Document:

EX-4.3

 Exhibit 4.3 
  

 
 FIFTH AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 
 dated as of August 3, 2016 

among 
 AZUL S.A.

 And 
 THE
SHAREHOLDERS NAMED HEREIN 
  
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
	Section 1.	 	 Defined Terms; Rules of Construction
	  	 	2	  
		 	 1.1     Defined Terms
	  	 	2	  
		 	 1.2     Rules of
Construction
	  	 	6	  
	Section 2.	 	 Demand Registration
	  	 	7	  
	Section 3.	 	 Registrations on Form F-3 or
Form S-3
	  	 	8	  
	Section 4.	 	 Piggyback Registration
	  	 	9	  
	Section 5.	 	 Holdback Agreement; Coordinated Transfers
	  	 	10	  
		 	 5.1     Holdback
	  	 	10	  
		 	 5.2    
 Sales in Certain Underwritten Offerings
	  	 	10	  
	Section 6.	 	 Preparation and Filing
	  	 	10	  
	Section 7.	 	 Expenses
	  	 	13	  
	Section 8.	 	 Indemnification
	  	 	13	  
	Section 9.	 	 Underwriting Agreement
	  	 	15	  
	Section 10.	 	 Suspension
	  	 	16	  
	Section 11.	 	 Information by Holder
	  	 	16	  
	Section 12.	 	 Rule 144 Reporting
	  	 	17	  
	Section 13.	 	 Termination
	  	 	17	  
	Section 14.	 	 Miscellaneous
	  	 	17	  
		 	 14.1   Notices
	  	 	17	  
		 	 14.2   Assignment
	  	 	18	  
		 	 14.3   Entire Agreement
	  	 	18	  
		 	 14.4   Modifications, Amendments and
Waivers
	  	 	18	  
		 	 14.5   Counterparts
	  	 	18	  
		 	 14.6   Governing Law
	  	 	19	  
		 	 14.7  
 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	19	  
		 	 14.8   Severability
	  	 	20	  
		 	 14.9   No Presumption
	  	 	20	  
		 	 14.10 No Third Party Beneficiary
	  	 	20	  
		 	 14.11 Non-Recourse
	  	 	20	  
		 	 14.12 Specific Performance
	  	 	20	  
		 	 14.13 Business Days
	  	 	20	  
		 	 14.14 Electronic Execution
	  	 	21	  
		 	 14.15 Captions
	  	 	21	  

  
 i 

 Exhibit 4.3 

FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Fifth Amended and Restated Registration Rights Agreement dated as of August 3, 2016 (this “Agreement”), is
by and among Azul S.A., a Brazilian corporation (sociedade anônima) (the “Company”), and each of the Company’s shareholders identified on a signature page hereto (collectively, the
“Shareholders”). Capitalized terms used but not defined elsewhere herein have the meanings assigned to them in Section 1.1. 

WHEREAS, the Class A Shareholders (as defined below), the Class B Shareholders (as defined below) and the Class C Shareholder (as
defined below) have entered into a Fourth Amended and Restated Registration Rights Agreement dated as of June 26, 2015, under which they were granted registration rights in connection with their preferred shares of the Company (the
“Fourth Amended and Restated Registration Rights Agreement”). 
 WHEREAS, the Class D Shareholder (as defined
below) desires to acquire Class D Preferred Shares (as defined below) and the Company desires to issue Class D Preferred Shares to the Class D Shareholder on the date hereof, in a transaction being completed solely in Brazil and not involving a
public offering in Brazil, under Brazilian Federal Law No. 6,385 and Rule (“Instrução”) No. 400, issued by the Brazilian Securities Commission (Comissão de Valores Mobiliários) on
December 29, 2003, as amended (the “Investment”). 
 WHEREAS, the Class B Shareholders have the
right under the By-laws (as defined below) to convert their Class B Preferred Shares into Class A Preferred Shares (or such other class of preferred shares of the Company into which the Class A Preferred Shares may be converted or
reclassified and that will be subject to a Qualified IPO (as defined below)). 
 WHEREAS, the Class C Shareholder has the right under the
By-laws (as defined below) to convert its Class C Preferred Shares into Class A Preferred Shares (or such other class of preferred shares of the Company into which the Class A Preferred Shares may be converted or reclassified and that will
be subject to a Qualified IPO (as defined below)). 
 WHEREAS, the Class D Shareholder has the right under the By-laws (as defined below) to
convert its Class D Preferred Shares into Class A Preferred Shares (or such other class of preferred shares of the Company into which the Class A Preferred Shares may be converted or reclassified and that will be subject to a Qualified IPO
(as defined below)). 
 WHEREAS, upon the consummation of a Qualified IPO the Class B Shareholders Agreement (as defined below) and the
Fifth Amended and Restated Shareholders Agreement (as defined below) together with each other shareholders or similar agreement among the Company and the holders of its preferred securities, other than this Agreement, will terminate. 

WHEREAS, the Class B Shareholders, the Class C Shareholder and the Class D Shareholder are entitled to the benefits of this Agreement only
with respect to the Class A Preferred Shares received by them upon conversion of their Class B Preferred Shares, Class C Preferred Shares or Class D Preferred Shares, respectively, pursuant to the By-laws and/or upon exercise of any Warrant, as
applicable. 

  
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 WHEREAS, the Company and the Shareholders deem it to be in their respective best interests to
amend and restate the Fourth Amended and Restated Registration Rights Agreement in order to set forth the rights of the Shareholders in connection with public offerings and sales of the New Preferred Shares (as defined below) and the New Preferred
Shares are the only shares of the Company’s capital stock subject to this Agreement. 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

Section 1.         DEFINED
TERMS; RULES OF CONSTRUCTION 

1.1         DEFINED
TERMS. Capitalized terms used and not otherwise defined in this Agreement have the meanings ascribed to them below: 

“ADS” means an American Depositary Share, which shall be evidenced by an American Depositary Receipt. 

“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with
such particular Person, where “control” means the possession, directly or indirectly through one or more intermediaries, of the ownership of more than 50% of the voting stock of a Person, or the power to direct the management and policies
of a Person whether through the ownership of voting securities, contract or otherwise. 
 “Agreement” has the
meaning set forth in the preamble hereof. 
 “Business Day” means any day that is not a Saturday, Sunday,
legal holiday or other day on which banks are authorized or required to be closed in New York, NY, USA; São Paulo, SP, Brazil; Barueri, SP, Brazil; or Hong Kong, PRC. 

“By-laws” means the Company’s by-laws to be approved at a general shareholders’ meeting in the form attached
as Exhibit A to the Investment Agreement (as defined below).  
 “Class A Preferred Shares”
(i) those certain shares of the class of preferred stock of the Company existing before the date of this Agreement, as set forth on Schedule II to the Subscription Agreement; (ii) those certain shares, if any, into which the Class B
Preferred Shares (as defined below) may hereafter mandatorily convert pursuant to the By-laws and in accordance with the terms and conditions of the Subscription Agreement (as defined below); (iii) those certain shares of the class of preferred
stock of the Company resulting from the exercise of any Warrant; (iv) those certain shares, if any, into which the Class C Preferred Shares (as defined below) may hereafter mandatorily convert pursuant to the By-laws and in accordance with the
terms and conditions of the Fifth Amended and Restated Shareholders Agreement; and (v) those certain shares, if any, into which the Class D Preferred Shares (as defined below) may hereafter mandatorily convert pursuant to the By-laws and in accordance with the terms and conditions of the Fifth Amended and Restated Shareholders Agreement.  

  
 2 

 “Class A Shareholders” means the holders of Class A Preferred Shares
identified on the signature pages hereto. 
 “Class B Preferred Shares” means the shares of the class of
preferred stock of the Company that were issued, subscribed and paid-in under the Subscription Agreement dated as of December 23, 2013, in connection with the Private Placement and that are automatically and mandatorily convertible into
Class A Preferred Shares.  
 “Class B Shareholders” means the holders of Class B Preferred Shares
identified on the signature pages hereto. 
 “Class B Shareholders Agreement” means the Class B Shareholders
Agreement dated December 23, 2013, among the Company, the Class A Shareholders, the Class B Shareholders and the Common Shareholders (as defined therein). 

“Class C Investment” means the investment in Class C Preferred Shares by the Class C Shareholder pursuant to the Class C
Investment Agreement. 
 “Class C Investment Agreement” means the Investment Agreement dated as of June 26,
2015, among the Company, the Class C Shareholder and United Airlines, Inc. 
 “Class C Preferred Shares”
means the shares of the class of preferred stock of the Company that were issued, subscribed and paid-in under the Class C Investment Agreement dated as of June 26, 2015, in connection with the Class C Investment and that are automatically and
mandatorily convertible into Class A Preferred Shares.  
 “Class C Shareholder” means the holder of
Class C Preferred Shares identified on the signature page hereto. 
 “Class D Preferred Shares” means newly
issued shares of the class of preferred stock of the Company that are being issued, subscribed and paid-in under the Investment Agreement dated as of the date hereof in connection with the Investment and that are automatically and mandatorily
convertible into Class A Preferred Shares.  
 “Class D Shareholder” means the holder of Class D
Preferred Shares identified on the signature page hereto. 
 “Company” has the meaning set forth in the
preamble hereof. 
 “Delay/Suspension Period” has the meaning set forth in Section 10 hereof.

 “Demand Notice” has the meaning set forth in Section 2(a) hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

  
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 “Fifth Amended and Restated Shareholders Agreement” means the Fifth Amended and
Restated Shareholders Agreement dated as of the date of this Agreement among the Company, the Class A Shareholders, the Class C Shareholder, the Class D Shareholder and the Company’s shareholders holding Common Shares (as defined therein).

 “Form F-3” means such form under the Securities Act as in effect on the date of this Agreement or any
successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC in a similar or comparable
manner. 
 “Form S-3” means such form under the Securities Act as in effect on the date of this
Agreement or any successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC in a similar
or comparable manner. 
 “Fourth Amended and Restated Registration Rights Agreement” has the meaning set
forth in the preamble hereof. 
 “F-3/S-3 Notice” has the meaning set forth in Section 3(a) hereof.

 “Governmental Authority” means any United States, Brazilian, PRC or other government or political subdivision or
quasi-governmental authority thereof, whether on a federal, national, state, provincial, municipal or local level and whether executive, legislative or judicial in nature, including any agency, entity, body, authority, board, bureau, commission,
court, tribunal, department, commission or other instrumentality thereof and, if relevant or appropriate, in any other country or other jurisdiction. 

“Investment” has the meaning set forth in the preamble hereof. 

“Investment Agreement” means the Investment Agreement dated as of the date hereof between the Company and the Class D
Shareholder. 
 “Majority of Shareholders” means those Shareholders who hold in the aggregate in excess of
50% of the New Preferred Shares held by all of the Shareholders. 
 “Material Transaction” means any material
transaction in which the Company or any of its subsidiaries proposes to engage or is engaged, including a material purchase or sale of assets or securities, financing, merger, consolidation, tender offer or any other material transaction that would
require disclosure pursuant to the Exchange Act, and with respect to which the board of directors of the Company reasonably has determined in good faith that compliance with this Agreement may reasonably be expected to either materially interfere
with the Company’s or such subsidiary’s ability to consummate such transaction in a timely fashion or require the Company to disclose material, non-public information prior to such time as it would otherwise be required to be disclosed.

  

  
 4 

 “New Preferred Shares” means the Company’s Class A Preferred Shares
held by the Class A Shareholders, the newly issued Class A Preferred Shares into which the Class B Preferred Shares held by the Class B Shareholders will be automatically converted in the event of a Qualified IPO, the newly issued
Class A Preferred Shares resulting from the exercise of any Warrant by the Class B Shareholders, the newly issued Class A Preferred Shares into which the Class C Preferred Shares held by the Class C Shareholder will be automatically
converted in the event of a Qualified IPO, the newly issued Class A Preferred Shares into which the Class C Preferred Shares held by the Class C Shareholder will be converted at the option of the Class C Shareholder, the newly issued
Class A Preferred Shares into which the Class D Preferred Shares held by the Class D Shareholder will be automatically converted in the event of a Qualified IPO and the newly issued Class A Preferred Shares into which the Class D Preferred
Shares held by the Class D Shareholder will be converted at the option of the Class D Shareholder. 
 “Other Shares”
means with respect to a particular registration statement, any of the preferred shares that are to be included in such registration statement that are not Primary Shares or Registrable Shares.  

“Person” shall be construed as broadly as possible and shall include an individual, a partnership
(including a limited liability partnership), a corporation (including, without limitation, a sociedade anônima), an association, a fund, a joint stock company, a limited liability company, a trust, a joint venture, a firm, an
unincorporated association, a Governmental Authority or any other entity. 
 “PRC” means the People’s Republic
of China. 
 “Primary Shares” means, with respect to a particular registration statement, any of the preferred
shares to be issued by the Company in a registered offering pursuant to such registration statement. 
 “Private
Placement” means the private placement of Class B Preferred Shares and Warrants to the Class B Shareholders on December 23, 2013. 

“Prospectus” means the prospectus included in a Registration Statement filed with the SEC, including any prospectus
subject to completion, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Shares and, in each case, by all other amendments and supplements to
such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 

“Qualified IPO” means a firm commitment underwritten initial public offering of preferred shares or ADSs representing
preferred shares or any other equity interests of the Company under the Brazilian Federal Law No. 6,385/76 and under Securities Act, lead-managed by an underwriter of international standing, for listing on the BM&FBOVESPA and/or on The New
York Stock Exchange.  
 “Registrable Shares” means, at any time, and with respect to any Shareholder, the New
Preferred Shares held by such Shareholder; provided, however, that such New Preferred Shares shall cease to be Registrable Shares: (a) when ADSs representing such Registrable Shares have been registered under the Securities Act,
the Registration Statement in connection therewith has been declared effective and the Registrable Shares have been disposed of pursuant to and in the manner described in such effective Registration Statement; (b) when such Registrable Shares
are no longer owned by such Shareholder or the transferee of all the Registrable Shares owned by such Shareholder; or (c) three years after the date on which such Shareholder may first sell such Registrable Shares under Rule 144 (but not
Rule 144A) without any volume limitations. 
  

