Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

AMENDMENT NO. 1 
 TO

 MASTER SCOOTER OPERATING LEASE AND SERVICING AGREEMENT 

AMENDMENT NO. 1 TO MASTER SCOOTER OPERATING LEASE AND SERVICING AGREEMENT, dated as of October 12, 2021 (this
“Agreement”), by and among Bird US Opco, LLC, a Delaware limited liability company, as lessor (in such capacity, the “Lessor”) and Bird Rides, Inc., a Delaware corporation, as a lessee (in such capacity, the
“Lessee”) and as servicer (in such capacity as servicer, the “Servicer” and, together with the Lessor and the Lessee, the “Bird Lease Parties”). 

WHEREAS, reference is hereby made to (a) the Master Scooter Operating Lease and Servicing Agreement, dated as of April 27, 2021 (as
amended, restated, amended and restated, supplemented, or otherwise modified from time to time prior to the date hereof, the “Master Lease Agreement”), by and among the Lessor, the Lessee, and the Servicer and (b) the Loan and
Security Agreement, dated as of April 27, 2021 (as amended by the First Amendment to Loan and Security Agreement dated as of June 10, 2021, and as further amended, restated, amended and restated, supplemented, or otherwise modified
from time to time prior to the date hereof, the “Loan Agreement”), by and among the Lessor, Bird US Holdco, LLC, a Delaware limited liability company (“Holdco Guarantor”), the lenders from time to time party
thereto, and MidCap Financial Trust, as administrative agent (in such capacity, the “Administrative Agent”); 
 WHEREAS,
the Lessor has entered into an Amendment No. 2 to Loan and Security Agreement, dated as of the date hereof (“Amendment No. 2”), by and among the Lessor, Holdco Guarantor, the lenders under the Loan Agreement as in effect
immediately prior to the effectiveness of Amendment No. 2 (the “Existing Lenders”), each of the financial institutions party thereto as lender (together with Existing Lenders, collectively, the “Lenders”) and
the Administrative Agent, which amends the Loan Agreement; 
 WHEREAS, in connection with Amendment No. 2 and in accordance with
Section 19 of the Master Lease Agreement, the Bird Lease Parties have agreed to amend the Master Lease Agreement as more fully set forth herein and subject to the terms and conditions set forth herein. 

NOW, THEREFORE, the parties hereto agree as follows: 

Section 1. Defined Terms; References.  

(a) Unless otherwise specifically defined herein, each term used herein which is defined in the Master Lease Agreement or the Loan Agreement,
as applicable, has the meaning assigned to such term in the Amended Master Lease Agreement (as defined below) or the Amended Loan Agreement (as defined in Amendment No. 2), as applicable. The rules of construction and other interpretive
provisions specified in Section 1.2 of the Amended Master Lease Agreement shall apply to this Agreement, including terms defined in the preamble and recitals hereto. 

(b) As used in this Agreement, the following terms have the meanings specified below: 

“Amended Master Lease Agreement” shall mean the Master Lease Agreement, as amended by this Agreement. 

“Amendment No. 1 Effective Date” shall have the meaning provided in Section 6 hereof. 

 Section 2. Amendment.  

(a) Amended Master Lease Agreement. Pursuant to Section 19 of the Master Lease Agreement: 

(i) Each of the parties hereto agrees that, effective on the Amendment No. 1 Effective Date, the Master Lease Agreement shall be amended
to delete the stricken text (indicated textually in the same manner as the following example: stricken text
and stricken text) and to add the double-underlined text (indicated textually in the same manner as
the following example: double-underlined text and double-underlined text) as set forth in the pages of the Master Lease
Agreement attached as Exhibit A hereto. 
 (ii) Each of the parties hereto agrees that Exhibit B hereto sets
forth a clean copy of the Amended Master Lease Agreement. 
 (c) Schedules. Each of the parties hereto agrees that, effective on the
Amendment No. 1 Effective Date, each of the schedules to the Master Lease Agreement is hereby amended and restated by deleting such schedule in its entirety and replacing such schedule with the schedule set forth on Exhibit A (as a
marked copy) and Exhibit B (as a clean copy) hereto. 
 Section 3. Effect of Agreement; Reaffirmation;
Etc. Except as expressly set forth herein or in the Amended Master Lease Agreement, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or
the Administrative Agent under the Master Lease Agreement or under any other Transaction Document and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Master
Lease Agreement or any other provision of the Master Lease Agreement or of any other Transaction Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Without limiting the foregoing, after
giving effect to this Agreement, each Bird Lease Party acknowledges and agrees that (x) each Transaction Document to which it is a party is hereby confirmed and ratified and shall remain in full force and effect according to its respective
terms (in the case of the Master Lease Agreement, as amended hereby) and (y) the Amended Master Lease Agreement, and all of the Collateral (as defined in Section 2(b) of the Master Lease Agreement), does and in each case shall continue to,
secure the payment and performance of all of the obligations and liabilities of the Lessee under the Master Lease Agreement, and hereby ratifies the security interests granted by it pursuant to the Master Lease Agreement. The parties hereto
acknowledge and agree that the amendment of the Master Lease Agreement pursuant to this Agreement and all other Transaction Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Master Lease
Agreement and the other Transaction Documents as in effect prior to the Amendment No. 1 Effective Date. 
 Section 4.
Representations of the Lessee and the Servicer. The Lessee and the Servicer each hereby represents and warrants that: 

(a) the representations and warranties set forth in Section 7 of the Amended Master Lease Agreement shall be true and correct in
all material respects on and as of the Amendment No. 1 Effective Date (after giving effect to this Agreement) with the same effect as though made on and as of such date (and deeming (x) this Agreement to be a “Transaction
Document” for purposes of each such representation and warranty and (y) references in Section 7 of the Amended Master Lease Agreement to “this Agreement” to be references to the Amended Master Lease Agreement), it being
understood and agreed that (i) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (ii) any representation or
warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects (after giving effect to such qualification therein) on and as of the Amendment No. 1
Effective Date; and 

  
 2 

 (b) no Potential Operating Lease Event of Default, Potential Servicer Default, Operating
Lease Event of Default, or Servicer Default has occurred and is continuing. 
 Section 5. Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts) (including by facsimile or other electronic transmission (i.e., a “pdf” or “tif”)), each of which shall constitute an
original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of
this Agreement. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

Section 6. Conditions to Effectiveness of this Agreement. This Agreement shall become effective on the date
(the “Amendment No. 1 Effective Date”) when each of the following conditions shall have been satisfied (or waived, as applicable) and, in connection with the foregoing, the execution (which may include telecopy or electronic
transmission of a signed signature page of this Agreement) of this Agreement: 
 (a) Amendment Documents. The
Administrative Agent and the Bird Lease Parties shall have received copies of this Agreement and Amendment No. 2 (together, the “Amendment Documents”), in each case, executed and delivered by each party thereto. 

(b) Amendment No. 2 Effective Date. The Amendment No. 2 Effective Date (as defined in Amendment No. 2)
shall have occurred. 
 Notwithstanding anything to the contrary, for all purposes hereunder, this Agreement shall be deemed not to be effective, and the
Amendment No. 1 Effective Date shall be deemed not to have occurred, if the SPAC Transaction has not been consummated on or prior to December 31, 2021 (the “deSPAC Outside Date”); provided, that, for the avoidance of
doubt, if the SPAC Transaction has not been consummated on or prior to the deSPAC Outside Date such that this Agreement is deemed not to be effective, then the Master Lease Agreement shall continue in full force and effect, without the amendments
contained herein. 
 Section 7. No Novation. Nothing herein contained shall be construed as a
substitution or novation of the obligations outstanding under the Master Lease Agreement or instruments securing the same, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently
herewith. Nothing implied in this Agreement or in any other document contemplated hereby shall discharge or release the Lien or priority of any Transaction Document or any other security therefor or otherwise be construed as a release or other
discharge of any of the Bird Lease Parties under any Transaction Document from any of its obligations and liabilities as a borrower, guarantor or pledgor under any of the Transaction Documents, except, in each case, to any extent modified hereby.

  
 3 

 Section 8. Miscellaneous. Sections 14,
15 and 16 of the Loan Agreement are incorporated herein by reference and apply mutatis mutandis. 

Section 9. Transaction Document. This Agreement is a Transaction Document and all references to a
“Transaction Document” in the Amended Master Lease Agreement or any other Transaction Document (including any such reference in any representation or warranty in the Amended Master Lease Agreement or any other Transaction Document) shall
be deemed to include this Agreement. 
 [signature pages follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	Bird US Opco, LLC, as Lessor
		
	By:	 	 /s/ Travis VanderZanden

		 	Name: Travis VanderZanden
		 	Title: Chief Executive Officer
	
	Bird Rides, Inc., as Lessee and Servicer
		
	By:	 	 /s/ Travis VanderZanden

		 	Name: Travis VanderZanden
		 	Title: Chief Executive Officer

  
 [Signature Page to
Amendment No. 1] 

			
	Acknowledged and Agreed:
	
	 MIDCAP FINANCIAL TRUST,
 as the
Administrative Agent

		
	By:	 	Apollo Capital Management, L.P.,
its investment manager
		
	By:	 	Apollo Capital Management, GP, LLC,
its general partner
		
	By:	 	 /s/ Maurice Amsellem

	Name: Maurice Amsellem
	Title: Authorized Signatory

  
 [Signature Page to
Amendment No. 1] 

 Exhibit A 

Amended Master Lease Agreement 

[See attached.] 

 EXHIBIT A 

Conformed through: 
 Amendment
No. 1 to Master Scooter Operating Lease and Servicing Agreement dated as of October 12, 2021 
 MASTER SCOOTER OPERATING LEASE AND

 SERVICING AGREEMENT 
 Dated as
of April 27, 2021 
 among 

BIRD US OPCO, LLC 
 as Lessor,

 BIRD RIDES, INC. 
 as a
Lessee and Servicer 

 Table of Contents 

 

							
	 1. DEFINITIONS AND CONSTRUCTION
	  	 	1	 
			
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Construction	  	 	1	 
		
	 2. NATURE OF AGREEMENT
	  	 	3	 
			
	 2.1
	 	Lease of Scooters	  	 	5	 
	 2.2
	 	Hell-or-High-Water Lease	  	 	6	 
		
	 3. TERM
	  	 	7	 
			
	 3.1
	 	Scooter Lease Term	  	 	7	 
	 3.2
	 	Operating Lease Term	  	 	7	 
		
	 4. RENT AND LEASE CHARGES
	  	 	7	 
			
	 4.1
	 	Amortization Schedule	  	 	7	 
	 4.2
	 	Monthly Base Rent	  	 	7	 
	 4.3
	 	Monthly Supplemental Rent	  	 	8	 
	 4.4
	 	Quarterly Rider Incentive / Contra Pay True-Up Amount	  	 	8	 
	 4.5
	 	Disposition	  	 	8	 
	 4.6
	 	Tariff Rebate Amount	  	 	8	 
	 4.7
	 	Making of Payments	  	 	8	 
	 4.8
	 	Ordering and Delivery Expenses	  	 	9	 
		
	 5. SCOOTER OPERATIONAL COVENANTS
	  	 	9	 
			
	 5.1
	 	NET LEASE	  	 	9	 
	 5.2
	 	Collections	  	 	11	 
	 5.3
	 	Intellectual Property.	  	 	11	 
	 5.4
	 	Scooter Use	  	 	12	 
	 5.5
	 	Non-Disturbance	  	 	12	 
	 5.6
	 	Manufacturer’s Warranties	  	 	12	 
		
	 6. SERVICER FUNCTIONS
	  	 	12	 
			
	 6.1
	 	Servicer Duties	  	 	12	 
	 6.2
	 	Disposition of Scooters	  	 	13	 
	 6.3
	 	Merger	  	 	13	 
		
	 7. CERTAIN REPRESENTATIONS AND WARRANTIES
	  	 	13	 
			
	 7.1
	 	Organization; Power; Qualification	  	 	13	 
	 7.2
	 	Authorization; Enforceability	  	 	13	 
	 7.3
	 	Compliance	  	 	13	 
	 7.4
	 	Governmental Approvals	  	 	14	 
	 7.5
	 	Eligible Vehicles	  	 	14	 
	 7.6
	 	Investment Company Act	  	 	14	 
	 7.7
	 	Supplemental Documents True and Correct	  	 	14	 
	 7.8
	 	ERISA	  	 	14	 
		
	 8. CERTAIN COVENANTS
	  	 	14	 
			
	 8.1
	 	Corporate Existence; Foreign Qualification	  	 	14	 
	 8.2
	 	Books, Records, Inspections and Access to Information	  	 	14	 
	 8.3
	 	ERISA	  	 	15	 
	 8.4
	 	Merger	  	 	15	 

  
 i 

 Table of Contents cont’d 

 

							
		 		  			
	 8.5
	 	Reporting	  	 	15	 
	 8.6
	 	Minimum Liquidity	  	 	17	 
	 8.7
	 	Minimum Tangible Net Worth	  	 	17	 
	 8.8
	 	Dividends	  	 	17	 
	 8.9
	 	Transactions with Affiliates	  	 	18	 
	 8.10
	 	Line of Business	  	 	18	 
	 8.11
	 	Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements, etc.	  	 	18	 
	 8.12
	 	Limitation on Certain Restrictions on Subsidiaries	  	 	19	 
		
	 9. DEFAULT AND REMEDIES THEREFOR
	  	 	19	 
			
	 9.1
	 	Events of Default	  	 	19	 
	 9.2
	 	Effect of Operating Lease Event of Default	  	 	20	 
	 9.3
	 	Rights of Lessor Upon Operating Lease Event of Default	  	 	20	 
	 9.4
	 	Measure of Damages	  	 	21	 
	 9.5
	 	Servicer Default	  	 	22	 
		
	 10. INDEMNIFICATION
	  	 	22	 
			
	 10.1
	 	Indemnification	  	 	22	 
	 10.2
	 	Certain Payments in Respect of Scooters	  	 	23	 
		
	 11. LIENS AND ASSIGNMENTS
	  	 	23	 
			
	 11.1
	 	Rights of Lessor Assigned to Administrative Agent	  	 	23	 
	 11.2
	 	Right of the Lessor to Assign this Agreement	  	 	24	 
	 11.3
	 	Limitations on the Right of the Lessee and the Servicer to Assign this Agreement	  	 	24	 
	 11.4
	 	Liens	  	 	24	 
		
	 12. NON-LIABILITY OF LESSOR
	  	 	24	 
		
	 13. [RESERVED]
	  	 	25	 
		
	 14. SUBMISSION TO JURISDICTION
	  	 	25	 
		
	 15. GOVERNING LAW
	  	 	26	 
		
	 16. JURY TRIAL
	  	 	26	 
		
	 17. NOTICES
	  	 	26	 
		
	 18. ENTIRE AGREEMENT
	  	 	27	 
		
	 19. MODIFICATION AND SEVERABILITY
	  	 	27	 
		
	 20. SURVIVABILITY
	  	 	27	 
		
	 21. HEADINGS
	  	 	27	 
		
	 22. EXECUTION IN COUNTERPARTS; ELECTRONIC EXECUTION
	  	 	27	 
		
	 23. THIRD-PARTY BENEFICIARIES
	  	 	28	 

 SCHEDULES 
  

					
	SCHEDULE I	 	–	    	Definitions
	SCHEDULE II	 	–	    	Affiliate Transactions
	SCHEDULE III	 	–	    	Restricted Payments

  
 ii 

 MASTER SCOOTER OPERATING LEASE AND 

SERVICING AGREEMENT 
 This
Master Scooter Operating Lease and Servicing Agreement (as amended, modified or supplemented from time to time in accordance with the provisions hereof, this “Agreement”), dated as of April 27, 2021, by and among: 

BIRD US OPCO, LLC, a Delaware limited liability company, as lessor (in such capacity, the “Lessor”); and 

BIRD RIDES, INC., a Delaware corporation (“Bird”), as a lessee (in such capacity, the “Lessee”) and as
servicer (in such capacity as servicer, the “Servicer”). 
 RECITALS 

WHEREAS, the Lessor has entered into a Loan and Security Agreement (as amended, modified or supplemented from time to time, the “Loan
Agreement”), dated as of April 27, 2021, among the Lessor, Bird US Holdco, LLC, the lenders party thereto and MidCap Financial Trust, as administrative agent (in such capacity, the “Administrative Agent”), in order to
finance the acquisition of a fleet of electric scooters (the “Scooters’) that the Lessor determines shall be leased hereunder; 

WHEREAS, the Lessor desires to lease to the Lessee, and the Lessee desires to lease from the Lessor, the Scooters for use in connection with
the business of the Lessee; 
 WHEREAS, the Lessor and the Lessee each desire that the Servicer perform various servicing functions with
respect to the Scooters, and the Servicer desires to perform such functions, in accordance with the terms hereof; 
 NOW, THEREFORE, in
consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

AGREEMENT 
  

	1.	 DEFINITIONS AND CONSTRUCTION 

 

	1.1	 Definitions. As used in this Agreement and unless the context requires a different meaning, capitalized
terms used herein shall have the meanings ascribed thereto in Schedule I hereto and, if not defined therein, shall have the meanings assigned to such terms in the Loan Agreement. 

 

	1.2	 Construction. 

  

	 	(a)	 In this Agreement, including the preamble, recitals, attachments, schedules, annexes, exhibits and joinders
hereto, unless the context otherwise requires: 

  

	 	(i)	 the singular includes the plural and vice versa; 

 

	 	(ii)	 references to an agreement or document shall include the preamble, recitals, all attachments, schedules,
annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such agreement or document) as amended, supplemented, restated and
otherwise modified from time to time and to any successor or replacement agreement or document, as applicable (unless otherwise stated); 

	 	(iii)	 reference to any Person includes such Person’s successors and assigns but, if applicable, only if such
successors and assigns are permitted by this Agreement, and reference to any Person in a particular capacity only refers to such Person in such capacity; 

  

	 	(iv)	 reference to any gender includes the other gender; 

 

	 	(v)	 reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted,
in whole or in part, and in effect from time to time; 

  

	 	(vi)	 “including” (and with correlative meaning “include”) means including without limiting the
generality of any description preceding such term; 

  

	 	(vii)	 with respect to the determination of any period of time, “from” means “from and including”
and “to” means “to but excluding”; 

  

	 	(viii)	 the language used in this Agreement will be deemed to be the language chosen by the parties hereto to express
their mutual intent, and no rule of strict construction will be applied against any party; 

  

	 	(ix)	 as used in this Agreement, unless the context otherwise requires, the term “title” refers to a
Certificate of Title or other similar form of vehicle title and is intended by each party hereto to include the terms “vehicle registration” and “vehicle license plate,” unless specified otherwise; and 

 

	 	(x)	 unless specified otherwise, “titling” will be deemed to include the acts of registering a scooter,
including the registering of the license plates of a scooter. 

  

	 	(b)	 Notwithstanding any language to the contrary contained herein, the parties hereto intend that this Agreement
constitutes one indivisible lease of the Scooters and not separate leases governed by similar terms. The Scooters constitute one economic unit, and the Rent and all other provisions hereof have been negotiated and agreed to based upon a demise of
all of the Scooters to the Lessees as a single, composite, inseparable transaction and would have been substantially different had separate leases or a divisible lease been intended. The parties intend that the provisions of this Agreement shall at
all times be construed, interpreted and applied so as to carry out their mutual objective to create an indivisible lease of all of the Scooters and, in particular but without limitation, that, for purposes of any assumption, rejection or assignment
of this Agreement under 11 U.S.C. Section 365, or any successor or replacement thereof or any analogous state law, this is one indivisible lease and non-severable lease and executory contract dealing with one legal and economic unit and that
this Agreement must be assumed, rejected or assigned as a whole with respect to all (and only as to all) of the Scooters. Except as expressly provided in this Agreement for specific, isolated purposes (and then only to the extent expressly otherwise
stated), all provisions of this Agreement apply equally and uniformly to all of the Scooters as one unit. Upon the occurrence and during the continuance of any Operating Lease Event of Default, the Lessor shall be entitled to exercise any applicable
remedies under Section 9 with respect 

  
 2 

	 	
to all of the Scooters or any portion of the Scooters, regardless of the portion of the Scooters to which such Operating Lease Event of Default relates. The parties may amend this Agreement from
time to time to add or remove one or more additional scooters as part of the Scooters and such future addition to, or removal from, the Scooters shall not in any way change the indivisible and non-severable nature of this Agreement and all of the
foregoing provisions shall continue to apply in full force. Each party agrees that it shall not assert that this Agreement is not, and shall not challenge the characterization of this Agreement as, a single indivisible lease of all of the Scooters.
Each party hereby waives any claim or defense based on a recharacterization of this Agreement as any agreement other than a single indivisible lease of all of the Scooters. 

