC Laws, the Existing Shareholders are willing to transfer their entire equity interest
in the Company to the WFOE and/or its designated entity and/or individual, and the WFOE is willing to accept such transfer by itself or through its designated entity and/or individual. 

 

	3.	 Subject to the current PRC Laws, the Company is willing to transfer its assets to the WFOE and/or its
designated entity and/or individual, and the WFOE is willing to accept such transfer by itself or through its designated entity and/or individual. 

  

	4.	 Subject to the current PRC Laws, the Company and the Existing Shareholders intend that the capital of the
Company will be reduced and then increased by the WFOE or its designated entity and/or individual, and the WFOE is willing to subscribe for such additional capital by itself or by its designated entity and/or individual. 

  
 2 

	5.	 In order to effect the above transfer of equity interest and assets, the Existing Shareholders and the Company
agree to grant to the WFOE the exclusive and irrevocable Equity Transfer Option and Asset Purchase Option. According to the Equity Transfer Option and Asset Purchase Option, subject to the PRC Laws, the Existing Shareholders or the Company, shall at
the request of the WFOE transfer the Option Equity or the Assets (as defined below) to the WFOE and/or its designated entity and/or individual according to the provision hereof. In order to effect the above capital reduction of the Company and the
capital increase by the WFOE to the Company, the Existing Shareholders and the Company agree to grant to the WFOE an irrevocable Capital Increase Option. According to the Capital Increase Option, subject to the PRC Laws, the Company shall reduce its
capital at the request of the WFOE, and then the WFOE and/or its designated entity and/or individual will subscribe for the Capital Increase Equity (as defined below). 

 

	6.	 The Company agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option (as defined
below) according to this Agreement. 

  

	7.	 The Existing Shareholders agree that the Company will grant to the WFOE the Asset Purchase Option (as defined
below) according to this Agreement. 

  

	8.	 The Company and the Existing Shareholders agree to grant to the WFOE the Capital Increase Option (as defined
below) according to this Agreement. 

 Now, therefore, the Parties agree as follows upon consensus through negotiation: 

 

	1.	 Definitions 

 

	1.1	 The following terms used in this Agreement have the meanings below, unless the context requires otherwise:

  

			
	“PRC Laws”	  	Means the currently valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding normative documents of the People’s Republic of China.
		
	“Equity Transfer Option”	  	Means the option granted by the Existing Shareholders to the WFOE according to the terms and conditions hereof to purchase the equity interest of the Company.
		
	“Asset Purchase Option”	  	Means the option granted by the Company to the WFOE according to the terms and conditions hereof to purchase any asset of the Company.
		
	“Capital Increase Option”	  	Means the option granted by the Company and the Existing Shareholder to the WFOE according to the terms and conditions hereof to request the Company to reduce its capital (part or all of the Option Equity (as defined below)), and to
allow the WFOE and/or its designated entity and/or individual to purchase the newly increased registered capital of the Company.
		
	“Option Equity”	  	Means the entire equity interest held by the Existing Shareholders in the Registered Capital (as defined below) of the Company, which accounts for 100% of the Registered Capital.    
		
	“Registered Capital”	  	Means the registered capital of the Company of RMB ten million (RMB10,000,000) as of the Execution Date, as may be expanded by any capital increase in whatever form during the term of this
Agreement.

  
 3 

			
		
	“Transfer Equity”	  	Means the equity interest which the WFOE has the right to request the Existing Shareholders to transfer to it and/or its designated entity and/or individual when the WFOE exercises the Equity Transfer Option according to Article 3
hereof, the number of which may be part or all of the Option Equity and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	“Transfer Assets”	  	Means the assets of the Company which the WFOE has the right to request the Company to transfer to it and/or its designated entity and/or individual when the WFOE exercises the Asset Purchase Option according to Article 3 hereof,
which may be part or all of the assets of the Company and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	“Capital Increase Equity”	  	Means the newly increased Registered Capital which the WFOE and/or its designated entity and/or individual have the right to subscribe for after the reduction of capital of the Company when the WFOE exercises the Capital Increase
Option according to Article 3 hereof, the number of which will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	“Exercise”	  	Means the WFOE exercises the Equity Transfer Option, the Asset Purchase Option or the Capital Increase Option.
		
