Document:

Ex 10.4 - 2017 Share Option Plan

 Exhibit 10.4 

TENCENT MUSIC ENTERTAINMENT GROUP 

( 腾讯音乐娱乐集团) 

2017 SHARE OPTION PLAN 

SECTION 1.    Purpose. The purpose of the Tencent Music Entertainment Group (腾讯音乐娱乐集团) 2017 Share Option Plan (the “Plan”) is to motivate and
reward those employees and other individuals who are expected to contribute significantly to the success of Tencent Music Entertainment Group
(腾讯音乐娱乐集团) (together with its subsidiaries, the
“Company”) to perform at the highest level and to further the best interests of the Company and its shareholders. 

SECTION 2.    Definitions. As used in the Plan, the following terms shall have the
meanings set forth below: 
 (a)    “Affiliate” means (i) any entity that, directly or indirectly,
is controlled by the Company; (ii) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Committee. 

(b)    “Articles of Association” means the articles of association of the Company in force from time to
time. 
 (c)    “associates” has the meaning ascribed to it in the Hong Kong Listing Rules. 

(d)    “Award” means any Option granted under the Plan. 

(e)    “Award Agreement” means any agreement, contract or other instrument or document evidencing any
Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

(f)    “Beneficial Owner” has the meaning ascribed to such term in Rule
13d-3 under the Exchange Act. 
 (g)    “Beneficiary” means a
person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death. If no such person is named by a Participant, or if no Beneficiary designated by such Participant
is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 

(h)    “Board” means the board of directors of the Company. 

(i)    “Cause” means, with respect to any Participant, “cause” as defined in such
Participant’s Employment Agreement, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement, such Participant’s: 

(i)    dishonesty or serious misconduct, whether or not in connection with his employment; willful
disobedience or non-compliance with the terms of his employment, agency or consultancy contract with any member of the group or any invested entity or any lawful orders or instructions given by the any member
of the group or any invested entity as the case may be; 

 (ii)    incompetence or negligence in the performance of
his duties;; or 
 (iii)    doing anything in the conclusive opinion of the Committee adversely affects
his ability to perform his duties properly or bring the Company or the group or any invested entity into disrepute. 

(j)    “Change of Control” means the occurrence of any one or more of the following events: 

(i)    any Person, other than an employee benefit plan or trust maintained by the Company, becomes the
Beneficial Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s outstanding securities entitled to vote generally in the election of directors; 

(ii)    at any time during a period of 12 consecutive months, individuals who at the beginning of such
period constituted the Board and any new member of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of such period or
whose election or nomination for election was so approved, cease for any reason to constitute a majority of members of the Board; 

(iii)    the consummation of (A) a merger or consolidation of the Company or any of its subsidiaries
with any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining
outstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market value of the securities of the Company or such surviving
entity or parent outstanding immediately after such merger or consolidation, or (B) any sale, lease, exchange or other transfer to any Person of assets of the Company and/or any of its subsidiaries, in one transaction or a series of related
transactions, having an aggregate fair market value of more than 50% of the fair market value of the Company and its subsidiaries (the “Company Value”) immediately prior to such transaction(s); or 

(iv)    any analogous situation as determined by the Committee solely at its discretion; 

provided that, in the case of each of (i), (ii) and (iii), except as otherwise provided in the applicable Award Agreement, a Change of Control
shall not be deemed to have occurred until the Committee has determined by resolution of the Committee that such event has occurred. 

  
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 (k)    “Code” means the Internal Revenue Code of 1986,
as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 

(l)    “Committee” means the compensation committee of the Board or such other committee as may be
designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall refer to the Board. 

(m)    “Companies Ordinance” means the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) as
amended from time to time. 
 (n)    “Director” means any member of the Company’s Board of
Directors. 
 (o)    “Disability” means, with respect to any Participant, “disability” as
defined in such Participant’s Employment Agreement, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement: 

(i)    a permanent and total disability that entitles the Participant to disability income payments under
any long-term disability plan or policy provided by the Company under which the Participant is covered, as such plan or policy is then in effect; or 

(ii)    if the Participant is not covered under a long-term disability plan or policy provided by the
Company at such time for whatever reason, then the term “Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 12 months. In this case, the existence of any such Disability will be certified by a physician acceptable to the Company. 

(p)    “Effective Date” means the later of (i) the date on which the Plan is adopted by the Board,
(ii) the date on which the Plan is approved and adopted by the shareholders of the Company and (iii) the date on which the Plan is approved and adopted by the shareholders of Tencent in a general meeting pursuant to the Hong Kong Listing
Rules. 
 (q)    “Eligible Participant” has the meaning ascribed to it under Section 3(a) of this
Plan. 
 (r)    “Employee” means any person employed by the Company or any Affiliate, with the status
of employment determined based upon such factors as are deemed appropriate by the Committee in its discretion, subject to applicable law. 

(s)    “Employment Agreement” means any employment, severance, consulting or similar agreement between
the Company or any of its Affiliates and a Participant. 

  
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 (t)    “Exchange Act” means the Securities Exchange Act
of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(u)    “Fair Market Value” means (i) with respect to Shares, the closing price of a Share as stated
in the daily quotations sheet of the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, fair market value of a Share as determined by the Committee, and (ii) with respect to
any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

(v)    “Hong Kong” means the Hong Kong Special Administrative Region of the People’s
Republic of China. 
 (w)    “Hong Kong Listing Rules” means the Rules Governing the Listing of
Securities of The Stock Exchange of Hong Kong Limited as may be amended from time to time. 
 (x)    “Hong Kong
Stock Exchange” means The Stock Exchange of Hong Kong Limited. 
 (y)    “HK$” means Hong Kong
dollars. 
 (z)    “Intrinsic Value” with respect to an Option Award means (i) the excess, if any,
of the price or implied price per Share in a Change of Control or other event over (ii) the exercise or hurdle price of such Award multiplied by (iii) the number of Shares covered by such Award. 

(aa)    “Option” means an option representing the right to purchase Shares from the Company, granted
pursuant to Section 6. 
 (bb)    “Participant” means the recipient of an Award granted
under the Plan. 
 (cc)    “Person” has the meaning ascribed to such term in Section 3(a)(9) of
the Exchange Act and used in Sections 13(d) and 14(d) thereof, including “group” as defined in Section 13(d) thereof. 

(dd)    “Qualified IPO” means the listing of Shares resulting from a firm underwritten public
offering of the Shares in the U.S. or in a similar listing of the Shares in another jurisdiction which results in such shares trading publicly on any Qualified Stock Exchange where the Company meets the listing requirements of such Qualified Stock
Exchange. 
 (ee)    “Qualified Stock Exchange” means the Hong Kong Stock Exchange, New York
Stock Exchange, NASDAQ Stock Market, A-Share Market or such other stock exchange approved by the Board. 

  
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 (ff)    “Retirement” means the Participant’s
retirement following reaching the retirement age as established by the legislation in force in the jurisdiction of the Participant’s principal place of employment or as otherwise determined under Company policy. 

(gg)    “Shares” means ordinary shares in the capital of the Company, par value US$0.000083 per share.

 (hh)    “substantial shareholder” has the meaning ascribed to it in the Hong Kong Listing Rules.

 (ii)    “Substitute Award” means an Award granted in assumption of, or in substitution for, an
outstanding award previously granted by a company or other business acquired by the Company or with which the Company combines. 

(jj)    “Tencent” means Tencent Holdings Limited, the controlling shareholder (as defined under the Hong
Kong Listing Rules) of the Company, and whose shares are listed on the Hong Kong Stock Exchange. 

(kk)    “Termination of Service” means, in the case of a Participant who is an employee of the Company or
an Affiliate, cessation of the employment relationship such that the Participant is no longer an employee of the Company or Affiliate, or, in the case of a Participant who is an independent contractor or other service provider, the date the
performance of services for the Company or an Affiliate has ended; provided, however, that in the case of an employee, the transfer of employment from the Company to an Affiliate, from an Affiliate to the Company, from one Affiliate to
another Affiliate or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or an Affiliate as a Director of the Board or an independent contractor shall not
be deemed a cessation of service that would constitute a Termination of Service; provided, further, that a Termination of Service will be deemed to occur for a Participant employed by an Affiliate when an Affiliate ceases to be an
Affiliate unless such Participant’s employment continues with the Company or another Affiliate. 

SECTION 3.    Eligibility. 

(a)    Any Employee or any other individual who provides services to the Company or any Affiliate as determined by the
Committee shall be eligible to be selected to receive an Award under the Plan (an “Eligible Participant”), to the extent an offer of an Award or a receipt of such Award is permitted by applicable law, stock market or exchange rules
and regulations or accounting or tax rules and regulations. 
 (b)    Holders of options and other types of awards
granted by a company acquired by the Company or with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable regulations of any stock exchange on which the Company is listed.

  
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 SECTION 4.    Administration. 

(a)    Administration of the Plan. The Plan shall be administered by the Committee. All decisions of the Committee
shall be final, conclusive and binding upon all parties, including the Company and Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it
may determine. 
 (b)    Composition of Committee. Subject to applicable law, the Board may designate one or more
Directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee. To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the
authority to grant Options, and the Committee may delegate to another committee of the Board (which may consist of solely one Director) the authority to grant all types of Awards, in accordance with the law. 