 

	2.	 NATURE OF AGREEMENT. 

 

	 	(a)	 The Lessee and the Lessor intend that this Agreement is a lease and that the relationship between the Lessor
and the Lessee pursuant hereto shall always be only that of lessor and lessee, and the Lessee hereby declares, acknowledges and agrees that the Lessor is the owner of the Scooters, and legal title to the Scooters is held by the Lessor directly. The
Lessee shall not acquire by virtue of this Agreement any right, equity, title or interest in or to any Scooters, except the leasehold interest established by this Agreement. The parties agree that this Agreement is a “true lease” and agree
to treat the leasehold interest established by this Agreement as a lease for all purposes, including accounting, regulatory and otherwise, except it will be disregarded for tax purposes to the extent the Lessor and the Lessee are treated as the same
taxpayer under the Code or under applicable state tax laws. 

  

	 	(b)	 GRANT OF SECURITY INTEREST. To secure the prompt and complete payment and performance when due (whether at
stated maturity, by acceleration or otherwise) of all of the obligations and liabilities of the Lessee under this Agreement, the Lessee hereby grants to the Lessor a security interest in all of the Lessee’s right, title and interest, if any, in
and to all of the following assets, property and interests in property, whether now owned or hereafter acquired or created (collectively, the “Collateral”): 

 

	 	(i)	 the rights of the Lessee under this Agreement, as such Agreement may be amended, modified or supplemented from
time to time in accordance with its terms, and any other agreements related to or in connection with this Agreement, to which the Lessee is a party (the “Lessee Agreements”), including, without limitation, (a) all monies, if
any, due and to become due to the Lessee from any other Person under or in connection with any of the Lessee Agreements or Rider Contracts in connection with the use of Scooters, whether payable as rent, guaranty payments, fees, expenses, costs,
indemnities, insurance recoveries, damages for the breach of any of the Lessee Agreements or otherwise, and (b) all rights, remedies, powers, privileges, liens and claims of the Lessee against any other party under or with respect to the Lessee
Agreements (whether arising pursuant to the terms of such Lessee Agreements or otherwise available to the Lessee at law or in equity), including the right to enforce any of the Lessee Agreements and to give or withhold any and all consents,
requests, notices, directions, approvals, extensions or waivers under or with respect to the Lessee Agreements or the obligations and liabilities of any party thereunder; 

 

	 	(ii)	 [reserved]; 

  
 3 

	 	(iii)	 all right, title and interest of the Lessee in and to any Proceeds from the sale of the Scooters leased
hereunder which, notwithstanding that this Agreement is intended to convey only a leasehold interest, are determined to be owned by the Lessee, including all monies due in respect of such Scooters, whether payable as the purchase price of such
Scooters, as auction sales proceeds, or as fees, expenses, costs, indemnities, insurance recoveries, or otherwise; 

  

	 	(iv)	 all payments under insurance policies (whether or not the Lessor or the Administrative Agent is named as the
loss payee thereof) or any warranty payable by reason of loss or damage to, or otherwise with respect to, any of the Scooters leased hereunder solely to the extent attributable to a casualty event with respect to the Scooters; 

 

	 	(v)	 all additional property that may from time to time hereafter become part of the Collateral pursuant to the
terms of the Transaction Documents; and 

  

	 	(vi)	 all Proceeds of any and all of the foregoing including, without limitation, cash and payments under insurance
(whether or not the Lessor is named as the loss payee thereof). 

 The Lessee hereby acknowledges that the Lessor has
granted to the Administrative Agent, pursuant to the Loan Agreement, for the benefit of the Secured Parties, a first priority security interest in all of Lessor’s right, title and interest in and to the Scooters and this Agreement as collateral
security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all of the obligations and liabilities of the Lessor, whether direct or indirect, absolute or contingent, due or to
become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Loan Agreement and any other document made, delivered or given in connection therewith, whether on account of rent, principal, interest,
reimbursement obligations, fees, indemnities, costs, or expenses (including all fees and disbursements of counsel to the Lessor and the Administrative Agent that are required to be paid by the Lessee pursuant to the terms hereof). 

 

	 	(c)	 The Lessee agrees to deliver to the Lessor and the Administrative Agent on or before the Operating Lease
Commencement Date: 

  

	 	(i)	 a written search report from a Person satisfactory to the Lessor and the Administrative Agent listing all
effective financing statements that name the Lessee as debtor or assignor, and that are filed in the jurisdictions in which filings were made pursuant to clause (ii) below, together with copies of such financing statements, and tax and judgment
lien search reports from a Person satisfactory to the Lessor and the Administrative Agent showing no evidence of liens filed against the Lessee that purport to affect any Scooters leased hereunder or any Collateral under the Loan Agreement; and

  

	 	(ii)	 draft financing statements on Form UCC-1 to be filed in the jurisdiction where the Lessee is located under
Section 9-307 of the UCC naming the Lessee, as debtor, the Lessor, as secured party, and the Administrative Agent, as assignee of the secured party, covering the Collateral described in Section 2(b) hereof.

  
 4 

	 	(d)	 The Lessee hereby authorizes each of the Lessor and the Administrative Agent to file (provided that the
Administrative Agent shall have no obligation to so file), or cause to be filed, financing or continuation statements, and amendments thereto and assignments thereof, under the UCC in order to perfect its interest in the Collateral granted pursuant
to Section 2(b). 

  

	 	(e)	 Upon the termination of this Agreement, the Collateral shall be automatically released from the lien created
hereby, without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Lessor. Upon the sale, transfer, or other disposition of any Collateral in accordance with this Agreement, the
Lien created hereby in favor of the Lessee in such Collateral shall be released and all rights to such Collateral shall revert to the Lessor. In furtherance of the foregoing, promptly following written request therefor by the Lessor delivered to the
Lessee following any such termination or release, and at the expense of the Lessor, the Lessee shall execute and deliver to the Lessor UCC-3 termination statements or UCC-3 amendment statements and such other documents as the Lessor shall reasonably
request to evidence such termination or release. 

  

	2.1	 Lease of Scooters. 

 

	 	(a)	 Agreement to Lease. From time to time, subject to the terms and provisions hereof (including
satisfaction of the conditions precedent set forth in Section 2.1(b)), the Lessor agrees to lease to the Lessee, and the Lessee agrees to lease from the Lessor those certain Scooters identified on Leased Scooter Schedules produced from
time to time by or on behalf of the Lessee pursuant to Section 2.1(c). 

  

	 	(b)	 Conditions Precedent to Lease of Scooters. The agreement of the Lessor to commence leasing any Scooter
to the Lessee hereunder is subject to the following conditions precedent being satisfied on the Scooter Lease Commencement Date for such Scooter: 

  

	 	(i)	 No Default. No Operating Lease Event of Default shall have occurred and be continuing on the Scooter
Lease Commencement Date for such Scooter or would result from the leasing of such Scooter hereunder, and no Potential Operating Lease Event of Default shall have occurred and be continuing on the Scooter Lease Commencement Date for such Scooter or
would result from the leasing of such Scooter hereunder; 

  

	 	(ii)	 Representations and Warranties. The representations and warranties contained in Section 7
are true and correct in all material respects (unless any such representation or warranty contains a materiality limitation by its terms, in which case such representation or warranty shall be true and correct) as of such date (unless any such
representation or warranty by its terms makes reference to a specific date, in which case, such representation or warranty shall be true and correct for such specific date); and 

 

	 	(iii)	 Eligible Vehicle. Such Scooter is an Eligible Scooter. 

 

	 	(c)	 Leased Scooter Schedules. From time to time, the Lessee shall deliver or cause to be delivered to the
Lessor one or more schedules identifying the scooters the Lessee desires to lease from the Lessor hereunder, which schedules shall include the Basic Scooter Information (each such schedule, a “Leased Scooter Schedule”). The Lessee
hereby agrees 

  
 5 

 
that each such delivery of a Leased Scooter Schedule shall be deemed hereunder to constitute a representation and warranty by the Lessee, to and in favor of the Lessor, that each condition
precedent to the leasing of the Scooters identified in such Leased Scooter Schedule has been or will be satisfied as of the date of such delivery. 
  

	 	(d)	 Transfer of Scooters. Lessor may, from time to time, transfer (for cash or as a distribution in kind)
Scooters to Lessee pursuant to Section 8.01(s) of the Loan Agreement (any such transferred Scooter, a “Released Scooter”). The parties hereto hereby agree that Released Scooters shall not constitute Scooters hereunder
and shall not be subject to the lease provided for in this Agreement. For the avoidance of doubt, a transfer of any Released Scooter from Lessor to Lessee under this Section 2.1(d) that complies with the requirements of
Section 8.01(s) of the Loan Agreement shall not require any consent of the Administrative Agent. 

  

	2.2	 Hell-or-High-Water Lease. THIS AGREEMENT SHALL BE A NET LEASE, AND THE LESSEE’S OBLIGATION TO PAY
ALL RENT AND OTHER SUMS HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL, AND SHALL NOT BE SUBJECT TO ANY ABATEMENT, SETOFF, COUNTERCLAIM, DEDUCTION OR REDUCTION FOR ANY REASON WHATSOEVER. The obligations and liabilities of the Lessee hereunder shall
in no way be released, discharged or otherwise affected (except as may be expressly provided herein) for any reason, including without limitation: 

  

	 	(i)	 any defect in the condition, merchantability, quality or fitness for use of the Scooters or any part thereof;

  

	 	(ii)	 any damage to, removal, abandonment, salvage, loss, scrapping or destruction of or any requisition or taking of
the Scooters or any part thereof; 

  

	 	(iii)	 any restriction, prevention or curtailment of or interference with any use of the Scooters or any part thereof;

  

	 	(iv)	 any defect in or any Lien on title to the Scooters or any part thereof; 

 

	 	(v)	 any change, waiver, extension, indulgence or other action or omission in respect of any obligation or liability
of the Lessee or the Lessor; 

  

	 	(vi)	 any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to the Lessee, the Lessor or any other Person, or any action taken with respect to this Agreement by any trustee or receiver of any Person mentioned above, or by any court; 

 

	 	(vii)	 any claim that the Lessee has or might have against any Person, including without limitation the Lessor;

  

	 	(viii)	 any failure on the part of the Lessor or the Lessee to perform or comply with any of the terms hereof or of any
other agreement; 

  

	 	(ix)	 any invalidity or unenforceability or disaffirmance of this Agreement or any provision hereof or any of the
other Related Documents or any provision of any thereof, in each case whether against or by the Lessee or otherwise; 

  
 6 

	 	(x)	 any insurance premiums payable by the Lessee with respect to the Scooters; or 

 

	 	(xi)	 any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether or not the Lessee
shall have notice or knowledge of any of the foregoing and whether or not foreseen or foreseeable. 

 This Agreement shall
not be cancellable by the Lessee and, except as expressly provided by this Agreement, the Lessee, to the extent permitted by law, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Agreement, or
to any diminution or reduction of Rent or other amounts payable by the Lessee hereunder. All payments by the Lessee made hereunder shall be final (except to the extent of adjustments provided for herein), absent manifest error and, except as
otherwise provided herein, the Lessee shall not seek to recover any such payment or any part thereof for any reason whatsoever, absent manifest error. All covenants and agreements of the Lessee herein shall be performed at its cost, expense and risk
unless expressly otherwise stated. 
  

	3.	 TERM. 

  

	3.1	 Scooter Lease Term. 

 

	 	(a)	 Scooter Lease Commencement Date. The “Scooter Lease Commencement Date” with respect to
any Scooter shall mean the date referenced in the applicable Leased Scooter Schedule with respect to such Scooter but in no event shall such date be a date later than the date on which the Lessor acquires such Scooter. 

 

	 	(b)	 Scooter Lease Term. The “Scooter Lease Term” with respect to each Scooter shall extend
from the Scooter Lease Commencement Date through the earliest of: 

  

	 	(i)	 the date such Scooter is disposed of pursuant to Section 4.5; 

 

	 	(ii)	 the date such Scooter becomes a Released Scooter pursuant to Section 2.1(d); and

  

	 	(iii)	 the Operating Lease Expiration Date. 

 

	3.2	 Operating Lease Term. The “Operating Lease Commencement Date” shall mean the Closing
Date. The “Operating Lease Expiration Date” shall mean the later of (i) the date of the final payment in full of the Loans and (ii) the disposition or return of the last Scooter leased by the Lessee hereunder. The
“Term” of this Agreement shall mean the period commencing on the Operating Lease Commencement Date and ending on the Operating Lease Expiration Date. 

 

	4.	 RENT AND LEASE CHARGES . The Lessee will pay the amounts set forth below on each due date
set forth below in this Section 4. 

  

	4.1	 Amortization Schedule. On or prior to the Scooter Lease Commencement Date for each Scooter, the Lessor
shall establish or cause to be established a schedule of the amortization amounts due with respect to such Scooter (which may be the Amortization Schedule attached as Schedule II to the Loan Agreement). 

 

	4.2	 Monthly Base Rent. On each Pre-Funding Date, the Lessee shall pay to the Lessor the Monthly Base Rent
due in respect of all Scooters. The “Monthly Base Rent” due with respect to a Scooter on each Pre-Funding Date shall equal such Scooter’s Pro Rata Share of the Amortization Amount 

  
 7 

 
due and payable on the immediately succeeding Payment Date, provided that, solely for the purpose of calculating the Monthly Base Rent, the Amortization Amount shall be calculated using
the outstanding principal amount of the Loans at the close of business on the Payment Date immediately preceding such Pre-Funding Date (after giving effect to any repayment of the Loans on such Payment Date) or, with respect to the first Pre-Funding
Date, the outstanding principal amount of the Loans at the close of business on April 30, 2021. 
  

	4.3	 Monthly Supplemental Rent. On each Determination Date, the Lessee shall pay to the Lessor the Monthly
Supplemental Rent due in respect of all Scooters. The “Monthly Supplemental Rent” due with respect to a Scooter on each Determination Date shall equal such Scooter’s Pro Rata Share of the amount, if any, by which (a) the
Borrower Net Revenue of all Scooters during the immediately preceding calendar month (or, in the case of the first Determination Date, during the period from and including the Closing Date to and including May 31, 2021) exceeds (b) the
Monthly Base Rent paid by the Lessee during the immediately preceding calendar month in the aggregate for all Scooters. 

  

	4.4	 Quarterly Rider Incentive / Contra Pay True-Up Amount. On each Determination Date immediately following
a Quarterly Period under the Loan Agreement, the Lessee shall pay to the Lessor the Quarterly Rider Incentive / Contra Pay True-Up Amount, if any, due in respect of all Scooters on such Determination Date. The “Quarterly Rider Incentive /
Contra Pay True-Up Amount” due for each Determination Date immediately following a Quarterly Period shall equal the amount by which the Rider Incentive / Contra Pay offered in respect of all Scooters owned by the Lessor at any point during
such Quarterly Period exceeds 20% of the aggregate amount of all revenue earned in respect of such Scooters over such Quarterly Period. 

  

	4.5	 Disposition. On each Determination Date on or after June 2, 2021, the Lessee shall deliver to the
Lessor and the Administrative Agent a list containing each Scooter leased by the Lessee (x) that became a Released Scooter pursuant to Section 2.1(d) or (y) with respect to which the Lessee became obligated to repurchase such
Scooter pursuant to Section 10.2 in the preceding calendar month (each such list, a “Monthly Disposition Report” and each such Scooter an “Affected Scooter”). On each Determination Date following a
Collection Period in which there is an Affected Scooter described in clause (y) above (i) the Lessor shall cause title to such Scooter to be transferred to or at the direction of the Lessee of such Scooter and (ii) the Lessee shall
pay to the Lessor the Adjusted Cost of the Scooter, in the case of a Scooter that the Lessee is required to repurchase pursuant to Section 10.2. 

  

	4.6	 Tariff Rebate Amount. On each Determination Date, the Lessee shall pay to the Lessor the Tariff Rebate
Amount, if any, for such Determination Date; provided, that the Lessee shall not be required to pay the Tariff Rebate Amount for any Determination Date if, on such Determination Date, no Event of Default or Potential Event of Default under
the Loan Agreement has occurred and is continuing. The “Tariff Rebate Amount” due for each Determination Date shall equal all rebates, credits or other reimbursement of tariffs received in respect of a Scooter, if any, during the
immediately preceding Collection Period. 

  

	4.7	 Making of Payments. 

 

	 	(a)	 All payments hereunder shall be made by the Lessee, or by the Servicer on behalf of the Lessee, to, or for the
account of, the Lessor in immediately available funds, without setoff, counterclaim or deduction of any kind. 

  
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	 	(b)	 All such payments shall be deposited into the Collection Account not later than 2:00 p.m., New York City time,
on the date such payments are payable hereunder. 

  

	 	(c)	 In the event the Lessee fails to remit payment of any amount due under this Agreement on or before the date
when due and payable hereunder, the amount not paid will be considered delinquent and the Lessee shall pay default interest with respect thereto at a rate equal to the effective interest rate that would be payable by the Lessor on any overdue
amounts owed by the Lessor with respect to the Loans, during the period from the date on which such delinquent amount was payable until such delinquent amount (with accrued interest) is paid. 

 

	4.8	 Ordering and Delivery Expenses. With respect to any Scooter to be leased by the Lessee hereunder, the
Lessee shall pay to or at the direction of the Lessor all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Scooter and all tariffs, sales and use tax (if any). 

 

	5.	 SCOOTER OPERATIONAL COVENANTS 

 

	5.1	 NET LEASE. THIS AGREEMENT SHALL BE A NET LEASE. 

 

	 	5.1.1.	 Maintenance and Repairs. The Lessee shall pay for all maintenance, charging, storage and repairs of the
Scooters. The Lessee will pay, or cause to be paid, all usual and routine expenses incurred in the use and operation of Scooters leased by the Lessee hereunder including, but not limited to, deploying, charging, repairing and rebalancing Scooters,
maintaining Scooters in good and safe operating condition, and recycling or otherwise disposing of Scooters and related parts. Any improvements or additions to any Scooters shall become and remain the property of the Lessor. 

 

	 	5.1.2.	 Riders. The Lessee shall request Riders to execute or acknowledge Rider Contracts and Terms of Service
agreements and shall enforce such Rider Contracts and Terms of Service agreements in accordance with the Lessee’s historical practice. The Lessee shall maintain customer support functions and other user-facing functions to maintain and improve
the user experience consistent with historical practice. The Lessee shall not amend or modify Rider Contracts if such amendment or modification would reasonably be expected to have a Lease Material Adverse Effect. 

 

	 	5.1.3.	 Fleet Managers. With respect to Scooters subject to Fleet Management Contracts, the Lessee shall ensure
that all Fleet Managers are properly trained and onboarded with all relevant Fleet Manager-facing mobile applications. The Lessee shall monitor the performance of Fleet Managers and identify and rectify any breaches by Fleet Managers under Fleet
Management Contracts, including terminating Fleet Management Contracts and recovering Scooters. The Lessee shall promptly pay and discharge all obligations under Fleet Management Contracts. 