	“Transfer Price”	  	Means the entire consideration payable by the WFOE and/or its designated entity and/or individual to the Existing Shareholders or the Company for acquisition of the Transfer Equity or the Transfer Assets at each Exercise.
		
	“Capital Reduction Price”	  	Means the entire consideration payable by the Company to the Existing Shareholders for reduction of the Registered Capital at each Exercise of the WFOE.
		
	“Capital Increase Price”	  	Means the entire consideration payable by the WFOE and/or its designated entity and/or individual to the Company for subscription of the Capital Increase Equity at each Exercise.
		
	“Business Licenses”	  	Means any approvals, permits, filings, registrations, etc. the Company must hold for legally and validly operating its business, including but not limited to the Business License of Enterprise Legal Person and other relevant permits
and certificates that may be required by the current PRC Laws.    
		
	“Assets”	  	Means all tangible and intangible assets that are owned or can be disposed of by the Company during the term of this Agreement, including but not limited to any real property, personal property, trademark, copyright, patent, know-how, domain name, software use right and other intellectual property rights.

  
 4 

			
		
	“Material Agreements”	  	Means any agreements to which the Company is a party and which have material effect on the business or assets of the Company, including but not limited to the Exclusive Service Agreement and other material agreements relating to the
business of the Company.
		
	“Exercise Notice”	  	Has the meaning set forth in Article 3.9 of this Agreement.
		
	“Loan Agreement”	  	Means the Loan Agreement dated May 28, 2018 between the Existing Shareholders and the WFOE.
		
	“Confidential Information”	  	Has the meaning set forth in Article 8.1 of this Agreement.
		
	“Breaching Party”	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	“Breach”	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	“Non-breaching Party ”	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	“Party’s Rights”	  	Has the meaning set forth in Article 12.5 of this Agreement.

  

	1.2	 Any reference to any PRC Laws shall be reference to: 

 

	 	(a)	 those laws as amended, modified, supplemented and restated, whether they become effective before or after the
conclusion of this Agreement; and 

  

	 	(b)	 other decisions, notices and regulations prepared or effective under the PRC Laws. 

 

	1.3	 Unless the context requires otherwise, any reference to any articles, paragraphs, subparagraphs or items herein
are reference to the articles, paragraphs, subparagraphs or items of this Agreement. 

  

	2.	 Grant of Equity Transfer Option, Asset Purchase Option and Capital Increase Option

  

	2.1	 The Existing Shareholders hereby agree to grant to the WFOE an irrevocable, unconditional and exclusive Equity
Transfer Option, according to which the WFOE has the right to request the Existing Shareholders at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholders may
transfer part or all of their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to transfer the Option Equity to the WFOE and/or its designated entity
and/or individual according to the terms and conditions of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Equity Transfer Option. 

 

	2.2	 The Company hereby agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option
according to the above Article 2.1 and other provisions hereof. 

  
 5 

	2.3	 The Company hereby agrees to grant to the WFOE an irrevocable, unconditional and exclusive Asset Purchase
Option, according to which the WFOE has the right to request the Company at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholders may transfer part or all of
their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to transfer the part or all of the Assets to the WFOE and/or its designated entity and/or
individual according to the terms and conditions of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Asset Purchase Option. 

  

	2.4	 The Existing Shareholders hereby agree that the Company will grant to the WFOE the Asset Purchase Option
according to the above Article 2.3 and other provisions hereof. 

  

	2.5	 The Existing Shareholders and the Company hereby agree severally and jointly to grant to the WFOE an
irrevocable, unconditional and exclusive Capital Increase Option, according to which the WFOE has the right to request the Company at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk
that the Existing Shareholders may transfer part or all of their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to reduce its capital, and, subject
to the PRC Laws, the WFOE and/or its designated entity and/or individual have the right to subscribe for any Capital Increase Equity according to the terms and conditions hereof. The WFOE hereby agrees to accept the Capital Increase Option.

  

	3.	 Way of Exercise 

 

	3.1	 Subject to the terms and conditions hereof and to the extent permitted by the PRC Laws, the WFOE has the
absolute sole discretion to decide the time, way and number of its Exercise. 

  

	3.2	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the transfer of part or all of the equity interest of the Company from the Existing Shareholders to itself and/or its designated entity and/or individual. 

 

	3.3	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the transfer of part or all of the Assets from the company to itself and/or its designated entity and/or individual. 