(c)    Authority of Committee. Subject to the terms of the Plan and applicable law, the Committee (or its delegate)
shall have full power and authority to: 
 (i) designate Participants; 

(ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan, provided that the
Committee shall not grant any proposed grantee an Option (A) if a prospectus is required to be issued in connection with such grant under the Companies Ordinance or any other applicable laws or (B) after a price sensitive event has
occurred or a price sensitive matter has been the subject of a decision, until such price sensitive information has been published in the newspaper or during the period commencing one month immediately preceding the earlier of the date of the Board
meeting for approval of the Company’s results for any year, half year, quarterly or any other interim period and the deadline for the Company to publish an announcement of its results for any year, half year, quarterly or any other interim
period; 
 (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be
calculated in connection with) Awards, which shall not in aggregate exceed 10% of the issued share capital of the Company in issue as at the date of the approval of the Plan; 

(iv) determine the terms and conditions of any Award including any performance criteria to be satisfied by the grantee and/or the Company
before an Option can be granted or exercised; 
 (v) determine whether, to what extent and under what circumstances Awards may be settled or
exercised in cash, Shares, other Awards, other property, net settlement, or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; 

  
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 (vi) determine whether, to what extent and under what circumstances cash, Shares, other
Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; 

(vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; 

(viii) establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and
determine such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; and

 (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of
the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. 

(d)    Restrictive Covenants. The Committee may impose restrictions on any Award with respect to non-competition, confidentiality and any other events that it considers to be detrimental to the Company, and impose other restrictive covenants as it deems necessary or appropriate in its sole discretion. In the
event that these restrictions are breached, the Committee may request the grantees to return all benefits made available to them under the Plan and such grantees shall ceased to be entitled to potential benefits intended to be made available to them
under the Plan. 
 SECTION 5.    Shares Available for Awards. 

(a)    The maximum number of Shares available for issuance upon exercise of Options to be granted under the Plan
(including Substitute Awards) is 34,826,662, being not more than 10% of the total number of Shares of the Company in issue as at the Effective Date. Options lapsed in accordance with the terms of the Plan will not be counted for the purpose of
calculating the 10% limit. Shareholders of Tencent in general meeting (and the shareholders of the Company, to the extent that approval by the shareholders of the Company is required under any applicable law or stock market or exchange rules and
regulations) may “refresh” the 10% limit under the Plan. However, the total number of Shares which may be issued upon exercise of all Options to be granted under the Plan and any other share option plans of the Company under the limits as
“refreshed” must not exceed 10% of the relevant class of Shares in issue as at the date of approval of the limit. Options previously granted under the Plan and any other share option plans (including those outstanding, cancelled, lapsed in
accordance with the Plan or exercised Options) will not be counted for the purpose of calculating the limit as “refreshed”. The maximum number of Shares which may be issued upon exercise of all outstanding Options granted and yet to be
exercised under the Plan and any other options granted and yet to be exercised under any other option plan shall not exceed 30% of the issued share capital of the Company from time to time. 

  
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 (b)    No Option may be granted to any one person such that the total
number of Shares issued and to be issued upon exercise of Options granted and to be granted to such person in any 12-month period up to the date of the latest grant exceeds 1% of the issued share capital of
the Company from time to time unless the Company obtains the approval of shareholders of Tencent (and/or the shareholders of the Company after the Shares are listed on a Qualified Stock Exchange, as applicable) in general meeting in accordance with
Rule 17.03(4) of the Hong Kong Listing Rules. 
 (c)    After the Shares are listed on a Qualified Stock Exchange, in
addition to the requirements outlined in Section 5(a) and (b) above, the independent non-executive Directors of the Company (excluding any independent non-executive Director of the Company who is a
grantee or Participant of the Award), will be required to approve each grant of Options to a Director, chief executive or substantial shareholder of the Company or any of their respective associates. Where any grant of options to a substantial
shareholder or an independent non-executive Director of the Company, or any of its respective associates, would result in the Shares issued and to be issued upon exercise of all Options already granted and to
be granted (including Options exercised, cancelled and outstanding) to such person in the 12-month period up to and including the date of such grant, (i) representing in aggregate over 0.1% of the
relevant class of Shares in issue; and (ii) (where the Shares are listed on the Hong Kong Stock Exchange), having an aggregate value, based on the closing price of the securities at the date of each grant, in excess of HK$5 million, such
further grant of options must be approved by shareholders of the Company. 
 (d)    The exercise of any Option shall be
subject to the Shareholders of the Company in general meeting approving any necessary increase in the authorized share capital of the Company. Subject thereto, the Board shall make available sufficient authorised but unissued share capital of the
Company to meet subsisting requirements on the exercise of Options. 
 (e)    Any Shares subject to an Award (other than
a Substitute Award), that expires, is canceled, forfeited or otherwise terminates without the delivery of such Shares, including (i) the number of Shares surrendered or withheld in payment of any grant, purchase, exercise or hurdle price of an
Award or taxes related to an Award (other than Shares already issued and surrendered for payment of taxes) and (ii) any Shares subject to an Award to the extent that Award is settled without the issuance of Shares, shall again be, or shall
become, available for issuance under the Plan. 

  
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 (f)    In the event that the Committee determines that, as a result of
any dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, issuance of Shares pursuant to
the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall adjust equitably, and in accordance with Chapter 17 of the Listing Rules, any or all of: 

(i)    the number and type of Shares (or other securities) which thereafter may be made the subject of
Awards, including the aggregate limit specified in Section 5(a); 
 (ii)    the number and
type of Shares (or other securities) subject to outstanding Awards; and 
 (iii)    the grant, purchase,
exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 

provided, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number. 

(g)    Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or
Shares acquired by the Company. 
 SECTION 6.    Options. The Committee is authorized
to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 

(a)    The exercise price per Share under an Option shall be determined by the Committee at the time of grant;
provided, however, after the shares of the Company are listed a Qualified Stock Exchange, that such exercise price shall be at least the higher of (i) the nominal value of a Share; (ii) the Fair Market Value of a Share of
such Option on the date of grant; and (iii) the average Fair Market Value of a Share of such Option for the five business days immediately preceding the date of grant. In the event that the Company has resolved to seek a separate listing on the
Hong Kong Stock Exchange or any other stock exchange, the exercise price for options granted thereafter and up to the listing date shall not be lower than the new issue price (if any). In particular, any Options granted during the period commencing
six (6) months before the lodgment of the listing application and up to the listing date of the Company shall not be lower than the new issue price. A grantee of an Option shall not have any voting rights, rights to dividends or other rights of
a shareholder with respect to Shares subject to the Option until the grantee has exercised the Option and the Company has issued Shares to the grantee. 

(b)    The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Option. 

  
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 (c)    Subject to any early vesting of Options pursuant to
Section 6(d)(v), (vi) or (vii), the Committee shall determine the time or times at which an Option becomes vested and exercisable in whole or in part. The Committee may specify in an Award Agreement that an Option with an exercise price that is
lower than the closing market price of the Shares on a reference date determined by the Committee, shall be automatically exercised on its expiration date as specified in the Award Agreement. 

(d)    Subject as hereinafter provided in the Plan and to any conditions specified by the Committee pursuant to
Section 4(c), Section 4(d) and this Section 6, in particular, always subject to Section 6(c), the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where
permitted under Section 6(d)(iv), the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e)) may exercise his Option at any time or times during the Option Period provided always that, except as otherwise
set forth in the applicable Award Agreement, any Option shall only be exercisable upon the earlier of (i) a Qualified IPO and (ii) a Change of Control, and: 
  

	 	(i)	 where the Participant is an Employee, in the event of the Participant ceasing to be an Employee for any reason
other than his death or the termination of his employment on one or more of the grounds specified in Section 6(d)(ii) or Section 7(d), the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the
Participant’s behalf) may exercise the Option up to the Participant’s entitlement at the date of cessation of his employment (to the extent not already exercised) within the period of three months following the date of such cessation,
which date shall be his last actual working day with the Company or any of its relevant Affiliate, whether salary is paid in lieu of notice or not; 

  

	 	(ii)	 where the Participant is an Employee, in the event of the Participant ceasing to be an Employee by reason of ill-health, injury or Disability not attributable to his own misconduct or redundancy (as defined under applicable laws), Retirement, agreement with the Committee or transfer of business in relation to which the
Employee was engaged to a company outside the Company and any of its subsidiaries and none of the events which would be a ground for termination of his employment under Clause Section 7(d) has occurred, the Participant (or, if applicable, the
Participant’s nominee under Section 9(d) on the Participant’s behalf) may exercise the Option up to his entitlement at the date of cessation of his employment (to the extent not already exercised) within the period of three months
following the date of such cessation, which date shall be his last actual working day with the Company or any Affiliate, whether salary is paid in lieu of notice or not; 

  
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	 	(iii)	 in the case: (a) where the Participant is a third party service provider/any other individual who provides
services to the Company or any Affiliate under a fixed term contract, if the Participant ceases to be a third party service provider by reason of termination or expiry of the term of the relevant fixed term contract without any extension or renewal
by the Company or its Affiliate for reasons other than (1) on one or more of the grounds specified in Section 7(d) or (2) on his death, or (b) where the Participant is a third party service provider not under any fixed term
contract, if the Participant ceases to be a third party service provider by reason of the Participant ceasing to provide any further advisory or consultancy or other kind of services, support, assistance or contribution to the Company or its
relevant Affiliates as may be determined by the Committee and notified to such third party service provider in writing within three months after the provision of its last services, support, assistance or contribution to the Company or its relevant
Affiliates for reasons other than (1) on one or more of the grounds specified in Section 7(d) or (2) on his death, the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s
behalf) may exercise the Option up to his entitlement at the date of cessation (to the extent he is entitled to exercise at the date of cessation but not already exercised) within the period of three months (or such other period as the Committee may
determine) following the date of such cessation, which date shall, in the case of (i) above, be the date of expiry of the relevant fixed term contract or, in the case of (ii) above, be the date of the written notification to the third
party service provider; 

  

	 	(iv)	 where the Participant is an Employee or a third party service provider, in the event of the death of the
Participant and none of the events specified in Section 7(d) has occurred, the legal personal representative(s) / Beneficiary of the Participant under Section 9(e) shall be entitled within a period of twelve months from the date of death
(or such other period as the Committee may determine) to exercise the Option up to his entitlement (to the extent not already exercised); 