  
 5 

 “Registration Date” means the date the first registration statement
pursuant to which the Company shall have initially registered preferred shares or ADSs representing preferred shares or any other equity interests of the Company under the Securities Act for sale to the public shall have been declared effective.

 “Registration Statement” means any registration statement of the Company that registers any of the
Registrable Shares or ADSs representing such Registrable Shares for resale under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Restricted
Period” has the meaning set forth in Section 5.1 hereof.  
 “Rule 144” means
Rule 144 promulgated under the Securities Act or any successor rule thereto. 
 “SEC” means the United
States Securities and Exchange Commission. 
 “Securities Act” the United States Securities Act of 1933, as
amended. 
 “Shareholders” has the meaning set forth in the preamble hereof. 

“Shareholders’ Counsel” has the meaning set forth in Section 6(a)(ii) hereof. 

“Subscription Agreement” means the Subscription Agreement dated December 23, 2013, among the Company and the
Class B Shareholders. 
 “Transaction Documents” means this Agreement and the other agreements, instruments
and documents contemplated hereby and thereby, including each exhibit hereto and thereto. 
 “US$” means the
lawful currency of the United States of America. 
 “Warrant” means each warrant issued to the Class B
Shareholders in the Private Placement representing the right to receive a number of Class 
A Preferred Shares. 
 1.2         RULES
OF CONSTRUCTION. The term “this Agreement” means this registration rights agreement together with all schedules and exhibits hereto, as the same may from time to time be
amended, modified, supplemented or restated in accordance with the terms hereof. The use in this Agreement of the term “including” means “including, without limitation.” The words “herein,” “hereof,”
“hereunder” and other words of similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section,
subsection, paragraph, subparagraph or clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to this Agreement, except where
otherwise stated. The title of and the section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. Where
specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. Unless
expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the
measure shall be that date of the following month or year corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and one month following March 31 is May 1. 

 

  
 6 

 Section 2.
        DEMAND REGISTRATION. 
 (a)
        At any time after the six month anniversary of the Registration Date: (i) Shareholders owning a majority of the then outstanding Registrable Shares may on two occasions give the Company written
notice (a “Demand Notice”) requiring the Company to file a Registration Statement covering the sale or distribution of, at such Shareholders’ option, either (A) ADSs representing the Registrable Shares owned by
such Shareholders, or (B) in the event that the Company shall have previously registered under the Securities Act the sale to the public of preferred shares, the Registrable Shares owned by such Shareholders, in either case, that are identified
in the Demand Notice in accordance with any reasonable and lawful method of distribution selected by them; and (ii) the Company shall within 10 days after receipt of such Demand Notice give written notice to the other Shareholders of their
right to include in such Registration Statement any Registrable Shares owned by them (or ADSs representing any Registrable Shares owned by them, as applicable) that such Shareholders shall request the Company to include therein by written notice
given to the Company no more than 20 days after receipt of such notice from the Company. The Company shall thereafter use its commercially reasonable efforts to effect the registration of the Registrable Shares (and/or ADSs representing any
Registrable Shares owned by them, as applicable) identified by the Shareholders in the preceding clauses (i) and (ii) as soon as practicable, but in any event within 90 days from receipt of the Demand Notice. If the method of
distributing the offering is an underwritten public offering, the Company may designate the managing underwriter for such offering, subject to the approval of the Shareholders holding a majority of the Registrable Shares referred to in the Demand
Notice (such approval not to be unreasonably withheld). 
 (b)        The Company shall not be
obligated to use its commercially reasonable efforts to file and cause to become effective: (i) more than two Registration Statements initiated pursuant to Section 2(a); or (ii) any Registration Statement pursuant to
Section 2(a) during any period in which any other registration statement (other than on Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) pursuant to which New Preferred Shares or ADSs
representing New Preferred Shares are to be or were sold under the Securities Act (A) has been filed and not withdrawn or has been declared effective within the prior 180 days and (B) in connection with any such registration statement
that has not been declared effective, the Company is in good faith using commercially reasonable efforts to cause such registration statement to become effective. 

(c)         With respect to any registration pursuant to Section 2(a), the Company may include in
such registration any Primary Shares or Other Shares (or any ADSs representing Primary Shares or Other Shares); provided, however, that if the managing underwriter advises the Company that the inclusion of all Registrable Shares,
Primary Shares and Other Shares (and/or ADSs representing all Registrable Shares, Primary Shares and Other Shares) proposed to be included in such registration would interfere with the successful marketing (including pricing) of all such securities,
then the number of Registrable Shares, Primary Shares and Other Shares (and/or ADSs representing Registrable Shares, Primary Shares and Other Shares) proposed to be included in such registration shall be included in the following order: 

(i)         first, the Registrable Shares (and/or ADSs representing Registrable Shares, as
applicable) held by the Shareholders requesting that their Registrable Shares (or ADSs representing Registrable Shares, as applicable) be included in such registration pursuant to Section 2(a), pro rata based upon the number of
Registrable Shares (or ADSs representing Registrable Shares, as applicable) owned by each such Shareholder at the time of such registration; provided, however, that the number of Registrable Shares (or ADSs representing Registrable Shares)
held by the Shareholders to be included in such underwriting shall not be reduced unless all Primary Shares and Other Shares (and/or ADSs representing Primary Shares and Other Shares, as applicable) are first entirely excluded from the underwriting;

  

  
 7 

 (ii)         second, the Primary Shares; and 

(iii)         third, the Other Shares; 

provided, however, that, a registration shall not be counted as “effected” for the purposes of this Section 2 and shall not count
as a registration initiated pursuant to this Section 2 for purposes of Section 2(b)(i) above, if, as a result of an exercise of the underwriter’s cutback provisions in this clause (c), fewer than one-half of the total number of
Registrable Shares or ADSs representing Registrable Shares, as applicable, that the Shareholders have requested to be included in such registration statement are actually included. 

(d)         A requested registration under this Section 2 may be rescinded prior to such
registration being declared effective by the SEC by written notice to the Company from those Shareholders who initiated the request; provided, however, that such rescinded registration shall not count as a registration initiated
pursuant to this Section 2 for purposes of Section 2(b)(i) above if the Company shall have been reimbursed (pro rata by the Shareholders requesting registration or in such other proportion as they may agree) for all reasonable
and documented out-of-pocket expenses incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of such rescission, the Shareholders who initiated the request shall
have learned of an event that is, or is reasonably likely to result in, a material adverse change in the Company’s business, financial condition or results of operations from that known to such Shareholders at the time of their request and have
withdrawn the request with reasonable promptness after learning of such information then the Shareholders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded
registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for purposes of clause (i) of subsection (b). 

Section 3.         REGISTRATIONS
ON FORM F-3 OR FORM S-3. 
 (a)
        Subject to Section 3(c), at such time as the Company shall have qualified for the use of Form F-3 or Form S-3 promulgated under the Securities Act or any successor form thereto:
(i) Shareholders owning at least 35% of the then outstanding Registrable Shares may from time to time give the Company written notice (an “F-3/S-3 Notice”) requiring the Company to file a Registration Statement on Forms F-3 or
Form S-3 covering the sale or distribution of, at such Shareholders’ option, either (A) ADSs representing the Registrable Shares owned by such Shareholders, or (B) in the event that the Company shall have previously registered
under the Securities Act the sale to the public of any New Preferred Shares, the Registrable Shares owned by such Shareholders, in either case that are identified in the
F-3/S-3 Notice in accordance with any reasonable and lawful method of distribution selected by them (other than an underwritten or similar offering); and
(ii) the Company shall within 10 days after receipt of such F-3/S-3 Notice give written notice to the other Shareholders of their right to include in such Registration Statement any Registrable Shares (or ADSs representing any Registrable
Shares) owned by them that such Shareholders shall request the Company to include therein by written notice given to the Company no more than 20 days after receipt of such notice from the Company. The Company shall thereafter use its
commercially reasonable efforts to effect the registration of such Registrable Shares (and/or ADSs representing such Registrable Shares) identified by the Shareholders in the preceding clauses (i) and (ii) as soon as practicable but in any
event within 60 days from receipt of the F-3/S-3 Notice. 
 (b)         The Company
shall be obligated to use its commercially reasonable efforts to effect pursuant to Section 3(a) any registration under the Securities Act except that the Company shall not be obligated to effect any such registration initiated pursuant to
Section 3(a) if: (i) the Company shall reasonably conclude that the anticipated gross offering price of all Registrable Shares (and/or ADSs representing all Registrable Shares) to be included therein would be less than US$25,000,000;
(ii) such registration is requested within six months after a registered offering of the Company under the Securities Act in which any of the Shareholders were given the opportunity to participate and all of the Shareholders that shall
have elected to participate in such registered offering were permitted to include, without cutback, more than 50% of the Registrable Shares so elected to be included therein by such Shareholders; or (iii) the Company shall have effected one or
more Registration Statements on Form S-3 pursuant to this Section 3 during the preceding six-month period. 
  

  
 8 

 (c)         A requested registration under this
Section 3 may be rescinded prior to such registration being declared effective by the SEC by written notice to the Company from those Shareholders who initiated the request; provided, however, that such rescinded registration
shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (b) if the Company shall have been reimbursed (pro rata by the Shareholders requesting registration or in such other proportion
as they may agree) for all reasonable and documented out-of-pocket expenses incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of such rescission, the
Shareholders who initiated the request shall have learned of an event that is, or is reasonably likely to result in, a material adverse change in the Company’s business, financial condition or results of operations from that known to such
Shareholders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Shareholders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by
the Company in connection with such rescinded registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (b). 

Section 4.         PIGGYBACK
REGISTRATION. If the Company at any time proposes, for any reason, to register any Primary Shares or Other Shares (or ADSs representing Primary Shares or Other Shares) under the Securities Act (other than on
Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto), it shall promptly give written notice to each Shareholder of its intention so to register such Primary Shares or Other Shares (or such ADSs) and,
upon the written request, given within 20 days after delivery of any such notice by the Company, of any such Shareholder to include in such registration Registrable Shares (and/or ADSs representing such Registrable Shares) owned by such
Shareholder (which request shall specify the number of the Registrable Shares (and/or ADSs) proposed to be included in such registration), the Company shall use its commercially reasonable efforts to cause all such Registrable Shares (and ADSs) to
be included in such registration on the same terms and conditions as the securities otherwise being sold in such registration; provided, however, that if such registration is an underwritten offering and the managing underwriter advises the Company
that the inclusion of all Primary Shares, Registrable Shares and Other Shares (or ADSs representing such Primary Shares, Registrable Shares and Other Shares) proposed to be included in such registration would interfere with the successful marketing
(including pricing) of the preferred shares (and/or ADSs representing such preferred shares) proposed to be registered by the Company, then the number of Primary Shares, Registrable Shares and Other Shares (and ADSs representing the foregoing)
proposed to be included in such registration shall be included in the following order: 
 (a)
        first, Primary Shares (or ADSs representing Primary Shares); 
 (b)
        second, Registrable Shares (or ADSs representing Registrable Shares) held by the Shareholders requesting that Registrable Shares (or ADSs representing Registrable Shares) be included in such
registration, pro rata based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; and 

(c)         third, Other Shares (or ADSs representing such Other Shares) held by shareholders
requesting that Other Shares (or ADSs representing such Other Shares) be included in such registration, pro rata based on the number of Other Shares owned by each such shareholder at the time of such registration of Other Shares (or among
such shareholders in such other proportion as they shall otherwise agree). 

  
 9 

 Section 5.
        HOLDBACK AGREEMENT; COORDINATED TRANSFERS. 

5.1        HOLDBACK . If the
Company at any time shall register New Preferred Shares and/or ADSs representing New Preferred Shares under the Securities Act in an underwritten offering, the Shareholders shall not sell, make any short sale of, grant any option for the purchase
of, or otherwise dispose of any Registrable Shares (other than those Registrable Shares included in such registration pursuant to Sections 2, 3 or 4) without the prior written consent of the managing underwriters of such offering for a period (the
“Restricted Period”) as shall be determined by the managing underwriters, which period cannot begin more than 7 days prior to the effectiveness of such registration and cannot last more than 90 days (180 days in the
case of the Company’s Qualified IPO) after the effective date of such registration; provided, however, that the foregoing restrictions shall not apply with respect to any Shareholder, (a) in the event the managing underwriters in such
offering shall agree, any shares of the capital stock of the Company purchased or otherwise acquired by such Shareholder in the open market following the initial public offering of the Company and (b) other than in the Company’s Qualified
IPO, any registration in which, as a result of the underwriter cutback provisions of Section 2 and 4, such Shareholder was either excluded from the registration entirely or was only permitted to include in such registration less than 25% of the
Registrable Shares or less than 25% of the ADSs representing such Registrable Shares, as applicable, requested by such Shareholder to be included therein. The foregoing provisions of this Section 5 shall only be applicable to the Shareholders
if all officers, directors and selling shareholders of the Company enter into similar agreements. Neither the Company nor the underwriters in respect of such underwritten offering shall grant any discretionary waiver or termination of the
restrictions of any or all of such agreements unless such waiver or termination shall apply, on a pro rata basis, to the New Preferred Shares held by the Shareholders. 

5.2        SALES IN
CERTAIN UNDERWRITTEN OFFERINGS. If at any time during the first year after expiration of the Restricted Period following the Company’s Qualified IPO any Shareholder shall sell any
Registrable Shares (or ADSs representing Registrable Shares, as applicable) in any registered underwritten offering under the Securities Act, then the Shareholders shall each have a right to sell Registrable Shares (or ADSs representing Registrable
Shares, as applicable) in such underwritten transaction in the same proportion as the number of Registrable Shares then owned by such Shareholder bears to the number of Registrable Shares then owned by all of Shareholders who desire to participate
in such underwritten transaction (or in such other proportion as they shall otherwise agree). 

