Document:

EX-4.27

 Exhibit 4.27 

Execution Version 
  

 
 Exclusive Option Agreement 

Between 
 Guangzhou
Kuntu Technology Co., Ltd. 
 And 

Guangzhou Xiaopeng Motors Technology Co., Ltd. 

And 
 Guangzhou Xintu
Technology Co., Ltd. 
 In relation to Guangzhou Xintu Technology Co., Ltd. 

August 12, 2021 
  

 

  
 1 

 Exclusive Option Agreement 

This exclusive option agreement (“Agreement”) is made by the following parties on August 12, 2021 (“Execution Date”):

  

	1.	 Guangzhou Kuntu Technology Co., Ltd. (“Existing Shareholder”) 

Registered address: Room 306 (office-used only), No. 8 Songgang Street, Cencun, Changxing Avenue, Tianhe District, Guangzhou 

Legal Representative: Li Chuxu. 
  

	2.	 Guangzhou Xintu Technology Co., Ltd. (“Company”) 

Registered address: Room 403 (office-used only), No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou 

Legal representative: Li Chuxu. 
  

	3.	 Guangzhou Xiaopeng Motors Technology Co., Ltd. (“WFOE”) 

Registered address: Room 245, No. 333 Jiufojianshe Street, Zhongxinguangzhou Knowledge City, Guangzhou 

Legal representative: Xia Heng 
 Each of the
above parties is hereinafter referred to individually as a “Party”, and collectively as the “Parties”. 
 Whereas,

  

	1.	 The Existing Shareholder is the registered shareholder of the Company, and legally holds all shares of the
Company. As of the date of execution of this Agreement, the subscribed capital contribution of the Existing Shareholder in the registered capital of the Company is RMB100 million, accounting 100% of all shares. The basic information of the
Company is shown in Exhibit 1. 

  

	2.	 Subject to the current PRC Laws, the Existing Shareholder is 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 Shareholder 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. 

 

	5.	 In order to effect the above transfer of equity interest and assets, the Existing Shareholder 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 Shareholder 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 Shareholder 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). 

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

  

	7.	 The Existing Shareholder 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 Shareholder 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 Shareholder 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 Shareholder 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 one hundred million (RMB100,000,000) as of the Execution Date, as may be expanded by any capital increase in whatever form during the term of this Agreement.
		
	 “Transfer Equity”
	  	Means the equity interest which the WFOE has the right to request the Existing Shareholder 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.

  
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	 “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 Shareholder 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 Shareholder 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.
		
	 “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 August 12, 2021 between the Existing Shareholder 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: 

  
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	 	(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 Shareholder 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 Shareholder at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholder 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 Shareholder will grant to the WFOE the Equity Transfer Option
according to the above Article 2.1 and other provisions hereof. 

  

	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 Shareholder 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 Shareholder 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 Shareholder 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 Shareholder 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 held by and from the Existing Shareholder 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. 

  
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	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 Shareholder shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Existing Shareholder 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 Shareholder 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 Shareholder to reduce their capital contribution to the Company. The Company and the Existing Shareholder 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 Shareholder 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. 

  

	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 Shareholder 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 Shareholder 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 Shareholder 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 Shareholder, 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. 

  
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	4.3	 At each Exercise of the Capital Increase Option, the Company shall pay the Capital Reduction Price to the
Existing Shareholder 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 Shareholder at the time of capital reduction. The Existing Shareholder, 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. 

  

	5.	 Representations and Warranties 

 

	5.1	 The Existing Shareholder hereby represent and warrant that 

 

	 	(a)	 The Existing Shareholder is a properly-registered limited liability company and is in good standing with full
capacity for civil acts according to the PRC Laws, and full 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 Shareholder has 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 Shareholder is 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 August 12, 2021 between the Company, the WFOE and the Existing Shareholder, and the proxy created under the Power of Attorney dated August 12, 2021. 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. 

  
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	 	(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. 

  

	 	(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 Shareholder 

The Existing Shareholder 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 Shareholder; 

  

	 	(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.