  

	 	(v)	 whereby if a general offer (whether by way of takeover offer, share repurchase offer or scheme of arrangement
or otherwise in like manner) is made to all the holders of the Shares (or all such holders other than the offeror and/or any person controlled by the offeror and/or any person acting in association or concert with the offeror) and unless otherwise
determined by the Committee : (i) in case of a scheme of arrangement, if the arrangement is formally proposed to the holders of the Shares or (ii) in any other case, if such offer becomes or is declared unconditional prior to the expiry of the
Option, the grantee shall be entitled to exercise his Option (to the extent not already exercised) to its full extent or to the extent specified in the grantee’s notice to the Company in exercise of his Option at any time thereafter and up to
(i) in case of a scheme of arrangement, 3:00 p.m. (Hong Kong time) of the record date for entitlements under such scheme of arrangement or (ii) in any other case, the close of such offer (or any revised offer). For the avoidance of doubt,
the grantee may not exercise any of his Option thereafter. Subject to the above, an Option will lapse automatically (to the extent not exercised) on the date on which (i) in case of a scheme of arrangement, the offer extended to all grantees in
relation to the Options arising from such scheme of arrangement becoming effective closed or (ii) in any other case, such offer (or any revised offer) closed; 

  
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	 	(vi)	 if a general offer (whether by way of take-over offer, share repurchase offer or plan of arrangement or
otherwise in like manner) is made to all the holders of Shares (or all such holders other than the offeror and/or any person controlled by the offeror and/or any person acting in association or in concert with the offeror) the Company shall use its
best endeavours to procure that such offer is extended to all the Participants (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv), the
Participant’s legal personal representative(s) /Beneficiary(ies) under Section 9(e)) (on the same terms mutatis mutandis, and assuming that they will become, by the exercise in full of the Options granted to them, shareholders of the
Company); 

  

	 	(vii)	 in the event of an effective resolution being passed for the voluntary
winding-up dissolution or liquidation of the Company or an order of the court being made for the dissolution or liquidation of the Company, notice thereof shall be given by the Company to Participant (or, if
applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv), the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e))
with Options outstanding in full or in part at such date. If a Participant immediately prior to such event had any such outstanding Option, the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the
Participant’s behalf, or where permitted under Section 6(d)(iv), the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e)) may by notice in writing to the Company within 30 days after the date of
such resolution elect to be treated as if the Option (to the extent not already exercised) had been exercised immediately before the passing of such resolution either up to his entitlement or to the extent specified in the notice, such notice to be
accompanied by a remittance for the full amount of the aggregate exercise price for the Shares in respect of which the notice is given, whereupon the Participant will be entitled to receive out of the assets available in the liquidation pari passu
with the holders of Shares such sum as would have been received in respect of the Shares the subject of such election; 

  
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	 	(viii)	 if a compromise or arrangement between the Company and its members or creditors is proposed for the purposes of
or in connection with a plan for the reconstruction of the Company or its amalgamation with any other company or companies, unless otherwise directed by the Committee, the Company shall give notice thereof to all Participants (or, if applicable, the
Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e)) (together with a
notice of the existence of the provisions of this Section) on the same date as it despatches to each member or creditor of the Company a notice summoning the meeting to consider such a compromise or arrangement, and thereupon each Participant (or,
if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv), the Participant’s legal personal representative(s) / Beneficiary(ies) under
Section 9(e)) shall be entitled to exercise the Option up to his entitlement at any time prior to 12:00 noon on the day immediately preceding the date of the meeting directed to be convened by the court for the purposes of considering such
compromise or arrangement. 

 With effect from the date of such meeting, the rights of all Participants (or, if applicable,
the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) to exercise
their respective Options shall forthwith be suspended. Upon such compromise or arrangement becoming effective, all Options shall, to the extent that they have not been exercised, lapse and terminate. 

The Directors of the Company shall endeavour to procure that the Shares issued as a result of the exercise of Options under this
Section 6(d)(vii) shall for the purposes of such compromise or arrangement form part of the issued share capital of the Company on the effective date thereof and that such Shares shall in all respects be subject to such compromise or
arrangement. If for any reason such compromise or arrangement is not approved by the court (whether upon the terms presented to the court or upon any other terms as may be approved by such court) the rights of Participants (or, if applicable, the
Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) to exercise their
respective Options shall with effect from the date of the making of the order by the court be restored in full and shall thereupon become exercisable (but subject to the other terms of the Plan) as if such compromise or arrangement had not been
proposed by the Company and no claim shall lie against the Company or any of its officers for any loss or damage sustained by any Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s
behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) as a result of the aforesaid suspension. 

(e)    The Committee shall determine the method or methods by which, and the form or forms, including cash, Shares, other
Awards, other property, net settlement, broker assisted cashless exercise or any combination thereof, having a Fair Market Value on the exercise date equal to the exercise price of the Shares as to which the Option shall be exercised, in which
payment of the exercise price with respect thereto may be made or deemed to have been made. 

  
 13 

 (f)    For the avoidance of doubt, the provisions of the various Award
Agreements entered into under the Plan need not be identical. 
 SECTION 7.    Lapse of
Options. An Option shall lapse automatically and not be exercisable (to the extent not already exercised) on the earliest of:  
  

	 	(a)	 the expiry of the term of the Options referred to in Section 6(c); 

 

	 	(b)	 the expiry of any of the periods referred to in Section 6(d)(i) – (vi); 

 

	 	(c)	 Subject to Section 6(d)(vii), the date of consummation of the
winding-up, dissolution or liquidation of the Company; 

  

	 	(d)	 the date on which, (i) where the Participant is an Employee, the Participant ceases to be an Employee by
reason of Cause or by reason of the summary termination of his employment on any one or more of the grounds that he has been guilty of misconduct, or has been convicted of any criminal offence involving his integrity or honesty or (if so determined
by the Committee) on any other ground on which an employer would be entitled to summarily terminate his employment at common law or pursuant to any applicable laws or under the Participant’s Employment Agreement with the Company or its relevant
Affiliate]; or (ii) where the Participant is any other individual who provides services to the Company or any Affiliate, and is under any contract with the Company or its relevant Affiliates, such contract is terminated by reason of breach of
contract on the part of such individual; or (iii) where the Participant is any other individual who provides services to the Company or any Affiliate, the Participant appears either to be unable to pay or have no reasonable prospect to be able
to pay debts, or has become insolvent, or has made any arrangement (including a voluntary arrangement) or composition with his creditors generally, or ceases or threatens to cease to carry on his business, or is bankrupted, or has been convicted of
any criminal offence involving integrity or honesty; 

  

	 	(e)	 the date on which the Participant commits a breach of Section 9(d); or 

 

	 	(f)	 the date on which certain circumstances as provided in the related Award Agreement or otherwise agreed upon
between the Company and the Participant are satisfied. 

SECTION 8.    Effect of Termination of Service or a Change of Control on Awards. 

(a)    The Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual
case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited, including by way of repurchase by the Company, in the event of a Participant’s Termination of Service prior to the
exercise or settlement of such Award. 

  
 14 

 (b)    The Committee may set forth the treatment of an Award upon a
Change of Control in the applicable Award Agreement. 
 (c)    Except as otherwise provided in the applicable Award
Agreement, upon a Change of Control, a merger or consolidation involving the Company or any other event with respect to which the Committee deems it appropriate, the Committee may cause an Award to be canceled in consideration of (i) the full
acceleration of such Award and either (A) a period of at least ten days prior to the effective date of such Change of Control to exercise the Award or (B) a payment in cash or other consideration to the Participant who holds such Award in
an amount equal to the Intrinsic Value of such Award (which may be equal to but not less than zero), which, if in excess of zero, shall be payable upon the effective date of such Change of Control, merger, consolidation or other event or (ii) a
substitute award (which immediately upon grant shall have an Intrinsic Value equal to the Intrinsic Value of such Award). 

SECTION 9.    General Provisions Applicable to Awards. 

(a)    Awards shall be granted for such cash or other consideration, if any, as the Committee determines; provided
that in no event shall Awards be issued for less than such minimal consideration as may be required by applicable law. 

(b)    Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any
other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the
same time as or at a different time from the grant of such other Awards or awards. 
 (c)    Subject to the terms of the
Plan, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined by the
Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures
may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

(d)    Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award
and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 9(e) and (ii) during a Participant’s lifetime, each Award, and each right
under any Award, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant’s guardian or legal representative. The provisions of this Section 9(d) shall not apply to any Award that
has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

  
 15 

 (e)    A Participant may designate a Beneficiary or change a previous
Beneficiary designation at such times prescribed by the Committee, in its sole discretion, by using forms and following procedures approved or accepted by the Committee for that purpose. 

SECTION 10.    Amendments and Termination. 

(a)    Amendment or Termination of Plan. Except to the extent prohibited by applicable law and unless otherwise
expressly provided in an Award Agreement or in the Plan, the Committee may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension,
discontinuation or termination shall be made without (i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded (in
particular, the Hong Kong Listing Rules, under which the Committee may not alter any provisions of the Plan relating to matters set out in Rule 17.03, including, without limitation, Sections 1, 5, 6, 7, 13 and 14 and the definitions of
Employee and Participant to the advantage of Participants or proposed grantees and may not alter terms and conditions of the Plan which are of a material nature prior approval of the shareholders of Tencent (and/or the
shareholders of the Company after Shares are listed on a Qualified Stock Exchange, as applicable). Furthermore, any change to the authority of the Directors, the Committee or Plan administrators in relation to any alteration to the terms of the Plan
shall not be made except with the prior approval of the shareholders of Tencent in general meeting (and/or the shareholders of the Company after Shares are listed on a Qualified Stock Exchange, as applicable)) or (ii) the consent of the
affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to
cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to impose any “clawback” or recoupment provisions on any Awards in accordance with
Section 14 of the Plan. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or create sub-plans, in such manner as may be necessary to enable the Plan to achieve
its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations, including chapter 17 of the Hong Kong Listing Rules. The Committee may correct any defect,
supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. In the event that the Plan is terminated, no further Options will be offered but the
provisions of the Plan shall remain in full force in all other respects. All Awards granted prior to such termination shall continue to be valid and exercisable in accordance with the terms of the Plan. 