  

	3.4	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the Company to reduce its capital, and to subscribe for the Capital Increase Equity by itself and/or its designated entity and/or individual. 

  

	3.5	 At each Exercise of the Equity Transfer Option, the WFOE has the right to determine the number of Transfer
Equity that the Existing Shareholders shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Existing Shareholders shall transfer the Transfer Equity respectively to the WFOE and its designated entity and/or
individual according to the number determined by the WFOE. The WFOE and its designated entity and/or individual shall pay the Transfer Price to the Existing Shareholders for the Transfer Equity they receive in each Exercise. 

 

	3.6	 At each Exercise of the Asset Purchase Option, the WFOE has the right to determine the specific Assets that the
Company shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Company shall transfer the Assets to the WFOE and its designated entity and/or individual according to the determination of the WFOE. The WFOE and
its designated entity and/or individual shall pay the Transfer Price to the Company for the Transfer Assets they receive in each Exercise. 

  

	3.7	 At each Exercise of the Capital Increase Option, the WFOE has the right to determine the number of capital that
the Company shall reduce in the Exercise, and the WFOE has the right to request the Existing Shareholders to reduce their capital contribution to the Company. The Company and the Existing Shareholders shall reduce the capital of the Company
according to the number determined by the WFOE. Moreover, the WFOE has the right to determine the number of Capital Increase Equity to be subscribed for by the WFOE and its designated entity and/or individual in each Exercise. The Company shall
accept the subscription according to the requirements of the WFOE. The Company shall pay the Existing Shareholders the price for reduction of capital in each reduction of its Registered Capital. The WFOE and its designated entity and/or individual
shall pay the Capital Increase Price to the Company for the Capital Increase Equity subscribed in each Exercise. 

  
 6 

	3.8	 At each Exercise, the WFOE may accept transfer of the Transfer Equity or the Transfer Assets, or subscribe for
the Capital Increase Equity, or may designate any third party to accept transfer of part or all of the Transfer Equity or the Transfer Assets, or subscribe for the Capital Increase Equity in part or in whole. 

 

	3.9	 When the WFOE decides to exercise its option, it shall send to the Existing Shareholders and/or the Company the
Equity Transfer Option Exercise Notice, the Asset Purchase Option Exercise Notice or the Capital Increase Option Exercise Notice (each a “Exercise Notice”, in the form of Exhibit 2, Exhibit 3 and Exhibit 4 hereto). After receiving
an Exercise Notice, the Existing Shareholders or the Company shall transfer the Transfer Equity or the Transfer Assets wholly to the WFOE and/or its designated entity and/or individual immediately according to Article 3.5 or Article 3.6 hereof, or
reduce the capital of the Company according to Article 3.7 hereof, and allow the WFOE and/or its designated entity and/or individual to subscribe for the Capital Increase Equity. 

 

	4.	 Transfer Price, Capital Reduction Price, and Capital Increase Price 

 

	4.1	 At each Exercise of the Equity Transfer Option, the entire Transfer Price payable by the WFOE and/or its
designated entity and/or individual to the Existing Shareholders is the capital contribution amount actually paid in the Registered Capital corresponding to the Transfer Equity. If the minimum price permitted by the current PRC Laws is higher than
the above amount, the minimum price shall apply. The Existing Shareholders, after receiving the Transfer Price, shall immediately use such amount to repay the loan provided by the WFOE under the Loan Agreement. 

 

	4.2	 At each Exercise of the Asset Purchase Option, the WFOE and/or its designated entity and/or individual shall
pay the Company the book value of relevant Assets. If the minimum price permitted by the current PRC Laws is higher than the above amount, the minimum price shall apply. 

 

	4.3	 At each Exercise of the Capital Increase Option, the Company shall pay the Capital Reduction Price to the
Existing Shareholders who reduce his capital contribution to the Company, and the Capital Reduction Price is the capital contribution amount actually paid in the Registered Capital which is reduced. If the minimum price permitted by the current PRC
Laws is higher than the above amount, the minimum price shall apply. Moreover, the entire Subscription Price payable by the WFOE and/or its designated entity and/or individual for subscription of the Capital Increase Equity is the Capital Reduction
Price paid by the Company to the Existing Shareholders at the time of capital reduction. The Existing Shareholders, after receiving the Capital Reduction Price, shall immediately use such amount to repay the loan provided by the WFOE under the Loan
Agreement. 