 

	 	5.1.4.	 Insurance. The Lessee shall at all times maintain or cause to be maintained insurance policies covering
risks against casualty events (which may be umbrella policies covering the Lessee, the Lessor and some or all Affiliates of the Lessee) with respect to the Scooters and use thereof (and shall cause each such insurance policy maintained by it or an
Affiliate to name the Lessor and the Administrative Agent as an additional insured and loss payee to the extent required by the Loan Agreement) of at least the types and in at least the same amounts as are customarily maintained by the Lessee and
its Affiliates for its own scooters and related assets. 

  
 9 

 The Lessee shall, from time to time upon the Lessor’s or the Administrative
Agent’s reasonable request, deliver to the Lessor and the Administrative Agent copies of documentation evidencing all insurance required by this Section 5.1.4 that is then in effect. 

 

	 	5.1.5.	 Ordering and Delivery Expenses. The Lessee shall be responsible for the payment of all ordering and
delivery expenses as set forth in Section 4.8. 

  

	 	5.1.6.	 Fees; Traffic Summonses; Penalties and Fines. The Lessee shall be responsible for the payment of all
registration fees, title fees, license fees, permit fees or other similar governmental fees and taxes (including the cost of any recording or registration fees or other similar governmental charges with respect to the notation on any Certificates of
Title of the Scooters of the interest of the Administrative Agent), all costs and expenses in connection with the transfer of title of, or reflection of the interest of any lienholder in, any Scooter, traffic summonses, penalties, judgments and
fines incurred with respect to any Scooter during the Scooter Lease Term for such Scooter or imposed during the Scooter Lease Term for such Scooter by any Governmental Authority with respect to such Scooters in connection with the Lessee’s
operation of such Scooters. 

  

	 	5.1.7.	 No Prejudice to the Lessor. The Lessee agrees to operate the Scooters leased hereunder with a goal of
maximizing the profit generated from such Scooters as if such Scooters were owned directly by the Lessee. In deciding where to deploy the Scooters, whether to engage Fleet Managers to assist in the management of the Scooters and all other decisions
relevant to the use of the Scooters, the Lessee shall not intentionally take any action to compete with or prejudice the Lessor or any Secured Party. The Lessee agrees to notify the Lessor and the Administrative Agent in writing of strategic changes
to the Lessee’s historical business model, including without limitation, with respect to the revenue sharing program utilized with Fleet Managers, to the extent such strategic changes could reasonably be expected to be materially adverse to the
Lessor or the Lenders. 

  

	 	5.1.8.	 Irrevocable Letter of Credit. The Lessee agrees to maintain for the benefit of the Lessor an irrevocable
letter of credit issued to the Administrative Agent, which letter of credit shall (i) have a face amount not less than the Minimum LC Amount, and (ii) be substantially in the form of Exhibit A hereto (the “Letter of
Credit”). The “Minimum LC Amount” (x) as of the date hereof and on any date prior to the Amendment No. 2 Initial Funding Date shall mean $15,000,000 and (y) as of the Amendment No. 2 Initial Funding Date
and on any date thereafter through (but excluding) the first anniversary of the Amendment No. 2 Initial Funding Date, shall mean $20,000,000; provided, that on the first anniversary of the Amendment No. 2 Initial Funding Date, the
Minimum LC Amount shall mean $15,000,000; provided, further, that if, on any Payment Date following the first anniversary of the Amendment No. 2 Initial Funding Date, the sum of (a) all outstanding Loans, plus (b) all
Commitments then available to be drawn, minus (c) the Required Reserve Amount (or, if less, the amount on deposit in the Reserve Account on such Payment Date), is equal to or less than $25,000,000, then the Minimum LC Amount shall mean
$10,000,000 on such date and thereafter; provided, further, that if, on any Payment Date following the first anniversary of the Amendment No. 2 Initial Funding Date, the sum of (a) all outstanding Loans, plus (b) all
Commitments then available to be drawn, minus (c) the Required Reserve Amount (or, if less, the amount on deposit in the Reserve Account on such Payment Date), is equal to or less than $10,000,000, then the Minimum LC Amount shall

  
 10 

 
mean $5,000,000 on such date and thereafter. If on any Payment Date following the first anniversary of the Amendment No. 2 Initial Funding Date, the face amount of the Letter of Credit is
greater than the Minimum LC Amount, the Lessee may request an adjustment to the face amount of the Letter of Credit in accordance with this Section 5.1.8. 
  

	5.2	 Collections. 

  

	 	5.2.1.	 The Lessee shall collect all amounts due under Rider Contracts from the use of Scooters as and when the same
shall become due. Any amounts constituting property of the Lessor received by the Lessee at any time other than in the Collection Account shall be held by the Lessee in trust for the benefit of the Lessor and applied in accordance with this
Section 5.2. 

  

	 	5.2.2.	 The Lessee shall cause all collections from Rider Contracts to be deposited in the Stripe Account, Paypal
Account, or Other Lessee Account of the Lessee (a “Lessee Account”). The Lessee shall ascertain the Payment Information relating to any payments received or recognized in (x) a Lessee Account or (y) the Collection Account,
in each case, using commercially reasonable efforts as soon as practicable following receipt or deposit of such funds and in any event on or prior to the next occurring Determination Date following receipt or deposit of such funds (to the extent
such funds were received or deposited on or prior to the last day of the month most recently ended prior to such Determination Date); provided, however, that if the Lessee has not been able to obtain the Payment Information with
respect to any payments in respect of scooters on or prior to the next occurring Determination Date (to the extent such funds were received or deposited on or prior to the last day of the month most recently ended prior to such Determination Date),
then the Lessee shall deposit any such amounts into the Collection Account. Once the Lessee has determined all Payment Information with respect to a payment in respect of a scooter, the Lessee shall segregate any such funds that constitute property
of the Lessor for the benefit of the Lessor. 

  

	5.3	 Intellectual Property. 

 

	 	5.3.1.	 The Lessee shall not do any act or omit to do any act whereby any of the Scooter IP may lapse, or become
abandoned or cancelled, or dedicated to the public, in each case except with respect to non-material Patents, Trademarks, Copyrights or other Intellectual Property that are, in the reasonable judgment of Lessee, no longer economically practicable to
maintain or useful in the conduct of the business of Lessee, taken as a whole, or the abandonment or cancellation of which could not reasonably be expected to result in a Lease Material Adverse Effect; 

 

	 	5.3.2.	 The Lessee shall not, with respect to any Trademarks constituting Scooter IP, fail to maintain the level of the
quality of Scooters leased and services rendered under any such trademark at a level at least substantially consistent with the quality of such Scooters and services as of the Closing Date, and Lessee shall adequately control the quality of Scooters
and services offered by any licensee of its trademarks to maintain such standards, except for any such failure which could not reasonably be expected to result in a Lease Material Adverse Effect; 

 

  
 11 

	 	5.3.3.	 The Lessee shall promptly notify the Lessor if it knows or becomes aware that any item of Intellectual Property
may become subject to any judicial or administrative adverse determination regarding Lessee’s right to own, register or use or the validity or enforceability of any material item of Scooter IP (including the institution of any action or
proceeding in the United States Patent and Trademark Office, the United States Copyright Office, any state registry, or any court but excluding non-final office actions issued in the ordinary course), except for any such determination which could
not reasonably be expected to result in a Lease Material Adverse Effect; and 

  

	 	5.3.4.	 In the event that the Lessee knows or has reason to know that any material Scooter IP has been infringed,
misappropriated or diluted by a third party in a manner that could reasonably be expected to have a Lease Material Adverse Effect, the Lessee shall promptly notify the Lessor and shall, if the Lessee deems it necessary in its reasonable business
judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 

  

	5.4	 Scooter Use. The Lessee may use Scooters leased hereunder in connection with its business, subject to
the provisions of this Agreement. Such use shall be confined to the United States (which use will include all normal course movements of Scooters across geographic markets in the United States, in each case in the Lessee’s course of business
and subject to the Transaction Documents). The Lessee agrees to possess, operate and maintain each Scooter leased to it in a manner consistent with how the Lessee would possess, operate and maintain such Scooter were the Lessee the beneficial owner
of such Scooter. 

  

	5.5	 Non-Disturbance. So long as the Lessee satisfies its obligations hereunder with respect a Scooter, its
quiet enjoyment, possession and use of such Scooter will not be disturbed during the Scooter Lease Term for such Scooter subject, however, to Section 9 hereof. 

 

	5.6	 Manufacturer’s Warranties. If a Scooter is covered by a manufacturer’s warranty, the Lessee,
during the Scooter Lease Term for such Scooter, shall (to the extent permitted under such manufacturer’s warranty) make any claims under such warranty on behalf of the Lessor that the Lessor could make. 

 

	6.	 SERVICER FUNCTIONS. 

 

	6.1	 Servicer Duties. The Servicer agrees to perform the following duties on behalf of the Lessor under the
Transaction Documents: 

  

	 	(a)	 Delivering such items as are necessary or advisable to perfect or protect the Administrative Agent’s
security interest in and a valid and perfected Lien on all Collateral thereunder, including the preparation of any financing statements or continuation relating to the Collateral pledged thereunder for filing under the provisions of the UCC of any
applicable jurisdiction; 

  

	 	(b)	 Obtaining and preserving the Lessor’s qualification to do business in each jurisdiction in which the
failure to so qualify would have a Material Adverse Effect, or which qualification shall be necessary to protect the validity and enforceability of the Loan Agreement and any instrument or agreement included in the Collateral thereunder;

  

	 	(c)	 Giving the Lessor and the Administrative Agent written notice of the commencement or existence of any
proceedings by or before any Governmental Authority against or affecting the Lessor which is reasonably likely to have a Material Adverse Effect; 

  
 12 

	 	(d)	 Doing and performing, from time to time, any and all acts to prepare for the execution by the Lessor of any and
all further instruments required or reasonably requested by the Lessor to more fully effect the purposes of such Transaction Document. 

  

	6.2	 Disposition of Scooters. Upon the occurrence and continuance of an Operating Lease Event of Default, the
Servicer shall dispose of any Scooters in accordance with the instructions of the Administrative Agent. To the extent the Servicer fails to so dispose of any such Scooters, the Administrative Agent shall have the right to otherwise dispose of such
Scooters. 

  

	6.3	 Merger . The Servicer shall not merge or consolidate with or into any other Person unless (i) the
Servicer is the surviving entity of such merger or consolidation or (ii) the surviving entity of such merger or consolidation expressly assumes the Servicer’s obligations under this Agreement. For the avoidance of doubt, the SPAC
Transaction shall not constitute a breach of this covenant. 

  

	7.	 CERTAIN REPRESENTATIONS AND WARRANTIES. The Lessee and the Servicer each represents and warrants to the
Lessor, the Lenders and the Administrative Agent that as of the Closing Date, as of each Scooter Lease Commencement Date, and as of the Amendment 2 Initial Funding Date: 

 

	7.1	 Organization; Power; Qualification. It has been duly formed and is validly existing as a corporation in
good standing under the laws of its jurisdiction of organization, with corporate power under the laws of such jurisdiction to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform its
obligations hereunder and thereunder, and is duly qualified and in good standing to do business as a foreign corporation in each jurisdiction where the character of its properties or the nature of its business makes such qualification necessary and
where the failure to be so qualified and in good standing would reasonably be expected to result in a Lease Material Adverse Effect. 

  

	7.2	 Authorization; Enforceability. Each of this Agreement and the other Transaction Documents to which it is
a party has been duly authorized, executed and delivered and, assuming due authorization, execution and delivery by the other parties hereto or thereto, is a valid and legally binding agreement of the Lessee or the Servicer, as applicable,
enforceable against the Lessee or the Servicer, as applicable, in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting
creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity or by an implied covenant of good faith and fair dealing). 

 

	7.3	 Compliance. The execution, delivery and performance by it of this Agreement and the Transaction
Documents to which it is a party will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of its property or
assets pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or other similar agreement or instrument under which it is a debtor or guarantor (except to the extent that such conflict,
breach, creation or imposition is not reasonably likely to have a Lease Material Adverse Effect) nor will such action result in a violation of any provision of applicable law or regulation (except to the extent that such violation is not reasonably
likely to result in a Lease Material Adverse Effect) or of the provisions of its certificate of incorporation or the by-laws. 

  

  
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	7.4	 Governmental Approvals. There is no consent, approval, authorization, order, registration or
qualification of or with any Governmental Authority having jurisdiction over it which is required for the execution, delivery and performance of this Agreement or the Transaction Documents (other than such consents, approvals, authorizations,
orders, registrations or qualifications as have been obtained or made), except to the extent that the failure to so obtain or effect any such consent, approval, authorization, order, registration or qualification is not reasonably likely to result
in a Lease Material Adverse Effect. 

  

	7.5	 Eligible Vehicles. Each Scooter is or will be, as the case may be, on the applicable Scooter Lease
Commencement Date, an Eligible Scooter. On the Amendment No. 2 Initial Funding Date, all Scooters related to the Credit Extension on such date are Eligible Scooters. 

 

	7.6	 Investment Company Act. It is not an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Act”), and it is not subject to any other statute which would impair or restrict its ability to perform its obligations
under this Agreement or the other Transaction Documents, and neither the entering into or performance by it of this Agreement violates any provision of such Act. 

 

	7.7	 Supplemental Documents True and Correct. All information contained in any written material that has been
submitted, or that may hereafter be submitted by it to the Lessor, the Administrative Agent or any Lender is, or will be, true, correct and complete in all material respects. 

 

	7.8	 ERISA. Except as would not be reasonably likely to result in a Lease Material Adverse Effect,
(a) it is in compliance with all applicable provisions and requirements of all applicable laws, rules and regulations with respect to each Employee Benefit Plan, and has performed all of its obligations under each Employee Benefit Plan;
(b) no liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Employee Benefit Plan or any trust established under Title IV of ERISA has been or is expected to be incurred by the it or its ERISA
Affiliates; and (c) no ERISA Event has occurred or is reasonably expected to occur. 

  

	8.	 CERTAIN COVENANTS . Until the expiration or termination of this Agreement, and thereafter until the
obligations of the Lessee under this Agreement and the Transaction Documents are satisfied in full, the Lessee covenants and agrees: 

  

	8.1	 Corporate Existence; Foreign Qualification. It shall do and cause to be done at all times all things
necessary to (i) subject to Section 8.4, maintain and preserve its corporate, partnership, limited liability or trust existence; (ii) be, and ensure that it is, duly qualified to do business and in good standing as a foreign
entity in each jurisdiction where the character of its properties or the nature of its business makes such qualification necessary and where the failure to so qualify would be reasonably expected to result in a Lease Material Adverse Effect; and
(iii) comply with all Contractual Obligations and Requirements of Law binding upon it, except to the extent that the failure to comply therewith would not, in the aggregate, be reasonably expected to result in a Lease Material Adverse Effect.

  

	8.2	 Books, Records, Inspections and Access to Information. The Lessee shall: 

 

	 	(a)	 Maintain complete and accurate books and records in all material respects with respect to the Scooters leased
by it under this Agreement and the other Collateral; 

  

	 	(b)	 At any time and from time to time during regular business hours, upon reasonable prior notice from the Lessor
or the Administrative Agent, permit the Lessor or the Administrative Agent (or such other person who may be designated from time to time by the Lessor or the Administrative Agent) to examine and make copies of such books, records

  
 14 

 
and documents in the possession or under the control of the Lessee relating to the Scooters leased by it under this Agreement and the other Collateral (other than any such books, records and
documents that are subject to legal privilege, contain trade secrets or are otherwise of strategic importance to the business of the Lessee, in each case as determined by the Lessee acting reasonably and in good faith); provided, that any such
examination pursuant to this clause (b) shall not occur more frequently than once per month unless and until an Operating Lease Event of Default or Servicer Default has occurred and is continuing; 

 

	 	(c)	 Permit any of the Lessor or the Administrative Agent (or such other person who may be designated from time to
time by any of the Lessor or the Administrative Agent) to visit the office and properties of the Lessee during regular business hours and with reasonable prior notice for the purpose of discussing matters relating to the Scooters leased by the
Lessee under this Agreement with any of the Lessee’s senior management having knowledge of such matters, all at such reasonable times and as often as the Lessor or the Administrative Agent may reasonably request (other than matters that are
subject to legal privilege or which require the disclosure of trade secrets, in each case as determined by the Lessee acting reasonably and in good faith); provided, that any such examination or discussion pursuant to this clause (c) shall not
occur more frequently than once per month unless and until an Operating Lease Event of Default or Servicer Default has occurred and is continuing; and 

  

	 	(d)	 Upon the reasonable request of the Lessor or the Administrative Agent from time to time, make reasonable
efforts (but not disrupt the ongoing normal course rental of Scooters to customers) to confirm to the Lessor and the Administrative Agent the location and status (as recorded in the Lessee’s computer systems) of each Scooter leased by the
Lessee hereunder. 

  

	8.3	 ERISA. The Lessee shall comply with all applicable provisions and requirements of all applicable laws,
rules and regulations with respect to each Employee Benefit Plan, and perform all its obligations under each Employee Benefit Plan, except to the extent that the failure to so comply or perform would not, in the aggregate, be reasonably expected to
result in a Lease Material Adverse Effect. 

  

	8.4	 Merger. The Lessee shall not merge or consolidate with or into any other Person unless (i) a Lessee
is the surviving entity of such merger or consolidation or (ii) the surviving entity of such merger or consolidation expressly assumes the Lessee’s obligations under this Agreement. For the avoidance of doubt, the SPAC Transaction shall
not constitute a breach of this covenant. 

  

	8.5	 Reporting. The Lessee shall provide to the Lessor and the Administrative Agent: 

 

	 	8.5.1.	 Annual. Within (i) 180 days after the end of the Lessee’s 2020 fiscal year and (ii) 90
days after the end of each of the Lessee’s fiscal years thereafter, consolidated financial statements consisting of a balance sheet of the Lessee and its consolidated subsidiaries as at the end of such fiscal year and statements of income,
stockholders’ equity and cash flows of the Lessee and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an
opinion, unqualified as to scope (other than a qualification or exception resulting from or relating to (i) an actual or anticipated breach of a financial covenant or (ii) an upcoming maturity date), of Ernst & Young LLP or
another firm of independent certified public accountants of nationally recognized standing selected by the Lessee and acceptable to the Lessor and the Administrative Agent. 

  
 15 

	 	8.5.2.	 Quarterly. Within forty-five (45) days after the end of each of the first three (3) quarters
of each of the Lessee’s fiscal years (commencing with the fiscal quarter ending on or around March 31, 2021), financial statements consisting of consolidated balance sheets of the Lessee and its consolidated subsidiaries as at the end of
such quarter and statements of income, stockholders’ equity and cash flows of the Lessee and its consolidated subsidiaries for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the
preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer of the Lessee as having been prepared in accordance with GAAP. 

 

	 	8.5.3.	 Monthly Minimum Liquidity. Within twenty five (25) calendar days after the end of each Collection
Period, a certificate of the Lessee certifying (which, for the avoidance of doubt, shall not require any backup documentation evidencing such certification) whether it is in compliance with the Minimum Liquidity covenant set forth in
Section 8.6. 

  

	 	8.5.4.	 Monthly Minimum Tangible Net Worth. Within twenty five (25) calendar days after the end of each
Collection Period, a certificate of the Lessee certifying whether it is in compliance with the Minimum Tangible Net Worth covenant set forth in Section 8.7 hereof. 

 

	 	8.5.5.	 Notice of Material Events. Promptly after becoming aware thereof, (a) notice of the occurrence of
any Potential Operating Lease Event of Default or Operating Lease Event of Default, together with a written statement of an Authorized Officer of the Lessee describing such event and the action that the Lessee proposes to take with respect thereto,
(b) notice of any Event of Default or Potential Event of Default and (c) notice of the occurrence of any other event which would be reasonably expected to have a Lease Material Adverse Effect, specifying the nature thereof, and what action
the Lessee has taken, is taking or proposes to take with respect thereto. 