(b)    Dissolution or Liquidation. Subject to Section 6(d)(vii), in the event of the dissolution or
liquidation of the Company, each Award will terminate immediately upon the consummation of such action, unless otherwise determined by the Committee. The Shares to be allotted upon the exercise of an Option will be subject to all the provisions of
the Articles of Association and will rank pari passu with the fully paid Shares in issue on the date the name of the Participant is registered on the register of members of the Company and accordingly will entitle each Participant to participate in
all dividends and other distributions paid or made on or after the date the name of the Participant is registered on the register of members of the Company other than any dividend or other distribution previously declared or recommended or resolved
to be paid or made if the record date thereof shall be before the date of allotment. 

  
 16 

 (c)    Terms of Awards. The Committee may, subject to prior
approval from shareholders of Tencent (and the shareholders of the Company, in the event that approval by the shareholders of the Company is required under any applicable law or stock market or exchange rules and regulations), waive any conditions
or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award (except where
the alterations take effect automatically under the existing terms of the Plan); provided, however, that no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award
theretofore granted under the Plan, except (x) to the extent any such action is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or (y) to
impose any “clawback” or recoupment provisions on any Awards in accordance with Section 14 of the Plan. The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of events (including the events described in Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

SECTION 11.    Miscellaneous. 

(a)    No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b)    The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or
to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in
the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement. 

(c)    Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
 17 

 (d)    The Company shall be authorized to withhold from any Award
granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of
applicable social security contributions, withholding taxes, source taxes and/or any other applicable taxes and contributions due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to
take such other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes; provided that if the
Committee allows the withholding or surrender of Shares to satisfy a Participant’s social security contributions, withholding taxes, source taxes and/or any other applicable taxes and contributions, the Company shall not allow Shares to be
withheld in an amount that exceeds the minimum statutory withholding rates for applicable tax purposes, including payroll taxes. 

(e)    If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it
cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder
of the Plan and any such Award Agreement shall remain in full force and effect. 
 (f)    Neither the Plan nor any Award
shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company
pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

(g)    No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 

SECTION 12.    Effective Date of the Plan. The Plan shall be effective as of the
Effective Date. 
 SECTION 13.    Term of the Plan. No Award shall be granted under the
Plan after the earliest to occur of (i) the tenth year anniversary of the Effective Date; (ii) the maximum number of Shares available for issuance under the Plan have been issued; or (iii) the Board terminates the Plan in accordance
with Section 10(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust,
suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 

  
 18 

 SECTION 14.    Cancellation or
“Clawback” of Awards. The Company may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any
Awards which are granted to but not exercised by a Participant. Any Participant whose Awards are cancelled may be granted new Options in accordance with the provisions of the Plan provided that there are available unissued options and within the
limit specified in Section 5. 
 SECTION 15.    Section 409A of the Code. In the
case any Participant is subject to U.S. taxation, with respect to Awards subject to Section 409A of the Code (“Section 409A”), the Plan is intended to comply with the requirements of Section 409A and the
regulations thereunder, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A, and the Plan shall be operated accordingly. If any provision of the Plan or any
term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything else in the Plan, if the Board
considers a Participant to be a “specified employee” under Section 409A at the time of such Participant’s “separation from service” (as defined in Section 409A) and the amount hereunder is “deferred
compensation” subject to Section 409A, any distribution that otherwise would be made to such Participant with respect to this Award as a result of such termination shall not be made until the date that is six months after such separation
from service, except to the extent that earlier distribution would not result in such Participant’s incurring interest or additional tax under Section 409A. 

SECTION 16.    Disputes. Any dispute arising in connection with the Plan (whether as to
the number of Shares the subject of an Option, the amount of the exercise price or otherwise) shall be referred to the decision of the auditors of the Company who shall act as experts and not as arbitrators. The Committee shall have the final right
to adjudicate any disputes in connection with the Plan and whose decision shall be final and binding on the parties of the dispute. 

SECTION 17.    Governing Law. The Plan and each Award Agreement shall be governed by the
laws of the Cayman Islands, without application of the conflicts of law principles thereof. 

  
 19Ex 10.5 - 2017 Restricted Share Award Scheme (as amended and restated)

 Exhibit 10.5 

TENCENT MUSIC ENTERTAINMENT GROUP 
  

 
 AMENDED AND RESTATED 

RULES OF 2017 RESTRICTED SHARE AWARD SCHEME 
  

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	 	(A)	 In the Rules, unless the context otherwise requires, the following words and expressions have the meaning shown
opposite to them below: 

  

			
	“Acceptance Period”	  	has the meaning ascribed to such term in Clause 5.3(A);
		
	“Additional Shares”	  	has the meaning ascribed to such term in Clause 5.6(B);
		
	“Account”	  	the bank account opened in the name of the Committee (or its designated person or entity), managed by the Committee, and operated solely for the purposes of operating the Scheme, which is held on trust for the benefit of Selected
Participant and can be funded by the Company or any of its Subsidiaries;
		
	“Adoption Date”	  	17 May 2017, being the date on which the Scheme is adopted by the Company;
		
	“Articles”	  	the articles of association of the Company as amended from time to time;
		
	“Award”	  	an award of Restricted Shares by the Committee pursuant to Clause 5 to a Selected Participant and will not include any options to purchase Shares;
		
	“Awarded Amount”	  	in respect of a Selected Participant, either (i) the closing price of the Shares as quoted on a Qualified Stock Exchange as at the Grant Date after a Qualified IPO has taken place, or (ii) the grant price per Share
specified in the Grant Letter before a Qualified IPO takes place; in either case, multiplied by the number of the Restricted Shares comprised in the Award;
		
	“Board”	  	the board of directors of the Company or management of the Company authorized by the board of directors of the Company;
		
	“Business Day”	  	a day (excluding Saturdays, Sundays and public holidays) on which a Qualified Stock Exchange is open for trading after the occurrence of a Qualified IPO and on which banks are open for normal banking business in Hong Kong, U.S.
and the PRC;
		
	“Call Option”	  	has the meaning ascribed to such term in Clause 5.5(A);

  
 1 

			
	“Change of Control”	  	 means the occurrence of any one or more of the following events:
  

(i.)  any person, other than an employee benefit plan or trust maintained by the Company, becomes the
Beneficial Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s outstanding securities entitled to vote generally in the election of directors;

 
 (ii.) at any time during a period of 12
consecutive months, individuals who at the beginning of such period constituted the Board and any new member of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still in office
who either were directors at the beginning of such period or whose election or nomination for election was so approved, cease for any reason to constitute a majority of members of the Board; or

 
 (iii.) the consummation of (a) a
merger or consolidation of the Company or any of its subsidiaries with any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market
value of the securities of the Company or such surviving entity or parent outstanding immediately after such merger or consolidation, or (b) any sale, lease, exchange or other transfer to any person of assets of the Company and/or any of its
subsidiaries, in one transaction or a series of related transactions, having an aggregate fair market value of more than 50% of the fair market value of the Company and its subsidiaries (the “Company Value”) immediately prior to
such transaction(s);

  
 2 

			
		  	 (iv.) any analogous situation as determined by the Committee solely at its discretion,
provided that, in the case of each of (i.), (ii.) and (iii.), a Change of Control shall not be deemed to have occurred until the Committee has determined by resolution of the Committee that such event has occurred, provided further
that change of control will not occur for purposes of awards that are subject to Section 409A of the U.S. Internal Revenue Code of 1986 unless the event also constitutes a change of control under 409A of the U.S. Internal Revenue Code of
1986;

		
	“Committee”	  	the management committee of the Company established by the Board;
		
	“Company”	  	Tencent Music Entertainment Group, a limited liability company organized and existing under the laws of the Cayman Islands;
		
	“Control”	  	means the possession, direct or indirect, of the power to direct, or cause the direction of, the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise;
		
	“Disability”	  	 means, with respect to any Selected Participant, “disability” as defined in such Selected Participant’s Employment
Agreement, if any, or if not so defined:
  

(i.)  a permanent and total disability that entitles the Selected Participant to disability income
payments under any long-term disability plan or policy provided by the Company under which the Selected Participant is covered, as such plan or policy is then in effect; or
  

(ii.) if the Selected Participant is not covered under a long-term disability plan or policy provided by the
Company at such time for whatever reason, then the term “Disability” means that the Selected Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which
can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 12 months. In this case, the existence of any such Disability will be certified by a physician acceptable to the
Company;

  
 3 

			
	“Employee”	  	an employee of any member of the Group or of any Invested Entity;
		
	“Employment Agreement”	  	means any employment, severance, consulting or similar agreement between the Company or any of its Affiliates and a Selected Participant;
		
	“Eligible Persons”	  	any Employee (whether full time or part time), executives or officers, directors (including executive, non-executive and independent non-executive
directors) of any member of the Group or any Invested Entity and any consultant, adviser or agent of any member of the Group or of any Invested Entity, have contributed or will contribute to the growth and development of the Group or any Invested
Entity;
		