Section 6.        PREPARATION
AND FILING. 
 (a)         If and whenever the
Company is under an obligation pursuant to the provisions of this Agreement to use its commercially reasonable efforts to effect the registration of Registrable Shares or ADSs representing any Registrable Shares, the Company shall, as expeditiously
as practicable: 
 (i)         prepare and file with the SEC a Registration Statement that registers
such Registrable Shares or ADSs representing such Registrable Shares and use its commercially reasonable efforts to cause such Registration Statement (or any post- effective amendment thereto) to become effective as promptly as practicable, and
remain effective for a period of 120 days or until the distribution contemplated in such Registration Statement of all of such Registrable Shares (or such ADSs) have been completed (if earlier); provided, however, that:
(A) such 120 day period shall be extended for a period of time equal to the period a Shareholder refrains, at the request of an underwriter of the Company, from selling any securities included in such registration; and (B) in the case of
any registration of Registrable Shares or ADSs representing Registrable Shares on Form F-3 or Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such 120 day period
shall be extended for up to 180 days, if necessary, to keep the registration statement effective until all such Registrable Shares are sold; 

(ii)        furnish, at least three Business Days before filing, final drafts of a Registration
Statement that registers Registrable Shares (or ADSs representing such Registrable Shares), a Prospectus relating thereto and any amendments or supplements relating to such Registration Statement or Prospectus, to one counsel selected by a Majority
of Shareholders (the “Shareholders’ Counsel”) copies of all such documents proposed to be filed (it being understood that such three Business Day period need not apply to successive drafts of the same document proposed to be
filed so long as such successive drafts are supplied to such counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances), and not file any Registration Statement or amendment or supplement
thereto that contains information relating to an investor in any of the Company’s securities in a form to which such investor reasonably objects in writing by the end of such period; 

  
 10 

 (iii)        prepare and file with the SEC such
amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the lesser of the period required pursuant to clause (i) of
this subsection (a) or until all of the Registrable Shares (or ADSs representing such Registrable Shares) have been disposed of (if earlier) and to comply with the provisions of the Securities Act with respect to the sale or other
disposition of such Registrable Shares (or such ADSs); 
 (iv)        notify the Shareholders’
Counsel promptly in writing (A) of any comments by the SEC with respect to such Registration Statement or Prospectus, or any request by the SEC for the amending or supplementing thereof or for additional information with respect thereto,
(B) of the effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto and the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or Prospectus or any
amendment or supplement thereto or the initiation of any proceedings for that purpose and (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares (or ADSs representing
such Registrable Shares) for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 

(v)        use its commercially reasonable efforts to register or qualify, or obtain exemption from
the registration or qualification requirements for, Registrable Shares (or ADSs representing such Registrable Shares) under such other securities or blue sky laws of such jurisdictions as any seller of the Registrable Shares (or ADSs representing
such Registrable Shares) reasonably requests and take any and all other measures and do all other things which may be reasonably necessary or advisable to enable such seller of the Registrable Shares (or ADSs representing Registrable Shares) to
consummate the disposition thereof in such jurisdictions; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any
jurisdiction where it would not otherwise be required so to do but for this clause (v); 

(vi)        use its commercially reasonable best efforts to prevent the issuance of any stop order or
other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Shares (or ADSs representing Registrable Shares) for sale in any jurisdiction and, if such an order or suspension is
issued, use its commercially reasonable best efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Shareholders of the issuance of any such order and the resolution thereof or its receipt of
actual notice of the initiation or threat of any proceeding for such purpose; 
 (vii)        
furnish without charge to each seller of the Registrable Shares (or ADSs representing such Registrable Shares) such number of copies of a summary Prospectus or other Prospectus, including a preliminary Prospectus, in conformity with the requirements
of the Securities Act, and such other documents as such seller of the Registrable Shares (or ADSs representing Registrable Shares) may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares (or ADSs
representing such Registrable Shares); 
 (viii)        notify on a timely basis each seller of the
Registrable Shares (or ADSs representing such Registrable Shares) at any time when a Prospectus relating to the Registrable Shares (or ADSs representing such Registrable Shares) is required to be delivered under the Securities Act within the
appropriate period mentioned in clause (i) of this subsection (a) of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, promptly prepare and file a supplement or amendment to such Prospectus as
may be necessary so that, as supplemented or amended, such Prospectus shall cease to include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances in which they were made; 
  

  
 11 

 (ix)        make available for inspection by any seller
of the Registrable Shares (or ADSs representing such Registrable Shares), any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other representative retained by any such seller or
underwriter, all pertinent financial, business and other records and documents as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant or other representative in connection with such Registration Statement; provided, however, that the obligation of the Company to make such
records and information available to any such seller or underwriter or any attorneys, accountants or other representatives of any such seller or underwriter shall be subject to the receipt by the Company of a confidentiality agreement from such
seller or underwriter, as the case may be, in form and substance reasonably satisfactory to the Company; 

(x)        use its commercially reasonable efforts to obtain from its independent certified public
accountants a “comfort” letter in customary form and covering such matters of the type customarily covered by comfort letters; 

(xi)        use its commercially reasonable efforts to obtain, from its counsel, an opinion or
opinions in customary form; 
 (xii)        obtain the approval of all Governmental Authorities and
self-regulatory bodies as may be necessary to effect the registration of the Registrable Shares and consummate the disposition of such Registrable Securities pursuant to the Registration Statement; 

(xiii)        provide a transfer agent and registrar for all Registrable Shares or ADSs representing
such Registrable Shares registered pursuant to this Agreement and request the registrar to provide a CUSIP number for all such Registrable Shares or ADSs representing such Registrable Shares, in each case not later than the effective date of such
registration; 
 (xiv)        list the Registrable Shares (or ADSs representing such Registrable
Shares) on any United States national securities exchange on which any New Preferred Shares or ADSs representing New Preferred Shares are listed; 

(xv)        notify each Shareholder, promptly after the Company receives notice thereof, of the time
when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; 

(xvi)        after such Registration Statement becomes effective, notify each Shareholder of any
request by the SEC that the Company amend or supplement such registration statement or prospectus; and 

(xvii)        otherwise use its commercially reasonable efforts to take all other steps necessary to
effect the registration of the Registrable Shares (or ADSs representing such Registrable Shares) contemplated hereby. 

(b)         Each holder of Registrable Shares that sells Registrable Shares (or ADSs representing the
Registrable Shares) pursuant to a registration under this Agreement agrees that during such time as such seller may be engaged in a distribution of the Registrable Shares (or such ADSs), such seller shall comply with Regulation M promulgated
under the Exchange Act and pursuant thereto it shall, among other things: (i) distribute the Registrable Shares (or ADSs representing the Registrable Shares) under the Registration Statement solely in the manner described in the Registration
Statement covering such Registrable Shares (or ADSs); and (ii) cease distribution of the Registrable Shares (or ADSs representing such Registrable Shares) pursuant to such Registration Statement upon receipt of written notice from the Company
that the Prospectus covering the Registrable Shares (or ADSs representing the Registrable Shares) contains any untrue statement of a material fact or omits a material fact required to be stated therein or necessary to make the statements therein not
misleading. 
  

  
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Section 7.        EXPENSES.
All expenses incurred by the Company in complying with Section 6, including, without limitation, all registration and filing fees (including all expenses incident to filing with the National Association of Securities Dealers, Inc.), fees and
expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants and fees, shall be paid by the Company. All expenses incurred by any Shareholder in connection with any sale
of Registrable Shares (or ADSs representing Registrable Shares) under this Agreement, including, without limitation, such Shareholder’s pro rata share of all fees and expenses of Shareholders’ Counsel and the out-of-pocket
expenses incurred by the Company for which the Shareholders are responsible, if any, pursuant to Sections 2(d) and 3(c), shall be paid by such Shareholder, except that the Company shall pay up to US$35,000 of the reasonable fees and expenses of
Shareholders’ Counsel in three offerings pursuant to Section 2, 3 or 4. 

Section 8.        
INDEMNIFICATION. 
 (a)        In connection with any
registration of Registrable Shares (or ADSs representing any Registrable Shares) under the Securities Act pursuant to this Agreement, the Company shall indemnify and hold harmless the seller of such Registrable Shares (or ADSs), and each other
Person, if any, who controls such seller and each officer, director, partner and member of any of the foregoing Persons, against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement under which Registrable Shares (or ADSs representing such Registrable Shares) were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus
or any document incident to registration or qualification of Registrable Shares (or ADSs representing any Registrable Shares), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading or, with respect to any Prospectus, necessary to make the statements therein in light of the circumstances under which they were made not misleading, or any violation by the Company
of the Securities Act or state securities or blue sky laws applicable to the Company and relating to action or inaction required of the Company in connection with such registration or qualification under such state securities or blue sky laws, and
the Company shall promptly reimburse such sellers, such controlling Persons and such officers, directors, partners and members for any reasonable legal or other expenses incurred by any of them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Company shall not be liable to any such Person to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in said Registration Statement, preliminary Prospectus, amendment, supplement, free writing prospectus or document incident to registration or qualification of any Registrable Shares (or
ADSs representing Registrable Shares) in reliance upon and in conformity with written information furnished to the Company by such Person, or a Person duly acting on its behalf, specifically for use in the preparation thereof; provided,
further, however, that the foregoing indemnity agreement is subject to the condition that, insofar as it relates to any untrue statement, allegedly untrue statement, omission or alleged omission made in any preliminary Prospectus but
eliminated or remedied in the final Prospectus (filed pursuant to Rule 424 of the Securities Act), such indemnity agreement shall not inure to the benefit of any indemnified party from whom the Person asserting any loss, claim, damage,
liability or expense purchased Registrable Shares (or ADSs representing the Registrable Shares) which are the subject thereof, if a copy of such final Prospectus had been timely made available to such Indemnified Person and such final Prospectus was
not delivered to such Person with or prior to the written confirmation of the sale of Registrable Shares (or ADSs representing such Registrable Shares) to such Person. 

  
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 (b)        In connection with any registration of
Registrable Shares (or ADSs representing Registrable Shares) under the Securities Act pursuant to this Agreement, each seller of Registrable Shares (or ADSs representing Registrable Shares) shall, severally and not jointly, indemnify and hold
harmless the Company, each other seller of Registrable Shares (or ADSs representing Registrable Shares) under such registration, each Person who controls any of the foregoing Persons within the meaning of the Securities Act and each officer,
director, partner and member of any of the foregoing Persons, against any losses, claims, damages or liabilities to which any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under which Registrable Shares (or ADSs representing such
Registrable Shares) were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus or any document incident to registration or qualification of any Registrable
Shares (or ADSs representing Registrable Shares), if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company by such seller or a Person duly acting on its behalf specifically for use
in connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus, amendment or supplement; provided, however, that the maximum amount of liability in respect of such indemnification shall be
limited, in the case of each seller of Registrable Shares (or ADSs representing Registrable Shares), to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Shares (or ADSs representing Registrable
Shares) effected pursuant to such registration. 
 (c)        Promptly after receipt by an
indemnified party of notice of the commencement of any action involving a claim referred to in the preceding paragraphs of this Section 8, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give
written notice to the latter of the commencement of such action; provided, however, that an indemnified party’s failure to give such notice in a timely manner shall only relieve the indemnification obligations of an indemnifying
party to the extent such indemnifying party is prejudiced or harmed by such failure. In case any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof,
jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party (it is understood and agreed that Shearman & Sterling LLP is reasonably acceptable
to the Shareholders provided that a non-waivable conflict shall not then exist with respect to Shearman & Sterling LLP and such indemnified party), and after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that
if any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party that conflict with those available to the indemnifying party, the indemnifying party shall not
have the right to assume the defense of such action on behalf of such indemnified party and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for that portion of the reasonably incurred
fees and expenses of any one lead counsel (plus one local counsel) retained by the indemnified party in connection with the matters covered by the indemnity agreement provided in this Section 8. If the defense is assumed by the
indemnifying party, the indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected by the indemnified party without its prior written consent; provided, however, that the indemnifying party
shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such action, claim or proceeding. 

 

  
 14 

 (d)        If, other than for the reason set forth in the
proviso to the first sentence in Section 8(c), the indemnification provided for in this Section 8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability
referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage or
liability as well as any other relevant equitable considerations; provided, however, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Shares (or ADSs
representing Registrable Shares), to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Shares (or ADSs representing Registrable Shares) effected pursuant to such registration. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Further, no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

SECTION 9.        UNDERWRITING
AGREEMENT. 
 (a)        Notwithstanding the provisions of Sections
5, 6 and 8, to the extent that the Shareholders selling Registrable Shares (or ADSs representing Registrable Shares) in a proposed registration shall enter into an underwriting or similar agreement, which agreement contains provisions covering one
or more issues addressed in such Sections of this Agreement (it is understood and agreed that, for purposes of this clause (a), any indemnification provisions in any such underwriting or similar agreement that does not provide for the
indemnification by the Company of a seller of Registrable Shares (or ADSs representing Registrable Shares) and other Persons or the indemnification by the seller of Registrable Shares (or ADSs representing Registrable Shares) of the Company and
other Persons shall not supersede Section 8(a) or 8(b) above), the provisions contained in such Sections of this Agreement addressing such issue or issues shall be of no force or effect with respect to such registration, but this
provision shall not apply to the Company if the Company is not a party to the underwriting or similar agreement. 