  
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	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 Shareholder 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 Shareholder 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; 

  

	 	(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 Shareholder, 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 Shareholder 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. 

  
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	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 Shareholder to transfer or
otherwise dispose of any Option Equity or create any security interest or other third party’s right over the Option Equity. 

  

	 	(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 Shareholder 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 Shareholder 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
Shareholder 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. 

  
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	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. 

  

	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 August 12,
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 Shareholder or the Company breaches, the WFOE has the right to terminate this Agreement and
request the Breaching Parties (/Party) to compensate any damages; 

  
 11 

	 	(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 Shareholder 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. 

 

	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. 

  

	 	(c)	 he Parties hereby specifically acknowledge and undertake that, subject to the laws of China, the arbitrators
shall have the right to make an appropriate award according to the actual situation to provide Party B with appropriate legal remedies, including but not limited to restricting Party A’s business operation, restricting and/or disposing of Party
A’s equity or assets (including land) (including but not limited to using the same as compensation), prohibiting the transfer or disposal or making other relevant remedies, and liquidating Party A, etc. The Parties shall implement such award.

  

	 	(d)	 The Parties hereby specifically acknowledge and undertake that, subject to the laws of China, as property
preservation or enforcement measures, at the request of one Party to the dispute, the court with jurisdiction shall have the right to make a ruling or judgment before the arbitration tribunal is formed or under other appropriate circumstances
permitted by law to provide provisional reliefs to the Party, such as making detaining or freezing judgment or ruling on the property of the defaulting party or the equity of the company. Such rights of the Party and the judgment or ruling made by
the court thereon shall not affect the validity of the above arbitration clause agreed upon by the Parties. 

  

	 	(e)	 After the arbitration award comes into effect, either Party shall have the right to apply to the court with
jurisdiction to enforce the arbitration award. 

  

	 	(f)	 The Parties agree that the competent court at the place where (1) Hong Kong Special Administrative Region;
(2) the place of registration of XPeng Inc.; (3) the place of registration of Party A (i.e. Guangzhou); and (4) the major assets of XPeng Inc. or Party A are located shall be deemed the court with jurisdiction for the purposes of this
Article. 

  
 12 

	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. 

  

	12.10	 This Agreement shall bind and inure to the benefit of the legal assigns and successors of the Parties. The
Existing Shareholder 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 Shareholder 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.] 

  
 13 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Kuntu Technology Co., Ltd. (Seal) 
 Legal
Representative: Li Chuxu 
 Signature: 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Xintu Technology Co., Ltd. (Seal) 
 Legal
Representative: Li Chuxu 
 Signature: 

 [Signature page of the Exclusive Option Agreement] 

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

Legal representative: Xia Heng 
 Signature: 

 Exhibit 1: 

Basic Information of the Company 
  

			
	Company name	  	Guangzhou Xintu Technology Co., Ltd.
	Registered address	  	Room 403 (office-use only), No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou
	Registered capital	  	RMB one hundred million
	Legal representative	  	Li Chuxu
	Shareholding structure:	  	

  

									
	 Shareholder
	  	Shareholding percentage	 	 	Subscribed capital contribution (RMB)	 
	 Guangzhou Kuntu Technology Co., Ltd.
	  	 	100	% 	 	 	100,000,000	 

 Exhibit 2: 

Form of Exercise Notice 
  

	To:	 Guangzhou Kuntu Technology Co., Ltd. (“you”) 

Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with you, and Guangzhou Xintu 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 your 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 Xintu Technology Co., Ltd. (“you”) 

Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with you, and Guangzhou Kuntu Technology Co., Ltd. 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 Xintu Technology Co., Ltd. 

Guangzhou Kuntu Technology Co., Ltd.. 
 Whereas
we entered into the Exclusive Option Agreement (“Option Agreement”) with Guangzhou Xintu Technology Co., Ltd. (“Company”), and Guangzhou Kuntu Technology Co., Ltd.. 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 increased 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 Guangzhou
Kuntu Technology Co., Ltd.. will not hold equity interest in the Company / Guangzhou Kuntu Technology Co., Ltd.. will hold [•] equity interest in the Company. 