  

	4.4	 The taxes incurred due to Exercise of the Equity Transfer Option, the Asset Purchase Option or the Capital
Increase Option hereunder according to the applicable laws shall be borne and paid by the Parties respectively. 

  
 7 

	5.	 Representations and Warranties 

 

	5.1	 The Existing Shareholders hereby represent and warrant that 

 

	 	(a)	 The Exiting Shareholders are natural persons of full capacity for civil acts according to the PRC Laws, have
full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

  

	 	(b)	 The Company is a limited liability company duly established and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	 	(c)	 The Existing Shareholders have full power and authority to execute, deliver and perform this Agreement and all
other documents relating to the transaction contemplated hereunder and to be executed, and have full power and authority to complete the transaction contemplated hereunder. 

 

	 	(d)	 This Agreement constitutes their legal and binding obligations, and is enforceable against them according to
the terms hereof. 

  

	 	(e)	 The Existing Shareholders are the registered legal owner of the Option Equity when this Agreement becomes
effective, and there is not any lien, pledge, claim, other security interest or third party’s rights over the Option Equity, except for the Equity Transfer Option and the Capital Increase Option created hereunder, the pledge created under the
Equity Interest Pledge Agreement dated May 28, 2018 between the Company, the WFOE and the Existing Shareholders, and the proxy created under the Power of Attorney dated May 28, 2018. According to this Agreement, after Exercise the WFOE
and/or its designated entity and/or individual will obtain good title to the Transfer Equity free of any lien, pledge, claim, other security interest or third party’s rights. 

 

	 	(f)	 There is not any lien, mortgage, claim, other security interest or third party’s rights over the Assets,
except for the Asset Purchase Option created hereunder. According to this Agreement, after Exercise the WFOE and/or its designated entity and/or individual will obtain good title to the Assets free of any lien, mortgage, claim, other security
interest or third party’s rights. 

  

	5.2	 The Company hereby represents and warrants that 

 

	 	(a)	 The Company is a limited liability company duly established and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	 	(b)	 The Company has full internal corporate power and authority to execute, deliver and perform this Agreement and
all other documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	(c)	 This Agreement is legally and properly executed and delivered by the Company, and constitutes the legal and
binding obligations of the Company. 

  

	 	(d)	 There is not any lien, mortgage, claim, other security interest or third party’s rights over the Assets,
except for the Asset Purchase Option created under this Agreement. According to this Agreement, after Exercise the WFOE and/or its designated entity and/or individual will obtain good title to the Assets free of any lien, mortgage, claim, other
security interest or third party’s rights. 

  

	5.3	 The WFOE represents and warrants that 

 

	 	(a)	 It is a limited liability company duly established and validly existing under the PRC Laws who has separate
legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

  
 8 

	 	(b)	 It has full internal corporate power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	(c)	 This Agreement is legally and properly executed and delivered by the WFOE, and constitutes its legal and
binding obligations. 

  

	6.	 Undertakings of the Existing Shareholders 

The Existing Shareholders hereby irrevocably undertake as follows: 
  

	6.1	 During the term of this Agreement, without the prior written consent of the WFOE, they will not

  

	 	(a)	 transfer or otherwise dispose of any Option Equity or create any security interest or other third party’s
right over the Option Equity; 

  

	 	(b)	 increase or reduce the Registered Capital, or procure the Company to merge with other entity;

  

	 	(c)	 dispose of, or procure the management of the Company to dispose of, any material Assets (except for those
occurred in the ordinary course of business); 

  

	 	(d)	 terminate, or procure the management of the Company to terminate, any Material Agreements signed by the
Company, or enter into any other agreement conflicting with the existing Material Agreements; 

  

	 	(e)	 appoint, remove or replace any of the Company’s directors, supervisors or other officers to be appointed
and removed by the Existing Shareholders; 

  

	 	(f)	 procure the Company to declare or distribute any distributable profit, bonus or dividend;

  

	 	(g)	 take any action or behavior (including inaction) to affect the valid existence of the Company, nor take any act
that may cause the Company to terminate, liquidate or dissolve; 

  

	 	(h)	 amend the Company’s articles of association; or 

 

	 	(i)	 take any action or behavior (including inaction) to have the Company provide or borrow any loan, or provide any
guarantee or other forms of security, or assume any material obligation outside of the ordinary course of business. 