(b)        If any registration pursuant to Sections 2 or 3 is requested to be an underwritten offering,
the Company shall negotiate in good faith to enter into a reasonable and customary underwriting agreement with the underwriters thereof. The Company shall be entitled to receive indemnities from lead institutions, underwriters, dealer managers and
similar securities industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration
Statement and to the extent customary given their role in such distribution. 
 (c)        No
Shareholder may participate in any registration hereunder that is underwritten unless such Shareholder agrees to (i) sell Registrable Shares (or ADSs representing such Shareholder’s Registrable Shares) proposed to be included therein on
the basis provided in any underwriting arrangements acceptable to the Company and the Majority of Shareholders and (ii) as expeditiously as possible, notify the Company of the occurrence of any event concerning such Shareholder as a result of
which the Prospectus relating to such registration contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading. 
  

  
 15 

Section 10.        
SUSPENSION. Anything contained in this Agreement to the contrary notwithstanding, the Company may by notice in writing to each holder of Registrable Shares (or ADSs representing Registrable Shares) to which a
Prospectus relates, delay, for up to 90 days (the “Delay/Suspension Period”), the filing or the effectiveness of any Registration Statement filed (or to be filed) under Section 2, 3 or 4 or require such holder to suspend,
for up to the Delay/Suspension Period the use of any Prospectus included in a Registration Statement filed under Sections 2, 3 or 4 if at the time of such delay or suspension: (a) the Company is engaged in, or proposes to engage in, a Material
Transaction; or (b) the Company’s board of directors determines that the disclosure required to be included in such Registration Statement could be materially detrimental to the Company or its then current business plans; provided,
however, that: (i) the Company may not invoke this right more than once in any 12 month period; and (ii) the Company shall not register any securities for its own account or that of any other security holder during any such
Delay/Suspension Period. The period during which such registration must remain effective shall be extended by a period equal to the Delay/Suspension Period. The Company may (but shall not be obligated to) withdraw the effectiveness of any
Registration Statement subject to this provision. 

Section 11.        INFORMATION
BY HOLDER . Each holder of Registrable Shares (or ADSs representing Registrable Shares) to be included in any registration shall furnish to the Company and the managing underwriter such written
information regarding such holder and the distribution proposed by such holder as the Company or the managing underwriter may reasonably request in writing at least four Business Days prior to the first anticipated filing date of a Registration
Statement and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Sections 2, 3 and 4 with respect to
any particular holder are conditioned on the timely provisions of the foregoing information by each such holder and, without limitation of the foregoing, will be conditioned on compliance by each such holder with the following: 

(a)        each such holder will, and will cause its Affiliates to, cooperate with the Company as
reasonably requested by the Company in connection with the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement effective, such holder will and will cause its
Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information reasonably requested by the Company regarding itself and its Affiliates
and such other information as may reasonably be requested by the Company or required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the Registrable Shares (or ADSs representing the
Registrable Shares) owned by such holder and to maintain the currency and effectiveness thereof; 

(b)         each such holder shall, and it shall cause its Affiliates to, supply to the Company, its
representatives and agents in a timely manner any information regarding itself and its Affiliates as the Company, its representatives or agents may be reasonably requested to provide in connection with the offering or other distribution of
Registrable Shares (or ADSs representing Registrable Shares) by such holder; and 
 (c)        on
receipt of written notice from the Company upon the occurrence of any of the events specified in Section 10, or that requires the suspension by such holder and its Affiliates of the distribution of any Registrable Shares (or ADSs representing
the Registrable Shares) owned by such holder pursuant to applicable law, then such holder shall, and it shall cause its Affiliates to, cease offering or distributing such Registrable Shares (or ADSs representing the Registrable Shares) owned by such
holder until the offering and distribution of Registrable Shares (or ADSs representing the Registrable Shares) owned by such holder may recommence in accordance with the terms hereof and applicable law. 

  
 16 

Section 12.        RULE 144
REPORTING. From and after the Registration Date or such earlier date as a registration statement filed by the Company pursuant to the Exchange Act relating to any class of the Company’s securities shall have
become effective, the Company shall comply with the public information reporting requirements of the SEC that are conditions to the availability of Rule 144 for the sale of Registrable Shares (or ADSs representing the Registrable Shares). The
Company shall cooperate with each Shareholder in supplying such information as may be necessary for such Shareholder to complete and file any information reporting forms presently or hereafter required by the SEC as a condition to the availability
of Rule 144. From and after the Registration Date, the Company shall furnish to any Shareholder, so long as the Shareholder owns any Registrable Shares, forthwith upon request (a) to the extent accurate, a written statement by the Company
that it has complied with the “current public information” requirements under clause (c) of Rule 144 (at any time after 90 days after Registration Date); (b) a copy of the most recent annual or quarterly report of
the Company and other reports and documents filed by the Company after the date of such annual report; and (c) such other information as may be reasonably requested in availing any Shareholder of any SEC rule or regulation that permits the
selling of any such securities without registration under the Securities Act. 

Section 13.        
TERMINATION. This Agreement shall terminate and be of no further force or effect when there shall not be any Registrable Shares; provided, however, that Sections 7 and 8 shall survive the termination of this
Agreement. 

Section 14.        
MISCELLANEOUS. 

14.1        NOTICES. All notices
or other communications required or permitted hereunder shall be given in writing and given by certified or registered mail, return receipt requested, nationally recognized overnight delivery service, such as Federal Express, facsimile or e-mail (or
like transmission) with confirmation of transmission by the transmitting equipment or personal delivery against receipt to the party to whom it is given, in each case, at such party’s address, facsimile number or e-mail address set forth below
or such other address, facsimile number or e-mail address as such party may hereafter specify by notice to the other parties hereto given in accordance herewith. Any such notice or other communication shall be
deemed to have been given as of the date so personally delivered or transmitted by facsimile (or, if delivered or transmitted after normal business hours, on the next Business Day) or e-mail or like transmission, on the next Business Day when sent
by overnight delivery services or five days after the date so mailed if by certified or registered mail: 
 if to the Company, to: 

Azul S.A. 
 Edifício
Jatobá, 8th floor 
 Avenida Marcos Penteado de Ulhôa Rodrigues, 939 

Tamboré, Barueri, SP, Brazil 06460-040 

Attention: Renato Covelo 
 E-mail
Address: renato.covelo@voeazul.com.br 
 Telephone: +55 11 4134-9882 

Facsimile: +55 11 4134-9890 

with a copy to: 

Shearman & Sterling LLP 

599 Lexington Avenue 
 New York,
NY 10022, U.S.A. 
 Attention: Stuart K. Fleischmann 

E-mail Address: sfleischmann@shearman.com 

Telephone: +1 (212) 848-7527 

Facsimile: +1 (646) 848-7527 
  

  
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 and a copy to: 

Pinheiro Neto 
 Rua Hungria, 1100

 01455-906—São Paulo—Brasil 

Attention: Vânia Marques Ribeiro Moyano 

E-mail address: vmoyano@pn.com.br 

Facsimile:(+5511) 3247-8600 
 If
to a Shareholder, to its address on a signature page hereto or, if none, in the books of the Company. 

14.2        ASSIGNMENT. Except
as otherwise expressly provided herein, this Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective heirs (in the case of any individual), successors and permitted
assigns; provided, however, that neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any Shareholder without the prior written consent of the Company; provided, further,
however, that, notwithstanding the provisions of the foregoing proviso, to the extent that any Shareholder transfers any securities of the Company to any transferee in a transaction that does not violate the Class B Shareholders Agreement or
the Fifth Amended and Restated Shareholders Agreement and is otherwise permissible under applicable law, such Shareholder may transfer and assign, without the prior written consent of the Company, any of its rights, interests or obligations
hereunder with respect to any such securities hereunder to such transferee. Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio. 

14.3        ENTIRE
AGREEMENT. This Agreement embodies the entire agreement and understanding of the parties and their respective Affiliates with respect to the transactions contemplated hereby and supersedes and cancels all prior
written or oral commitments, arrangements or understandings with respect thereto. There are no restrictions, agreements, promises, warranties, covenants or undertakings with respect to the transactions contemplated hereby other than those expressly
set forth in this Agreement. 
 14.4
        MODIFICATIONS, AMENDMENTS AND WAIVERS. This Agreement may not be modified or amended except by an instrument or
instruments in writing that expressly states that it is modifying or amending this Agreement and that is signed by the Company and the holders of a majority of the New Preferred Shares owned by the Shareholders at the time of such modification or
amendment. Any party hereto (or the holders of a majority of the New Preferred Shares then owned by the Shareholders) may, only by an instrument in writing that expressly states that it is waiving compliance with this Agreement, waive compliance by
any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with. Notwithstanding the foregoing, the terms and conditions of this Agreement as they apply to any
investor in any of the Company’s securities or related parties may not be modified or amended in any manner that is materially adverse to such investor without the prior written consent of such investor. No failure or delay of any party in
exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder
are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

14.5         COUNTERPARTS. This
Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original, and will become effective when one or more counterparts have been signed by a party and
delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 14.5, provided
that receipt of copies of such counterparts is confirmed. 
  

  
 18 

 14.6        
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK THAT APPLY TO CONTRACTS MADE AND PERFORMED ENTIRELY IN SUCH STATE. 

14.7         SUBMISSION TO
JURISDICTION; WAIVER OF JURY TRIAL. Each party to this Agreement, for itself and its Affiliates, hereby irrevocably and unconditionally: 

(a)        (i) agrees that any suit, action or proceeding instituted against it by any other
party with respect to this Agreement may be instituted, and that any suit, action or proceeding by it against any other party with respect to this Agreement shall be instituted, only in the courts of the State of New York, located in New York County
or the U.S. District Court for the Southern District of New York (and appellate courts from any of the foregoing) as the party instituting such suit, action or proceeding may in its sole discretion elect, (ii) consents and submits, for itself
and its property, to the jurisdiction of such courts for the purpose of any such suit, action or proceeding instituted against it by any other party and (iii) agrees that a final judgment in any such suit, action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; 
 (b)
        agrees that service of all writs, process and summonses in any suit, action or proceeding pursuant to Section 14.7(a) may be effected by the mailing of copies thereof by registered or
certified mail, postage prepaid, to the Company or the applicable Shareholder, as the case may be, at the addresses for notices pursuant to Section 14.1 (with copies to such other Persons as specified therein); provided, however,
that: (i) the Company agrees that the documents which start any proceedings and any other documents required to be served in relation to those proceedings may be served on it by being delivered to National Corporate Research, Ltd. or, if
different, its registered office for the time being, and if such Person is not or ceases to be effectively appointed to accept service of process on behalf of the Company, the Company shall, appoint a further person in New York to accept service of
process on its behalf and, failing such appointment within 30 days, the Shareholders jointly shall be entitled to appoint such a person by written notice addressed to the Company and delivered to the Company; provided, however,
that a copy of any such documents shall in each instance be delivered to Shearman & Sterling LLP at its address and fax number set forth in Section 14.1; and (ii) nothing contained in this Section 14.7 shall affect the right
of the Company or any Shareholder to serve process in any other manner permitted by law; 

(c)        (i) waives any objection that it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement brought in any court specified in Section 14.7(a), (ii) waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum and (iii) agrees not to plead or claim either of the foregoing; 
 (d)
        WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY; and

 (e)         to the extent it has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or its property, hereby irrevocably waives such immunity in respect of
its obligations with respect to this Agreement. 
  

  
 19 

 14.8
        SEVERABILITY. To the fullest extent permissible under applicable law, the parties hereto hereby waive any provision of law which renders any provision of this
Agreement invalid, illegal or unenforceable in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered or held invalid, illegal or unenforceable in any respect in any
jurisdiction shall be ineffective, but such ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such jurisdiction only as to a particular Person or Persons or under any
particular circumstance or circumstances, such provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under such particular circumstance or circumstances, as the case may be;
(b) without limitation of clause (a), such provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or unenforceability, and such invalidity, illegality or
unenforceability in such jurisdiction shall not render invalid, illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such ineffectiveness shall not render invalid, illegal
or unenforceable this Agreement or any of the remaining provisions hereof. 

14.9         NO
PRESUMPTION. With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time
the parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party hereto actually prepared, drafted or requested
any term or condition of this Agreement or any agreement or instrument subject hereto. 

14.10         NO THIRD
PARTY BENEFICIARY. Except for the Persons indemnified pursuant to Section 8(a) or 8(b), this Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except that any nominee
holding Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares or Class D Preferred Shares beneficially for an investor may enforce this Agreement as if it were the Class A Shareholder, the Class B Shareholder, the
Class C Shareholder or the Class D Shareholder, as applicable, provided, however, that (i) the name of any such nominee shall be previously disclosed to the Company in writing, and (ii) such nominee will have no investment
discretion with respect to the Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares or Class D Preferred Shares and such investor will remain the beneficial owner of the Class A Preferred Shares, Class B Preferred
Shares, Class C Preferred Shares or Class D Preferred Shares for all purposes. 

14.11        
NON-RECOURSE. No past, present or future director, officer, employee, incorporator, member, manager, partner, shareholder, Affiliate, agent, attorney, consultant, representative or principal of the
Company or any Affiliate of the Company shall have any liability for any liabilities of the Company under this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. 

14.12         SPECIFIC
PERFORMANCE. Each of the parties hereto acknowledges that the others would not have an adequate remedy at law for money damages in the event that any of the covenants or agreements set forth in this Agreement were
not performed in accordance with its terms and therefore, each of the parties agrees that the others shall be entitled to specific performance, injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law
or in equity (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond). 
 
14.13         BUSINESS DAYS. If any date provided for in this Agreement shall fall on a day that is not a Business Day, the date provided for shall be
deemed to refer to the next Business Day. 
  

  
 20 

 14.14        
ELECTRONIC EXECUTION. Delivery of an executed counterpart of a signature page of this Agreement and any other Transaction Document by telecopy or electronic format (including pdf) shall be
effective as delivery of a manually executed counterpart of this Agreement or other Transaction Document. 