 The financial data that shall be delivered to
the Lessor and the Administrative Agent pursuant to Section 8.5.1 and Section 8.5.2 shall be prepared in conformity with GAAP in all material respects. 

Notwithstanding the foregoing, the obligations in Sections 8.5.1 and 8.5.2 may be satisfied with respect to financial
information of the Lessee and its consolidated subsidiaries by furnishing (A) the information required pursuant to Sections 8.5.1 and 8.5.2 for New Parent and its consolidated subsidiaries or Lessee and its consolidated
subsidiaries or (B) the New Parent’s Form 10-K or 10-Q, as applicable, filed with the SEC; provided, that with respect to each of clauses (A) and (B), (i) to the extent such information is provided for New Parent and its
consolidated subsidiaries, such information is accompanied by a reconciliation that explains in reasonable detail the differences between the information relating to New Parent, on the one hand, and the information relating to the Lessee and its
Subsidiaries on a standalone basis, on the other hand, and (ii) to the extent such information is provided for New Parent and its consolidated subsidiaries in lieu of information required to be provided under Section 8.5.1, such
materials are accompanied by a report and opinion of Ernst & Young LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally
accepted auditing standards and shall be unqualified as to scope other than as permitted by Section 8.5.1. 

  
 16 

	8.6	 Minimum Liquidity. At all times from and after the Closing Date, the Liquidity of the Lessee shall not
be less than Minimum Liquidity Covenant Level Amount. 

  

	8.7	 Minimum Tangible Net Worth. On the last Business Day of each calendar month, the Tangible Net Worth of
Lessee shall not be less than the Minimum Tangible Net Worth Covenant Level Amount. 

  

	8.8	 Dividends. The Lessee will not authorize, declare or pay any Dividends, except that (i) the Lessee
may repurchase or retire (and, upon consummation of the SPAC Transaction, may make Dividends to any direct or indirect parent of the Lessee (including New Parent) to enable such parent entity to repurchase or retire) the stock of current, future, or
former employees, directors, officers, or consultants (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of Lessee (or of any direct or indirect parent of Lessee
(including New Parent)) pursuant to any employee or director equity plan, employee or director stock option plan or any other employee or director benefit plan or compensation arrangement (including pursuant to any stockholder or subscription
agreement) with any employee, director, officer or consultant of Lessee (or the direct or indirect parent of Lessee (including New Parent)); provided, that the aggregate amount of all such repurchases or retirements does not exceed $1,000,000
per fiscal year; (ii) the Lessee may authorize, declare, or pay any Dividends so long as an Event of Default or Potential Event of Default under the Loan Agreement does not exist at the time of such authorization, declaration, or payment and
would not exist after giving effect to such authorization, declaration, or payment; provided, that the aggregate amount of all Dividends authorized, declared, or paid following the Closing Date does not exceed $2,000,000;
(iii) (x) payments in lieu of fractional shares of equity securities arising out of stock dividends, splits, combinations, or conversions and (y) after consummation of the SPAC Transaction, Dividends made by the Lessee to any direct
or indirect parent thereof (including New Parent) in an amount sufficient to enable such direct or indirect parent entity (including New Parent) to make payments in lieu of fractional shares of equity securities arising out of stock dividends,
splits, combinations, or conversions; (iv) the Lessee may convert any of its convertible equity securities into other equity securities pursuant to the terms of such convertible equity securities or otherwise in exchange thereof; (v) the
Lessee may authorize, declare, or pay any Dividends set forth on Schedule III; (vi) the Lessee may authorize, declare, or pay any Dividends to the Permitted Holders solely in the form of Voting Stock; (vii) after a Qualifying IPO, the
Lessee may authorize, declare, or pay any Dividends to any direct or indirect parent entity of the Lessee (including New Parent), the proceeds of which will be used to pay (A) such parent entity’s allocable share of the net taxable income
of the Lessee for the relevant taxable period (appropriately reduced by taxes paid by the Lessee to the extent that such taxes would otherwise be borne by such parent entity), (B) franchise taxes and other fees, taxes, and expenses (including
expenses necessary to maintain its status as a public company after a Qualifying IPO) required to maintain the corporate or legal existence of such parent entity and comply with laws applicable to a public company (including fees and expenses for
the preparation of financial statements for a public company), and/or (C) customary salary, bonus, and other benefits payable to officers and employees of such parent entity to the extent such salaries, bonuses, and other benefits are
attributable to the ownership or operation of the Lessee and its subsidiaries (to the extent such payments have not been and are not expected to be made by the Lessee or its subsidiaries); (viii) the Lessee may authorize, declare, or pay any
Dividends (and, upon consummation of the SPAC Transaction, may make Dividends to any direct or indirect parent of Lessee in order to enable such parent entity to pay Dividends) in respect of withholding or other similar taxes payable upon
repurchase, retirement, or other acquisition or retirement of equity 

  
 17 

 
interests of the Lessee (or any direct or indirect parent thereof (including New Parent)) or otherwise pursuant to any employee or director equity plan, employee or director stock option or
profits interest plan or any other employee or director benefit plan or any similar agreement, (ix) the Lessee may authorize, declare, or pay any Dividends (and, upon consummation of the SPAC Transaction, may make Dividends to any direct or
indirect parent of Lessee (including New Parent) to enable such parent entity to make Dividends) in the form of repurchases of Equity Interests in Lessee (or a direct or indirect parent thereof (including New Parent)) deemed to occur upon the
exercise of stock options, warrants, and similar equity incentive awards if such Equity Interests represent a portion of the exercise price of such options or warrants or similar rights; and (x) after a Qualifying IPO, the Lessee may authorize,
declare or pay any Dividends in an amount not to exceed the net proceeds of any equity contribution made by the direct or indirect parent of the Lessee (including New Parent) into Lessee substantially concurrently with any such Qualifying IPO. 

 

	8.9	 Transactions with Affiliates. The Lessee will not enter into any transaction or series of related
transactions with any of its Affiliates, other than on terms and conditions substantially as favorable to the Lessee as would reasonably be obtained by the Lessee at that time in a comparable arm’s-length transaction with a Person other than an
Affiliate, except that the following in any event shall be permitted: 

 (i) Dividends may be paid to the
extent provided in Section 8.8; 
 (ii) customary fees, indemnities and reimbursements may be paid to non-officer
directors of the Lessee; 
 (iii) the Lessee may enter into, and may make payments under, employment agreements, employee
benefits plans, stock option plans, indemnification provisions and other similar compensatory arrangements with officers, employees and directors of the Lessee in the ordinary course of business; 

(iv) the sale or issuance of the Lessee’s Equity Interests in a bona-fide equity financing transaction, or merger or
combination transaction of the Lessee or any of its Subsidiaries (including the SPAC Transaction), in each case, to the extent not constituting a Change of Control; 

(v) unsecured debt financings from the Lessee’s existing investors; 

(vi) transactions by and among Lessee and any of its Subsidiaries; 

(vii) transactions by and among (i) any direct or indirect parent of Lessee that is a public company (including New
Parent) on the one hand and (ii) Lessee or any of its Subsidiaries on the other hand; and 
 (viii) transactions
disclosed on Schedule II hereto. 
  

	8.10	 Line of Business. The Lessee will not engage directly or indirectly in any business other than the
operation and management of micro-mobility vehicles and reasonable extensions thereof and businesses ancillary or complementary thereto. 

  

	8.11	 Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements, etc.. The Lessee
will not amend, modify or change its certificate or articles of incorporation (including, without limitation, by the filing or modification of any certificate or articles of designation), certificate of formation, limited liability company agreement
or by-laws (or the equivalent organizational documents), as applicable, or any agreement entered into by it with respect to its capital stock or other Equity Interests, or enter into any new agreement with respect to its capital

  
 18 

	 	
stock or other Equity Interests, unless such amendment, modification, change or other action contemplated by this Section 8.11 could not reasonably be expected to be materially
adverse to the interests of the Lenders or the Administrative Agent, provided that the Lessee will not change its name or jurisdiction of organization unless the Lessee provides the Administrative Agent and the Lenders at least thirty
(30) days’ prior notice thereof. 

  

	8.12	 Limitation on Certain Restrictions on Subsidiaries. The Lessee will not, and will not permit any of its
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on (a) the granting by the Credit Parties of any Liens securing such Credit Parties’ obligations under
the Transaction Documents, or (b) the ability of the Lessee to make investments in or transfer property or assets to a Credit Party. 

  

	9.	 DEFAULT AND REMEDIES THEREFOR. 

 

	9.1	 Events of Default. Any one or more of the following will constitute an event of default (a
“Operating Lease Event of Default”) as that term is used herein: 

  

	 	9.1.1.	 there occurs a default in the payment of any amount payable by the Lessee under this Agreement that continues
for a period of two (2) Business Days; 

  

	 	9.1.2.	 subject to Section 11.3(ii), any unauthorized assignment or transfer of this Agreement by the
Lessee or the Servicer occurs; 

  

	 	9.1.3.	 the Letter of Credit shall terminate, expire, or cease to be in full force and effect for any reason, except in
accordance with Section 5.1.8; 

  

	 	9.1.4.	 the failure of the Lessee or the Servicer to observe or perform any other covenant, condition, agreement or
provision hereof, including, but not limited to, usage, and maintenance and such default continues for more than thirty (30) consecutive days after the earlier of the date written notice thereof is delivered by the Lessor or the Administrative
Agent to the Lessee or the date an Authorized Officer of the Lessee or the Servicer obtains actual knowledge thereof; 

  

	 	9.1.5.	 subject to Section 10.2, if (i) any representation or warranty made or deemed made by the
Lessee or the Servicer herein or any information or report delivered by the Lessee or the Servicer pursuant to this Agreement shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered, which, to the
extent capable of cure, remains unremedied for thirty (30) consecutive days after the earlier of (x) the date of the receipt of written notice thereof from the Lessor or the Administrative Agent to the Lessee or the Servicer and
(y) the date an Authorized Officer of the Lessee or the Servicer learns of such circumstance or condition; 

  

	 	9.1.6.	 one or more judgments or decrees shall be entered against the Lessee or the Servicer involving in the aggregate
a liability (not paid or to the extent not covered by a reputable and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any
period of 30 consecutive days, and the aggregate amount of all such judgments equals or exceeds $10,000,000; 

  

	 	9.1.7.	 an Event of Bankruptcy occurs with respect to the Lessee or the Servicer; 

  
 19 

	 	9.1.8.	 any material provision of this Agreement ceases to be in full force and effect (other than in accordance with
its terms or as otherwise expressly permitted in the Transaction Documents) or a proceeding shall be commenced by the Lessee or the Servicer to establish the invalidity or unenforceability of this Agreement; or 

 

	 	9.1.9.	 an Event of Default occurs under the Loan Agreement. 

 

	9.2	 Effect of Operating Lease Event of Default. If any Operating Lease Event of Default shall occur, the
Lessee’s right of possession with respect to any Scooters leased hereunder shall be subject to the Lessor’s option to terminate such right as set forth in Sections 9.3 and 9.4. 

 

	9.3	 Rights of Lessor Upon Operating Lease Event of Default. 

 

	 	9.3.1.	 If an Operating Lease Event of Default shall occur and be continuing, then the Lessor may proceed by
appropriate court action or actions, either at law or in equity, to enforce performance by the Lessee of the applicable covenants and terms of this Agreement or to recover damages for the breach hereof calculated in accordance with
Section 9.5. 

  

	 	9.3.2.	 If any Operating Lease Event of Default shall occur and be continuing, then (i) the Lessor shall have the
right (a) to terminate the Lessee’s rights of possession hereunder of all or a portion of the Scooters leased hereunder by the Lessee, (b) to take possession of all or a portion of the Scooters leased by the Lessee hereunder,
(c) to peaceably enter upon the premises of the Lessee or other premises where Scooters may be located and take possession of all or a portion of the Scooters and thenceforth hold, possess and enjoy the same free from any right of the Lessee,
or its successors or assigns, and to use such Scooters for any purpose whatsoever and (d) to direct delivery by the Servicer of the Certificates of Title (if any) for all or a portion of the Scooters and (ii) the Lessee, at the request of
the Administrative Agent, shall return or cause to be returned all Scooters to the Lessor or the Administrative Agent, as the case may be. 

  

	 	9.3.3.	 Without limiting any other rights of the Lessor hereunder, for the purpose of enabling the Lessor to exercise
rights and remedies under this Agreement, solely during and for the continuation of an Event of Default, Lessee hereby grants to the Lessor, for the benefit of the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of
royalty or other compensation to the Lessee) to use, license or sublicense (including, without limitation, to the Administrative Agent) any Scooter IP now owned or hereafter acquired by the Lessee, in each case to the extent reasonably necessary to
permit the Administrative Agent to take possession of and dispose of the Scooters, and wherever the same may be located (whether or not any license agreement by and between the Lessee and any other Person relating to the use of such Scooter IP may
be terminated hereafter), and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof,
provided, however, that any such license granted by the Lessor to a third party shall include reasonable and customary terms necessary to preserve the existence, validity and value of the affected Scooter IP, including without
limitation, provisions requiring the continuing confidential handling of trade secrets, requiring the use of appropriate notices and prohibiting the use of false notices, protecting and maintaining the quality standards of the trademarks (it being
understood and agreed that, without limiting any other rights and remedies of the Lessor under this Agreement or applicable law, nothing in the foregoing license grant shall be construed as granting the Lessor rights in and to such Scooter IP above
and beyond (x) the rights to such Scooter IP that the Lessee 

  
 20 

	 	
has reserved for itself and (y) in the case of Scooter IP that is licensed to Lessee by a third party, the extent to which the Lessee has the right to grant a sublicense to such Scooter IP
hereunder). For the avoidance of doubt, the Lessee acknowledges and agrees that the Lessor may sublicense the Scooter IP to the Administrative Agent, in accordance with this Section 9.3.3, and accordingly, that the Administrative Agent
may further sublicense the Scooter IP during and for the continuation of an Event of Default. Notwithstanding anything to the contrary herein, this Section 9.3.3 shall not grant any rights to use, license, or sublicense the source code
of the Bird applications on Android and iOS. 

  

	 	9.3.4.	 Each and every power and remedy hereby specifically given to the Lessor and its assignees will be in addition
to every other power and remedy hereby specifically given or now or hereafter existing at law, in equity or in bankruptcy and each and every power and remedy may be exercised from time to time and simultaneously and as often and in such order as may
be deemed expedient by the Lessor. All such powers and remedies will be cumulative, and the exercise of one will not be deemed a waiver of the right to exercise any other or others. No delay or omission of the Lessor in the exercise of any such
power or remedy and no renewal or extension of any payments due hereunder will impair any such power or remedy or will be construed to be a waiver of any default or any acquiescence therein. Any extension of time for payment hereunder or other
indulgence duly granted to the Lessee will not otherwise alter or affect the Lessor’s rights or the obligations hereunder of the Lessee. The Lessor’s acceptance of any payment after it will have become due hereunder will not be deemed to
alter or affect the Lessor’s rights hereunder with respect to any subsequent payments or defaults therein. 

  

	 	9.3.5.	 Notwithstanding the exercise of any rights or remedies pursuant to this Section 9.3, the Lessor
will, nevertheless, have a right to recover from the Lessee any and all amounts as may be then due. 

  

	9.4	 Measure of Damages. If an Operating Lease Event of Default occurs and the Lessor or the Administrative
Agent exercises the remedies granted to the Lessor or the Administrative Agent under this Section 9, the amount that the Lessor shall be permitted to recover from the Lessee as payment shall be equal to: 

 

	 	(i)	 all Rent for each Scooter leased by the Lessee hereunder to the extent accrued and unpaid as of the earlier of
the date of the return to the Lessor of such Scooter, the disposition by the Servicer of such Scooter in accordance with the terms of this Agreement, or the taking possession of such Scooter by the Lessor (at the direction of the Administrative
Agent) or the Administrative Agent pursuant to Section 9.3.2 and all other payments payable under this Agreement by the Lessee, accrued and unpaid as of such date; plus 

 

	 	(ii)	 any reasonable and documented out-of-pocket damages and expenses, including reasonable attorneys’ fees and
expenses that the Lessor or the Administrative Agent will have sustained by reason of such Operating Lease Event of Default, together with reasonable sums for such attorneys’ fees and such expenses as will be expended or incurred in the
seizure, storage, rental or sale of the Scooters leased by the Lessee hereunder or in the enforcement of any right or privilege hereunder or in any consultation or action in such connection, in each case to the extent reasonably attributable to the
Lessee; plus 

  
 21 

	 	(iii)	 interest from time to time on amounts due from the Lessee and unpaid under this Agreement at a rate equal to
the effective interest rate that would be payable by the Lessor on any overdue amounts owed by the Lessor with respect to the Loans, computed from the date of such Operating Lease Event of Default or the date payments were originally due to the
Lessor by the Lessee under this Agreement or from the date of each expenditure by the Lessor or the Administrative Agent, as applicable, that is recoverable from the Lessee pursuant to this Section 9, as applicable, to and including the
date payments are made by the Lessee. 

  

	9.5	 Servicer Default. Any of the following events will constitute a default of the Servicer (a
“Servicer Default”) as that term is used herein: 

  

	 	(i)	 the failure of the Servicer to comply with or perform any provision of this Agreement or any other Transaction
Document that has a Lease Material Adverse Effect with respect to the Servicer, the Lessor or the Lessee, and such default continues for more than thirty (30) consecutive days after the earlier of the date written notice is delivered by the
Lessor or the Administrative Agent to the Servicer or the date an Authorized Officer of the Servicer obtains actual knowledge thereof; 

  

	 	(ii)	 an Event of Bankruptcy occurs with respect to the Servicer; 

 

	 	(iii)	 the failure of the Servicer to make any payment when due from it hereunder or under any of the other
Transaction Documents when required and, in each case, such failure continues for five (5) consecutive Business Days after the earlier of (a) the date written notice is delivered by the Lessor or the Administrative Agent to the Servicer or
(b) the date an Authorized Officer of the Servicer obtains actual knowledge thereof; or 

  

	 	(iv)	 if (I) any representation or warranty made or deemed made by the Servicer in any Transaction Document or
any information, or report delivered by the Servicer pursuant to any Transaction Document shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered, (II) such inaccuracy or falsehood has a Lease
Material Adverse Effect with respect to the Lessor, the Servicer or the Lessee and (III) the circumstance or condition in respect of which such representation, warranty or writing was inaccurate, incorrect, breached, false or misleading, as the case
may be, shall not have been eliminated or otherwise cured for at least thirty (30) consecutive days after the earlier of (x) the date of the receipt of written notice thereof from the Lessor or the Administrative Agent to the Servicer and
(y) the date an Authorized Officer of the Servicer obtains actual knowledge of such circumstance or condition. 

In the event of a Servicer Default, the Administrative Agent shall have the right to replace the Servicer as servicer. 

 

	10.	 INDEMNIFICATION. 

 

	10.1	 Indemnification. Each of the Servicer and the Lessee agrees to indemnify, defend and hold harmless the
Lessor and the Administrative Agent, individually and on behalf of the Secured Parties, and each of their respective agents, for any and all liabilities, losses, damages and expenses that may be incurred as a result of (i) any breach of any of
its agreements or covenants under this 

  
 22 

	 	
Agreement and the other Transaction Documents or (ii) any breach of any representation or warranty of the Servicer or Lessee contained in this Agreement or the other Transaction Documents;
excluding, however, liabilities, losses, damages, and expenses to the extent a final non-appealable judgment of a court of competent jurisdiction holds that such liabilities, losses, damages, and expenses resulted solely from the fraud, gross
negligence, or willful misconduct of the party seeking indemnification hereunder. The obligations of the Servicer and the Lessee in this Section 10.1 shall survive the termination of this Agreement. 