  

	6.2	 During the term of this Agreement, they will use their best efforts to develop the Company’s business and
ensure the Company’s operation in compliance with laws and regulations, and will not take any act or inaction that may damage the Company’s Assets or goodwill or affect the validity of the Company’s Business Licenses.

  

	6.3	 During the term of this Agreement, they will promptly notify the WFOE any circumstance that may have material
adverse effect on the existence, business, operation, finance, assets or goodwill of the Company, and promptly take all measures approved by the WFOE to exclude such circumstances or take other valid remedial measures. 

 

	6.4	 Once the WFOE issues the Exercise Notice, the Existing Shareholders will: 

 

	 	(a)	 immediately agree, through shareholder’s resolution or other necessary actions, to the transfer the whole
Transfer Equity or Transfer Assets from the Existing Shareholders or the Company to the WFOE and/or its designated entity and/or individual at the Transfer Price, or to the reduction of the Company’s capital, and accept the subscription by the
WFOE and/or its designated entity and/or individual of the Company’s Capital Increase Equity, as the case may be; 

  
 9 

	 	(b)	 with respect to the Equity Transfer Option, immediately sign the equity transfer agreement with the WFOE and/or
its designated entity and/or individual, transfer the whole Transfer Equity to the WFOE and/or its designated entity and/or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and executing all related
legal documents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its designated entity and/or
individual will obtain the whole Transfer Equity and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Equity; 

 

	 	(c)	 with respect to the Capital Increase Option, immediately sign the capital reduction agreement with the Company
in the form and substance satisfactory to the WFOE, and assist and cooperate with the Company to go through the capital reduction formalities (including but not limited to notifying the creditors, making announcement on the capital reduction,
signing all related legal documents, performing all government approval and registration formalities, and assuming all related obligations), so that the Company will successfully complete the capital reduction of the Company and the WFOE and/or its
designated entity and/or individual will successfully complete the subscription of the Capital Increase Equity. 

  

	6.5	 If the Transfer Price from transfer of the Transfer Equity, or the Capital Reduction Price from the reduction
of the Company’s capital, and/or the distribution of the remaining property of the Company in case of the termination, liquidation or other circumstance of the Company, received by the Existing Shareholders, is higher than their capital
contribution to the Company, or if they receive any forms of profit distribution, bonus or dividend from the Company, they agree and acknowledge that subject to the PRC Laws they will not enjoy the income of the premiums and any profit distribution,
bonus or dividend (after deducting relevant taxes) and such income and profit distribution, bonus or dividend will be vested in the WFOE. The Existing Shareholders will instruct relevant receiving party or the Company to pay the income to the bank
account designated by the WFOE. 

  

	6.6	 They irrevocably agree to the execution and performance by the Company of this Agreement, and will assist the
Company with the execution and performance of this Agreement, including but not limited to signing all necessary documents or the documents required by the WFOE and taking all necessary actions or the actions required by the WFOE, and will not take
any action or inaction to prevent the WFOE from claiming and realizing any right hereunder. 

  

	6.7	 They will immediately, without any delay, notify the WFOE of any circumstance that the Option Equity held by
them may be transferred to any third party other than the WFOE and/or its designated entity and/or individual due to any applicable law, the decision or award of any court or arbitrator, or any other reasons, once they know or should have known such
circumstance. 

  

	7.	 Undertakings of the Company 

 

	7.1	 The Company hereby irrevocably undertakes that 

 

	 	(a)	 If the execution and performance of this Agreement and the grant of the Equity Transfer Option, the Asset
Purchase Option or the Capital Increase Option hereunder are subject to any consent, permission, waiver or authorization of any third party or the approval, permit, waiver, registration or filing (if required by law) of any government authority, it
will use its best effort to assist to meet the above conditions. 

  

	 	(b)	 Without prior written consent of the WFOE, it will not assist or permit the Existing Shareholders to transfer
or otherwise dispose of any Option Equity or create any security interest or other third party’s right over the Option Equity. 

  
 10 

	 	(c)	 Without prior written consent of the WFOE, it will not transfer or otherwise dispose of any material Assets
(except for the disposal occurred in the ordinary course of business) or create any security interest or other third party’s right over the Assets. 