14.15         CAPTIONS. Article
and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement, and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

The next page is the signature page 

  
 21 

 The parties have executed and delivered this Fifth Amended and Restated Registration Rights
Agreement as of the date first written above. 
  

			
	AZUL S.A.
		
	By:	 	/s/     John Peter Rodgerson        
	Name:	 	John Peter Rodgerson
	Title:	 	Attorney in Fact

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	HAINAN AIRLINES CO., LTD.
		
	By:	 	/s/     Xin Di        
	Name:	 	Xin Di
	Title:	 	Chairman

  

			
	Address:
	
	 HNA Plaza, No. 7 Guoxing Road

Haikou City, Hainan Province, China
 Email: ke-zhao3@hnair.com

Fax number: +86 898 68875300

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	CALFINCO INC.
		
	By:	 	/s/     Gerald Laderman        
	Name:	 	Gerald Laderman
	Title:	 	Treasurer

  

			
	Address:
	
	 233 S. Wacker Dr.

Chicago, Illinois 60606
 United States of America

Email: gerry.laderman@united.com
 Fax number:
872-825-0309

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY FUND
		
	By:	 	/s/     Colm Hogan        
	Name:	 	Colm Hogan
	Title:	 	Authorized Signatory

  

			
	Address:
	
	 Ball & Co
 C/o
Citibank N.A/Custody
 IC&D Lock Box
 P.O Box 7247-7057

Philadelphia, P.A 19170-7057
 Account #: 206681

Email: fidelity.tpacd@citi.com
 Fax number:
813-604-1415

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND
		
	By:	 	/s/     Colm Hogan         
	Name:	 	Colm Hogan
	Title:	 	Authorized Signatory

  

			
	Address:
	
	 Ball & Co
 C/o
Citibank N.A/Custody
 IC&D Lock Box
 P.O Box 7247-7057

Philadelphia, P.A 19170-7057
 Account #:849453

Email: fidelity.tpacd@citi.com
 Fax number:
813-604-1415

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	WP — NEW AIR, LLC
		
	By:	 	/s/     Michael P. Lazarus         
	Name:	 	Michael P. Lazarus
	Title:	 	Authorized Signatory

  

			
	Address:
	
	 c/o Weston Presidio
 One
Ferry Building, Suite 350
 San Francisco, CA 94111-4226
 Fax
No.: (415) 398-0770
 E-mail Address: tmrozek@westonpresidio.com

Attention: Therese Mrozek

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	AZUL HOLDCO LLC
		
	By:	 	/s/     Aryeh Davis        
	Name:	 	Aryeh Davis
	Title:	 	Authorized Signatory

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.:

E-mail Address: aryeh@pequotcap.com
 Attention: Aryeh
Davis

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	MARACATU, LLC
		
	By:	 	Peterson Partners, Inc.        
	Its:	 	Manager
		 	/s/     Eric Noble        
	Name:	 	Eric Noble
	Title:	 	CFO & Authorized Signatory

  

			
	Address:
	
	 2825 East Cottonwood Parkway, Suite 400

Salt Lake City, UT 84121
 Fax No.: (801) 365-0181

E-mail Address: dan@petersonpartnerslp.com
 Attention: Daniel
Peterson

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	GIF MERCURY LLC
		
	By:	 	/s/     Marcos Pinto         
	Name:	 	Marcos Pinto
	Title:	 	Manager

  

			
	
		
	By:	 	/s/     Marcelo Hudik F. de Albuquerque
	Name:	 	Marcelo Hudik F. de Albuquerque
	Title:	 	Manager

  

			
	Address:
	
	 Gávea Investimentos Ltda.

Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon

22440-035, Rio de Janeiro, RJ, Brasil
 E-mail:
malbuquerque@gaveainvest.com.br
 Attention: Marcelo Albuquerque
  

with a copy to:
  

Gávea Investimentos Ltda.
 Av. Ataulfo de Paiva, no
1.100, 7o andar, Leblon
 22440-035, Rio de Janeiro, RJ, Brasil

Attention: Luiz Henrique Fraga

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	GIF II FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES
		
	By:	 	/s/     Marcos Pinto        
	Name:	 	Marcos Pinto
	Title:	 	Manager

  

			
		
	By:	 	/s/     Marcelo Hudik F. de Albuquerque        
	Name:	 	Marcelo Hudik F. de Albuquerque
	Title:	 	Manager

  

			
	Address:
	
	 Gávea Investimentos Ltda.

Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon

22440-035, Rio de Janeiro, RJ, Brasil
 E-mail:
malbuquerque@gaveainvest.com.br
 Attention: Marcelo Albuquerque

  

			
	with a copy to:
	
	 Gávea Investimentos Ltda.

Av. Ataulfo de Paiva, no 1.100, 7o andar, Leblon

22440-035, Rio de Janeiro, RJ, Brasil
 Attention: Luiz Henrique
Fraga

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	ZDBR LLC
		
	By:	 	/s/     Kevin Cannon         
	Name:	 	Kevin Cannon
	Title:	 	CEO of Manager

  

			
	Address:
	
	 c/o Zweig-DiMenna Associates, Inc.

900 Third Avenue, 31st Floor
 New York, NY 10022

Fax No.: (212) 451-1450
 E-mail Address:

KCannon@zweig-dimenna.com

Attention: Kevin Cannon

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	CIA BOZANO
		
	By:	 	/s/     Lucianne Nigri Finkelsztam         
	Name:	 	Lucianne Nigri Finkelsztam
	Title:	 	Diretora

  

			
	
		
	By:	 	/s/     Oswaldo Prado Sanches         
	Name:	 	Oswaldo Prado Sanches
	Title:	 	Diretor Executivo

  

			
	Address:
	
	 Rua Visconde de Ouro Preto no 5 – 11 andar

Botafogo – Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

			
	KADON EMPREENDIMENTOS S.A.
		
	By:	 	/s/     Lucianne Nigri Finkelsztam        
	Name:	 	Lucianne Nigri Finkelsztam
	Title:	 	Director

  

			
		
	By:	 	/s/     Oswaldo Prado Sanches         
	Name:	 	Oswaldo Prado Sanches
	Title:	 	Director

  

			
	Address:
	
	 Rua Visconde de Ouro Preto no 5 – 11 andar

Botafogo – Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129
 E-mail Address:
eraldo@bozano.com.br
 lnigri@bozano.com.br

  
  

			
	BOZANO INVESTMENTS LLC
		
	By:	 	/s/     Lucianne Nigri Finkelsztam        
	Name:	 	Lucianne Nigri Finkelsztam
	Title:	 	Director

  

			
		
	By:	 	/s/     Oswaldo Prado Sanches         
	Name:	 	Oswaldo Prado Sanches
	Title:	 	Director

  

			
	Address:
	
	 Rua Visconde de Ouro Preto no 5 – 11 andar

Botafogo – Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129
 E-mail Address:
eraldo@bozano.com.br
 lnigri@bozano.com.br

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
	
	
	
	/s/     David Neeleman        
	DAVID NEELEMAN

  

			
	Address:
	
	 Alameda Surubiju, no 2.010/2.050, parte, Bloco A,

Alphaville, Centro Industrial e Empresarial,
 Barueri, SP

Fax No.: (5511) 4134-9890
 Attention: David
Neeleman

  

	
	
	
	 /s/     John Peter Rodgerson        

Attorney in Fact

	GIANFRANCO ZIONI BETING

  

			
	Address:
	
	 Rua Eliseu Visconti

188—Morumbi
 Fax No.: (5511) 3758-9076

Attention: Gianfranco Zioni Beting

  

	
	
	
	/s/     Regis da Silva Brito        
	REGIS DA SILVA BRITO

  

			
	Address:
	
	 Rua Olinda Muller
 1686
Taquara—RS
 Fax No.: (51) 3541-5490
 Attention: Regis
Da Silva Brito

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 

 
			
	SALEB II FOUNDER 1 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: David Neeleman

  

			
	SALEB II FOUNDER 2 LLC
		
	By:	 	/s/     Gerald Blake Lee         
	Name:	 	Gerald Blake Lee
	Title:	 	Member

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Gerald B. Lee

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 3 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Thomas Eugene Kelly

  

			
	SALEB II FOUNDER 4 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (206) 361-7290

Attention: Tom Anderson

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 5 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (718) 709-3600

Attention: Carol Elizabeth Archer

  

			
	SALEB II FOUNDER 6 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.:(801) 770-3090

Attention: Cindy England

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 7 LLC
		
	By:	 	/s/     John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (301) 279-9728

Attention: Robert Land

  

			
	SALEB II FOUNDER 8 LLC
		
	By:	 	/s/     John Rodgerson         
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (44) 1428-685965

Attention: Robert Milton

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 9 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 363-4968

Attention: Mark Neeleman

  

			
	SALEB II FOUNDER 10 LLC
		
	By:	 	/s/     Marlon Y. Ramirez        
	Name:	 	Marlon Y. Ramirez
	Title:	 	Director

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 990-3097

Attention: Marlon Ramirez

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 11 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: John Rodgerson

  

			
	SALEB II FOUNDER 12 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (203) 966-2740

Attention: Maximilian Urbahn

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 13 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (801) 365-0181

Attention: Joel Peterson

  

			
	SALEB II FOUNDER 14 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Amir Nasruddin

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	SALEB II FOUNDER 15 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Jason Ward

  

			
	SALEB II FOUNDER 16 LLC
		
	By:	 	/s/     John Rodgerson        
	Name:	 	John Rodgerson
	Title:	 	Manager

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: John Daly

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 

 
			
	JJL BRAZIL, LLC
		
	By:	 	/s/     James J. Liamtand         
	Name:	 	James J. Liamtand
	Title:	 	Manager

  

			
	Address:
	
	 2212 Fox Drive

Champaign, IL 61820
 Fax No.: (217) 359-2956

E-mail Address:
 Attention: Nic Mueth

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	MORRIS AZUL, LLC
		
	By:	 	/s/     June M. Morris         
	Name:	 	June M. Morris
	Title:	 	Manager

  

			
	Address:
	
	 4277 Park Terrace Drive

Salt Lake City, UT 84124
 Fax No.: (801) 273-7734

E-mail Address:
 Attention: June M. Morris

                 G. Mitchell Morris

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
	
	
	
	/s/     Miguel Dau        
	Miguel Dau

  

			
	Address:
	
	 Corporation Trust Center

1209 Orange Street
 Wilmington, New Castle

Delaware 19801
 Fax No.: (11) 4134-9890

Attention: Miguel Dau

  

	
	
	
	 /s/     John Peter Rodgerson        

Attorney in Fact

	João Carlos Fernandes

  

			
	Address:
	
	 Alameda Rosas, 231

Norada das Flores
 Aldeia da Serra, Santana do Parnaiba

São Paulo
 Fax No.:

Attention: João Carlos Fernandes

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

 
			
	STAR SABIA LLC
		
	By:	 	/s/     Clive Bode         
	Name:	 	Clive Bode
	Title:	 	Vice President

  

			
	Address:
	
	 c/o TPG Capital, L.P.

301 Commerce Street, Suite 3300
 Fort Worth, TX 76102

Fax No.: (817) 871-4001
 Attention: General
Counsel

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

	
	
	
	/s/     Carolyn Trabuco        
	Carolyn Trabuco

  

			
	Address:
	
	 500 Nyala Farm Road, Westport, Connecticut

06824
 Attention: John Rodgerson

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

	
	
	
	/s/     Sergio Eraldo Sales Pinto        
	Sergio Eraldo Sales Pinto

  

			
	Address:
	
	 Rua Visconde de Ouro Preto no 5 – 11 andar

Botafogo – Rio de Janeiro, RJ Brasil
 CEP: 22250-180

Fax No.: (55) (21) 3237-9129
 E-mail Address:
eraldo@bozano.com.br

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement] 

									
	TRIP PARTICIPAÇÕES S.A.
					
	By:	 	/s/    Renan Chieppe        	 		 	By:	 	/s/    Decio Luiz Chieppe         
	Name:	 	Renan Chieppe	 		 	Name:	 	Decio Luiz Chieppe
	Title:	 	Director	 		 	Title:	 	Director

  

									
	Address:
		 	  
 Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901

Cidade de Cariacica, Estado do Espírito Santo, Brasil

E-mail address: ricardov@aguiabranca.com.br

  

									
	TRIP INVESTIMENTOS LTDA.
					
	By:	 	/s/    Renan Chieppe        	 		 	By:	 	/s/    José Mario Capriolli dos Santos
	Name:	 	Renan Chieppe	 		 	Name:	 	José Mario Capriolli dos Santos
	Title:	 	Director	 		 	Title:	 	Director

  

									
	Address:
		 	  
 Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901

Cidade de Cariacica, Estado do Espírito Santo, Brasil

E-mail address: ricardov@aguiabranca.com.br

  

									
	RIO NOVO LOCAÇÕES LTDA.
					
	By:	 	/s/    Decio Luiz Chieppe         	 		 	By:	 	/s/    Luiz Wagner Chieppe        
	Name:	 	Decio Luiz Chieppe	 		 	Name:	 	Luiz Wagner Chieppe
	Title:	 	Director	 		 	Title:	 	Director

  

									
	Address:
		 	  
 Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901

Cidade de Cariacica, Estado do Espírito Santo, Brasil

E-mail address: ricardov@aguiabranca.com.br

 [Shareholder Signature Page to Fifth Amended and Restated Registration Rights Agreement]EX-4.4

 Exhibit 4.4 
  

 
 Form Of Shareholders’
Agreement 
 by and among 

TRIP PARTICIPAÇÕES S.A., 

TRIP INVESTIMENTOS LTDA., 

RIO NOVO LOCAÇÕES LTDA., 

CALFINCO INC. 

HAINAN AIRLINES CO., LTD. 

and 
 DAVID
GARY NEELEMAN 
 and as intervening and consenting party, 

AZUL S.A. 
  