 

	10.2	 Certain Payments in Respect of Scooters. Notwithstanding Section 10.1, upon discovery by the
Lessor, the Servicer, the Lessee or the Administrative Agent that any representation set forth in Section 7.5 was incorrect when made or deemed made, the party discovering such incorrectness shall give prompt written notice to the other
parties. Prior to the next Payment Date following its discovery of such breach or notice to such effect to the Servicer and the Lessee, the Servicer and the Lessee shall cure in all material respects the circumstances or condition giving rise to
such breach. If the Servicer and the Lessee are unable or unwilling to so cure any such breach, the Servicer and the Lessee shall, as the sole remedy for such breach (i) purchase the related Scooter, (ii) deposit (or cause to be deposited)
into the Collection Account on the first Payment Date following discovery or notice of such breach an amount equal to the Adjusted Cost of such Scooter, and (iii) indemnify, defend and hold harmless the Lessor and the Administrative Agent
individually and on behalf of the Lenders from and against, any and all loss or liability with respect to, or resulting from, any such Scooter (including the reasonable fees and expenses of counsel). A repurchase of a Scooter in accordance with the
immediately preceding sentence shall be deemed to be a cure of a breach of the related representation set forth in Section 7.5 with respect to such Scooter for all purposes hereunder. 

11. LIENS AND ASSIGNMENTS. 
  

	11.1	 Rights of Lessor Assigned to Administrative Agent. Each of the Lessee and the Servicer acknowledges that
the Lessor has assigned or will assign all of its rights under this Agreement to the Administrative Agent pursuant to the Loan Agreement. Accordingly, each of the Lessee and the Servicer agrees that: 

 

	 	(i)	 subject to the terms of the Transaction Documents, the Administrative Agent shall have all the rights, powers,
privileges and remedies of the Lessor hereunder, and the Lessee’s and the Servicer’s obligations hereunder (including the payment of Rent and all other amounts payable hereunder) shall not be subject to any claim or defense that the Lessee
or the Servicer may have against the Lessor (other than the defense of payment actually made) and shall be absolute and unconditional and shall not be subject to any abatement, setoff, counterclaim, deduction or reduction for any reason whatsoever.
Specifically, each of the Lessee and the Servicer agrees that, upon the occurrence of an Operating Lease Event of Default or a Servicer Default, the Administrative Agent may exercise (for and on behalf of the Lessor) any right or remedy against the
Lessee or the Servicer provided for herein and neither the Lessee nor the Servicer will interpose as a defense that such claim should have been asserted by the Lessor; 

 

	 	(ii)	 upon the delivery by the Administrative Agent or the Administrative Agent of any notice to the Lessee stating
that an Operating Lease Event of Default or to the Servicer stating that a Servicer Default has occurred, the Lessee or the Servicer will, if so requested by the Administrative Agent, treat the Administrative Agent for all purposes as the Lessor
hereunder and in all respects comply with all obligations under this Agreement that are asserted by the Administrative Agent, as the Lessor hereunder, irrespective of whether the Lessee or the Servicer has received any such notice from the Lessor;
and 

  
 23 

	 	(iii)	 the Lessee acknowledges that pursuant to this Agreement it has agreed to make all payments of Rent hereunder
(and any other payments hereunder) directly to the Administrative Agent for deposit in the Collection Account. 

  

	11.2	 Right of the Lessor to Assign this Agreement. The Lessor shall have the right to finance the acquisition
and ownership of Scooters by selling or assigning its right, title and interest in this Agreement, including, without limitation, in moneys due from the Lessee and any third party under this Agreement, to the Administrative Agent for the benefit of
the Lenders; provided, however, that any such sale or assignment shall be subject to the rights and interest of the Lessee in the Scooters, including but not limited to the Lessees’ right of quiet and peaceful possession of such
Scooters as set forth in Section 5.5 hereof, and under this Agreement. 

  

	11.3	 Limitations on the Right of the Lessee and the Servicer to Assign this Agreement. 

 

	 	(i)	 Neither the Lessee nor the Servicer shall assign this Agreement or any of its rights hereunder to any other
party; provided, however, that (i) the Lessee may rent the Scooters leased by the Lessee hereunder in connection with its business and (ii) the Lessee may delegate to one or more of its Affiliates or fleet managers the
performance of any of the Lessee’s obligations as Lessee hereunder (but the Lessee shall remain fully liable for its obligations hereunder). Any purported assignment in violation of this Section 11.3 shall be void and of no force or
effect. Nothing contained herein shall be deemed to restrict the right of the Lessee to acquire or dispose of, by purchase, lease, financing, or otherwise, scooters that are not subject to the provisions of this Agreement. 

 

	 	(ii)	 Notwithstanding anything herein to the contrary, the Lessee (and the Servicer, if the Servicer is the same
Person as the Lessee) may enter into a transaction constituting a Qualifying IPO so long as, upon completion of such Qualifying IPO, the Lessee (and the Servicer, if the Servicer is the same Person as the Lessee) is the surviving entity or the
entity that survives such Qualifying IPO expressly assumes all obligations of the Lessee (and the Servicer, if the Servicer is the same Person as the Lessee) hereunder. Following the completion of any such Qualifying IPO, all references herein to
the Lessee (and the Servicer, if the Servicer is the same Person as the Lessee) shall be deemed to refer to the surviving entity. 

  

	11.4	 Liens. The Lessor may grant security interests in the Scooters leased by the Lessee hereunder without
consent of the Lessee. Except for Permitted Liens, the Lessee shall keep all Scooters free of all Liens arising during the Term. If on the Operating Lease Expiration Date for any Scooter, there is a Lien on such Scooter, the Lessor may, in its
discretion, remove such Lien and any sum of money that may be paid by the Lessor in release or discharge thereof, including reasonable attorneys’ fees and costs, will be paid by the Lessee upon demand by the Lessor. 

 

	12.	 NON-LIABILITY OF LESSOR. AS BETWEEN THE LESSOR AND THE LESSEE, ACCEPTANCE FOR LEASE OF EACH
SCOOTER PURSUANT TO SECTION 2.1 SHALL CONSTITUTE THE LESSEE’S ACKNOWLEDGMENT AND AGREEMENT THAT THE LESSEE HAS FULLY INSPECTED SUCH SCOOTER, THAT SUCH SCOOTER IS IN GOOD ORDER AND CONDITION AND IS OF THE MANUFACTURE, DESIGN,
SPECIFICATIONS 

  
 24 

	 	
AND CAPACITY SELECTED BY THE LESSEE, THAT THE LESSEE IS SATISFIED THAT THE SAME IS SUITABLE FOR THIS USE. THE LESSEE ACKNOWLEDGES THAT THE LESSOR IS NOT A MANUFACTURER OR AGENT THEREOF OR
PRIMARILY ENGAGED IN THE SALE OR DISTRIBUTION OF SCOOTERS. THE LESSEE ACKNOWLEDGES THAT THE LESSOR MAKES NO REPRESENTATION, WARRANTY OR COVENANT, EXPRESS OR IMPLIED IN ANY SUCH CASE, AS TO THE FITNESS, SAFENESS, DESIGN, MERCHANTABILITY, CONDITION,
QUALITY, DURABILITY, SUITABILITY, CAPACITY OR WORKMANSHIP OF THE SCOOTERS IN ANY RESPECT OR IN CONNECTION WITH OR FOR ANY PURPOSES OR USES OF THE LESSEE AND MAKES NO REPRESENTATION, WARRANTY OR COVENANT, EXPRESS OR IMPLIED IN ANY SUCH CASE, THAT THE
SCOOTERS WILL SATISFY THE REQUIREMENTS OF ANY LAW OR ANY CONTRACT SPECIFICATION, AND AS BETWEEN THE LESSOR AND THE LESSEE, THE LESSEE AGREES TO BEAR ALL SUCH RISKS AT ITS SOLE COST AND EXPENSE. THE LESSEE SPECIFICALLY WAIVES ALL RIGHTS TO MAKE
CLAIMS AGAINST THE LESSOR AND ANY SCOOTER FOR BREACH OF ANY WARRANTY OF ANY KIND WHATSOEVER, AND THE LESSEE LEASES EACH SCOOTERS “AS IS.” UPON THE LESSOR’S ACQUISITION OF ANY SCOOTER IDENTIFIED ON ANY LEASED SCOOTER SCHEDULE, LESSOR
SHALL IN NO WAY BE LIABLE FOR ANY DIRECT OR INDIRECT DAMAGES OR INCONVENIENCE RESULTING FROM ANY DEFECT IN OR LOSS, THEFT, DAMAGE OR DESTRUCTION OF ANY SCOOTER OR OF THE CARGO OR CONTENTS THEREOF OR THE TIME CONSUMED IN RECOVERY REPAIRING,
ADJUSTING, SERVICING OR REPLACING THE SAME AND THERE SHALL BE NO ABATEMENT OR APPORTIONMENT OF RENTAL AT SUCH TIME. THE LESSOR SHALL NOT BE LIABLE FOR ANY FAILURE TO PERFORM ANY PROVISION HEREOF RESULTING FROM FIRE OR OTHER CASUALTY, NATURAL
DISASTER, RIOT OR OTHER CIVIL UNREST, WAR, TERRORISM, STRIKE OR OTHER LABOR DIFFICULTY, GOVERNMENTAL REGULATION OR RESTRICTION, OR ANY CAUSE BEYOND THE LESSOR’S DIRECT CONTROL. IN NO EVENT SHALL THE LESSOR BE LIABLE FOR ANY INCONVENIENCES, LOSS
OF PROFITS OR ANY OTHER SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, WHATSOEVER OR HOWSOEVER CAUSED (INCLUDING RESULTING FROM ANY DEFECT IN OR ANY THEFT, DAMAGE, LOSS OR FAILURE OF ANY SCOOTER). 

 

	13.	 [RESERVED]. 

  

	14.	 SUBMISSION TO JURISDICTION. The Lessor or the Administrative Agent may enforce any claim arising out of
this Agreement in any state or federal court having subject matter jurisdiction, including, without limitation, any state or federal court located in the State of New York. For the purpose of any action or proceeding instituted with respect to any
such claim, the Lessee and the Servicer each hereby irrevocably submits to the jurisdiction of such courts. The Lessee and the Servicer further irrevocably consents to the service of process out of said courts by mailing a copy thereof, by
registered mail, postage prepaid, to the Lessee or the Servicer and agrees that such service, to the fullest extent permitted by law, (i) shall be deemed in every respect effective service of process upon it in any such suit, action or
proceeding and (ii) shall be taken and held to be valid personal service upon and personal delivery to it. Nothing herein contained shall affect the right of the Administrative Agent and the Lessor to serve process in any other manner permitted
by law or preclude the Lessor or the Administrative Agent from bringing an action or proceeding in respect hereof in any other country, state or place having jurisdiction over such action. The Lessee and the Servicer each hereby irrevocably waives,
to the fullest extent permitted by law, any objection which it may have or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court located in the State of New York and any claim that any such suit,
action or proceeding brought in such a court has been brought in an inconvenient forum. 

  
 25 

	15.	 GOVERNING LAW. THIS AGREEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT,
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. 

  

	16.	 JURY TRIAL. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR ANY OTHER RELATED DOCUMENT TO WHICH IT IS A PARTY, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION
THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED TRANSACTION, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

 

	17.	 NOTICES. All notices, requests and other communications to any party hereunder shall be in
writing (including facsimile transmission or similar writing) and shall be given to such party, addressed to it, at its address or telephone number set forth on the signature pages below, or at such other address or telephone number as such party
may hereafter specify for the purpose by notice to the other party. Copies of notices, requests and other communications delivered to the Administrative Agent, the Lessee, the Servicer or the Lessor pursuant to the foregoing sentence shall be sent
to the following addresses: 

 Administrative Agent: 

MidCap Financial Trust 
 c/o
MidCap Financial Services, LLC, as servicer 
 7255 Woodmont Avenue, Suite 300 

Bethesda, Maryland 20814 
 Attn:
Account Manager for Bird transaction 
 Facsimile: 301-941-1450 

Email: notices@midcapfinancial.com 

With a copy to: 
  

MidCap Financial Trust 
 c/o
MidCap Financial Services, LLC, as servicer 
 7255 Woodmont Avenue, Suite 300 

Bethesda, Maryland 20814 Attn: General Counsel Facsimile: 301-941-1450 

Email: legalnotices@midcapfinancial.com 

Lessor, Lessee, and/or Servicer: 

c/o Bird Rides, Inc. 
 406
Broadway #369 
 Santa Monica, CA 90401 

Attn: Yibo Ling, Chief Financial Officer 

Email: yibo.ling@bird.co 
 cc:
birdlegal@bird.co 

  
 26 

 with a copy to: 

Latham & Watkins LLP 

355 S. Grand Ave., #100 
 Los
Angeles, CA 90071 
 Attn: Mark O. Morris 

Email: mark.morris@lw.com 

Each such notice, request or communication shall be effective when received at the address specified below. Copies of all notices must be sent
by first class mail promptly after transmission by email. 
  

	18.	 ENTIRE AGREEMENT. This Agreement and the other agreements specifically referenced herein
constitute the entire agreement among the parties hereto and supersede any prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they related in any way to the subject matter hereof. This
Agreement, together with the Leased Scooter Schedules and any other related documents attached to this Agreement (including, for the avoidance of doubt, all related joinders, exhibits, annexes, schedules, attachments and appendices), in each case
solely to the extent to which such schedules and documents relate to Scooters will constitute the entire agreement regarding the leasing of Scooters by the Lessor to the Lessee. 

 

	19.	 MODIFICATION AND SEVERABILITY. The terms of this Agreement will not be waived, altered, modified,
amended, supplemented or terminated in any manner whatsoever unless the same shall be in writing and signed and delivered by the Lessor, the Servicer and the Lessee, subject to any restrictions on such waivers, alterations, modifications,
amendments, supplements or terminations set forth in the Loan Agreement. If any part of this Agreement is not valid or enforceable according to law, all other parts will remain enforceable. 

 

	20.	 SURVIVABILITY. In the event that, during the term of this Agreement, the Lessee becomes liable
for the payment or reimbursement of any obligations, claims or taxes pursuant to any provision hereof, such liability will continue, notwithstanding the expiration or termination of this Agreement, until all such amounts are paid or reimbursed by or
on behalf of the Lessee. 

  

	21.	 HEADINGS. Section headings used in this Agreement are for convenience of reference only and shall
not affect the construction of this Agreement. 

  

	22.	 EXECUTION IN COUNTERPARTS; ELECTRONIC EXECUTION. This Agreement may be executed manually or
electronically in any number of counterparts (including by facsimile or electronic transmission (including.pdf file,.jpeg file, Adobe Sign, or DocuSign), each of which so executed shall be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this
Agreement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an
authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed. 

  
 27 

	23.	 THIRD-PARTY BENEFICIARIES. The parties hereto acknowledge that the Administrative Agent (for the
benefit of itself and the Secured Parties and their assigns) shall be a third-party beneficiary hereunder. 

 [REMAINDER OF
THE PAGE LEFT INTENTIONALLY BLANK] 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused it to be executed by
their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	LESSOR:
	
	BIRD US OPCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	LESSEE AND SERVICER:
	
	BIRD RIDES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Master Scooter Operating Lease] 

 SCHEDULE I 

Definitions 

“Act” has the meaning specified in Section 7.6. 

“Adjusted Cost” means, with respect to a Scooter, an amount equal to the product of (i) the Advance Rate for such
Scooter and (ii) the Cost of such Scooter. 
 “Affected Scooter” has the meaning specified in Section 4.5.

 “Affiliate” means, with respect to any specified Person, another Person that directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or indirectly,
whether through ownership of voting securities, by contract or otherwise; and “controlled” and “controlling” have meanings correlative to the foregoing. 

“Authorized Officer” means, as to the Lessee or any of its Affiliates, any of (i) the President, (ii) Chief
Executive Officer, (iii) the Chief Financial Officer, (iv) General Counsel, (v) the Treasurer, (vi) any Assistant Treasurer, or (vii) any Vice President in the tax, legal, or treasury department, in each case of the Lessee
or such Affiliate, as applicable. 
 “Bankruptcy Code” means The Bankruptcy Reform Act of 1978, as amended from time to
time, as codified as 11 U.S.C. Section 101 et seq. 
 “Basic Scooter Information” means the following terms specified
by the Lessee in a Leased Scooter Schedule: a list of the scooters the Lessee desires to be made available by the Lessor to the Lessee for lease as “Scooters” and, with respect to each such scooter, the make, model, and requested lease
commencement date of each such scooter. 
 “Cash Equivalents” shall mean, as to any Person, (i) securities issued or
directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than six months
from the date of acquisition, (ii) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within six months from the date of
acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc. (“S&P”) or Moody’s
Investors Service, Inc. (“Moody’s”), (iii) Dollar denominated time deposits, certificates of deposit and bankers acceptances of any Lender or any commercial bank having, or which is the principal banking subsidiary of a
bank holding company having, a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s with maturities of not more than six months from the date
of acquisition by such Person, (iv) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (i) above entered into with any bank meeting the qualifications specified in
clause (iii) above, (v) commercial paper issued by any Person incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by
Moody’s and in each case maturing not more than six months after the date of acquisition by such Person and (vi) investments in money market funds substantially all of whose assets are comprised of securities of the types described in
clauses (i) through (v) above. 

  
 Schedule I - 1 

 “Certificate of Title” means, with respect to any Scooter, the certificate
of title or similar evidence of ownership applicable to such Scooter duly issued in accordance with the certificate of title act or other applicable statute of the jurisdiction applicable to such Scooter as determined by the Servicer or the
Collateral Servicer, as applicable. 
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise
modified from time to time and any successor statute of similar import, in each case as in effect from time to time. References to sections of the Code also refer to any successor or replacement sections. 

“Collateral” has the meaning specified in Section 2(b). 

“Contractual Obligation” means, with respect to any Person, any provision of any security issued by that Person or of any
material indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any material portion of its properties is bound or to which it or any material portion of its
properties is subject. 
 “Controlled Group” means, with respect to any Person, such Person, whether or not incorporated,
and any corporation, trade or business that is, along with such Person, a member of a controlled group of corporations or a controlled group of trades or businesses as described in Sections 414(b) and (c), respectively, of the Code. 

“Copyright Licenses” shall mean any and all license agreements and covenants not to sue with respect to any Copyright
(whether such Lessor is licensee or licensor thereunder). 
 “Copyrights” shall mean all United States copyrights and all
Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered and, with respect to any and all of the foregoing: (i) all registrations and applications therefor, (ii) all extensions and renewals
thereof, (iii) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof, and (iv) all proceeds of the foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages and proceeds of suit now or hereafter due and/or payable with respect thereto. 
 “Customer
Deposits” means, as of any date of determination, the aggregate amount of customer deposits that would be recognized as such on the consolidated balance sheet of the Lessee; provided, that if such Customer Deposits constitute
Restricted cash, the amount of Customer Deposits for such date of determination shall be reduced dollar-for-dollar by the amount of such Restricted cash. 

“Determination Date” means the day of each calendar month that is two Business Days prior to each Payment Date, beginning on
June 2, 2021. 
 “Dividend” shall mean, with respect to any Person, that such Person has declared or paid a dividend,
distribution or returned any equity capital to its stockholders, partners or members or authorized or made any other distribution, payment or delivery of property (other than common Equity Interests of such Person) or cash to its stockholders,
partners or members in their capacity as such, or redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its capital stock or any other Equity Interests outstanding on or after the
Closing Date (or any options or warrants issued by such Person with respect to its capital stock or other Equity Interests), or set aside any funds for any of the foregoing purposes. 