	“Excluded Person”	  	any Eligible Person who is resident in a place where the award of the Restricted Shares and/or the vesting and transfer of the Restricted Shares pursuant to the terms of the Scheme is not permitted under the laws and regulations
of such place or where in the view of the Committee, compliance with applicable laws and regulations in such place makes it necessary or expedient to exclude such Eligible Person;
		
	“Fair Market Value”	  	the fair market value of the Company as reasonably determined by the Committee in good faith;
		
	“Grant Date”	  	in relation to any Restricted Share, the date on which the Restricted Share is, was or is to be granted;
		
	“Grant Letter”	  	has the meaning ascribed to such term in Clause 5.3(A);
		
	“Grant Shares”	  	has the meaning ascribed to such term in Clause 5.2(A);
		
	“Group”	  	the Company and its Subsidiaries;
		
	“Holding Period”	  	has the meaning ascribed to such term in Clause 5.4.2(D);
		
	“Hong Kong”	  	the Hong Kong Special Administrative Region of the PRC;
		
	“Hong Kong Stock Exchange”	  	The Stock Exchange of Hong Kong Limited;

  
 4 

			
	“Invested Entity”	  	any entity in which any member of the Group holds an equity interest;
		
	“Non-competition Deed”	  	means any non-competition deed entered into between Tencent or any member of the Group on the one hand and a Selected Participant on the other hand;
		
	“Option Exercise Date”	  	has the meaning ascribed to such term in Clause 5.5(B);
		
	“Option Exercise Notice”	  	has the meaning ascribed to such term in Clause 5.5(B);
		
	“PRC”	  	means the People’s Republic of China, excluding, for the purpose of this document, Hong Kong, Macau Special Administrative Region of the PRC and Taiwan;
		
	“Qualified IPO”	  	means the listing of Shares resulting from a firm underwritten public offering of the Shares in the U.S. or in a similar listing of the Shares in another jurisdiction which results in such shares trading publicly on any Qualified
Stock Exchange where the Company meets the listing requirements of such Qualified Stock Exchange;
		
	“Qualified Stock Exchange”	  	means the Hong Kong Stock Exchange, New York Stock Exchange, NASDAQ Stock Market, A-Share Market or such other stock exchange approved by the Board;
		
	“Reference Amount”	  	has the meaning ascribed to such term in Clause 5.3(B);
		
	“Residual Cash”	  	in respect of a Selected Participant, being cash remaining in the Account managed by the Committee in respect of his Award (including interest income derived from deposits maintained with licensed banks in the relevant
jurisdiction) which has not been applied in the acquisition or subscription of his Restricted Shares;
		
	“Restricted Shares”	  	in respect of a Selected Participant, such number of Shares determined by the Committee and (i) issued by the Company to the Selected Participant, or (ii) purchased by the Committee from existing shareholders of the
Company;

  
 5 

			
	“Rules”	  	the rules of the Scheme adopted by the Board on the Adoption Date;
		
	“Scheme”	  	the 2017 restricted share award scheme constituted by the Rules as amended from time to time;
		
	“Selected Participant”	  	any Eligible Persons (including Tencent Transfer Employees) selected by the Committee in accordance with the terms of this Scheme;
		
	“Senior Management”	  	senior management of the Company as determined by the Committee from time to time;
		
	“Shares”	  	ordinary shares of US$0.000083 each in the capital of the Company (or of such other nominal amount as results from a sub-division, consolidation, reclassification or reconstruction of the
share capital of the Company from time to time) in the capital of the Company;
		
	“Subsidiary”	  	with respect to any given person, any person of which the given person directly or indirectly Controls and “Subsidiaries” are construed accordingly;
		
	“Tencent”	  	Tencent Holdings Limited, a limited liability company organized and existing under the laws of the Cayman Islands and whose shares are listed on the Hong Kong Stock Exchange;
		
	“Tencent RSU”	  	means the restricted share units of Tencent that are issued under the Tencent RSU Scheme;
		
	“Tencent RSU Scheme”	  	means the restricted share units scheme of Tencent effective on 13 November 2013, as amended from time to time;
		
	“Tencent Shares”	  	means the ordinary shares of Tencent;
		
	“Tencent Transfer Employees”	  	has the meaning ascribed to such term in Clause 5.2(A)(2);
		
	“Total Lapse”	  	has the meaning ascribed to such term in Clause 5.4.1(C);
		
	“Unaccepted Shares”	  	such Shares pursuant to a grant which are not accepted by the Selected Participant;
		
	“Untransferred Shares”	  	has the meaning ascribed to such term in Clause 5.4.1(D);

  
 6 

			
	“Unvested Shares”	  	such Shares which do not vest in Selected Participants and have been or will be forfeited;
		
	“U.S.”	  	United States of America, its territories, its possessions and all areas subject to its jurisdiction;
		
	“Value Guarantee Restricted Shares”	  	means the number of Restricted Shares as specified in the initial Grant Letter in relation to a particular Tencent Transfer Employee;
		
	“Vesting Date”	  	has the meaning ascribed to such term in Clause 5.4.2(A) or otherwise agreed by the Committee pursuant to the Rules.

  

	 	(B)	 In the Rules, unless where the context otherwise requires: 

 

	 	(i)	 the headings are inserted for convenience only and do not limit, vary, extend or otherwise affect the
construction of any provision of the Rules; 

  

	 	(ii)	 references to Clauses are references to clauses of the Rules; 

 

	 	(iii)	 references, express or implied, to any statute or statutory provision or the rules of any Qualified Stock
Exchange are construed as references to such statute, statutory provision or rules as respectively amended, consolidated or re-enacted, or as its operation is modified from time to time by any other statute or
statutory provision (whether with or without modification and whether before or after the date hereof), and includes any subsidiary legislation enacted under the relevant statute, provision or rule; 

 

	 	(iv)	 expressions in the singular include the plural and vice versa; 

 

	 	(v)	 expressions in any gender include other genders; 

 

	 	(vi)	 a reference to any enactment is construed as a reference to that enactment as from time to time amended,
extended or re-enacted; and 

  

	 	(vii)	 references to persons include bodies corporate, corporations, partnerships, sole proprietorships,
organizations, associations, enterprises, branches and entities of any other kind. 

  

	 	(C)	 In construing the Rules: 

 

	 	(i)	 the rule known as the ejusdem generis rule does not apply and, accordingly, general words introduced by
the word “other” do not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things; and 

 

	 	(ii)	 general words do not be given a restrictive meaning by reason of the fact that they are followed by particular
examples intended to be embraced by the general words. 

  
 7 

	2.	 PURPOSES AND OBJECTIVES 

 

	 	(A)	 The specific objectives of the Scheme are to: 

 

	 	(i)	 recognize the contributions by certain Selected Participants with an opportunity to acquire a proprietary
interest in the Company; 

  

	 	(ii)	 encourage and retain such individuals for the continual operation and development of the Group;

  

	 	(iii)	 provide additional incentives for them to achieve performance goals; 

 

	 	(iv)	 attract suitable personnel for further development of the Group; and 

 

	 	(v)	 motivate the Selected Participants to maximize the value of the Company for the benefits of both the Selected
Participants and the Company, 

 with a view to achieving the objectives of increasing the value of the Group and aligning
the interests of the Selected Participants directly to the shareholders of the Company through ownership of Shares. 
  

	 	(B)	 This Scheme sets out the terms and conditions upon which the incentive arrangement for the Selected
Participants operates. 

  

	3.	 DURATION 

Without prejudicing the subsisting rights of any Selected Participant, subject to any early termination as may be determined by the Committee
pursuant to Clause 11, the Scheme remains valid and effective from the Adoption Date until the tenth (10th) anniversary of the Adoption Date (17 May 2017), after which period no further Awards
will be granted, but the provisions of this Scheme will in all other respects remain in full force and effect and Awards that are granted from the Adoption Date until the tenth (10th) anniversary
of the Adoption Date may continue to be exercisable in accordance with their terms of issue. 
  

	4.	 ADMINISTRATION 

 

	 	(A)	 The Board and the Committee administrate the Scheme in accordance with the Rules. 

 

	 	(B)	 The Board or the Committee may, at its sole discretion, appoint a trustee who is independent to the Company to
assist in the administration of the Scheme. 

  

	 	(C)	 Without prejudice to Clause 10(A), the Board or the Committee has the power from time to time to make or vary
regulations for the administration and operation of this Scheme. 

  

	 	(D)	 Unless otherwise specified in the Rules, the decision of the Board regarding the administration, operation and
variations of the Scheme is final and binding on all parties, provided that such decisions are not inconsistent with the provisions of this Scheme. 

  
 8 

	5.	 OPERATION OF SCHEME 

 

	5.1.	 Grant of Restricted Shares to Selected Participants 

 

	 	(A)	 Subject to provisions of the Rules, the Committee may, from time to time, at its absolute discretion select any
Eligible Person (other than any Excluded Person) to be a Selected Participant and grant to such Selected Participant Restricted Shares. Participation in the Scheme is limited to Eligible Persons only. 

 

	 	(B)	 The Committee is entitled, in its absolute discretion, to impose any conditions (including but not limited to a
period of continued service within the Group after the Grant Date), with respect to the entitlement of the Selected Participant to the Award and the Committee will inform such Selected Participant the relevant conditions and the number of the Grant
Shares. An Award certificate setting out, among other things, the number of the Grant Shares, the terms, conditions, restrictions, vesting schedule, grant price per Grant Share (as applicable) and performance conditions of such Award, will be given
to the Selected Participant for each Award. 