  

	 	(d)	 It will not take or permit any action or behavior that may have adverse effect on the WFOE’s interest
hereunder, including but not limited to any action or behavior subject to Article 6.1. 

  

	 	(e)	 It will immediately, without any delay, notify the WFOE of any circumstance that the Option Equity held by any
Existing Shareholder may be transferred to any third party other than the WFOE and/or its designated entity and/or individual due to any applicable law, the decision or award of any court or arbitrator, or any other reasons, once it knows or should
have known such circumstance. 

  

	7.2	 Once the WFOE issues the Exercise Notice, 

 

	 	(a)	 The Company shall procure the Existing Shareholders to agree, through shareholders’ resolution or taking
of other necessary actions, to the transfer of the whole Transfer Assets from the Company to the WFOE and/or its designated entity and/or individual at the Transfer Price, or to the reduction of capital of the Company, and to allow the WFOE and/or
its designated entity and/or individual to subscribe for the whole Capital Increase Equity at the Capital Increase Price, as the case may be; 

  

	 	(b)	 with respect to the Asset Purchase Option, the Company will immediately sign the asset transfer agreement with
the WFOE and/or its designated entity and/or individual, transfer the whole Transfer Assets to the WFOE and/or its designated entity and/or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and
executing all related legal documents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its designated
entity and/or individual will obtain the whole Transfer Assets and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Assets. 

 

	 	(c)	 with respect to the Capital Increase Option, the Company will immediately sign the capital reduction agreement
with the Existing Shareholders in the form and substance satisfactory to the WFOE and the amended and restated articles of association (amendment to the articles of association of the Company), and the Company will go through, and the Existing
Shareholders shall procure the Company to go through, the capital reduction formalities (including but not limited to notifying the creditors, making announcement on the capital reduction, signing all related legal documents, performing all
government approval and registration formalities, and assuming all related obligations), so that the Company will successfully complete the capital reduction and the WFOE and/or its designated entity and/or individual will successfully complete the
subscription of the Capital Increase Equity. 

  

	8.	 Confidentiality Obligations 

 

	8.1	 Each Party shall keep strict confidential the business secrets, proprietary information, client information and
other confidential information of the other Party obtained during the execution and performance of this Agreement (“Confidential Information”) regardless of whether this Agreement has been terminated. The receiving Party shall not
disclose any Confidential Information to any third party, except upon prior written consent of the disclosing Party or as required by applicable laws and regulations or the rules of the jurisdiction where the affiliate of a Party is listed. The
receiving Party shall not use directly or indirectly any Confidential Information except for purpose of performing this Agreement. 

  
 11 

	8.2	 The Parties acknowledge that the following information is not Confidential Information: 

 

	 	(a)	 The information obtained by the receiving Party by legal means before the disclosure, which is evidenced by
written proof; 

  

	 	(b)	 The information that has entered public domain not through the fault of the receiving Party; or

  

	 	(c)	 The information obtained by the receiving Party legally through other channel after receiving the information
from the disclosing Party. 

  

	8.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or any engaged
professionals, provided that it shall ensure such persons to comply with relevant terms and conditions of this Agreement and shall assume any liability arising from the breach by such persons of relevant terms and conditions of this Agreement.

  

	8.4	 Notwithstanding any other provisions hereof, this Article 8 shall survive the suspension or termination of this
Agreement. 

  

	9.	 Term of Agreement 

This Agreement is formed when the Parties officially sign it, and, once formed, will become effective retrospectively as of May 28, 2018.
Unless the WFOE requires otherwise, this Agreement will terminate when the whole Option Equity and Assets are transferred to the WFOE and/or its designated entity and/or individual according to the provisions hereof. 

 

	10.	 Notice 

  

	10.1	 Any notice, request, demand or other communication required by or made under this Agreement shall be in writing
and sent to relevant Parties. 

  

	10.2	 Where the above notice or other communication is sent by fax or email, it will be deemed delivered when it is
sent. Where the above notice or other communication is sent by personal delivery, it will be deemed delivered when it is submitted in person. Where the above notice or other communication is sent by mail, it will be deemed delivered two
(2) days after it is posted. 