Meanwhile, we or [name of the entity/individual designated by us] will subscribe for the newly increased 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 increased registered capital of the Company. 

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

Authorized representative: 
 Date: 

  
 Exhibit 4 to the
Exclusive Option AgreementExhibit 10.1

		
			Exhibit 10.1
		

		
			CHIPOTLE MEXICAN GRILL, INC.
FORM OF RESTRICTED STOCK UNIT AGREEMENT 
		

		
			Name of Participant:
		

		
			No. of RSUs: 
		

		
			Grant Date:
		

			
					
						﻿Vesting Dates:

					
					
						2nd Anniversary of Grant Date

				
	
					
						﻿

					
					
						3rd Anniversary of Grant Date

				

		
			﻿
		

		
			This Restricted Stock Unit Agreement, including Appendix A attached hereto (this “Agreement”), dated as of the Grant Date stated above, is delivered by Chipotle Mexican Grill, Inc., a Delaware corporation (the “Company”), to the Participant named above (the “Participant” or “you”).  
		

		
			Recitals
		

		
			WHEREAS, the Company is awarding you restricted stock units (“RSUs”) representing the right to receive shares of Common Stock of the Company (the “Shares”) on the terms and conditions provided below and pursuant to the Amended and Restated Chipotle Mexican Grill, Inc. 2011 Stock Incentive Plan (the “Plan”).  This Agreement and the RSUs granted hereunder are expressly subject to all of the terms, definitions and provisions of the Plan.  Except as expressly indicated herein, defined terms used in this Agreement have the meanings set forth in the Plan. 
		

		
			WHEREAS, the Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) has approved this award of RSUs (the “Award”). 
		

		
			Agreement
		

		
			NOW, THEREFORE, the parties hereby agree as follows: 
		

		
			1.Grant of Award.  The Company hereby grants to you the Award with respect to the number of RSUs set forth above, pursuant to which you shall be eligible to receive a number of equivalent Shares, subject to your fulfillment of the vesting and other conditions set forth in this Agreement.  The Award may only be settled in Shares. 
		

		
			﻿
		

		
			2.Vesting.
		

		
			(a)Regular Vesting. Except as otherwise provided in the Plan or in this Section 2, your RSUs will vest 50% on the 2nd anniversary of the Grant Date and the remaining 50% on the 3rd anniversary of the Grant Date, subject to your continued employment or service with the Company through the applicable vesting date. The period of time prior to the full vesting of the Award shall be referred to herein as the “Vesting Period.” 
		

		
			(b)Termination of Employment.
		

		
			(i)Unless otherwise determined by the Committee, or except as provided in 
		

		 

 

		an agreement between you and the Company, in the event of your death, termination by the Company due to Disability or Retirement (each as defined below) prior to the expiration of the Vesting Period, you shall vest in the RSUs as follows:
		

		
			(A)In the event of your Retirement prior to the one-year anniversary of the Grant Date, you shall continue to vest in a pro rata portion of the RSUs for the remainder of the Vesting Period.  The pro rata portion shall be determined by multiplying the total number of RSUs subject to this Award, without proration, by a fraction, the numerator of which is the number of days from the Grant Date through your Retirement, and the denominator of which is 365.  
		

		
			(B)In the event of your Retirement on or after the one-year anniversary of the Grant Date, you shall continue to vest in the RSUs, without proration, for the remainder of the Vesting Period.  
		

		
			(C)In the event of your death or termination by the Company due to Disability, the total number of RSUs subject to this Award, without proration, shall become vested on the date of your death or termination by the Company due to Disability.  
		