“Earnout Consideration” means the aggregate Per Share Earnout Consideration (as defined in the Business Combination
Agreement) payable pursuant to the terms of the Business Combination Agreement. 

  
 Schedule I -2 

 “Employee Benefit Plan” means any “employee benefit plan” as
defined in Section 3(3) of ERISA (whether or not subject to ERISA) which is sponsored, maintained or contributed to by, or required to be contributed by, the Lessee. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import,
in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections. 
 “ERISA
Event” means (i) a “reportable event” within the meaning of Section 4043(c) of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30-day notice to
the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Sections 412 and 430 of the Internal Revenue Code and Sections 302 and 303 of ERISA with respect to any Pension Plan (whether or not waived in
accordance with Section 412(c) of the Internal Revenue Code and Section 302(c) of ERISA) or the failure to make by its due date a required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan
or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress
termination described in Section 4041(c) of ERISA; (iv) the withdrawal by the Lessee or its ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to
the Lessee or its ERISA Affiliates pursuant to Section 4063 or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi) the imposition of liability on the Lessee or its ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by
reason of the application of Section 4212(c) of ERISA; (vii) the withdrawal of the Lessee or its ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if
there is any potential liability therefore, or the receipt by the Lessee or its ERISA Affiliates of notice from any Multiemployer Plan that it is insolvent pursuant to Section 4245 of ERISA, or that it intends to terminate or has terminated
under Section 4041A or 4042 of ERISA; (viii) receipt from the Internal Revenue Service of written notice of the failure of any Pension Plan to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust
forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; or (ix) the imposition of a lien pursuant to Section 430(k) of the Internal Revenue Code or Section 303(k)
of ERISA or a violation of Section 436 of the Internal Revenue Code. 
 “Event of Bankruptcy” shall be deemed to have
occurred with respect to a Person if: 
 (a) a case or other proceeding shall be commenced, without the application or
consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator,
assignee, sequestrator or the like for such Person or all or any substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or
adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under
the federal bankruptcy laws or other similar laws now or hereafter in effect; or 
 (b) such Person shall commence a
voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its property, or shall make any general assignment for the benefit of creditors; or 

  
 Schedule I - 3 

 (c) the board of directors of such Person (if such Person is a corporation
or similar entity) shall vote to implement any of the actions set forth in clause (b) above. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Fleet Management Contracts” means those certain fleet management
contracts in existence as of the Closing Date and otherwise entered into from time to time by Bird Rides, Inc. pursuant to which the Fleet Managers party thereto agree to maintain the Scooters in good working order, amongst other things. 

“Fleet Manager” means those individuals or entities party to a Fleet Management Contract. 

“Intellectual Property” shall mean, all intellectual property arising under the laws of the United States, including without
limitation, Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses, trade secrets and the right to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation, or other
violation thereof, including the right to receive all proceeds therefrom, including without limitation license fees, royalties, income, payments, claims, damages and proceeds of suit, now or hereafter due and/or payable with respect thereto. 

“Lease Material Adverse Effect” means, with respect to any party hereto and any occurrence, event or condition applicable to
such party: 
 (a) a material adverse effect on the ability of such party to perform its obligations under this Agreement,
the Loan Agreement or any other Transaction Document; 
 (b) a material adverse effect on the Lessor’s ownership
interest in the Scooters or on the ability of the Lessor to grant a Lien on any after-acquired property that would constitute Collateral; 

(c) a material adverse effect on the validity or enforceability of this Agreement; or 

(d) a material adverse effect on the validity, perfection or priority of the lien of the Administrative Agent in the
Collateral. 
 “Leased Scooter Schedule” has the meaning specified in Section 2.1(c). 

“Lessee” has the meaning set forth in the introductory paragraph to this Agreement. 

“Lessee Account” has the meaning specified in Section 5.2.2. 

“Lessor” has the meaning set forth in the introductory paragraph to this Agreement. 

“Letter of Credit” has the meaning specified in Section 5.1.8. 

“Lien” means, when used with respect to any Person, any interest in any real or personal property, asset or other right held,
owned or being purchased or acquired by such Person that secures payment or performance of any obligation, and shall include any mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or lessor, or other
security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar statement, or notice or arising as a matter of law,
judicial process or otherwise; provided, that the foregoing shall not include, as of any date of determination, any interest in or right with respect to any Scooter that is being rented (as of such date) to any Rider, which interest or right
secures payment or performance of any obligation of such Rider. 

  
 Schedule I - 4 

 “Liquidity” shall mean, in respect of any day, (i) the amount of
Unrestricted cash and Unrestricted Cash Equivalents of the Lessee and all of its direct and indirect Subsidiaries on a consolidated basis (for the avoidance of doubt, including but not limited to Unrestricted cash and Unrestricted Cash Equivalents
located outside of the U.S. and cash in the Reserve Account) on such day plus (ii) the amount of the Letter of Credit on such day. 

“Minimum LC Amount” has the meaning specified in Section 5.1.8. 

“Minimum Liquidity Covenant Level Amount” shall mean (i) prior to the Amendment No. 2 Initial Funding Date,
$20,000,000 and (ii) from and after the Amendment No. 2 Initial Funding Date, the lesser of (A) 50% of the outstanding principal amount of the Loans and (B) $50,000,000. 

“Minimum Tangible Net Worth Covenant Level Amount” shall mean (i) prior to the Amendment No. 2 Initial Funding
Date, $30,000,000 and (ii) from and after the Amendment No. 2 Initial Funding Date, an amount equal to 75% of the outstanding principal amount of the Loans at such time. 

“Monthly Base Rent” has the meaning specified in Section 4.2. 

“Monthly Supplemental Rent” has the meaning specified in Section 4.3. 

“Monthly Disposition Report” has the meaning specified in Section 4.5. 

“Multiemployer Plan” means any Employee Benefit Plan which is a “multiemployer plan” which is sponsored, maintained
or contributed to by, or required to be contributed by, the Lessee or its ERISA Affiliates that is defined in Section 3(37) of ERISA. 

“New Parent” means, at any time on or after the consummation of the SPAC Transaction, Bird Global, Inc. or any other
successor entity permitted hereunder. 
 “Operating Lease Commencement Date” has the meaning specified in
Section 3.2. 
 “Operating Lease Expiration Date” has the meaning specified in Section 3.2. 

“Operating Lease Event of Default” has the meaning specified in Section 9.1. 

“Other Lessee Account” means any account owned by the Lessee and identified as such to the Administrative Agent pursuant to a
written notice and that is, unless otherwise consented to in writing by the Administrative Agent, free and clear of any Adverse Claim other than pursuant to clause (iii) of the definition of Permitted Liens. 

“Patent Licenses” shall mean all license agreements or covenants not to sue with respect to any Patent (whether such Lessor
is licensee or licensor thereunder). 
 “Patents” shall mean all United States patents and certificates of invention, or
industrial property designs, and applications for any of the foregoing, including, without limitation: (i) each patent and patent application, (ii) all reissues, divisions, continuations, continuations-in-part and extensions thereof,
(iii) all patentable inventions described and claimed therein, (iv) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof, and (v) all proceeds of the foregoing, including,
without limitation, license fees, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/ or payable with respect thereto. 

  
 Schedule I - 5 

 “Payment Information” means, with respect to any payment in respect of a
scooter or the use of a scooter received by the Lessee or the Lessor (i) the amount of each receipt, (ii) the Scooter to which such receipt relates, (iii) the nature of such payment by or on behalf of the related user or other amount,
(iv) the date of receipt of such payment or other amount and (v) whether such payment or other amount relates to a Scooter leased by the Lessee or any other scooter. 

“Paypal Account” means that certain account in the name of the Lessee and held with the online payment processing platform
known as “Paypal”, as disclosed to the Lessor prior to the date hereof. 
 “PBGC” means the Pension Benefit
Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor thereto). 
 “Pension Plan”
means any Employee Benefit Plan which is sponsored, maintained or contributed to by, or required to be contributed by, the Lessee or its ERISA Affiliates, other than a Multiemployer Plan, which is subject to Section 412 of the Internal Revenue
Code or Section 302 of ERISA. 
 “Permitted Lien” means (i) Liens for current taxes not delinquent or for taxes
being contested in good faith and by appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics’, materialmen’s, landlords’,
warehousemen’s and carriers’ Liens, and other Liens imposed by law, securing obligations that are not more than thirty days past due or are being contested in good faith and by appropriate proceedings and with respect to which adequate
reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of banking institutions arising as a matter of law or under general terms and conditions encumbering deposits (including the right of set
off) and which are within the general parameters customary in the banking industry, and (iv) Liens in favor of the Administrative Agent pursuant to the Loan Agreement. 

“Person” means any natural person, corporation, business trust, joint venture, association, company, partnership, limited
liability company, joint stock company, corporation, trust, unincorporated organization or Governmental Authority. 

“Plan” means any “employee pension benefit plan”, as such term is defined in ERISA, that is subject to Title IV of
ERISA (other than a “multiemployer plan”, as defined in Section 4001 of ERISA) and to which any company in the Controlled Group has liability, including any liability by reason of having been a substantial employer within the meaning
of Section 4063 of ERISA for any time within the preceding five years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA. 

“Potential Operating Lease Event of Default” means any occurrence or event that, with the giving of notice, the passage of
time or both, would constitute an Operating Lease Event of Default. 
 “Potential Servicer Default” means any occurrence or
event that, with the giving of notice, the passage of time or both, would constitute an Servicer Default. 
 “Pre-Funding
Date” means the fifth Business Day of each calendar month, beginning on May 7, 2021. 
 “Proceeds” has the
meaning specified in Section 9-102(a)(64) of the applicable UCC. 

  
 Schedule I - 6 

 “Pro Rata Share” means, as of any date with respect to a Scooter, the
percentage equivalent of a fraction, the numerator of which is the Cost of such Scooter and the denominator of which is the Cost of all Scooters (including such Scooter) owned by the Lessor on such date. 

“Quarterly Rider Incentive / Contra Pay True-Up Amount” has the meaning specified in Section 4.4. 

“Released Scooter” has the meaning specified in Section 2.1(d). 

“Rent” means Monthly Base Rent and Monthly Supplemental Rent, as applicable. 

“Requirement of Law” means, with respect to any Person or any of its property, the certificate of incorporation or articles
of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property, and any law, treaty, rule or regulation, or determination of any arbitrator
or Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject, whether federal, state or local. 

“Restricted” shall mean, when referring to cash or Cash Equivalents of the Lessee, that such cash or Cash Equivalents
(i) appear (or would be required to appear) as “restricted” as required by GAAP on a consolidated balance sheet of the Lessee, (ii) are subject to any Lien (other than pursuant to clause (iii) of the definition of Permitted
Lien) in favor of any Person other than the Administrative Agent for the benefit of the Secured Parties or (iii) are not otherwise generally available for use by the Lessee. 

“Rider” means any individual that rents and rides a Scooter using the Bird app. 

“Rider Contracts” means the Bird Rental Agreement, Waiver of Liability, and Release that is available at
https://www.bird.co/agreement, which may be updated from time to time. 
 “Scooter IP” means any of the Intellectual
Property used in the operation of the business of the Lessee, but excluding any proprietary source code used therein. 

“Scooters” means, as of any date of determination, each scooter leased to the Lessee hereunder. 

“SEC” means the Securities and Exchange Commission. 

“Servicer” has the meaning specified in the introductory paragraph to this Agreement. 

“Servicer Default” has the meaning specified in Section 9.5. 

“Scooter Lease Commencement Date” has the meaning specified in Section 3.1(a). 

“Scooter Lease Term” has the meaning specified in Section 3.1(b). 

“Stripe Account” means that certain account in the name of the Lessee and held with the online payment processing platform
known as “Stripe”, as disclosed to the Lessor prior to the date hereof. 
 “Tangible Net Worth” means, with
respect to any date of determination, (x) an amount equal to total assets of the Lessee minus intangible assets and total liabilities of the Lessee, in each case as shown on a consolidated balance sheet of the Lessee as of such date of
determination, plus (y) any liabilities consisting of the Earnout Consideration, SPAC Warrants (as defined in the Business Combination Agreement), and Private Placement Warrants (as defined in the Business Combination Agreement), in each
case (1) to the extent subtracted from Tangible Net Worth pursuant to clause (x) above, and (2) so long as such liability is a non-monetary liability, plus (z) an amount equal to 50% of Customer Deposits as of such date of
determination. 

  
 Schedule I - 7 

 “Tariff Rebate Amount” has the meaning specified in
Section 4.6. 
 “Term” has the meaning specified in Section 3.2. 

“Trademark Licenses” shall mean any and all license agreements or covenants not to sue with respect to any Trademark or
permitting co-existence with respect to a Trademark (whether such Lessor is licensee or licensor thereunder). 

“Trademarks” shall mean all United States trademarks, trade names, trade dress, Internet domain names, service marks,
certification marks, logos, and other source identifiers, whether or not registered, and with respect to any and all of the foregoing: (i) all registrations and applications therefor, (ii) all extensions or renewals of any of the
foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by any of the foregoing, (iv) the right to sue or otherwise recover for any past, present and future infringement, dilution or other violation of
any of the foregoing, and (v) all proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction or any applicable
jurisdiction, as the case may be. 
 “Unrestricted” shall mean, when referring to cash or Cash Equivalents of the Lessee,
that such cash or Cash Equivalents are not Restricted. 

  
 Schedule I - 8 

 Exhibit B 

Clean Copy of Amended Master Lease Agreement 

[See attached.]EX-4.3

 Exhibit 4.3 
  

 
 DEPOSIT AGREEMENT AMONG MISSFRESH LIMITED JPMORGAN CHASE BANK, N.A. AS DEPOSITARY AND HOLDERS AND BENEFICIAL OWNERS OF AMERICAN
DEPOSITARY RECEIPTS 

 

 
  

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	 PARTIES
	  	 	1	 
	 RECITALS
	  	 	1	 
	 Section 1.
	  	 Certain Definitions
	  			
	 (a)
	  		  	 ADR Register
	  	 	1	 
	 (b)
	  		  	 ADRs; Direct Registration ADRs
	  	 	1	 
	 (c)
	  		  	 ADS
	  	 	1	 
	 (d)
	  		  	 Beneficial Owner
	  	 	1	 
	 (e)
	  		  	 Custodian
	  	 	2	 
	 (f)
	  		  	 Deliver, execute, issue et al.
	  	 	2	 
	 (g)
	  		  	 Delivery Order
	  	 	2	 
	 (h)
	  		  	 Deposited Securities
	  	 	2	 
	 (i)
	  		  	 Direct Registration System
	  	 	2	 
	 (j)
	  		  	 Holder
	  	 	2	 
	 (k)
	  		  	 Securities Act of 1933
	  	 	2	 
	 (l)
	  		  	 Securities Exchange Act of 1934
	  	 	2	 
	 (m)
	  		  	 Shares
	  	 	3	 
	 (n)
	  		  	 Transfer Office
	  	 	3	 
	 (o)
	  		  	 Withdrawal Order
	  	 	3	 
	 Section 2.
	  	 Form of ADRs
	  	 	3	 
	 Section 3.
	  	 Deposit of Shares
	  	 	3	 
	 Section 4.
	  	 Issue of ADRs
	  	 	4	 
	 Section 5.
	  	 Distributions on Deposited Securities
	  	 	5	 
	 Section 6.
	  	 Withdrawal of Deposited Securities
	  	 	5	 
	 Section 7.
	  	 Substitution of ADRs
	  	 	5	 
	 Section 8.
	  	 Cancellation and Destruction of ADRs; Maintenance of Records
	  	 	6	 
	 Section 9.
	  	 The Custodian
	  	 	6	 
	 Section 10.
	  	 Lists of Holders
	  	 	6	 
	 Section 11.
	  	 Depositary’s Agents
	  	 	7	 
	 Section 12.
	  	 Resignation and Removal of the Depositary; Appointment of Successor
Depositary
	  	 	7	 
	 Section 13.
	  	 Reports
	  	 	8	 
	 Section 14.
	  	 Additional Shares
	  	 	8	 
	 Section 15.
	  	 Indemnification
	  	 	8	 
	 Section 16.
	  	 Notices
	  	 	10	 
	 Section 17.
	  	 Counterparts
	  	 	10	 
	 Section 18.
	  	 No Third Party Beneficiaries; Holders and Beneficial Owners as Parties;
Binding Effect
	  	 	11	 
	 Section 19.
	  	 Severability
	  	 	11	 
	 Section 20.
	  	 Governing Law; Consent to Jurisdiction
	  	 	11	 
	 Section 21.
	  	 Agent for Service
	  	 	14	 
	 Section 22.
	  	 Waiver of Immunities
	  	 	15	 
	 Section 23.
	  	 Waiver of Jury Trial
	  	 	15	 
	 TESTIMONIUM
	  	 	16	 
	 SIGNATURES
	  	 	16	 

  
 - i - 

 

 
  

									
	 	  	 	  	 	  	Page	 
	EXHIBIT A	  

	 FORM OF FACE OF ADR
	  	 	A-1	 
		  	 Introductory Paragraph
	  	 	A-1	 
		  	 (1)
	  	 Issuance of ADSs
	  	 	A-2	 
		  	 (2)
	  	 Withdrawal of Deposited Securities
	  	 	A-3	 
		  	 (3)
	  	 Transfers, Split-Ups and Combinations of
ADRs
	  	 	A-3	 
		  	 (4)
	  	 Certain Limitations to Registration, Transfer etc.
	  	 	A-4	 
		  	 (5)
	  	 Liability for Taxes, Duties and Other Charges
	  	 	A-5	 
		  	 (6)
	  	 Disclosure of Interests
	  	 	A-6	 
		  	 (7)
	  	 Charges of Depositary
	  	 	A-7	 
		  	 (8)
	  	 Available Information
	  	 	A-10	 
		  	 (9)
	  	 Execution
	  	 	A-10	 
		  	 Signature of Depositary
	  	 	A-10	 
		  	 Address of Depositary’s Office
	  	 	A-10	 
	 FORM OF REVERSE OF ADR
	  	 	A-11	 
		  	 (10)
	  	 Distributions on Deposited Securities
	  	 	A-11	 
		  	 (11)
	  	 Record Dates
	  	 	A-12	 
		  	 (12)
	  	 Voting of Deposited Securities
	  	 	A-12	 
		  	 (13)
	  	 Changes Affecting Deposited Securities
	  	 	A-15	 
		  	 (14)
	  	 Exoneration
	  	 	A-16	 
		  	 (15)
	  	 Resignation and Removal of Depositary; the Custodian
	  	 	A-19	 
		  	 (16)
	  	 Amendment
	  	 	A-20	 
		  	 (17)
	  	 Termination
	  	 	A-20	 
		  	 (18)
	  	 Appointment; Acknowledgements and Agreements
	  	 	A-22	 
		  	 (19)
	  	 Waiver
	  	 	A-23	 
		  	 (20)
	  	 Jurisdiction
	  	 	A-23	 

  
 - ii - 

 

 
  

 DEPOSIT AGREEMENT dated as of June 24, 2021 (the “Deposit Agreement”)
among Missfresh Limited and its successors (the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all Holders (defined below) and Beneficial Owners (defined below) from time to
time of American Depositary Receipts issued hereunder (“ADRs”) evidencing American Depositary Shares (“ADSs”) representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary
for the Deposited Securities (defined below) and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in
Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows: 
 1. Certain Definitions. 