 

DATED [—], 2016 
  

 
  

 

 Shareholders’ Agreement 

This Shareholders Agreement (“Agreement”) is entered into by and among the following parties: 

By and among, 
 (a) TRIP
PARTICIPAÇÕES S.A., a corporation, with head office in the City of Cariacica, State of Espirito Santo, at Rodovia BR 262, Km 05, Campo Grande, CEP 29.145-901, registered as taxpayer under CNPJ/MF
No. 09.229.532/0001-70, herein represented by its undersigned legal representatives (“TRIP Participações”); 

(b) TRIP INVESTIMENTOS LTDA., a limited liability company, with head office in the City of Cariacica,
State of Espírito Santo, at Rodovia BR 262, Km 05, Campo Grande, CEP 29145-901, registered as taxpayer under CNPJ/MF No. 15.300.240/0001-89, herein represented by its undersigned legal representatives (“TRIP
Investimentos”); 
 (c) RIO NOVO LOCAÇÕES
LTDA., a limited liability company with head office in the City of Cariacica, State of Espirito Santo, at Rodovia BR 262, Km 6,3, Sala 208,, CEP 29.157-405, registered as taxpayer under CNPJ/MF
No. 04.373.710/0001-18, herein represented by its undersigned legal representatives (“Rio Novo” and, together with TRIP Participações and TRIP Investimentos, the “TRIP’s Shareholders”); 

(d) CALFINCO, INC. (“Calfinco”), a corporation organized under the laws of the State of Delaware, United
States of America, having its principal place of business at 233 South Wacker Dr, Chicago, IL 60606; 
 (e) HAINAN
AIRLINES CO., LTD., a limited company organized and existing under the laws of the People’s Republic of China, with its headquarters in the Haikou City, Hainan Province, at HNA Plaza, No. 7
Guoxing Road, with the Chinese Company Registration No. 460000400002151, herein represented by its undersigned legal representatives (“HNA”); and 

(f) DAVID GARY NEELEMAN, Brazilian, married, bearer of RG no. 53.031.273-6 SSP/SP,
registered in the CPF/MF under no. 744573731-68, undersigned (“Neeleman” and, together with TRIP’s Shareholders, Calfinco and HNA, “Shareholders” or “Parties” and each individually a
“Shareholder” or “Party” as appropriate); and 
 And in the capacity of intervening and consenting party, 

(f) AZUL S.A., a corporation with head office in the City of Barueri, State of São Paulo, at Av. Marcos Penteado de Ulhoa
Rodrigues, 939, 8th floor, Condominio Castelo Branco Office Park, Tamboré, Barueri, São Paulo, 06460-060, registered as taxpayer under CNPJ/MF No. 09.305.9994/0001-29, herein
represented by its undersigned legal representatives (the “Company”), 

  
 1 

 Preamble 

WHEREAS on May 25 2012, the TRIP’s Shareholders and Neeleman, among other parties, entered into an Investment
Agreement (“Investment Agreement”) through which they have established the general process of incorporation of the totality of shares issued by TRIP Linhas Aéreas S.A. (“TRIP”) into the Company, with the subsequent
subscription of new shares issued by the Company by the Shareholders of TRIP, with no extinction of TRIP, pursuant to terms of Article 252 of Federal Law No. 6,404 dated December 15, 1976 (as amended from time to time,
“Corporations Law”) (“Merger of Shares”). 
 WHEREAS Calfinco and the Company entered
into an Investment Agreement, dated as of June 26, 2015 (the “Calfinco Investment Agreement”), pursuant to which the Company agreed to issue and Calfinco agreed to subscribe for Class C Preferred Shares which were subsequently
mandatorily converted into Class A Preferred Shares in connection with the IPO (as defined below) of the Company. 

WHEREAS HNA and the Company entered into an Investment Agreement, dated as of [-], 2016 (the “HNA Investment
Agreement”), pursuant to which the Company agreed to issue and HNA agreed to subscribe for Class D Preferred Shares which were subsequently converted into Class A Preferred Shares. 

WHEREAS the Merger of Shares was effectually executed and formalized as of [-] 2012, and after several adjustment
operations in the exchange ratio of shares of the Company, pursuant to the terms of the Investment Agreement, as well as the conversion of several classes of preferred and common shares previously intended for a single class of common and preferred
shares, to those currently existing, the Shareholders have become, on this date, holders of the following proportion of Shares of the Company: 
  

									
	 Shareholder
	  	 Common
Shares
	  	 Percentage
of
Common
Shares
(%)
	  	 Preferred
Shares
	  	 Percentage
of
Preferred
Shares

(%)

	 Neeleman
	  	[—]	  	[—]	  	[—]	  	[—]
	 TRIP Participações
	  	[—]	  	[—]	  	[—]	  	[—]
	 TRIP Investimentos
	  	[—]	  	[—]	  	[—]	  	[—]
	 Rio Novo
	  	[—]	  	[—]	  	[—]	  	[—]
	 Calfinco
	  	[—]	  	[—]	  	[—]	  	[—]
	 HNA
	  	[—]	  	[—]	  	[—]	  	[—]
		  	  
	  	  
	  	  
	  	  

	 TOTAL
	  	[—]	  	100%	  	[—]	  	[—]
		  	  
	  	  
	  	  
	  	  

 WHEREAS the Company held on [-] its Initial Public Offering of Shares
(“IPO”), and pursuant to section 4.5 of the Investment Agreement, the Parties have assumed the reciprocal obligation to enter into this Agreement for the purpose of assigning each of TRIP’s Shareholders, Calfinco and HNA
certain and specific rights, to take effect only after the completion of the IPO, 

  
 2 

 NOW, THEREFORE, the Shareholders, pursuant to and for the purposes and
effects of Article 118 of the Corporations Law, agree to enter into this Agreement, which shall bind the Company, and shall be governed by the following clauses and conditions: 

SECTION I 

DEFINED TERMS AND INTERPRETATION 

 

	1.1	For the purposes of this Agreement: 

 (a) headings and titles shall not limit or affect in any
way the interpretation of the text, serving only for convenience and reference; 
 (b) the terms “include”, “including”
and similar shall be interpreted as if they were accompanied by the phrase “without limitation”; 
 (c) capitalized terms shall be
interpreted and shall have the meaning set forth throughout this Agreement, and shall equally apply to the singular and plural, masculine and feminine; 

(d) references to any documents or instruments include all of its addendums, restatements, consolidations and amendments, except as otherwise
expressly provided; 
 (e) references to legal provisions shall be interpreted as references to such provisions as altered, extended,
consolidated or restated, or as their application is changed from time to time by other norms, and shall include any provisions from which they originate (with or without amendments) and any decisions, regulations, instruments or other legal norms
subordinated thereto; 
 (f) except as otherwise provided, references to Chapters, Sections, Subsections, Items and Exhibits refer to
chapters, sections, subsections, items and exhibits attached to this Agreement. 
 For the purposes of this Agreement: 

(a) “Affiliate” shall mean, (a) in connection to a legal entity, (i) any individual or other entity holding,
directly or indirectly, control of such entity, (ii) any entity Controlled, directly or indirectly, by such person, or (iii) any entity directly or indirectly under common Control of such person; and (b) in connection to an
individual, (i) his direct descendent provided he/she is Brazilian, (ii) any entity that, directly or indirectly, is Controlled by the referred individual, the individual’s spouse, ascendants, descendants or direct relatives up to the
second degree. 
 (b) “Bylaws” means the bylaws of the Company; 

(c) “Class A Preferred Shares” means the Class A preferred shares issued by the Company prior to or in connection with an
initial public offering; 

  
 3 

 (d) “Class B Preferred Shares” means the Class B preferred shares issued by the
Company and converted into Class A Preferred Shares pursuant to the Bylaws; 
 (e) “Class C Preferred Shares” means the
Class C preferred shares issued by the Company and converted into Class A Preferred Shares pursuant to the Bylaws; 
 (f) “Class
D Preferred Shares” means the Class D preferred shares issued by the Company and converted into Class A Preferred Shares pursuant to the Bylaws; 

(g) “Common Shares” means the common shares issued by the Company; 

(h) “Control” means, subject to the legal definition of control set forth under Article 116 of the Corporations Law:
(a) the power to elect a majority of officers and to determine and carry out the policies and management of the entity in question, alone or together with other individuals involved in a shareholders agreement or similar voting agreement or
under common control, or (b) the direct or indirect ownership of at least fifty percent (50%) plus one (1) share / quota of total voting capital of the entity in question. Terms derived from Control, such as “Controlled”,
“Controller” and “under common Control” shall have a meaning analogous to Control. 
 (i) “Independent
Director” shall mean the Director that (a) has no connection to the Company and its Affiliates; (b) is not a controlling shareholder, a minority shareholder, spouse or relative up to the second degree of the director, and is not,
nor has been, for the three (3) preceding years, an employee of any company or entity related to the controlling shareholder or to the minority shareholder (except for those persons connected to public schools and/or research institutions);
(c) has not been, for the last three (3) years, an employee or officer of the Company and its Affiliates, or an employee or officer of the controlling shareholder, the minority shareholder or any entity Controlled by the Company;
(d) is not a supplier or buyer, directly or indirectly, of the Company’s services and/or products, to the extent that such may undermine the foregoing’s independence; (e) is not an employee, officer or director of any company or
entity that offers or demands services and/or products from/to the Company; (f) is not the spouse or relative up to the second degree of any officer or director of the Company; and (g) does not receive any remuneration from the Company,
other than that connected to the position of director (except for income resulting from interest rights in the share capital). 
 (j)
“Preferred Shares” means the preferred shares issued by the Company; 
 (k) “Subsidiary” means, in
connection to the Company, the companies in which the Company exercises Control; 
 SECTION II 

BOUND SHARES AND EXERCISE OF VOTING
RIGHTS 
 2.1 All Common Shares held by Shareholders (“Bound Common Shares”) and all Preferred Shares held by
Shareholders shall be bound to this Agreement. 

  
 4 

 2.2 The Shareholders are bound to exercise their voting right pertaining to the Shares at the General Meetings of
the Company in order to comply with terms and conditions hereof. 
 SECTION III 

BYLAWS 
 3.1 In case of
conflict or inconsistency between this Agreement and the Bylaws of the Company, this Agreement shall supersede, and the Shareholders shall, at the first General Meeting of the Company to be held after the identification of the conflict, which shall
be called and conducted within thirty (30) days following the identification of the referred conflict, alter the wording of the Bylaws in order to eliminate the identified conflict. In the event that such occurs, any Shareholder may call a
General Meeting for such purpose. 
 SECTION IV 

CORPORATE GOVERNANCE 

4.1 Composition of the Board of Directors. The Company shall be managed by the Board of Directors and by the Management. The Board of Directors of the
Company shall consist of a maximum of fourteen (14) members and their respective alternates, at least three of them qualified as Independent Directors, with a unified term of two (2) years, elected by the General Meeting of the Company,
reelection to be allowed. The Directors shall hold office until the election and investiture of their alternates, except in case of resignation during the term of office. 
  

	4.2	Appointment of Directors by TRIP’s Shareholders. 

 (a) As long as TRIP’s
Shareholders hold, together, at least twenty percent (20%) of the Bound Common Shares, TRIP’s Shareholders shall have the prerogative to: (i) appoint three (3) members of the Board of Directors of the Company and their respective
alternates; (ii) appoint any successors of the members appointed in subparagraph (i) above; and (iii) remove from the Board of Directors of the Company any member that TRIP’s Shareholders have appointed in accordance with
subparagraphs (i) and (ii) above. 
 (b) If TRIP’s Shareholders hold, together, at least ten percent (10%) of the Bound
Common Shares, but less than twenty percent (20%), TRIP’s Shareholders shall have the prerogative to: (i) appoint two (2) members of the Board of Directors of the Company and their respective alternates; (ii) appoint any
successors of the members appointed in subparagraph (i) above; and (iii) remove from the Board of Directors of the Company any member that TRIP’s Shareholders have appointed in accordance with subparagraphs (i) and
(ii) above. 
 (c) If TRIP’s Shareholders hold, together, at least five percent (5%) of the Bound Common Shares, but less than
ten percent (10%), TRIP’s Shareholders shall have the prerogative to: (i) appoint one (1) member of the Board of Directors of the Company and its respective alternate; (ii) appoint any successors of the member appointed in
subparagraph (i) above; and (iii) remove from the Board of Directors of the Company any member that TRIP’s Shareholders have appointed in accordance with subparagraphs (i) and (ii) above. 

  
 5 

 4.2.1 The persons appointed by TRIP’s Shareholders to hold office on the Board of Directors of the Company,
pursuant to the terms of Section 4.2 above, will not necessarily need, as a condition of their office, to qualify as Independent Directors. 
 4.2.2
Neeleman may remove the members of the Board of Directors appointed by TRIP’s Shareholders, if, after being nominated, these directors present a conflict of interest with the Company and upon notice submitted by Neeleman to TRIP’s
Shareholders. TRIP’s Shareholders shall upon the receipt of such notification, appoint a new director. Nevertheless, Neeleman shall not exercise this prerogative while the three directors appointed by TRIP’s Shareholders are
Mr. Décio Luiz Chieppe, Renan Chieppe or José Mário Caprioli dos Santos. 
 4.3 Appointment of Director by Calfinco. As
long as Calfinco holds at least fifty percent (50%) of the equivalent number of Preferred Shares into which the Class C Preferred Shares were converted as of June [•], 2015, Calfinco shall have the prerogative to (a) appoint one
(1) member to the Board of Directors, (b) appoint any successors of the member appointed in subparagraph (a) above; and (c) remove from the Board of Directors of the Company any member appointed in accordance with subparagraphs
(a) and (b) above. 
  