		
			For purposes of this Agreement: “Disability” means your medically-diagnosed, permanent physical or mental inability to perform your duties as an employee of the Company; “Retirement” means that you have a combined Age and Years of Service (each as defined below) of at least 70 and you have done all of the following (w) given the Company at least six (6) months prior written notice of your Retirement; (x) signed and delivered to the Company an agreement providing for such restrictive covenants, as may be determined from time to time by the Committee, based on individual facts and circumstances, to be reasonably necessary to protect the Company’s interests, with such restrictive covenants continuing for a period of two (2) years after such Retirement (or, indefinitely, in the case of confidentiality and similar restrictive covenants), (y) signed and delivered to the Company, within 21 days of the date of your employment termination (or such later time as required under applicable law) a general release agreement of claims against the Company and its affiliates in a form reasonably acceptable to the Company, which is not later revoked, and (z) voluntarily terminated your employment with the Company.  The term “Age” means (as of a particular date of determination), your age on that date in whole years and any fractions thereof; and “Years of Service” means the number of years and fractions thereof during the period beginning on your most recent commencement of employment with the Company and ending on the date your employment with the Company terminated.  Your refusal to fulfill any of the conditions set forth in (w), (x), (y) or (z) above, your breach of any agreement entered into pursuant to (x) or (y) above, or if, after your Retirement, facts and circumstances are discovered that would have justified your termination for Cause (as defined below) if you were still employed by the Company, shall constitute a waiver by you of the benefits attributable to Retirement under this Agreement. 
		

		
			﻿
		

		
			(ii)The RSUs will automatically and immediately vest in full if (A) you experience a Qualifying Termination or (B) upon a Change in Control if this Award is not assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of shares, in each case, that preserve the value of the Award and other material terms and conditions of this Award as in effect immediately prior to the Change in Control).  
		

		
			For purposes of this Agreement and notwithstanding anything in the Plan to the contrary for purposes of determining whether a Qualifying Termination has occurred during the two-year period following a Change in Control:  (A) “Cause” means, unless otherwise provided in an 
		

		 

		

			2

		

		

			 

		

 

		effective employment agreement or other written agreement with respect to the termination of your employment with the Company, the termination of your employment with the Company on account of: (u) your failure to substantially perform your duties (other than as a result of physical or mental illness or injury); (w) your willful misconduct or gross negligence which is materially injurious to the Company or results in reputational harm to the Company; (x) a breach by you of your fiduciary duty or duty of loyalty to the Company; (y) your commission of any felony or other serious crime involving moral turpitude; or (z) your material violation of Company policies or agreements between you and the Company and (B) “Good Reason” means, unless otherwise provided in an effective employment agreement or other written agreement with respect to the termination of your employment with the Company, the termination of your employment with the Company on account of: (x) a material diminution your duties and responsibilities other than a change in your duties and responsibilities that results from becoming part of a larger organization following a Change in Control, (y) a material decrease in your base salary or bonus opportunity other than a decrease in bonus opportunity that applies to all employees of the Company otherwise eligible to participate in the applicable bonus plan, or (z) a relocation of your primary work location more than 30 miles from your work location on the Grant Date, without your prior written consent; provided that, within thirty days following the occurrence of any of the Good Reason events set forth herein, you shall have delivered written notice to the Company of your intention to terminate your employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to your right to terminate employment for Good Reason, and the Company shall not have cured such circumstances within thirty days following the Company’s receipt of such notice.
		

		
			﻿
		

		
			(c)Forfeiture of Unvested RSUs. Unless otherwise determined by the Committee, or except as provided in an agreement between you and the Company, if your employment terminates prior to the expiration of the Vesting Period for any reason other than termination by the Company due to Disability, death, Retirement, or a Qualifying Termination, any unvested RSUs will be forfeited and canceled as of the date of such employment termination.  
		