  

	 	(C)	 Where a Qualified IPO has taken place, no Award may be made by the Committee to any Selected Participant:

  

	 	(1)	 where the Company has, or reasonably believes there is, material
non-public information or inside information that must be disclosed under the applicable laws and regulations, until such information has been published on website of the Company and the relevant Qualified
Stock Exchange; or 

  

	 	(2)	 within any black-out period or equivalent period of time restricting
and/or prohibiting the dealing of Shares by Employees before the publication of financial statements of the Company as provided in the rules of the applicable Qualified Stock Exchange; or 

 

	 	(3)	 in any other circumstances where dealings by Selected Participant (including directors of any member of the
Group) are prohibited under any applicable law or regulation or where the requisite approval from any applicable regulatory authorities has not been granted. 

 

	5.2.	 Criteria for Determining Selected Participants  

 

	 	(A)	 Subject to Clauses 5.1(C) and 7, the Committee may: 

 

	 	(1)	 select the Selected Participants and determine the number of Restricted Shares to be granted (the
“Grant Shares”) to any Selected Participant (excluding any Excluded Person); or 

  
 9 

	 	(2)	 select employees of Tencent who have agreed to transfer his or her employment to members of the Group,
including the Company (the “Tencent Transfer Employees”) and determine the number of Grant Shares and monetary value per such Grant Shares. 

  

	 	(B)	 In determining the number of Grant Shares for a Selected Participant, the Committee may take into consideration
matters including, but without limitation to, 

  

	 	(1)	 the present contribution and expected contribution of the relevant Selected Participant to the profits of the
Group; 

  

	 	(2)	 the rank and performance of the relevant Selected Participant; 

 

	 	(3)	 the general financial condition of the Group; 

 

	 	(4)	 the Group’s overall business objectives and future development plan; and 

 

	 	(5)	 any other matter which the Committee considers relevant. 

 

	5.3.	 Subscription or Purchase of Shares 

 

	 	(A)	 After the Committee has determined the number of Grant Shares, the grant price per Grant Share (if applicable)
and the Selected Participants, it will notify the Selected Participants on the Grant Date in writing together with the Award certificate (the “Grant Letter”). Upon receipt of the Grant Letter, the Selected Participants are required
to confirm their acceptance of the Award by returning to the Committee a notice of acceptance duly executed by them within twenty eight (28) days after the Grant Date (the “Acceptance Period”). If any Selected Participant fails
to return the notice of acceptance upon the expiration of the Acceptance Period to the Company, the Award automatically lapses forthwith and the Shares pursuant to the Award will become Unaccepted Shares which will be dealt with in accordance with
Clause 6. 

  

	 	(B)	 The Committee may at any time at its discretion, in respect of each Selected Participant and after having
regard to the requirements under Clause 5.1(C), cause to be paid the reference amount from the Company’s resources or any Subsidiary’s resources into the Account for the relevant Selected Participant for the purchase and/or subscription of
the Restricted Shares as soon as reasonably practicable after the Grant Date (the “Reference Amount”). The Reference Amount is the sum of: 

  

	 	(1)	 the Awarded Amount; 

  

	 	(2)	 the related purchase expenses (including but not limited to any applicable brokerage fee, stamp duty,
transaction levy, and stock exchange trading fee); and 

  

	 	(3)	 such other necessary expenses required for the completion of the purchase of all the Grant Shares.

  
 10 

	 	(C)	 In respect of the purchase and/or subscription of the Restricted Shares for a Selected Participant, the
Committee will as soon as reasonably practicable after the Grant Date determine the Reference Amount towards the purchase and/or subscription of Restricted Shares as the case may be at its sole discretion, subject to Clause 5.3(D) below.

  

	 	(D)	 Without prejudicing to Clause 5.3(B), whether the Restricted Shares are to be purchased or subscribed for is
determined by the Committee having regards to, among other things, the financial position of the Company, the cash position of the Company and, if the Shares are listed on a Qualified Stock Exchange, the market price of the Shares at the relevant
time. 

  

	 	(1)	 In case of subscribing for new Shares that are to be listed on a Qualified Stock Exchange, the Company must
comply with the applicable rules of the relevant Qualified Stock Exchange and must apply for the necessary listing approval on each occasion before issue of the relevant Restricted Shares. 

 

	 	(2)	 In case where the Restricted Shares will be purchased from existing shareholders of the Company, within
fourteen (14) Business Days (or such longer period as the Committee may determine from time to time) of determining the Reference Amount, the Committee will apply the same towards the purchase of Shares from other shareholders of the Company or
from the market. If the Reference Amount paid or caused to be paid is not sufficient to purchase all the necessary Shares to cover the Grant Shares, the Committee shall grant additional funds so as to acquire the number of Restricted Shares as
determined by the Committee under this Clause 5.3(D). 

  

	 	(E)	 Upon instruction of the Committee, any Residual Cash provided for a Selected Participant will be promptly
returned to the Company forthwith after completion of the purchase and/or subscription of all the Restricted Shares comprised in the Award. The Committee or its designated persons or entities will hold any Shares so purchased in accordance with the
terms of the Rules. 

  

	 	(F)	 Without prejudice to Clause 5.4.2(D), the Restricted Shares so purchased and/or subscribed for will, subject to
the receipt by the Committee of the properly executed transfer documents as prescribed by the Committee, be transferred to and/or issued in the name of the Selected Participant in accordance with Clause 5.4.2. 

 

	 	(G)	 Save for the arrangements described in Clause 5.4.2(D), the Grant Shares transferred pursuant to this Scheme
will be subject to all the provisions of the Articles for the time being in force and will rank pari passu in all respects with the existing fully paid Shares in issue on the date on which those Grant Shares are transferred to and/or issued
in the name of the Selected Participant and accordingly will entitle the holders of such Grant Shares to participate in all dividends or other distributions paid or made on or after the date on which Grant Shares are transferred to and/or issued in
the name of the Selected Participant other than any dividends or distributions previously declared or recommended or resolved to be paid or made if the record date thereof will be before the date on which the Grant Shares are transferred to and/or
issued in the name of the Selected Participant. 

  
 11 

	5.4.	 Vesting 

  

	5.4.1	 Vesting Condition 

  

	 	(A)	 Subject to Clause 5.4.3, the vesting of the Restricted Shares is subject to the Selected Participant remaining,
at all times after the Grant Date and on the Vesting Date, an Eligible Person. For the purpose of this Clause, a Selected Participant is regarded as remaining as a Selected Participant notwithstanding that he ceases to hold a position of employment
or office with or be an agent or consultant of the Company or a Subsidiary, if at the same time he takes up a different position of employment and/or office with, or continues to be an agent or consultant of another Subsidiary as the case may be.

  

	 	(B)	 A Selected Participant ceases to be an Eligible Person for the purpose of Clause 5.4.1(A) if:

 (1)    the Selected Participant’s service or employment with the Group has been terminated by
any member of the Group or any Invested Entity for cause. For the purposes of this Clause and all other relevant provisions under the Rules (if any) relating to termination for cause, “cause” means: 

 

	 	(i)	 dishonesty or serious misconduct, whether or not in connection with his employment; willful disobedience or non-compliance with the terms of his employment, agency or consultancy contract with any member of the Group or any Invested Entity or any lawful orders or instructions given by the any member of the Group or any
Invested Entity as the case may be; 

  

	 	(ii)	 incompetence or negligence in the performance of his duties; or 

 

	 	(iii)	 doing anything in the conclusive opinion of the Committee adversely affects his ability to perform his duties
properly or bring the Company or the Group or any Invested Entity into disrepute; 

  

	 	(2)	 the Selected Participant has been convicted for any criminal offence involving his integrity or honesty; or

  

	 	(3)	 the Selected Participant has been charged, convicted or held liable for any offence under the relevant
securities laws under any applicable laws or regulations in force from time to time. 

  
 12 

 Total Lapse Cases 

 

	 	(C)	 Subject to Clause 5.4.3, in the event that prior to or on the Vesting Date in respect of a Selected
Participant, 

  

	 	(1)	 the relevant Selected Participant ceases to be an Eligible Person, 

 

	 	(2)	 a Selected Participant who is found to be an Excluded Person; or 

 

	 	(3)	 an order for the winding-up of the Company is made or a resolution is
passed for the voluntary winding-up of the Company (otherwise than for the purposes of, and followed by, an amalgamation or reconstruction in such circumstances that substantially the whole of the undertaking,
assets and liabilities of the Company pass to a successor company) (each of these, an event of “Total Lapse”), 

the Award will automatically lapse forthwith and the Restricted Shares will not vest on the relevant Vesting Date and the relevant Reference
Amount so paid by the Company under Clause 5.3(B) will be taken out of the Account and returned to the Company immediately. In such case, the relevant Restricted Shares will not be counted for the purpose of the Scheme limit in Clause 7. However,
all vested Restricted Shares can still be held by the Selected Participant or transferred to the Selected Participant upon the occurrence of a Qualified IPO or any other events the Committee may determine from time to time, in accordance with Clause
5.4.2. 
 Defected Employees 
  

	 	(D)	 Subject to Clause 5.4.3, in the event that prior to or on the Vesting Date in respect of a Selected
Participant, 

  

	 	(1)	 the Selected Participant has breached any provisions of the
Non-competition Deed or any other relevant non-compete undertaking; 

  

	 	(2)	 the Selected Participant has violated any relevant policy(ies) of the Company; or 

 

	 	(3)	 any other event(s) which could be detrimental to the interest of the Company or Tencent or their respective
shareholders as determined by the Committee, 

 the following will take place: 

(i) the Award granted to such Selected Participant will automatically lapse forthwith, accordingly the unvested Restricted Shares will not vest
on the relevant Vesting Date, 
 (ii) all vested Restricted Shares will no longer be transferred to the Selected Participant in accordance
with Clause 5.4.2(D) (the “Untransferred Shares”) and will be returned to the Committee; 
 (iii) any Reference Amount so
paid by the Company under Clause 5.3(B) will be taken out of the Account and returned to the Company immediately. In such case, the relevant Restricted Shares will not be counted for the purpose of the Scheme limit in Clause 7; and 

  
 13 

 (iv) such Selected Participant shall be held by the Company to account for any profit
arising out of dealing in any Restricted Shares that has been transferred to the Selected Participant in accordance with Clause 5.4.2(D). 