(a) ”ADR Register” is defined in paragraph (3) of the form of ADR (Transfers,
Split-Ups and Combinations of ADRs). 
 (b) ”ADRs” mean the American Depositary
Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration
ADRs, shall be substantially in the form of Exhibit A annexed hereto (as the same may be amended from time to time, the “form of ADR”). The term “Direct Registration ADR” means an ADR, the ownership of which is
recorded on the Direct Registration System. References to “ADRs” shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part
hereof; the provisions of the form of ADR shall be binding upon the parties hereto. 
 (c) Subject to paragraph (13) of the form of
ADR, (Changes Affecting Deposited Securities) each “ADS” evidenced by an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number or percentage of Shares specified in the form of
ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the Depositary and/or the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement and
the ADSs. The ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated in paragraph (7) thereof
(Charges of Depositary)). 
 (d) ”Beneficial Owner” means as to any ADS, any person or entity having a beneficial
ownership interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder of the ADR(s) evidencing such ADSs in order to assert any rights or
receive any benefits under this Deposit Agreement. The arrangements between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner’s ability to exercise any rights it may have. 

  
 1 

 

 
  

 (e) ”Custodian” means the agent or agents of the Depositary (singly or
collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9. 
 (f) The terms
“deliver”, “execute”, “issue”, “register”, “surrender”, “transfer” or “cancel”, when used with respect to Direct Registration
ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance,
registration, surrender, transfer or cancellation of certificates representing the ADRs. 
 (g) ”Delivery Order” is defined
in Section 3. 
 (h) ”Deposited Securities” as of any time means all Shares at such time deposited under this Deposit
Agreement and any and all other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. Deposited Securities are not
intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and shall at all times during the term of the Deposit Agreement continue to
be, vested in the Beneficial Owners of the ADSs representing such Deposited Securities. 
 (i) ”Direct Registration System”
means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company (“DTC”) and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs
without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile
Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary. 
 (j)
”Holder” means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement and the ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any
and all Beneficial Owners of the ADSs evidenced by the ADR(s) registered in such Holder’s name. 
 (k) ”Securities Act of
1933” means the United States Securities Act of 1933, as from time to time amended. 
 (l) ”Securities Exchange Act of
1934” means the United States Securities Exchange Act of 1934, as from time to time amended. 

  
 2 

 

 
  

 (m) ”Shares” mean the Class B Ordinary Shares of the Company, and shall
include the rights to receive Shares specified in paragraph (1) of the form of ADR (Issuance of ADSs). 
 (n) ”Transfer
Office” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs). 

(o) ”Withdrawal Order” is defined in Section 6. 

2. Form of ADRs. 

(a) Direct Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be
evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. 
 (b) Certificated ADRs.
ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and
photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law,
regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the
manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary,
notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs. 
 (c) Binding Effect. Holders
of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated
ADRs. 
 3. Deposit of Shares. 

(a) Requirements. In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a
form satisfactory to it: 
 (i) a written order directing the Depositary to issue to, or upon the written order of, the
person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a “Delivery Order”); 

  
 3 

 

 
  

 (ii) proper endorsements or duly executed instruments of transfer in respect
of such deposited Shares; 
 (iii) instruments assigning to the Depositary, the Custodian or a nominee of either any
distribution on or in respect of such deposited Shares or indemnity therefor; and 
 (iv) proxies entitling the Custodian to
vote such deposited Shares. 
 (b) Registration of Deposited Securities. As soon as practicable after the Custodian receives
Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) (Distributions on Deposited Securities) or (13) (Changes Affecting Deposited Securities) of the form of ADR, the Custodian shall present such Deposited
Securities for registration of transfer into the name of the Depositary, the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable, at the cost and expense of the person making such
deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders
of ADRs (to the extent not prohibited by law) at such place or places and in such manner as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or in any outstanding ADSs, the Depositary, the
Custodian and their respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the Holders. The
Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders. 

(c) Delivery of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances
expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the
Custodian may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the
Shares, together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary. 
 4.
Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk
and expense of the person making the deposit, by SWIFT, cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or
upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled. 

  
 4 

 

 
  

 5. Distributions on Deposited Securities. To the extent that the Depositary determines
in its discretion that any distribution pursuant to paragraph (10) of the form of ADR (Distributions on Deposited Securities) is not practicable with respect to any Holder, the Depositary may make such distribution as it so deems
practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with respect to
such Holder’s ADRs (without liability for interest thereon or the investment thereof). 
 6. Withdrawal of Deposited Securities.
In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in
blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order
(a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT,
cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such
certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership
thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities. To the extent any instructions, input, consent, notice
and/or other actions on the part of the Company are required in order for the Company or its share registrar and/or transfer agent to process Share delivery instructions, the Company shall not unreasonably withhold the provision of such
instructions, input, consent or notice or the taking of any such other action. If the Company’s share registrar and/or transfer agent refuses to process any Share delivery instructions, the Company will provide all reasonable cooperation to the
Depositary in its efforts to cause such instructions to be processed. The obligations of the Company set forth in this Section 6 shall survive the termination of this Deposit Agreement until all ADSs issued by the Depositary have been
cancelled. 
 7. Substitution of ADRs. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and
substitution for any mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide
purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary. 

  
 5 

 

 
  

 8. Cancellation and Destruction of ADRs; Maintenance of Records. All ADRs surrendered
to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. The Depositary, however, shall maintain or cause its agents to
maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6 hereof and paragraph (2) of the form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this
Section 8, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States or as required by the laws or regulations governing the Depositary. 

9. The Custodian. 
 (a)
Rights of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary
will give prompt notice of any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. 

(b) Rights of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days’ prior written
notice to the Depositary. Promptly after the receipt of such written notice, the Depositary shall endeavor to appoint a substitute custodian or custodians, each of which shall be a Custodian hereunder upon the effectiveness of such resignation. Any
Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement
(including the ADRs) and, subject to the further limitations set forth in subparagraph (q) of paragraph (14) of the form of ADR (Exoneration), the Depositary shall not be responsible for, and shall incur no liability in connection
with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of
custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

 10. Lists of Holders. The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR
Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the written request of the
Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary’s receipt of such request. 

  
 6 

 

 
  

 11. Depositary’s Agents. The Depositary may perform its obligations under this
Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph
(14) of the form of ADR (Exoneration). 
 12. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. 
 (a) Resignation of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice
of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

(b) Removal of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days’ prior
written notice of such removal to the Depositary, such removal to take effect on the later of (i) the 60th day after such notice of removal is first provided and (ii) the appointment of
a successor depositary and its acceptance of such appointment as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within the applicable 60-day period as
specified in paragraph (17) of the form of ADR (Termination), then the Depositary may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall thereafter govern the Depositary’s
obligations hereunder. 
 (c) Appointment of Successor Depositary. In case at any time the Depositary acting hereunder shall resign
or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver
to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor. The predecessor depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited
Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with
which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any
further act. 

  
 7 

 

 
  

 13. Reports. On or before the first date on which the Company makes any communication
available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The
Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any
change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company’s
delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof. 

14. Additional Shares. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or
under common control with the Company shall (a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable for Shares or (iv) rights to subscribe for any such securities or
(b) deposit any Shares under this Deposit Agreement, except, in each case, under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary, the Company will
furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary will not knowingly accept for deposit hereunder any Shares required
to be registered under the Securities Act of 1933 unless a registration statement is in effect and will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such
instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the laws, rules and regulations of the United States, including, but not limited
to, the Securities Act of 1933 and the rules and regulations promulgated thereunder. 
 15. Indemnification. 

(a) Indemnification by the Company. The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and
their respective directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in connection with the provisions of
this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or their respective directors, officers, employees, agents and
affiliates, except for any liability or expense directly arising out of the negligence, or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or (ii) by the Company or any
of its directors, officers, employees, agents and affiliates. 

  
 8 

 

 
  

 The indemnities set forth in the preceding paragraph shall also apply to any liability or
expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement
memorandum) relating to the offer, issuance, withdrawal or sale of ADSs or the deposit of Shares in connection therewith, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or its agents
(other than the Company), as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing documents and not changed or altered by the Company or any other person (other than the Depositary) or (ii) if such
information is provided, the failure to state a material fact therein necessary to make the information provided, in light of the circumstance under which provided, not misleading. 

(b) Indemnification by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall
indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or
expense is due to the negligence or willful misconduct of the Depositary. 
 (c) Damages or Lost Profits. Notwithstanding any other
provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary, the Company, nor any of their respective agents shall be liable to the other for any indirect, special, punitive or consequential damages (excluding reasonable
fees and expenses of counsel) or lost profits, in each case of any form (collectively, “Special Damages”) incurred by any of them, or liable to any other person or entity (including, without limitation, Holders and Beneficial Owners) for
any Special Damages, or any legal fees and expenses in connection therewith, whether or not foreseeable and regardless of the type of action in which such a claim may be brought provided, however, that (i) notwithstanding the foregoing and, for
the avoidance of doubt, the Depositary and its agents shall be entitled to legal fees and expenses in defending against any claim for Special Damages and (ii) to the extent Special Damages arise from or out of a claim brought by a third party
(including, without limitation, Holders and Beneficial Owners) against the Depositary, in its capacity as the Depositary, or any of its agents, the Depositary, in its capacity as the Depositary, and its agents shall be entitled to full
indemnification from the Company for all such Special Damages, and reasonable fees and expenses of counsel in connection therewith, unless such Special Damages are found to have been a direct result of the gross negligence or willful misconduct of
the Depositary. 

  
 9 

 

 
  

 (d) Survival. The obligations set forth in this Section 15 shall survive the
termination of this Deposit Agreement and the succession or substitution of any indemnified person. 
 16. Notices. 

(a) Notice to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of
such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs evidenced by
ADRs held by such other Holders. The Depositary’s only notification obligations under this Deposit Agreement and the ADRs shall be to Holders. Notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and the ADRs, to
constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs. 
 (b) Notice to the
Depositary or the Company. Notice to the Depositary or the Company shall be deemed given when first received by it at the address, facsimile transmission number or email address set forth in (i) or (ii), respectively, or at such other
address or facsimile transmission number as either may specify to the other by written notice: 
  

	 	(i)	 JPMorgan Chase Bank, N.A. 

383 Madison Avenue, Floor 11 

New York, New York, 10179 

Attention: Depositary Receipts Group 

Fax: (302) 220-4591 

 

	 	(ii)	 

Missfresh Limited 

3rd Floor, Block A, Vanke Times Center, No. 9 Wangjing Street, Chaoyang District 

Beijing 100016 

The People’s Republic of China 

Attention: Legal Department 

Phone: +86 10 5266 5273 
 17.
Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. Delivery of an executed signature page of this Deposit Agreement
by facsimile or other electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof. 

  
 10 

 

 
  

 18. No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding
Effect. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and each and any of their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of this
Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the
provisions hereof. A Beneficial Owner shall only be able to exercise any right or receive any benefit hereunder solely through the Holder of the ADR(s) evidencing the ADSs owned by such Beneficial Owner. 

19. Severability. If any provision of this Deposit Agreement or the ADRs is, or becomes, invalid, illegal or unenforceable in any
respect, the remaining provisions contained herein and therein shall in no way be affected thereby. 
 20. Governing Law; Consent to
Jurisdiction. 
 (a) Governing Law. The Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance
with the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. 
 (b)
By the Company and the Depositary. The Company and the Depositary agree that the United States District Court for the Southern District of New York (or, if the Southern District of New York lacks subject matter jurisdiction over a particular
dispute, the state courts of New York County, New York) shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that does not involve any other person or party such as, without limitation,
any Holder or Beneficial Owner, that may arise out of or relate in any way to this Deposit Agreement, including, without limitation, claims under the Securities Act of 1933, and, for such purposes, each irrevocably submits to the jurisdiction of
such courts. Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, subject to the federal securities law carve-out set forth in Section 20(d) below, the Depositary may refer
any such suit, action or proceeding to arbitration in accordance with the provisions of the Deposit Agreement and, upon such referral, any such suit, action or proceeding instituted by the Company shall be finally decided in such arbitration rather
than in such court. 

  
 11 

 

 
  

 (c) By Holders and Beneficial Owners. By holding or owning an ADR or ADS or an
interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary arising out of, based upon or relating in any
way to this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein
each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such
suit, action or proceeding. By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary or the Company brought by
Holders or Beneficial Owners or any other person or party arising out of, based upon or relating in any way to this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, including, without
limitation, claims under the Securities Act of 1933, may only be instituted in a the United States District Court for the Southern District of New York (or, if the United District Court for the Southern District of New York lacks subject matter
jurisdiction over a particular dispute, in the state courts of New York County in New York). Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, subject to the federal securities law
carve-out set forth in Section 20(d) below, the Depositary may refer any such suit, action or proceeding to arbitration in accordance with the provisions of the Deposit Agreement and, upon such referral,
any such suit, action or proceeding instituted by Holders and/or Beneficial Owners shall be finally decided in such arbitration or proceeding instituted by Holders and/or Beneficial Owners shall be finally decided in such arbitration rather than in
such court. 

  
 12 

 

 
  

 (d) Optional Arbitration. Notwithstanding anything in this Deposit Agreement to the
contrary, each of the parties hereto (i.e. the Company, the Depositary and all Holders and Beneficial Owners) agrees that: (i) the Depositary may, in its sole discretion, elect to institute any dispute, suit, action, controversy, claim or
proceeding directly or indirectly arising out of, based upon or relating in any way to this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, including without limitation any question
regarding its or their existence, validity, interpretation, performance or termination (a “Dispute”) against any other party or parties hereto (including, without limitation, Disputes, suits, actions or proceedings brought against Holders
and Beneficial Owners) or any other person or party, by having the Dispute referred to and finally resolved by an arbitration conducted under the terms set out below, and (ii) the Depositary may in its sole discretion require, by written notice
to the relevant person or party, or persons or parties, that any Dispute, suit, action, controversy, claim or proceeding brought by any party or parties hereto or any other person or party (including, without limitation, Disputes, suits, actions or
proceedings brought by Holders and Beneficial Owners) against the Depositary shall be referred to and finally settled by an arbitration conducted under the terms set out below; provided however, notwithstanding the Depositary’s written notice
under this clause (ii), to the extent there are specific federal securities law violation aspects to any claims against the Company and/or the Depositary brought by any Holder, Beneficial Owner or other person or party, the federal securities law
violation aspects of such claims brought by a Holder or Beneficial Owner or any other person or party against the Company and/or the Depositary may, at the option of such Holder, Beneficial Owner, person or party, remain in the United States
District Court for the Southern District of New York (or, if the United District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute, in the state courts of New York County in New York) and all
other aspects, claims, Disputes, legal suits, actions and/or proceedings brought by such Holder, Beneficial Owner, person or party against the Company and/or the Depositary, including those brought along with, or in addition to, federal securities
law violation claims, would be referred to arbitration in accordance herewith. Any such arbitration shall, at the Depositary’s election, be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the
American Arbitration Association or in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the Hong Kong International Arbitration Centre serving as the appointing authority, and the
language of any such arbitration shall be English. A notice of arbitration may be mailed to the Company at its address last specified for notices under this Deposit Agreement, and, if applicable, to any Holders at their addresses on the ADR
Register, which notice to any such Holder, for the avoidance of doubt, shall be deemed, for all purposes of the Deposit Agreement and the ADRs, including, without limitation, the arbitration provisions contained in this clause (b), constitute notice
to any and all Owners of the ADSs evidenced by such Holder’s ADRs. In any case where the Depositary exercises its right to arbitrate hereunder, arbitration of the Dispute shall be mandatory and any pending litigation arising out of or related
to such Dispute shall be stayed. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or
controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each of the Company and the Depositary shall appoint one arbitrator and the two arbitrators shall select a
third arbitrator who shall serve as chairperson of the tribunal. If a Dispute shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one arbitrator
as if there were only two parties to such Dispute. If either or both parties fail to select an arbitrator, or if such alignment (in the event there are more than two parties) shall not have occurred, within thirty (30) calendar days after the
Depositary serves the arbitration demand or the two arbitrators fail to select a third arbitrator within thirty (30) calendar days of the selection of the second arbitrator, the American Arbitration Association in the case of an arbitration in
New York, or the Hong Kong International Arbitration Centre in the case of an arbitration in Hong Kong, shall appoint the remaining arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association and/or
the Hong Kong International Arbitration Centre, as the case may be, may appoint the arbitrators from among the nationals of any country, whether or not the appointing party or any other party to the arbitration is a national of that country. The
arbitrators shall have no authority to award damages against any party not measured by the prevailing party’s actual damages and shall have no authority to award any consequential, special or punitive damages against any party and may not, in
any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit Agreement. In all cases, the fees of the arbitrators and other costs incurred by the parties in connection with such arbitration shall be
paid by the party (or parties) that is (or are) unsuccessful in such arbitration. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, or to include in any arbitration any dispute as a
representative or member of a class, or act in any arbitration in the interest of the general public or in a private attorney general capacity. 

  
 13 

 

 
  

 (e) Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, any
suit, action or proceeding against the Company arising out of, based upon or relating in any way to this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted by the Depositary
in any competent court in the Cayman Islands, Hong Kong, the People’s Republic of China, the United States and/or any other court of competent jurisdiction, or, subject to the federal securities law
carve-out set forth in Section 20(d) above, by the Depositary through the commencement of an arbitration pursuant to Section 20(d) of this Deposit Agreement. 

21. Agent for Service. 

(a) Appointment. The Company has appointed Cogency Global Inc., New York, New York, as its authorized agent (the “Authorized
Agent”) upon which process may be served in any such suit, action or proceeding arising out of or based on this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein or hereby which may be instituted in any
state or federal court in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company’s rights to replace the Authorized Agent with
another entity in the manner required were the Authorized Agent to have resigned, such appointment shall be irrevocable. 
 (b) Agent for
Service of Process. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any
suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail
to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company agrees that the failure of the Authorized Agent to give
any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any suit, action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall
no longer serve as agent of the Company to receive service of process, summons, notices and documents in New York, the Company shall promptly appoint a successor that is a legal entity with offices in New York, New York, so as to serve and will
promptly advise the Depositary thereof. 

  
 14 

 

 
  

 (c) Waiver of Personal Service of Process. In the event the Company fails to continue
such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to
the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

22. Waiver of Immunities. To the extent that the Company or any of its properties, assets or revenues may have or may hereafter be
entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for
the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection with the Shares or Deposited Securities,
the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 

23. Waiver of Jury Trial. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF,
AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT,
COMMON LAW OR ANY OTHER THEORY). No provision of this Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange
Act of 1934, to the extent applicable. 

  
 15 

 

 
  

 IN WITNESS WHEREOF, Missfresh Limited and JPMORGAN CHASE BANK, N.A. have duly executed this
Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial
interest therein. 
  

			
	MISSFRESH LIMITED
		
	By:	 	/s/ Zheng Xu
	Name:	 	Zheng Xu
	Title:	 	Chairman of the Board of Directors and Chief Executive Officer
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Gregory A. Levendis
	Name:	 	Gregory A. Levendis
	Title:	 	Executive Director

  
 16 

 

 
  

 EXHIBIT A 

ANNEXED TO AND INCORPORATED IN 

DEPOSIT AGREEMENT 
 [FORM OF
FACE OF ADR] 
  

			
	        
Number	  	No. of ADSs:
		
		  	 Each ADS represents
 Three Shares

 
 CUSIP:

 AMERICAN DEPOSITARY RECEIPT 

evidencing 
 AMERICAN DEPOSITARY
SHARES 
 representing 

ORDINARY SHARES 
 of 

Missfresh Limited 
 (Incorporated
under the laws of Cayman Islands) 
 JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States
of America, as depositary hereunder (the “Depositary”), hereby certifies that                  is the registered owner (a
“Holder”) of American Depositary Shares (“ADSs”), each (subject to paragraph (13) (Changes Affecting Deposited Securities)) representing [RATIO] ordinary share (including the rights to receive Shares
described in paragraph (1) (Issuance of ADSs), “Shares” and, together with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the “Deposited
Securities”), of Missfresh Limited, a corporation organized under the laws of Cayman Islands (the “Company”), deposited under the Deposit Agreement dated as of June 24, 2021 (as amended from time to time, the
“Deposit Agreement”) among the Company, the Depositary and all Holders and Beneficial Owners from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a
party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to the
application of the conflict of law principles thereof. All capitalized terms used herein, and not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement. 