  

	11.	 Liabilities for Breach of Contract 

 

	11.1	 The Parties agree and acknowledge that if either Party (“Breaching Party”) materially breaches
any covenant hereunder, or fails or delays to perform any material obligation hereunder, it will constitute a breach of this Agreement (“Breach”), and each of the other Parties
(“Non-breaching Parties”) has the right to request the Breaching Party to correct or take remedial measures within a reasonable period. If the Breaching Party fails to do so within a
reasonable period or ten (10) days after the Non-breaching Parties give a written notice requesting correction, then: 

 

	 	(a)	 If the Existing Shareholders or the Company breaches, the WFOE has the right to terminate this Agreement and
request the Breaching Parties (/Party) to compensate any damages; 

  

	 	(b)	 If the WFOE breaches, the Non-breaching Parties have the right to
request the Breaching Party to compensate damages, provided, however, that the Non-breaching Parties have no right to terminate or rescind this Agreement, unless the laws provide otherwise mandatorily.

 For purpose of this Article 11.1, the Existing Shareholders further acknowledge and agree that their breach of Article 6
hereof will constitute a material breach of this Agreement. The Company further acknowledges and agrees that its breach of Article 7 hereof will constitute a material breach of this Agreement. 

  
 12 

	11.2	 Notwithstanding any other provisions hereof, this Article 11 shall survive the suspension or termination of
this Agreement. 

  

	12.	 Miscellaneous 

 

	12.1	 This Agreement is written in Chinese. This Agreement is made in five (5) counterparts, with the Company
holding one (1) counterpart, one (1) counterpart filed with the government authority for approval/registration, and the remaining counterparts maintained by the WFOE. 

 

	12.2	 The conclusion, validity, interpretation and dispute resolution of this Agreement shall be governed by the PRC
Laws. 

  

	12.3	 Dispute Resolution 

  

	 	(a)	 Any dispute arising from or relating to this Agreement shall be resolved first through the friendly negotiation
between the Parties. If negotiation fails, the dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration according to the arbitration rules of the Commission effective at the time of submission. The
arbitration will be carried out in Shenzhen. The arbitration award is final and binding upon relevant Parties. Unless the arbitration award decides otherwise, the arbitration cost shall be borne by the losing Party. The losing Party shall further
reimburse the winning Party’s attorney fee and other expenses. 

  

	 	(b)	 During the period of dispute resolution, the Parties shall continue to perform other provisions of this
Agreement except for the disputed matter. 

  

	12.4	 Any rights, powers and remedies granted to either Party under any provision of this Agreement shall not
preclude any other rights, powers or remedies granted to the Party under laws or other provisions hereof. No exercise by either Party of its rights, powers or remedies will preclude the exercise by the Party of other rights, powers or remedies.

  

	12.5	 No failure or delay to exercise by either Party of its rights, powers or remedies under this Agreement or laws
(“Party’s Rights”) will constitute waiver of such rights, and no single or partial waiver of the Party’s Rights will preclude exercise by the Party of such rights in other way or of other rights. 

 

	12.6	 The headings hereof are inserted for reference only, and shall not be used for or affect the interpretation of
any provisions hereof. 

  

	12.7	 The provisions hereof are severable and independent from other provisions. If any or several provisions hereof
are decided invalid, illegal or unenforceable at any time, the validity, legality and enforceability of other provisions hereof shall not be affected. 

  

	12.8	 This Agreement, once signed, shall supersede any other legal documents signed by the Parties with respect to
the same subject matter. Any amendment or supplement to this Agreement must be made in writing, and shall become effective after the Parties properly sign it, except that the WFOE transfers its rights hereunder according to Article 12.9.

  

	12.9	 Without prior written consent of the WFOE, the other Parties shall not transfer its right and/or obligation
hereunder to any third party. The other Parties agree that without their written consent, the WFOE has the right to transfer any right and/or obligation hereunder to any third party, provided that a written notice shall be given to the other
Parties. 

  
 13 

	12.10	 This Agreement shall bind and inure to the benefit of the legal assigns and successors of the Parties. The
Existing Shareholders warrant to the WFOE that they have taken all proper measures and signed all required documents so that when they go into bankruptcy, are liquidated, or suffer other circumstance that may affect their exercise of their equity,
their legal assigns, successors, heirs, liquidators, administrators, creditors and other persons who may obtain the equity interest in the Company or relevant rights shall not affect or prevent performance of this Agreement. For this purpose, the
Existing Shareholders and the Company shall promptly sign all other documents and take all other actions (including but not limited to notarizing this Agreement) required by the WFOE. 