		
			3.Distribution Upon Vesting.   Subject to Section 18, as soon as practicable (but no later than sixty (60) days) after the vesting of the RSUs, the Company shall issue or deliver, subject to the conditions of this Agreement, the Shares for the vested RSUs to you; provided, however, that (i) in the event of vesting of the Award in connection with a Retirement, then Shares shall be distributed to you in accordance with the regular vesting schedule set forth in Section 2(a), (ii) in the event the Award constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code) because you would satisfy the Age and Service requirements for Retirement during the Vesting Period or otherwise and the vesting of the Award is in connection with a termination by the Company due to Disability or a Qualifying Termination following a Change in Control that does not constitute a “change in control event” (within the meaning of Section 409A of the Code), then the Shares shall be distributed to you in accordance with the regular vesting schedule set forth in Section 2(a) to the extent required to comply with Section 409A and (iii) in the event of a Change in Control in which Award is not effectively assumed pursuant to Section 2(b)(ii) and such Change in Control is not a “change in control event” (within the meaning of Section 409A of the Code) or settlement upon such Change in Control would otherwise be prohibited under Section 409A of the Code, then the Shares shall be distributed to you in accordance with the regular vesting schedule set forth in Section 2(a) to the extent required to comply with Section 409A of the Code or, if earlier, upon your death or termination of employment if permitted under Section 409A of the Code.  Such issuance or delivery of Shares shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company.  The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance or delivery, except as otherwise provided in Section 6.  Prior to the issuance to you of the Shares 
		

		 

		

			3

		

		

			 

		

 

		subject to the Award, you shall have no direct or secured claim in any specific assets of the Company or in such Shares, and will have the status of a general unsecured creditor of the Company. 
		

		
			﻿
		

		
			4.No Shareholder Rights. Neither you nor any person claiming under or through you shall have rights as a holder of Shares (e.g., you have no right to vote or receive dividends) with respect to the RSUs granted hereunder unless and until such RSUs have been settled in Shares that have been registered in your name as owner. You shall have no beneficial interest or ownership in the vested Shares until the issue or delivery of those vested Shares to you.
		

		
			﻿
		

		
			5.Dividend Equivalents. During the Vesting Period, you shall accumulate dividend equivalents with respect to the RSUs, which dividend equivalents shall be paid in cash (without interest) to you only if and when the applicable RSUs vest and become payable. Dividend equivalents shall equal the dividends, if any, actually paid with respect to Shares during the Vesting Period while (and to the extent) the RSUs remain outstanding and unpaid. In the event you forfeit the RSUs, you also shall immediately forfeit any dividend equivalents held by the Company that are attributable to the Shares underlying such forfeited RSUs.
		

		
			﻿
		

		
			6.Tax Withholding.  As a condition precedent to the issuance of Shares following the vesting of the Shares, you shall, upon request by the Company, pay to the Company such amount as the Company determines is required, under all applicable federal, state, local or other laws or regulations, to be withheld and paid over as income or other withholding taxes (the “Required Tax Payments”) with respect to such vesting of the Shares.  If you shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to you.  Notwithstanding the foregoing, your obligation to advance the Required Tax Payments shall be satisfied by the Company withholding whole Shares that would otherwise be delivered to you upon vesting of the Shares having an aggregate fair market value, determined as of the date on which such withholding obligation arises (the “Tax Date”), equal to the Required Tax Payments; however, if you submit a written request to the Company at least ten (10) days in advance of the Vesting Date, the Company may agree, in its discretion, to permit you to satisfy your obligation to advance the Required Tax Payments by a check or cash payment to the Company.  Shares shall be withheld based on the applicable statutory minimum tax rate; however, if you submit a written request to the Company at least ten (10) days in advance of the Vesting Date, the Company (or, in the case of an individual subject to Section 16 of the Securities Exchange Act of 1934, as amended, the Committee) may agree, in its discretion, to withhold shares based on a higher tax rate permitted by applicable withholding rules and accounting rules without resulting in variable accounting treatment.    No Share or certificate representing a Share shall be issued or delivered until the Required Tax Payments have been satisfied in full.
		

		
			﻿
		

		
			7.Tax Indemnification. Notwithstanding the provisions of Section 6 above, you agree to indemnify the Company and each  affiliate, and hold the Company and each affiliate harmless against and from any and all liability for any taxes or payments in respect of taxes (including social security and national insurance contributions, to the extent permitted by applicable law), arising as a result of, in connection with or in respect of the grant of the Award,  vesting of the Award and/or the delivery of the Shares pursuant to this Agreement.
		