	4.4	Appointment of Directors by HNA. 

 (a) As long as HNA holds at least a twenty percent
(20%) economic interest in the Company and HNA owns the largest percentage economic interest in the Company, taking into account TRIP’s Shareholders as a single shareholding block, HNA shall have the prerogative to: (i) appoint three
(3) members of the Board of Directors of the Company and their respective alternates; (ii) appoint any successors of the members appointed in subparagraph (i) above; and (iii) remove from the Board of Directors of the Company any
member that HNA has appointed in accordance with subparagraphs (i) and (ii) above. 
 (b) If HNA holds at least a ten percent
(10%) economic interest in the Company, but less than a twenty percent (20%) economic interest in the Company, HNA shall have the prerogative to: (i) appoint two (2) members of the Board of Directors of the Company and their
respective alternates; (ii) appoint any successors of the members appointed in subparagraph (i) above; and (iii) remove from the Board of Directors of the Company any member that HNA has appointed in accordance with
subparagraphs (i) and (ii) above. 
 (c) If HNA holds at least a five percent (5%) economic interest in the Company, but less
than a ten percent (10%) economic interest in the Company, HNA shall have the prerogative to: (i) appoint one (1) member of the Board of Directors of the Company and its respective alternate; (ii) appoint any successors of the
member appointed in subparagraph (i) above; and (iii) remove from the Board of Directors of the Company any member that HNA has appointed in accordance with subparagraphs (i) and (ii) above. In any case, no director appointed by
HNA may be a U.S. citizen or resident. 
  

  
 6 

 4.5 Appointment of Directors by Neeleman. Subject to Sections 4.3, 4.4 and 4.5.2, while TRIP’s
Shareholders still have the right to appoint one or more directors according to Section 4.2 above, Neeleman has the prerogative to (a) appoint the remaining members of the Board of Directors of the Company and their respective alternates;
(b) appoint any successors of the members appointed in subparagraph (a) above; and (c) remove from the Board of Directors of the Company any members appointed in accordance with subparagraphs (a) and (b) above 

4.5.1 In the event that the other holders of Common Shares or Preferred Shares exercise their right pursuant to Article 141 of the Corporations Law, it
is agreed that the number of directors elected by such shareholders shall be deducted from the number of directors to which Neeleman has the right to appoint pursuant to Section 4.5 above. 

4.5.2 Among the members of the Board of Directors appointed by Neeleman, pursuant to terms of Section 4.5 above, (a) at least two (2) shall
qualify as Independent Directors; and (b) at least one shall be appointed to Neeleman by the shareholder holding the largest number of Preferred Shares (“Largest Shareholder of Preferred Shares”). In the event the Largest
Shareholder of Preferred Shares, for any reason, does not appoint a member to the Board of Directors of the Company in accordance with this Section 4.5.2, Neeleman shall request that the shareholder holding the second largest number of
Preferred Shares (“Second Largest Shareholder of Preferred Shares”) appoints a member to the Board of Directors of the Company. In the event, the Second Largest Shareholder of Preferred Shares fails to appoint for any reason a
member to the Board of Directors of the Company, Neeleman shall request that the shareholder holding the third largest number of Preferred Shares appoint a member of the Board of Directors of the Company, consecutively, until a holder of Preferred
Shares (excluding Neeleman) appoints a member of the Board of Directors. 
 4.6 Resolutions of the General Meeting. Except for matters for which the
holders of Preferred Shares hold the right to vote, in accordance with the Bylaws, all other decisions of General Meetings of the Company shall be made by the affirmative vote of holders of at least the majority of Common Shares. 

4.6.1 Notwithstanding the provisions of Section 4.5 above, as long as TRIP’s Shareholders hold, together, at least five percent (5%) of the
Common Shares, any changes to the Bylaws of the Company that, by amending the items listed below, may materially affect the rights of TRIP’s Shareholders, shall necessarily be approved by a majority of TRIP’s Shareholders: 

(a) the quorum required for decisions of the Board of Directors; 

(b) the powers of the Board of Directors of the Company; or 

(c) the rules for calling, installing or reducing powers and other provisions regarding the meetings of the Board of Directors. 

4.6.2 Notwithstanding Section 4.5 above, as long as TRIP’s Shareholders hold at least five percent (5%) of the Bound Common Shares, any changes
to the Bylaws of the Company that change the total number of directors of the Company’s Board of Directors, which must remain composed of fourteen (14) members, must necessarily be approved by a majority of TRIP’s Shareholders. 

  
 7 

 4.6.2.1 The Section above shall not apply in the case of an increase in the number of directors
of the Company where TRIP’s Shareholders’ representation on the Board is maintained in the same proportion. 
 4.7 Shareholders are obligated to
vote with their Shares in order to elect the members that are to join the Board of Directors, in accordance with the provisions of Sections 4.2, 4.3, 4.4 and 4.5 above. 

4.8 No individual bound (including as an investor, manager, officer, employee, consultant or representative) to any competitor of the Company and/or its
subsidiaries may be elected to join the Board of Directors of the Company, except for the case of an individual bound (including as an investor, manager, officer, employee, consultant or representative) to a Shareholder or any of its Affiliates.

 4.9 Conversion of TAP Bonds. David Neeleman, any of his Permitted Transferees or any company controlled by David Neeleman shall abstain from
voting in any resolution and from taking part in any decision related to the conversion of the TAP Bonds into TAP equity securities. 

SECTION V 

TRANSFER OF SHARES 

5.1 TRIP’s Shareholders’ Tag-Along Right. In the event that Neeleman intends to transfer a portion of the Bound Shares, he shall notify
TRIP’s Shareholders. When TRIP’s Shareholders receive a notification sent by Neeleman stating his intention to transfer a portion of his Bound Common Shares (“Transfer of Neeleman’s Shares”) to a third party, the
Notified TRIP’s Shareholders (“Notified TRIP’s Shareholders”) shall have the right to require that the Transfer of Neeleman’s Shares, object of the notice, also comprises a percentage of Bound Common Shares of their
ownership equivalent to the result of the division of (a) the number of Bound Common Shares to be transferred by Neeleman; by (b) the total number of Bound Common Shares held by Neeleman at the moment immediately prior to the referred
transaction, under the same conditions under which Neeleman intends to transfer his Bound Common Shares (the “TRIP’s Shareholders’ Tag-Along Right”). 

5.2 Neeleman’s Tag-Along Right. In the event that TRIP’s Shareholders intend to transfer a portion of the Bound Shares, they shall notify
Neeleman. When Neeleman receives a notice sent by any of the TRIP’s Shareholders of their intent to transfer a portion of the Bound Common Shares held by any of TRIP’s Shareholders (“Transfer of TRIP’s Shareholders’
Shares”) to a third party (“Notified Neeleman”), Notified Neeleman shall have the right to require that the transfer of the TRIP’s Shareholders’ Shares, object of the notification, also comprises a percentage of
Bound Common Shares of his ownership equivalent to the result of the division of (a) the number of Bound Common Shares to be Transferred by any of the TRIP’s Shareholders; by (b) the total number of Bound Common Shares held by
TRIP’s Shareholders at the moment immediately prior to the referred transaction, under the same conditions under which any of TRIP’s Shareholder intend to transfer their Bound Common Shares (the “Neeleman’s Tag-Along
Right”). 

  
 8 

 5.3 Transfer of Shares. If either Neeleman or TRIP’s Shareholders (the “Offered
Shareholder”), as the case may be, have chosen to exercise their Tag-Along Right, the other shareholder (the “Offering Shareholder”) may not validly complete any transfer unless the third party buyer acquires from the
Offered Shareholder, concurrently, the Bound Common Shares pursuant to the exercise of the referred right, under the same terms and conditions under which the buyer has agreed to acquire the Offered Shares, pursuant to Sections 5.1 and 5.2 above. In
the event that the Offered Shareholder fails to agree to enter into the definitive agreements under the same terms and conditions of the definitive agreements negotiated by the Offering Shareholder, the Offering Shareholder shall be free to complete
the Transfer. 
 5.4 Term for Closing. Whether or not the Tag-Along Right has been exercised by the Offered Shareholder according to the terms above,
the Offering Shareholder shall proceed with the transfer of the Offered Shares, and such transfer must be completed, preferably, within a period of one hundred twenty (120) days from the receipt of the notices set forth in Sections 5.1 and
5.2. After such period, if the transfer of the Offered Shares to the third party has not been completed and the Offering Shareholder still intends to Transfer Shares, the Offering Shareholder shall again follow the procedure set forth in
Sections 5.1 and 5.2 above. 
 5.5 TRIP’s Shareholders’ Right of First Offer. In the event that Neeleman intends to dispose of his
Bound Common Shares in such manner that, after such disposal or transfer, the Common Shares held by Neeleman come to represent less than fifty percent (50%) plus one (1) Common Shares issued by Azul Holding, in each subsequent disposal or
transfer of Common Shares (the “Neeleman’s Offered Shares”) Neeleman shall, primarily, before making any offer to any third party, inform and notify TRIP’s Shareholders in writing of such intention, specifying the terms
and conditions under which he intends to transfer the Neeleman’s Offered Shares, including the number of the Neeleman’s Offered Shares, the respective price per share, the payment terms and other relevant conditions of the desired transfer
(the “Neeleman’s Transfer Notice”). 
 5.6 TRIP’s Shareholders shall have a right of first offer to acquire the Offered Shares on
terms equal or superior to those specified by Neeleman and contained in the Neeleman’s Transfer Notice (the “TRIP’s Shareholders’ Right of First Offer”), whereby TRIP’s Shareholders shall send a written notice to
Neeleman (the “TRIP’s Shareholders’ Response Notice”) within sixty (60) days of receipt of the Neeleman’s Transfer Notice, informing whether they will exercise their TRIP’s Shareholders’ Right of First
Offer; the absence of such response to be interpreted as lack of interest in exercising such right. 
 5.7 The TRIP’s Shareholders’ Response
Notice shall be firm, irrevocable and irreversible. During the period of sixty (60) days of receipt by Neeleman of the TRIP’s Shareholders’ Response Notice, TRIP’s Shareholders shall buy and Neeleman shall sell the
Neeleman’s Offered Shares, which shall be free and clear of any liens, encumbrances or options, under the terms offered, binding the parties, as of now, to perform all acts and execute all documents necessary to formalize the referred
transaction (the “Closing of TRIP’s Shareholders’ Right of First Offer”). 
  

  
 9 

 5.8 If (a) TRIP’s Shareholders waive their TRIP’s Shareholders’ Right of First Offer,
(b) TRIP’s Shareholders fail to deliver a TRIP’s Shareholders’ Response Notice in accordance with the terms set forth in Section 5.6 above, or (c) the Closing of the TRIP’s Shareholders’ Right of First Offer
fails to comply with the terms of Section 5.7 above, Neeleman shall be free to transfer the Neeleman’s Offered Shares to third parties, provided that at a price per share superior to that specified and under conditions equal to or better
than those contained in the TRIP’s Shareholders’ Response Notice, and compliant with the TRIP’s Shareholders’ Tag-Along Right. The consummation of the acts necessary to implement the purchase and sale of the Neeleman’s
Offered Shares and their transfer to the referred third party shall be conducted within one hundred twenty (120) days from the expiration of the period of sixty (60) days set forth in Section 5.6 above. After such period, if Neeleman
still intends to transfer Common Shares, he shall again observe the procedure set forth in this Section V. 
 5.9 Neeleman’s Right of First
Offer. In the event that TRIP’s Shareholders intend to dispose of any of their Bound Common Shares (the “TRIP’s Shareholders’ Offered Shares”) TRIP’s Shareholders shall, primarily, before making any offer to
any third party, inform and notify Neeleman in writing of such intention, specifying the terms and conditions under which they intend to transfer the TRIP’s Shareholders’ Offered Shares, including the number of Offered Shares, the
respective price per share, the payment terms and other relevant conditions of the desired transfer (the “TRIP’s Shareholders’ Transfer Notice”). 

5.10 Neeleman shall have a right of first offer to acquire the TRIP’s Shareholders’ Offered Shares on terms equal or superior to those specified by
TRIP’s Shareholders and contained in the TRIP’s Shareholders’ Transfer Notice (the “Neeleman’s Right of First Offer”), whereby Neeleman shall send a written notice to TRIP’s Shareholders (the
“Neeleman’s Response Notice”) within sixty (60) days of receipt of the TRIP’s Shareholders’ Transfer Notice, informing whether he will exercise his Neeleman’s Right of First Offer; the absence of such
response to be interpreted as lack of interest in exercising such right. 
 5.11 The Neeleman’s Response Notice shall be firm, irrevocable and
irreversible. During the period of sixty (60) days of receipt by TRIP’s Shareholders of the Neeleman’s Response Notice, Neeleman shall buy and TRIP’s Shareholders shall sell the TRIP’s Shareholders’ Offered Shares,
which shall be free and clear of any liens, encumbrances or options, under the terms offered, binding the parties, as of now, to perform all acts and execute all documents necessary to formalize the referred transaction (the “Closing of
Neeleman’s Right of First Offer”). 
 5.12 If (a) Neeleman waives his Neeleman’s Right of First Offer, (b) Neeleman fails to
deliver a Neeleman’s Response Notice in accordance with the terms set forth in Section 5.10 above, or (c) the Closing of Neeleman’s Right of First Offer fails to comply with the terms of Section 5.11 above, TRIP’s
Shareholders shall be free to transfer the TRIP’s Shareholders’ Offered Shares to third parties, provided that at a price per share superior to that specified and under conditions equal to or better than those contained in the
Neeleman’s Response Notice, and compliant with the Neeleman’s Tag-Along Right. The consummation of the acts necessary to implement the purchase and sale of the TRIP’s Shareholders’ Offered Shares and their transfer to the
referred third party shall be conducted within one hundred twenty (120) days from the expiration of the period of sixty (60) days set forth in Section 5.10 above. After such period, if TRIP’s Shareholders still intend to transfer
Common Shares, they shall again observe the procedure set forth in this Section V. 