Terminated Employees 
  

	 	(E)	 Unless the Committee decides otherwise at its sole discretion, if the Selected Participant’s employment or
service with the Group is terminated for any reason other than for the reasons provided for under Clause 5.4.1(B) (including by reason of resignation, summary dismissal, non-renewal of the employment or
service agreement upon its expiration, retires by agreement with a member of the Group at any time prior to or on the Vesting Date for any reason other than those set out under Clause 5.4.1(B)), any unvested Restricted Shares in respect of such
Selected Participant will automatically lapse with effect from the date on which the Selected Participant’s employment or service is terminated. However, all vested Restricted Shares can still be held by the Selected Participant or transferred
to the Selected Participant upon the occurrence of a Qualified IPO and any other events as the Committee may determine from time to time, in accordance with Clause 5.4.2(D). 

 

	 	(F)	 Notwithstanding any other provisions of this Scheme (but subject to any applicable laws), the Committee is at
liberty to waive the vesting condition referred to in this Clause 5.4.1. 

  

	5.4.2	 Vesting of Restricted Shares 

 

	 	(A)	 Subject to Clauses 5.4.2 and 5.4.3, any Share held by the Committee on behalf of a Selected Participant
pursuant to the provisions of the Rules vests in such Selected Participant in accordance with the vesting schedule (if any) as set out in the Grant Letter (for this purpose, the date or each such date on which the Grant Shares are to vest is
referred to as a “Vesting Date”). 

  

	 	(B)	 In order for the Award to vest and barring unforeseen circumstances, the Committee is to receive duly executed
transfer documents and any undertakings as prescribed by the Committee within twenty eight(28) days of the Vesting Date. 

  

	 	(C)	 In the event that the Committee does not receive the transfer documents or undertakings from a Selected
Participant (or his legal representative or lawful successor as the case may be) within the prescribed period, the Shares which would have otherwise vested in such Selected Participant will be automatically forfeited forthwith and become Unvested
Shares for the purpose of the Scheme and be dealt with in accordance with Clause 6. 

  
 14 

	 	(D)	 The Committee shall hold vested Restricted Shares, subject to the receipt by the Committee of the transfer
documents referred to in Clause 5.4.2(B) from the Selected Participant, from the Vesting Date until the date of Qualified IPO or the occurrence of other events as determined by the Committee (the “Holding Period”) on trust for the
Selected Participant in accordance with the Rules. During the Holding Period, the Committee shall not exercise any voting rights ascribed to such vested Restricted Shares and will hold any economic interests (such as dividend or other distribution)
on trust for the Selected Participants. Upon or after the occurrence of a Qualified IPO, the Committee will transfer the Restricted Shares (together with any economic interests accrued) to the relevant Selected Participants as soon as reasonably
practicable after the date of such Qualified IPO or upon receipt by the Committee of the transfer documents referred to in Clause 5.4.2(B) from the Selected Participant. 

 

	 	(E)	 In relation to termination of employment of Selected Participants (including Senior Management) in accordance
with Clause 5.4.1(E) before the occurrence of a Qualified IPO, the Committee will, unless otherwise determined by the Committee to pay such Selected Participants in cash, continue to hold the vested Restricted Shares for the Selected Participants in
accordance with Clause 5.4.2. In the event that the Committee decides to pay such Selected Participants in cash, the amount of cash will be equivalent to the Fair Market Value of the number of vested Restricted Shares, with such cash payments to be
made to an account of the Selected Participants as soon as reasonably practicable. 

  

	5.4.3	 Vesting upon Death and Disability 

 

	 	(A)	 In respect of a Selected Participant who dies or is disabled at any time prior to or on the Vesting Date, the
relevant Award shall lapse and accordingly all unvested Restricted Shares shall not vest upon Vesting Date. However, subject to Clause 5.4.2(D), the legal personal representatives shall continue to hold Restricted Shares that have vested before the
date of death or Disability. 

  

	 	(B)	 If the Award would otherwise become bona vacantia, the Award are deemed to be cancelled and the Awarded
Amount ceases to be applicable in subscription and/or purchase of the Shares, and the entire Reference Amount attributable to the relevant Selected Participant will be taken out of the Account and returned to the Company immediately. In such event,
none of the Selected Participants (or his legal representative or lawful successor as the case may be) shall have any claim against the Company in respect of the Award. In such case, the relevant Restricted Shares will not be counted for the purpose
of the Scheme limit in Clause 7. 

  

	 	(C)	 Notwithstanding the foregoing, in the event of the death of Selected Participant who is a U.S. taxpayer, any
relevant Restricted Shares of such Selected Participant that vest pursuant to this Clause 5.4.3, shall be transferred to the beneficiary or other legal representative of such deceased Selected Participant on the earlier to occur of a Qualified IPO
or a Change of Control. 

  

	5.5.	 Call Option  

 

	 	(A)	 For Value Guarantee Restricted Shares that have been vested in accordance with Clause 5.4.1 or Clause 5.4.3,
the Committee has the right to invite the Tencent Transfer Employees (or their legal personal representatives) to sell such Value Guarantee Restricted Shares to the Company at the corresponding Reference Amount (the “Call Option”).

  
 15 

	 	(B)	 To exercise the Call Option, the Committee must notify the Tencent Transfer Employees (or their legal personal
representative) in writing (the “Option Exercise Notice”) at least seven (7) Business Days before the intended date of exercise (the “Option Exercise Date”). The Option Exercise Notice shall invite the Tencent
Transfer Employees to confirm their acceptance of the Call Option not less than three (3) Business Days before the Option Exercise Date and also request for the bank account and securities account details of Tencent Transfer Employee. For the
avoidance of doubt, Call Options that are unaccepted by the Tencent Transfer Employees will not be exercised by the Company and will lapse forthwith. 

  

	 	(C)	 At the sole discretion of the Committee, the repurchase described in Clause 5.5(A) above can be made either in
cash or the number of immediately vested Tencent RSUs (taking into account of all applicable brokerage, stamp duty, trading fees and levies) that could be purchased by the relevant Reference Amount using the closing price of Tencent Shares quoted on
the Hong Kong Stock Exchange on the day before the date of the Option Exercise Date. 

  

	 	(D)	 Upon issuing the Option Exercise Notice, the Committee shall inform the Tencent Transfer Employee the choice of
the consideration of the repurchase within seven (7) Business Days and shall further cause to be transferred either cash or immediately vested Tencent RSUs to the designated bank or securities account of the Tencent Transfer Employee within
fourteen (14) Business Days (or such longer period as the Committee may determine from time to time) from the date of the Option Exercise Notice. 

  

	 	(E)	 The Call Option shall lapse forthwith upon the occurrence of: 

 

	 	(1)	 a Qualified IPO; 

  

	 	(2)	 a Change of Control; or 

 

	 	(3)	 any other material events as determined by the Committee, 

whichever is earlier. 
  

	5.6.	 Cash and Non Cash Income 

 

	 	(A)	 All cash, non-cash income or sale proceeds of non-cash and non-scrip distributions declared in respect of a Share (whether held as Grant Share, Unaccepted Share, Additional Share or Unvested Share) form part of the fund
of the Committee. 

  

	 	(B)	 The Committee may apply the fund of the Committee in Clause 5.6(A): 

(i) to pay the fees, costs and expenses of the Committee in relation to the administration of the Scheme, including without limitation, fees of
any trustee or third party professionals; and 
 (ii) to purchase the maximum number of Shares (the “Additional Shares”) on
the Purchase Date (as defined below). 

  
 16 

	 	(C)	 The Committee holds such Additional Shares and all income derived from them for the benefit of all or one or
more of the Participants. 

  

	 	(D)	 The Additional Shares (if granted) are subject to the same vesting condition and vesting schedule as they apply
to any Grant Shares. 

  

	 	(E)	 For the purpose of this Clause 5.6, “Purchase Date” means any Business Day on which the
Committee purchases any Additional Shares. 

  

	5.7.	 Restrictions and Limitations 

 

	 	(A)	 Any Award is personal to the Selected Participant to whom it is made and is not assignable and no Selected
Participant may in any way sell, transfer, charge, mortgage, encumber or create any interest in favor of any other person over or in relation to either the Awarded Amount, the Reference Amount or the Restricted Shares referable to him pursuant to
such Award or the Unaccepted Shares, Additional Shares or any of the Unvested Shares under the Scheme. 

  

	 	(B)	 Without prejudice to the arrangement described in Clause 5.4.2(D), a Selected Participant may not have any
interest or rights (including the right to receive dividend) in the Restricted Shares which are attributed to him until such Restricted Shares have been vested as Shares in accordance with the provisions set out in Clause 5.4.2.

  

	 	(C)	 A Selected Participant has no rights in the Residual Cash. 

 

	 	(D)	 The Committee does not exercise any voting rights in respect of any Shares held for any Selected Participant
(including but not limited to Grant Shares, Unaccepted Shares, Untransferred Shares, Additional Shares, Unvested Shares, any bonus Shares and scrip Shares and Share held in the Holding Period). 

 

	 	(E)	 No instructions may be given by a Selected Participant to the Committee in respect of the Restricted Shares
that have not vested, and such other properties of the Account managed by the Committee. 

  

	 	(F)	 The Committee may not subscribe for any new Shares pertaining to either (a) an open offer of new
securities; or (b) any rights issue issued in respect of any Shares held by the Selected Participant. In the event of a rights issue, the Committee will sell any nil-paid rights allotted to it. The net
proceeds from the sale of such rights are held as cash income of the Committee and are first applied to fees, costs and expenses incurred by the Committee in the administration of the Scheme and then to the any Selected Participant subject to the
Committee’s discretion. 