		
			﻿
		

		
			8.Repayment; Right of Set-Off.  You agree and acknowledge that this Agreement is subject the Company’s Executive Compensation Recoupment Policy and any other repayment policies that are in effect on the Grant Date or that the Committee may adopt from time to time with respect to the repayment to the Company of any benefit received hereunder, including “clawback,” recoupment or set-off policies. In addition, you agree that in the event the Company, in its reasonable judgment, determines that you owe the Company any amount due to any loan, note, obligation or indebtedness, including but not limited to 
		

		 

		

			4

		

		

			 

		

 

		amounts owed to the Company pursuant to the Company’s policies with respect to travel and business expenses, and if you have not satisfied such obligation, then the Company may instruct the plan administrator to withhold and/or sell Shares acquired by you upon settlement of the Award, or the Company may deduct funds equal to the amount of such obligation from other funds due to you from the Company.
		

		
			﻿
		

		
			9.Adjustment of RSUs.  The number of RSUs subject to this Award will automatically be adjusted in accordance with Section 9 of the Plan to prevent accretion, or to protect against dilution, in the event of a change to the Common Stock resulting from a recapitalization, stock split, consolidation, spin-off, reorganization, or liquidation or other similar transactions.
		

		
			﻿
		

		
			10.Non-Transferability of Award.  Unless the Committee specifically determines otherwise, the RSUs may not be transferred by you other than by will or the laws of descent and distribution.  Except to the extent permitted by the foregoing sentence, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process.  Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void. 
		

		
			﻿
		

		
			11.No Right to Continued Employment or Service.  The granting of the Award shall not be construed as granting to you any right to continue your employment or service with the Company. 
		

		
			﻿
		

		
			12.Amendment of this Award.  This Award or the terms of this Agreement may be amended by the Board or the Committee at any time (a) if the Board or the Committee determines, in its reasonable discretion, that amendment is necessary or appropriate to conform the Award to, or otherwise satisfy, any legal requirement (including without limitation the provisions of Section 409A of the Code), which amendments may be made retroactively or prospectively and without your approval or consent to the extent permitted by applicable law; provided that, such amendment shall not materially and adversely affect your rights hereunder; or (b) with your consent. 
		

		
			﻿
		

		
			13.Electronic Delivery and Acceptance. You hereby consent and agree to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents. You also hereby consent to any and all procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agree your electronic signature is the same as, and shall have the same force and effect as, your manual signature. You consent and agree that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan, including any program adopted under the Plan.
		

		
			﻿
		

		
			14.Governing Plan Document.  The Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of the Award or this Agreement and those of the Plan, the provisions of the Plan shall control.
		

		
			﻿
		

		
			15.Governing Law. The validity, construction, interpretation and effect of this Agreement shall exclusively be governed by and determined in accordance with the laws of the State of Delaware, without giving effect to conflict of law rules or principles. 
		

		
			﻿
		

		

		

		 

		

			5

		

		

			 

		

 

		16.Entire Agreement.  This Agreement and the Plan constitute the entire understanding and agreement between the Company and the Participant with respect to the subject matter contained herein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Company and the Participant with respect to such subject matter other than those as set forth or provided for herein.
		

		
			﻿
		

		
			17.No Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.
		

		
			﻿
		

		
			18.Saving Clause.  If any provision of this Agreement shall be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.
		

		
			﻿
		

		
			19.  Compliance with Section 409A of the Code.  This Award is intended to be exempt from or comply with Section 409A of the Code, and shall be interpreted and construed accordingly, and each payment hereunder shall be considered a separate payment.  To the extent this Agreement provides for the Award to become vested and be settled upon the Holder’s termination of employment, the applicable shares of Stock shall be transferred to you or your beneficiary upon your “separation from service,” within the meaning of Section 409A of the Code; provided that if you are a “specified employee,” within the meaning of Section 409A of the Code, then to the extent the Award constitutes nonqualified deferred compensation, within the meaning of Section 409A of the Code, such Shares shall be transferred to you or your beneficiary upon the earlier to occur of (i) the six-month anniversary of such separation from service and (ii) the date of your death. 
		