  
 10 

 5.13 Permitted Transfers; ANAC. The exercise of the Tag-Along Right, the TRIP’s Shareholders’
Right of First Offer and the Neeleman’s Right of First Offer shall not apply when the Transfer of the Bound Common Shares held by Neeleman or TRIP’s Shareholders, as applicable, is made to any of their Affiliates. Neeleman and TRIP’s
Shareholders shall observe, in any event, the need to submit any request for transfer of Shares to ANAC for prior approval. 

SECTION VI 

SPECIFIC PERFORMANCE 

6.1 Subject to the provisions of this Section VI, the Parties recognize that the attribution of losses and damages, although due and calculated in accordance
with applicable law, shall not constitute sufficient remedy for the breach of obligations hereunder, and any Shareholder may judicially require specific compliance with the defaulted obligation through court appointment, according to
Article 118 of the Corporations Law, as well as Articles 461, 461-A, 466-A to 466-C, 632 et seq., 642 et seq. and 646 et seq. of the Brazilian Civil Procedure Code. This Agreement, signed by two (2) witnesses,
constitutes an extrajudicial instrument on the basis of which execution proceedings may be started for all purposes and effects of Article 585, paragraph II of the Brazilian Civil Procedure Code. 

SECTION VII 

GOVERNING LAW AND ARBITRATION 

7.1 Governing Law. This Agreement shall be interpreted and governed in accordance with the laws of the Federative Republic of Brazil. 

7.2 Conflict Resolution. With the exception of disputes relating to obligations to pay which include judicial enforcement proceedings and that which
may require, at the outset, specific execution, all other disputes arising from or connected to this Agreement and its schedules, among others, which pertain to its validity, effectiveness, violation, interpretation, expiration, termination and its
consequences, shall be resolved by arbitration, pursuant to Law No. 9,307/96, as amended, upon the conditions that follow. 
 7.2.1 The dispute shall
be submitted to the International Chamber of Commerce (“Arbitration Center”) in accordance with its regulation (“Regulation”), effective as of the date of the request for initiation of arbitration. The arbitration
shall be conducted in Portuguese; provided, however, that if Calfinco or HNA are parties to the dispute, the arbitration shall be conducted in English. 

7.2.2 The arbitration shall be based in the City of São Paulo, State of São Paulo, where the arbitral decision shall be granted, and the
arbitrators are not authorized to rule based on equity, except for the settlement of the attorneys’ fees mentioned in Section 7.2.4 below. 
  

  
 11 

 7.2.3 The arbitration court (“Arbitration Court”) shall comprise three arbitrators registered in
the Brazilian Bar Association, where the applicant(s), on one hand, shall appoint one arbitrator, and the defendant, on the other, appoint a second arbitrator, which, by common agreement, appoint the third arbitrator who shall act as President of
the Arbitration Court. If either party fails to appoint an arbitrator and/or two (2) arbitrators appointed by the Parties fail to appoint the third arbitrator within thirty (30) days from the date set forth for such action, the President
of the Arbitration Center shall be responsible for appointing the third arbitrator in the manner set forth in its Regulation. 
 7.2.4 The Parties agree
that the Party upon which the adverse decision is imposed shall pay the fees and expenses incurred with the arbitrators and the Arbitration Center, if otherwise not established in the arbitration decision. The Parties shall bear the costs and fees
of their respective attorneys. 
 7.2.5 Each Party remains entitled to propose in the competent common judgment the legal measures aimed at obtaining
precautionary approvals for protection or safeguarding of rights or as preparation prior to the establishment of the Arbitration Court, such action not to be construed as a waiver of arbitration. For the exercise of court protections, the Parties
elect the jurisdiction of the City of São Paulo, State of São Paulo, judicial district of the capital, expressly waiving any other, as privileged as it may be. After the initiation of the Arbitration Court, such measures shall be
directed to the Arbitration Court. 
 7.2.6 The decisions of the arbitration shall be final and binding, not requiring court approval nor admitting any
appeal against the same, except for requests for correction and clarification before the Arbitration Court, pursuant to art. 30 of Law No. 9,307/96 and possible annulment action pursuant to art. 32 of Law No. 9,307/96. According to article
475-P of the Brazilian Civil Procedure Code, the execution of the judgment shall take place in the judicial district it was processed (the City of São Paulo, State of São Paulo, pursuant to Section 7.2.2 above), the execution
creditor being able to legally opt for the location where assets subject to expropriation are located or at the primary residence of the execution debtor. Each Party shall use its best efforts to ensure the expeditious and efficient completion of
the arbitration procedures. 
 7.2.7 Regardless of the nature of the dispute to be settled through arbitration, all Parties shall participate in it, either
as a party (when the dispute directly involves it as claimant or counterclaimant), or as an interested third party (when it may be, in any way, directly or indirectly affected by decisions to be made in the course or at the end of the procedure).
Likewise, the award shall be final and binding on all Parties, regardless of eventual refusal by any Party to participate in the arbitration procedure, either as a party or an interested third party. 

7.2.8 The arbitration shall be completed within the term of six (6) months, which may be extended upon justification by the Arbitration Court. 

7.2.9 The arbitration shall be confidential. 

  
 12 

 SECTION VIII 

GENERAL PROVISIONS 

8.1 Entire Agreement. This Agreement represents the entire understanding of the Parties regarding the subject matter and supersedes all prior
agreements, discussions and understandings with respect to the provisions hereof, subject to the terms of the Investment Agreement. 
 8.2 Irrevocability
and Irreversibility. The obligations herein are assumed by the Parties irrevocably and irreversibly. 
 8.3 Successors. This Agreement binds not
only the Parties but also their successors and permitted assigns, in any capacity, including, without limitation, in cases of merger and incorporation (including of shares) or spin-off of the Shareholders and the Company. 

8.4 Assignment. This Agreement and/or all rights, remedies, obligations or liabilities hereunder, by reason hereof, shall not be subject to assignment,
transfer or subrogation, in whole or in part, by any of the Shareholders, without the prior consent in writing by the other Shareholder. 
 8.5
Severability. In the event that any Chapter, Section, Subsection, Item, Exhibit, term or provision hereof is declared invalid or unenforceable pursuant to law, such invalidity or unenforceability shall not affect any other Chapters, Sections,
Subsections, Items, Exhibits, terms or provisions hereof, all of which shall remain in full force and effect. Upon determining which term or provision hereof is void or unenforceable, the Parties shall negotiate in good faith to amend this Agreement
so as to cause it to reflect, as much as possible, the real intention of the Parties, in a mutually acceptable form, so that the transaction contemplated herein is consummated as originally set forth, to the greatest possible extent. 

8.6 Waiver. No omission or delay by either Party in the exercise of its rights, powers or privileges specified herein shall be deemed a waiver, nor
shall any single or partial exercise specified herein prevent other or future exercises set forth herein, nor the exercise of other rights, powers or privileges. The rights and remedies specified herein shall be cumulative and non exclusive of any
right or remedy provided by law. 
 8.7 Novation. Any concession or tolerance of any Shareholder regarding (a) non-compliance or partial
compliance by the other Party, with any obligation pertaining hereto, (b) absence of requirement of compliance with a specific obligation, or, (c) the admission of compliance with an obligation in a different manner from that provided
herein, shall be considered mere liberality and shall not constitute, tacitly or implicitly, novation, enforceable precedent, tacit amendment of its terms, waiver of rights, redemption of obligations or right acquired by the other Shareholder. 

8.8 Amendments. Any provision hereof may be amended or waived provided that such amendment or waiver is made in writing and signed by all Parties. 

  
 13 

 8.9 Terms. All terms set forth herein shall be measured as provided in Article 184 of the Code of
Civil Procedure, i.e., excluding the day of beginning and including the maturity date. All terms set forth herein that expire on Saturdays, Sundays or holidays in the city of São Paulo, state of São Paulo, and the city of
Vitória, state of Espírito Santo, shall be automatically extended to the following business day. 
 8.10 Filing in the Headquarters of the
Company. This Agreement shall be filed at the Company’s headquarters, and the obligations and encumbrances resulting herefrom shall be recorded in accordance with Section 8.11 below, at the corresponding records, including, among
others, in the Registered Shares Register of the Company (or before the financial institution responsible for the bookkeeping of Shares, including the declaration of equity ownership), in accordance with and for the purposes of Article 118,
heading, and paragraph 1 of the Corporations Law. 
 8.11 Annotation. The Company shall ensure that a label with the text below is annotated on the
relevant pages of its Registered Shares Register (or at the financial institution responsible for the bookkeeping of Shares, including the declaration of equity ownership) and on any other records or certificates representing Shares under this
Agreement: 
 “THE TOTALITY OF SHARES HELD BY TRIP PARTICIPAÇÕES S.A., TRIP INVESTIMENTOS LTDA., RIO NOVO LOCAÇÕES LTDA.
AND DAVID GARY NEELEMAN ARE SUBJECT TO THE NORMS AND RESTRICTIONS SET FORTH IN THE SHAREHOLDERS AGREEMENT DATED [-], THE COPY OF WHICH IS AVAILABLE AT THE HEAD OFFICE OF THE COMPANY.” 

8.12 Notices. Except as otherwise expressly provided herein, all notices or communications to be sent by any Party to the other Parties shall be in
writing and shall be considered validly received when delivered personally, by certified mail, with return receipt, or by courier service; or by means of registry offices or courts; upon their receipt at the addresses listed below, or at
other addresses (including email addresses) or facsimile numbers as the Parties may provide each other through a notice in accordance with this Agreement: 

(a) to the Company: 
 Address: Av. Marcos Penteado de Ulhoa
Rodrigues, 939, 8th floor, Condominio Castelo Branco Office Park, Tamboré, Barueri, 06460-060 
 E-mail: john.rodgerson@voeazul.com.br 

Fax: (11) 4134-9800 
 To: John Rodgerson 

(b) to Trip Participações S.A.: 
 Address: Rod. BR
262, km. 5, Campo Grande, Cariacica/ES 
 E-mail: renanc@aguiabranca.com.br 

Fax: (27) 2125-6301 
 To: Renan Chieppe 

 

  
 14 

 (c) to Trip Investimentos Ltda.: 

Address: Rod. BR 262, km. 5, Campo Grande, Cariacica/ES 
 E-mail:
josemario@voeazul.com.br 
 Fax: (27) 2125-6301 
 To:
José Mário Caprioli dos Santos 
 (d) to Rio Novo Locações Ltda.: 

Address: Rod. BR 262, km. 6.3, sala 208, Campo Grande, Cariacica/ES 

E-mail: decio@aguiabranca.com.br 
 Fax: (27) 2125-6304 

To: Décio Luiz Chieppe 
 (e) to CALFINCO Inc. 

Address: 233 S. Wacker Dr., Chicago, Illinois 60606, U.S.A. 

E-mail: gerry.laderman@united.com 
 Fax: +1 (872) 825-3321

 To: Gerald Laderman 
 with a copy to (which shall not
constitute notice): 
 Address: 233 S. Wacker Dr., Chicago, Illinois 60606, U.S.A. 

E-mail: thomas.bolling@united.com 
 Fax: +1 (872) 825-0309

 To: Thomas N. Bolling 
 (f) to Hainan Airlines Co., Ltd.

 Address: HNA Plaza, No. 7 Guoxing Road, Haikou City, Hainan Province, China 

E-mail: ke-zhao3@hnair.com 
 Fax: +86 (898) 68875300 

To: Zhao Ke 
 with a copy to (which shall not constitute notice):

 Address: One South Dearborn Chicago, IL 60603 
 E-mail:
pjha@sidley.com 
 Fax: +1 (312) 853-4161 
 To: Pran Jha

 (g) to David Gary Neeleman: 
 Address: Av. Marcos Penteado
de Ulhoa Rodrigues, 939, 8th floor, Condominio Castelo Branco Office Park, Tamboré, Barueri, 06460-060 
 E-mail: john.rodgerson@voeazul.com.br 

Fax: (11) 4134-9800 
 To: John Rodgerson 

  
 15 

 8.12.1 The Parties undertake to maintain, throughout the term of this Agreement, the data referred to in this
Section 8.12 correct, sufficient, accurate and updated. Any alteration must be preceded by prior notice in writing to the other Parties, pursuant to terms hereof. 

8.13 Validity. This Agreement shall enter into force on the date of signature and shall remain valid and in force (a) for a period of twenty
(20) years; or (b) until the date when TRIP’s Shareholders hold less than five percent (5%) of Common Shares, whichever occurs first. 

In witness whereof, the Parties sign this Agreement in five (5) counterparts of equal form and content, before two (2) witnesses. 

São Paulo, [—]. 

(The remainder of this page intentionally left blank) 

  
 16 

 (Signature page of the Shareholders Agreement) 

 

			
	 TRIP Participações S.A.
	  	
		  	
	  
	  	  

	 Name:
	  	Name:
	 Position:
	  	Position:
		  	
		
	 TRIP INVESTIMENTOS LTDA.
	  	
		  	
	  
	  	  

	 Name:
	  	Name:
	 Position:
	  	Position:
		  	
		
	 RIO NOVO LOCAÇÕES LTDA.
	  	
		  	
	  
	  	  

	 Name:
	  	Name:
	 Position:
	  	Position:
		  	
		
	 CALFINCO, Inc.
	  	
		  	
	  
	  	  

	 Name:
	  	Name:
	 Position:
	  	Position:
		  	
		
	 HAINAN AIRLINES Co., LTD.
	  	
		  	
	  
	  	  

	 Name:
	  	Name:
	 Position:
	  	Position:
		  	
		
	 DAVID GARY NEELEMAN
	  	
		  	
	  
	  	
		  	
		
	 AZUL S.A.
	  	
		  	
	  
	  	
	 Name:
	  	
	 Position:
	  	
		  	
		
	 Witnesses:
	  	
		  	
	  
	  	  

	 Name:
	  	Name:
	 RG:
	  	RG:

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