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

  
 14 

 [Signature page of the Exclusive Option Agreement] 

Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Exclusive Option Agreement] 

He Tao 
 Signature: /s/ He Tao 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Zhipeng IoV Technology Co., Ltd. (seal) 
 Legal
representative: He Tao 
 Signature: /s/ He Tao 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Xiaopeng Motors Technology Co., Ltd. (seal) 

Legal representative: Xia Heng 
 Signature: /s/ Xia Heng 

 Exhibit 1: 

Basic Information of the Company 
  

			
	Company name	  	Guangzhou Zhipeng IoV Technology Co., Ltd.
		
	Registered address	  	Room 209, No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou
		
	Registered capital	  	10 million yuan
		
	Legal representative	  	He Tao
		
	Shareholding structure:	  	

  

									
	 Shareholder
	  	Shareholding percentage	 	 	Subscribed capital contribution (RMB)	 
	 Xia Heng
	  	 	80	% 	 	 	8,000,000	 
	 He Tao
	  	 	20	% 	 	 	2,000,000	 

 Exhibit 2: 

Form of Exercise Notice 
 To:
Mr. Xia Heng, Mr. He Tao 
 Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with you, Guangzhou
Zhipeng IoV Technology Co., Ltd. (“Company”) on [insert date], providing that subject to the laws and regulations of China, upon the request of us, you shall transfer their equity interest in the Company to us or any third party
designated by us. 
 Therefore, we hereby notify you as follows: 

We hereby exercise the Equity Transfer Option under the Option Agreement, and accept by us or by [name of the entity/individual designated by us] the transfer
of the [•]% equity interest held by you in the Company (“Transfer Equity”). Please transfer the above Transfer Equity to us or to the [name of the entity/individual designated by us] immediately according to the provisions of
the Option Agreement after you receive this notice. 
 Guangzhou Xiaopeng Motors Technology Co., Ltd. (seal) 

Authorized representative: 
 Date: 

 Exhibit 2 to the Exclusive Option Agreement 

 Exhibit 3: 

Form of Exercise Notice 
 To:
Guangzhou Zhipeng IoV Technology Co., Ltd. 
 Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with you, and Xia
Heng and He Tao on [insert date], providing that subject to the laws and regulations of China, upon the request of us, you shall transfer your assets to us or any third party designated by us. 

Therefore, we hereby notify you as follows: 
 We hereby exercise
the Asset Purchase Option under the Option Agreement, and accept by us or by [name of the entity/individual designated by us] the transfer of the assets owned by you as listed in the schedule attached hereto (“Transfer Assets”).
Please transfer the above Transfer Assets to us or to the [name of the entity/individual designated by us] immediately according to the provisions of the Option Agreement after you receive this notice. 

Guangzhou Xiaopeng Motors Technology Co., Ltd. (seal) 

Authorized representative: 
 Date: 

 Exhibit 3 to the Exclusive Option Agreement 

 Exhibit 4: 

Form of Exercise Notice 
 To:
Guangzhou Zhipeng IoV Technology Co., Ltd. 
 Xia Heng and He Tao 

Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with Guangzhou Zhipeng IoV Technology Co., Ltd.
(“Company”), and Xia Heng and He Tao on [insert date], providing that subject to the laws and regulations of China, upon the request of us, you shall reduce the capital of the Company, and allow us or any third party designated by
us to subscribe for the newly added registered capital of the Company. 
 Therefore, we hereby notify you as follows: 

We hereby exercise the Capital Increase Option under the Option Agreement, and request the Company to reduce its registered capital by
RMB                . After completion of the capital reduction, the registered capital of the Company will become
RMB                , and Xia Heng and He Tao will not hold equity interest in the Company / LLC will
hold                equity interest in the Company. 
 Meanwhile, we or
[name of the entity/individual designated by us] will subscribe for the newly added registered capital of the Company of RMB                . After completion of the
above capital increase, the registered capital of the Company will become RMB                . 

Please immediately complete the capital reduction according to the Option Agreement after receiving this notice, and allow us or [name of the
entity/individual designated by us] to subscribe for the newly added registered capital of the Company. 
 Guangzhou Xiaopeng Motors Technology Co., Ltd.
(seal) 
 Authorized representative: 
 Date: 

 Exhibit 4 to the Exclusive Option Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]