		
			20.Local Law Requirements.  Appendix A forms part of the Agreement and contains additional terms and conditions that will apply to you if you reside outside of the United States, are a citizen of a jurisdiction other than the United States or are otherwise subject to tax in jurisdiction outside the United States.
		

		
			﻿
		

		
			CHIPOTLE MEXICAN GRILL, INC. 
		

		
			﻿
		

			
					
						﻿By:

					
					
						/s/ Marissa Andrada

				
	
					
						﻿

					
					
						Chief Diversity, Inclusion and People Officer

				

		

		

		 

		

			6

		

		

			 

		

 

		Appendix A to 2021 Restricted Stock Unit Agreement
		

		
			Country-Specific Addenda
		

		
			1.This Addendum includes additional country-specific notices, disclaimers, and/or terms and conditions that apply to individuals who are working or residing in the countries listed below and that may be material to your participation in the Plan. However, because foreign exchange regulations and other local laws are subject to frequent change, you are advised to seek advice from his or her own personal legal and tax advisor prior to accepting an Award. 
		

		
			2.If you are a citizen or resident of a country, or otherwise subject to tax in another country other than the one in which you are currently working and/or residing, transfers to another country after the date of grant of the Award, or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to you.
		

		
			3.The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your acceptance of the Award or participation in the Plan. 
		

		
			4.Unless otherwise noted below, capitalized terms shall have the same meaning assigned to them under the Plan and this Agreement. This Addendum forms part of the Agreement and should be read in conjunction with the Agreement and the Plan.
		

		 

		

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			Canada
		

		
			1.Application. This Addendum shall apply to you if (a) you are employed in, resident in, a citizen of, or otherwise subject to tax in Canada; or (b) in circumstances where the Company, in exercising its discretion in accordance with paragraph 2 of the Country-Specific Addendum, determines this Addendum shall apply to you.
		

		
			2.Use of Information. For the purposes of managing and administering the arrangements under this Agreement, the Company may share basic information such as information concerning your eligibility, grants, settlement or vesting in accordance with this Agreement with and between affiliates. The Company may also share this information with service providers that may assist in administering the arrangements under this Agreement, as well as with relevant government authorities.
		

		

		

		 

		

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		France
		

		
			1.Application. This Addendum shall apply to you if (a) you are employed in, resident in, a citizen of, or otherwise subject to tax in France; or (b) in circumstances where the Company, in exercising its discretion in accordance with paragraph 2 of the Country-Specific Addendum, determines this Addendum shall apply to you.
		

		
			2.Language Consent. By accepting the Plan, you confirm that you have read and understood the documents relating to this grant (the Plan and any agreement, including this Addendum) which were provided in English language. You accept the terms of those documents accordingly.
		

		

		

		 

		

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		United Kingdom
		

		
			1.Application. This Addendum shall apply to you if (a) you are employed in, resident in, a citizen of, or otherwise subject to tax in the United Kingdom; or (b) in circumstances where the Company, in exercising its discretion in accordance with paragraph 2 of the Country-Specific Addendum, determines this Addendum shall apply to you.
		

		
			2.Recovery of Tax. In the event that you have failed to make arrangements under Section 6 of this Agreement for the amount so indemnified under Section 7 of this Agreement, you shall pay to the Company or subsidiary, as relevant, (or such other affiliate, as the case may be) the balance of any Required Tax Payments then due in cash promptly on written demand and in any event within 60 days from the date on which any relevant amount indemnified under Section 7 of this Agreement is due to be accounted for to the applicable tax authority, failing which you shall also be liable to account to the Company or any subsidiary for any additional liability that may arise to the Company or such other affiliate as a result of the operation of Section 222 of ITEPA.
		

		 

		

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