  

	 	(G)	 The Committee may at all times have the discretion to decide whether to receive scrip dividend or in cash.

  
 17 

	5.8.	 Compliance 

In respect of the administration of the Scheme, the Company complies with all applicable disclosure regulations including without limitation
those imposed by the rules of any Qualified Stock Exchange from time to time. 
  

	6.	 UNACCEPTED, UNVESTED AND UNTRANSFERRED SHARES  

 

	 	(A)	 Where Shares, referable to a Selected Participant, 

 

	 	(1)	 are not accepted by such Selected Participant within the stipulated time in accordance with Clause 5.3(A) and
become Unaccepted Shares in accordance with Clause 5.3(A); or 

  

	 	(2)	 do not vest in accordance with the relevant provisions of the Rules and become Unvested Shares; or

  

	 	(3)	 are vested but are not transferred to a Selected Participant pursuant to Clause 5.4.1(D),

 the Committee may hold such Unaccepted Shares or Unvested Shares or Untransferred Shares and all income derived from
them for the benefit of all or one or more of the Eligible Persons, as the Committee in its discretion may at any time grant to any Selected Participant. 
  

	 	(B)	 All Unaccepted Shares or Unvested Shares or Untransferred Share, when granted, are subject to the same vesting
condition and vesting schedule as they apply to any Grant Shares. 

  

	7.	 SCHEME LIMITS 

 

	 	(A)	 The Committee may not make any further Award which will result in the nominal value of the Shares awarded by
the Committee under the Scheme exceeding ten (10) percent of the issued share capital of the Company as at the Adoption Date. 

  

	 	(B)	 The maximum number of Shares which may be awarded to any one Selected Participant under the Scheme may not
exceed one (1) percent of the issued share capital of the Company as at the Adoption Date. 

  

	8.	 WITHHOLDING 

  

	 	(A)	 The Company or any Subsidiary may be entitled to withhold, and any Selected Participant may be obliged to pay,
the amount of any tax and/or social security contributions attributable to or payable in connection with the grant of the Restricted Shares and any excluded expenses pursuant to Clause 12(B). 

 

	 	(B)	 The Committee may establish appropriate procedures to provide for any such payment so as to ensure that the
Company or any Subsidiary receive advice concerning the occurrence of any event which may create, or affect the timing or amount of, any obligation to pay or withhold any such taxes or social security contributions or which may make available to the
Company or such Subsidiary any tax deduction resulting from the occurrence of such event. 

  
 18 

	 	(C)	 The Company or any Subsidiary may, by notice to the Selected Participant and subject to any rules as the
Committee may adopt, require that the Selected Participant pay at the time of the Award an amount estimated by the Company or any Subsidiary to cover all or a portion of the tax and/or social security contributions attributable to or payable in
connection with the Award. 

  

	9.	 DISPUTES 

Any dispute arising in connection with the Scheme is referred to the decision of the Committee who acts as experts and not as arbitrators and
whose decision is final and binding. 
  

	10.	 AMENDMENT 

  

	 	(A)	 The Scheme may be amended in any respect by a resolution of the Committee provided that no such amendment may
operate to affect adversely any subsisting rights of any Selected Participant under the Scheme unless: 

  

	 	(i)	 the written consent of the relevant Selected Participants is obtained; or 

 

	 	(ii)	 the sanction of a special resolution passed at a meeting of the Selected Participants. 

 

	 	(B)	 For any such meeting of Selected Participants referred to in Clause 10(A) all the provisions of the Articles as
to general meetings of the Company apply mutatis mutandis except that: 

  

	 	(i)	 not less than five (5) Business Days’ notice of such meeting is given; 

 

	 	(ii)	 a quorum at any such meeting is two Selected Participants present in person or by proxy; 

 

	 	(iii)	 every Selected Participant present in person or by proxy at any such meeting is entitled on a show of hands to
one vote, and on a poll, to one vote for each Awarded Share proposed to be awarded to him; 

  

	 	(iv)	 any Selected Participant present in person or by proxy may demand a poll; and 

 

	 	(v)	 if any such meeting is adjourned for want of a quorum, such adjournment will be to such date and time, not
being less than five (5) or more than ten (10) Business Days, and to such place as may be appointed by the chairman of the meeting. At any adjourned meeting those Selected Participants who are then present in person or by proxy form a
quorum and at least five (5) Business Days’ notice of any adjourned meeting is given in the same manner as for an original meeting and such notice states that those Selected Participants who are then present in person or by proxy forms a
quorum. 

  

	 	(C)	 In respect of any proposed amendment in relation to the advantage of the Selected Participants, such proposed
amendment is approved by the shareholders of the Company in general meeting if required by any rules of Qualified Stock Exchange or under applicable laws. 

  
 19 

	 	(D)	 In the event that the Committee determines that, as a result of any dividend or other distribution (whether in
the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities
of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Scheme, then the Committee shall equitably adjust (i) Awards outstanding under the Scheme, including, without limitation, the number of Grant Shares and grant price per Grant Share (as
applicable), and (ii) the number of vested Restricted Shares held in trust for Selected Participants (to the extent such vested Restricted Shares are not treated consistently with the treatment of Shares in connection with any transaction
described in this subsection) and (iii) the maximum number of Shares that may be awarded under this Scheme. 

  

	11.	 TERMINATION 

  

	 	(A)	 The Scheme commences on the Adoption Date and remains valid and effective unless and until being terminated on
the earlier of: 

  

	 	(i)	 the tenth (10th) anniversary date of the Adoption Date; or

  

	 	(ii)	 such date of early termination as determined by the Committee provided that such termination does not affect
any subsisting rights of any Selected Participant. 

  

	 	(B)	 Upon termination, no further Restricted Shares may be granted. The Committee will notify the Selected
Participant of such termination. 

  

	 	(C)	 The Committee will, within twenty one (21) Business Days of the date of termination of the Scheme, vest
all Restricted Shares which, as of the date of such termination are unvested and have not previously lapsed pursuant to Clauses 5.4.1(C), (D) or (E), and transfer such vested Restricted Shares to the relevant Selected Participants.

  

	 	(D)	 In the event of termination of the Scheme, after all Restricted Shares granted under the Scheme have either
previously lapsed or have vested and been transferred to the relevant Selected Participants, the Residual Cash and such other funds remaining in the Account (after making appropriate deductions in respect of all disposal costs, liabilities and
expenses) will be remitted to the Company forthwith. 

  
 20 

	 	(E)	 For the avoidance of doubt, the temporary suspension of the granting of any Award is not construed as a
decision to terminate the operation of the Scheme. 

  

	12.	 MISCELLANEOUS 

 

	 	(A)	 The Scheme does not form part of any contract of employment or contract for services (as the case may be)
between the Company or any Subsidiary and any Eligible Person, and the rights and obligations of any Eligible Person under the terms of his office or employment are not affected by his participation in the Scheme or any right which he may have to
participate in it and the Scheme affords such Eligible Person no additional rights to compensation or damages in consequence of the termination of such office or employment for any reason. 

 

	 	(B)	 The Company bears the costs of establishing and administering the Scheme, including, for the avoidance of
doubt, costs arising from communication as referred to in Clause 12(D), expenses incurred in the purchase or subscription of Shares and stamp duty and normal registration fees in respect of the transfer of Shares to Selected Participants on the
relevant Vesting Date. For the avoidance of doubt, the Company is not liable for any tax or expenses of such other nature payable on the part of any Eligible Person or the Committee in respect of any sale, purchase, vesting or transfer of Shares.

  

	 	(C)	 Save as specifically provided in the Rules, the Scheme does not confer on any person any legal or equitable
rights (other than those constituting and attaching to the Restricted Shares themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the Company. 

 

	 	(D)	 Any notice or other communication between the Company and any Eligible Person may be given by sending the same
by prepaid post or by personal delivery to, in the case of the Company, its head office and principal place of business in Hong Kong or such other address as notified to the Eligible Person from time to time and in the case of an Eligible Person,
his address in Hong Kong as notified to the Company from time to time. 

  

	 	(E)	 Any notice or other communication served by post is be deemed to have been served twenty four (24) hours
after the same was put in the post. 

  

	 	(F)	 The Company is not be responsible for any failure by any Eligible Person to obtain any consent or approval
required for such Eligible Person to participate in the Scheme as a Selected Participant or for any tax, duty, expenses, fees or any other liability to which he may become subject as a result of his participation in the Scheme.

  

	 	(G)	 Each provision of the Rules is a separate provision and is severally enforceable as such and in the event of
any provision or provisions being or becoming unenforceable in whole or in part. To the extent that any provision or provisions are unenforceable, they are deemed to be deleted from the Rules, and any such deletion do not affect the enforceability
of the Rules as remain not so deleted. 

  
 21 

	 	(H)	 The Company discloses details of the Award under the Scheme in its annual report to the extent appropriate
after the occurrence of a Qualified IPO. 

  

	 	(I)	 Tencent RSUs referenced in these Rules shall be issued in accordance with the rules of the Tencent RSU Scheme.

  

	 	(J)	 In the event of a Qualified IPO on the A-Share Market, the Committee
shall replace the granted Restricted Shares with equivalent number of equity securities in the PRC incorporated entity seeking listing in a manner as determined in its sole discretion. Such equity securities so issued shall be governed by these
Rules. 

  

	13.	 GOVERNING LAW 

 

	 	(A)	 The Scheme operates subject to the Articles and any applicable law to which the Company is subject.

  

	 	(B)	 The Scheme is governed by and construed in accordance with the laws of Cayman Islands. 

  
 22

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