  
 A-1 

 

 
  

 (1) Issuance of ADSs. 

(a) Issuance. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary
may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent,
clearing agent or other entity recording Share ownership or transactions. 
 (b) Lending. In its capacity as Depositary, the
Depositary shall not lend Shares or ADSs. 
 (c) Representations and Warranties of Depositors. Every person depositing Shares under
the Deposit Agreement represents and warrants that: 
  

	 	(i)	 such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid,
nonassessable and legally obtained by such person, 

  

	 	(ii)	 all pre-emptive and comparable rights, if any, with respect to such
Shares have been validly waived or exercised, 

  

	 	(iii)	 the person making such deposit is duly authorized so to do, 

 

	 	(iv)	 the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge,
mortgage or adverse claim and 

  

	 	(v)	 such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the
Securities Act of 1933 (“Restricted Securities”) unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be
offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares is an “affiliate” of the Company as such term is defined in Rule 144, the person
also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of
such Shares will not be on the sale thereof, Restricted Securities. 

  
 A-2 

 

 
  

 Such representations and warranties shall survive the deposit and withdrawal of Shares and
the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. 
 (d) The Depositary may refuse to accept for such
deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933 or the Rules made thereunder. 

(2) Withdrawal of Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.)
and (5) (Liability for Taxes, Duties and Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or (b) proper instructions and documentation in the case of a
Direct Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian’s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. In the Deposit
Agreement the Company has agreed that, to the extent any instructions, input, consent, notice and/or other actions on the part of the Company are required in order for the Company or its share registrar and/or transfer agent to process Share
delivery instructions, the Company shall not unreasonably withhold the provision of such instructions, input, consent or notice or the taking of any such other action. If the Company’s share registrar and/or transfer agent refuses to process
any Share delivery instructions, the Company will provide all reasonable cooperation to the Depositary in its efforts to cause such instructions to be processed. At the request, risk and expense of the Holder hereof, the Depositary may deliver such
Deposited Securities at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in
General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933. 

(3) Transfers, Split-Ups and Combinations of ADRs. The Depositary or its agent will keep, at a
designated transfer office (the “Transfer Office”), (i) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of ADRs, and,
in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business
of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented
by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable
instruments under the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all
purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs
(4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or
combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and
duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it. At the request of a Holder, the Depositary shall, for the purpose of
substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number
of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 

  
 A-3 

 

 
  

 (4) Certain Limitations to Registration, Transfer etc. Prior to the issue,
registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited
Securities), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require: 

(a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or
registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) (Charges of Depositary) of this ADR; 

(b) the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such
other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing Deposited
Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and 
 (c) compliance with such regulations
as the Depositary may establish consistent with the Deposit Agreement. 

  
 A-4 

 

 
  

 The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of
transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the withdrawal of Deposited Securities may be suspended, generally or in
particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary. 

(5) Liability for Taxes, Duties and Other Charges. If any tax or other governmental charges (including any penalties and/or interest)
shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by
the Holder hereof to the Depositary and by holding or having held this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and all prior Holders and Beneficial Owners hereof and thereof, jointly and severally,
agree to indemnify, defend and save harmless each of the Depositary, the Company and their respective agents in respect of such tax or other governmental charge. Neither the Company nor the Depositary shall be liable to Holders or Beneficial Owners
of the ADSs and ADRs for failure of any of them to comply with applicable tax laws, rules and/or regulations. Each Holder of this ADR and Beneficial Owner of the ADSs evidenced hereby, and each prior Holder and Beneficial Owner hereof and thereof
(collectively, the “Tax Indemnitors”), by holding or having held an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall have the right to seek payment of amounts owing with respect to this ADR under this
paragraph (5) from any one or more Tax Indemnitor(s) as determined by the Depositary in its sole discretion, without any obligation to seek payment from any other Tax Indemnitor(s).The Depositary may refuse to effect any registration,
registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), any withdrawal of such Deposited Securities until such
payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after
attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency,
and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be
withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by
the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold,
the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds
of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers,
directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of
withholding at source or other tax benefit obtained which obligations shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement. 

  
 A-5 

 

 
  

 (6) Disclosure of Interests. 

(a) General. To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on
beneficial or other ownership of, or interests in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and Beneficial Owners agree to
comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct Holders (and through any such Holder, the Beneficial Owners
of ADSs evidenced by the ADRs registered in such Holder’s name) to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder and/or Beneficial Owner thereof as a
holder of Shares and Holders and Beneficial Owners agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company’s exercise of its rights under this paragraph and
agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder, provided, however,
for the avoidance of doubt, the Depositary shall be indemnified by the Company in connection with the foregoing. 
 (b) Jurisdiction
Specific. 
 Any summary of the laws and regulations of Cayman Islands and of the terms of the Company’s constituent documents has
been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they are summaries and as
such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and (ii) these laws and regulations and the Company’s constituent documents may change after the date of the Deposit Agreement.
Neither the Depositary nor the Company has any obligation to update any such summaries. 

  
 A-6 

 

 
  

 (7) Charges of Depositary. 

(a) Rights of the Depositary. The Depositary may charge, and collect from, (i) each person to whom ADSs are
issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10) (Distributions on Deposited
Securities)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities,
and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or
surrendered, or upon which a Share Distribution or elective distribution is made or offered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions,
Rights and Other Distributions prior to such deposit to pay such charge. 
 (b) Additional charges by the Depositary. The following
additional charges shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a
stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever is
applicable: 
  

	 	(i)	 a fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective cash/stock dividend
offered, pursuant to the Deposit Agreement, 

  

	 	(ii)	 a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an
amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they were
Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto,  

  

	 	(iii)	 an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by
the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall be
payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and 

  
 A-7 

 

 
  

	 	(iv)	 a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of
its agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with
the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its
Custodian’s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion
of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions). 

(c) Other Obligations and Charges. The Company will pay all other charges and expenses of the Depositary and any agent of the
Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except: 
  

	 	(i)	 stock transfer or other taxes and other governmental charges (which are payable by Holders or persons
depositing Shares); 

  

	 	(ii)	 SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons
depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders); and 

  

	 	(iii)	 transfer or registration fees for the registration or transfer of Deposited Securities on any applicable
register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities and there are no such fees in respect of the Shares as of the date of the
Deposit Agreement. 

 (d) Foreign Exchange Related Matters. To facilitate the administration of various depositary
receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the “Bank”) and/or its
affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars (“FX Transactions”). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the
case may be, acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank nor any of its affiliates
is a party to such FX Transactions. 

  
 A-8 

 

 
  

 The foreign exchange rate applied to an FX Transaction will be either (a) a published
benchmark rate, or (b) a rate determined by a third party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the
“Disclosure” page (or successor page) of www.adr.com (as updated by the Depositary from time to time, “ADR.com”). Such applicable foreign exchange rate and spread may (and neither the Depositary, the Bank nor any of
their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or
any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market dynamics, which may include
regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without
regard to the impact of such activities on the Company, the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk
management or other hedging related activity. 
 Notwithstanding the foregoing, to the extent the Company provides U.S. dollars to the
Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company. 

Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided
by the Depositary on ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit
Agreement. 
 (e) Disclosure of Potential Depositary Payments. The Depositary anticipates reimbursing the Company for certain
expenses incurred by the Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the
Company a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.

  
 A-9 

 

 
  

 (f) The right of the Depositary to receive payment of fees, charges and expenses as provided
above shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such
resignation or removal.
 (8) Available Information. The Deposit Agreement, the provisions of or governing Deposited Securities and
any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at
the offices of the Depositary and the Custodian, at the Transfer Office, on the U.S. Securities and Exchange Commission’s website, or upon request from the Depositary (which request may be refused by the Depositary at its discretion). The
Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934
and accordingly files certain reports with the United States Securities and Exchange Commission (the “Commission”). Such reports and other information may be inspected and copied through the Commission’s EDGAR system or at
public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.. 
 (9)
Execution. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. 

Dated: 
  

			
	JPMORGAN CHASE BANK, N.A., as Depositary
		
	By:	 	 
	Authorized Officer

 The Depositary’s office is located at 383 Madison Avenue, Floor 11, New York, New York 10179. 

  
 A-10 

 

 
  

 [FORM OF REVERSE OF ADR] 

(10) Distributions on Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and
(5) (Liability for Taxes, Duties and other Charges), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the ADR
Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs: 

(a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of
sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution
being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other
manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine
to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and
within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. 
 (b)
Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a “Share Distribution”)
and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash. 

(c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs
in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the Company timely furnishes to the
Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales
of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be
accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). 

  
 A-11 

 

 
  

 (d) Other Distributions. (i) Securities or property available to the Depositary
resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the
Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. 

The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any
public and/or private sale of securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph
(7) (Charges of Depositary). Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in
accordance with its then current practices. All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set forth on the “Disclosures” page (or successor page)
of ADR.com, the location and contents of which the Depositary shall be solely responsible for.. 
 (11) Record Dates. The Depositary
may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be
responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution
on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated. 

(12) Voting of Deposited Securities. 

(a) Notice of any Meeting or Solicitation. As soon as practicable after receipt of notice of any meeting at which the holders of Shares
are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above provided that if the Depositary receives
a written request from the Company in a timely manner and at least 30 days prior to the date of such vote or meeting, the Depositary shall, at the Company’s expense, distribute to Holders a notice (the “Voting Notice”) stating
(i) final information particular to such vote and meeting and any solicitation materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions of Cayman Islands law, be entitled to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs and (iii) the manner in which such instructions may be given or deemed
given in accordance with paragraph 12(b)(ii) below, including instructions to give a discretionary proxy to a person designated by the Company. Each Holder shall be solely responsible for the forwarding of Voting Notices to the Beneficial Owners of
ADSs registered in such Holder’s name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable such Holder or
Beneficial Owner to return any voting instructions to the Depositary in a timely manner. 

  
 A-12 

 

 
  

 (b) Voting of Deposited Securities. 

(i) Following actual receipt by the ADR department responsible for proxies and voting of Holders’ instructions (including, without
limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall, in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the
Deposited Securities represented by the ADSs evidenced by such Holders’ ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing Deposited Securities. The Depositary will not itself
exercise any voting discretion in respect of any Deposited Securities. 
 (ii) To the extent that (A) the Depositary has been provided
with at least 30 days’ notice of the proposed meeting from the Company, (B) the Voting Notice will be received by all Holders and Beneficial Owners no less than 10 days prior to the date of the meeting and/or the cut-off date for the solicitation of consents, and (C) the Depositary does not receive instructions on a particular agenda item from a Holder (including, without limitation, any entity or entities acting on
behalf of the nominee for DTC) in a timely manner, such Holder shall be deemed, and the Depositary is instructed to deem such Holder, to have instructed the Depositary to give a discretionary proxy for such agenda item(s) to a person designated by
the Company to vote the Deposited Securities represented by the ADSs for which actual instructions were not so given by all such Holders on such agenda item(s), provided that no such instruction shall be deemed given and no discretionary
proxy shall be given unless (1) the Company informs the Depositary in writing (and the Company agrees to provide the Depositary with such instruction promptly in writing) that (a) it wishes such proxy to be given with respect to such
agenda item(s), (b) there is no substantial opposition existing with respect to such agenda item(s) and (c) such agenda item(s), if approved, would not materially or adversely affect the rights of holders of Shares, and (2) the Depositary
has obtained an opinion of counsel, in form and substance satisfactory to the Depositary, confirming that (i) the granting of such discretionary proxy does not subject the Depositary to any reporting obligations in the Cayman Islands,
(ii) the granting of such proxy will not result in a violation of the laws, rules, regulations or permits of the Cayman Islands, (iii) the voting arrangement and deemed instruction as contemplated herein will be given effect under the
laws, rules and regulations of the Cayman Islands, and (iv) the granting of such discretionary proxy will not under any circumstances result in the Shares represented by the ADSs being treated as assets of the Depositary under the laws, rules
or regulations of the Cayman Islands. 

  
 A-13 

 

 
  

 (iii) The Depositary may from time to time access information available to it to consider
whether any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist, or request additional information from the Company in respect thereto. By taking any such action, the Depositary shall not in any way be deemed or
inferred to have been required, or have had any duty or responsibility (contractual or otherwise), to monitor or inquire whether any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above existed. In addition to the
limitations provided for in paragraph (14) hereof, Holders and Beneficial Owners are advised and agree that (a) the Depositary will rely fully and exclusively on the Company to inform the Depositary of any of the circumstances set forth in
(1) of subsection (ii) above, and (b) neither the Depositary, the Custodian nor any of their respective agents shall be obliged to inquire or investigate whether any of the circumstances described in (1)(b) or (1)(c) of subsection
(ii) above exist and/or whether the Company complied with its obligation to timely inform the Depositary of such circumstances. Neither the Depositary, the Custodian nor any of their respective agents shall incur any liability to Holders or
Beneficial Owners (i) as a result of the Company’s failure to determine that any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist or its failure to timely notify the Depositary of any such
circumstances or (ii) if any agenda item which is approved at a meeting has, or is claimed to have, a material or adverse effect on the rights of holders of Shares. Because there is no guarantee that Holders and Beneficial Owners will receive
the notices described above with sufficient time to enable such Holders or Beneficial Owners to return any voting instructions to the Depositary in a timely manner, Holders and Beneficial Owners may be deemed to have instructed the Depositary to
give a discretionary proxy to a person designated by the Company in such circumstances, and neither the Depositary, the Custodian nor any of their respective agents shall incur any liability to Holders or Beneficial Owners in such circumstances.

 (c) Alternative Methods of Distributing Materials. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by any law, rule or regulation or by the rules, regulations or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in
connection with any meeting of or solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders with or otherwise publicizes to Holders instructions on how to retrieve such
materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward their voting
instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been
physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time. 

  
 A-14 

 

 
  

 (d) Manner of Voting. The Depositary has been advised by the Company that under Cayman
Islands law and the Memorandum and Articles of Association of the Company, each as in effect as of the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by show of hands unless a poll is (before or on the
declaration of the results of the show of hands or on the withdrawal of any other demand for a poll) demanded. In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles
of Association, the Depositary will refrain from voting and the voting instructions received by the Depositary from Holders shall lapse. The Depositary will not demand a poll or join in demanding a poll, whether or not requested to do so by Holders
of ADSs. 
 (13) Changes Affecting Deposited Securities. 

(a) Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other
Charges), the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the
record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other
Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and,
irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization,
reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company. 

(b) To the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net
proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as
then constituted. 

  
 A-15 

 

 
  

 (c) Promptly upon the occurrence of any of the aforementioned changes affecting Deposited
Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company’s expense, to Holders
in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable. 

(14) Exoneration. 
 (a)
The Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability to Holders or Beneficial Owners (A) if any present or future law, rule,
regulation, fiat, order or decree of the United States, Cayman Islands, Hong Kong, the People’s Republic of China, or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or
automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the Company’s charter, any act of God, war, terrorism, nationalization, epidemic, pandemic, expropriation, currency
restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or
criminal penalty in connection with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise or failure to
exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable); (ii) assume no liability to Holders or
Beneficial Owners except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct and the Depositary shall not be a fiduciary or have any fiduciary
duty to Holders or Beneficial Owners; (iii) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, ADSs or this ADR;
(iv) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, the ADSs or this ADR, which in its opinion may
involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; and (v) not be liable to Holders or Beneficial
Owners for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or
information, or in the case of the Depositary only, the Company. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. 

  
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 (b) The Depositary. The Depositary shall not be responsible for, and shall incur no
liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale of
securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or
proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the further limitations set forth in subparagraph (q) of this paragraph (14), the Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed
fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the
jurisdiction in which the Custodian is located. 
 (c) The Depositary, its agents and the Company may rely and shall be protected in acting
upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties. 

(d) The Depositary shall be under no obligation to inform Holders or Beneficial Owners about the requirements of the laws, rules or
regulations or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system. 

(e) The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, for the manner in which any voting instructions are given or deemed to be given in accordance with paragraph 12(b) hereof, including instructions to give a discretionary proxy to a person designated by the Company, for the manner in
which any vote is cast, including, without limitation, any vote cast by a person to whom the Depositary is instructed or deemed to have been instructed to grant a discretionary proxy pursuant to paragraph (12)(b) hereof, or for the effect of any
such vote. 
 (f) The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required
for any currency conversion, transfer or distribution. 
 (g) The Depositary and its agents may own and deal in any class of securities of
the Company and its affiliates and in ADRs. 

  
 A-17 

 

 
  

 (h) Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR,
the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR(s) or ADS(s) or otherwise related hereto or
thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. 

(i) None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the
benefits of credits or refunds of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. 

(j) The Depositary is under no obligation to provide the Holders and Beneficial Owners, or any of them, with any information about the tax
status of the Company. 
 (k) The Depositary and the Company shall not incur any liability for any tax or tax consequences that may be
incurred by Holders or Beneficial Owners on account of their ownership or disposition of the ADRs or ADSs. 
 (l) The Depositary shall not
incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in
the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice
from the Company. 
 (m) Notwithstanding anything herein or in the Deposit Agreement to the contrary, the Depositary and the Custodian(s)
may use third party delivery services and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit Agreement, and use local agents
to provide services such as, but not limited to, attendance at any meetings of security holders. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of
such third party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services. 

(n) The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or
omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary. 

  
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 (o) By holding an ADS or an interest therein, Holders and Beneficial Owners each irrevocably
agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions contemplated herein, therein or hereby, may only be instituted in a
state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the
exclusive jurisdiction of such courts in any such suit, action or proceeding. 
 (p) The Company has agreed to indemnify the Depositary and
its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances. 
 (q) Neither
the Depositary, the Company nor any of their respective agents shall be liable to Holders or Beneficial Owners for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in
each case of any form incurred by any person or entity (including, without limitation, Holders and Beneficial Owners), whether or not foreseeable and regardless of the type of action in which such a claim may be brought. 

(r) No provision of the Deposit Agreement or this ADR is intended to constitute a waiver or limitation of any rights which Holders or
Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.     

(15) Resignation and Removal of Depositary; the Custodian. 

(a) Resignation. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. 

(b) Removal. The Depositary may at any time be removed by the Company by no less than 60 days’ prior written notice of such
removal, to become effective upon the later of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.

 (c) The Custodian. The Depositary may appoint substitute or additional Custodians and the term “Custodian” refers
to each Custodian or all Custodians as the context requires. 

  
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 (16) Amendment. Subject to the last sentence of paragraph (2) (Withdrawal of
Deposited Securities), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges on a per ADS basis (other than stock transfer or other
taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders or
Beneficial Owners, shall become effective 30 days after notice of such amendment shall have been given to the Holders. Every Holder and Beneficial Owner at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by
continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the
Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for
(a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose
or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules
or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance
with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as
required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not
render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the
Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). 
 (17) Termination. The
Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination;
provided, however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 60 days of
the date of such resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder on the 60th day after the
Company’s notice of removal was first provided to the Depositary. Notwithstanding anything to the contrary herein, the Depositary may terminate the Deposit Agreement without notice to the Company, but subject to giving 30 days’ notice to
the Holders, under the following circumstances: (i) in the event of the Company’s bankruptcy or insolvency, (ii) if the Company effects (or will effect) a redemption of all or substantially all of the Deposited Securities, or a cash
or share distribution representing a return of all or substantially all of the value of the Deposited Securities, or (iii) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other
property are delivered in exchange for or in lieu of Deposited Securities. 

  
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 After the date so fixed for termination, the Depositary and its agents will perform no
further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the date so fixed for termination, the
Depositary shall use its reasonable efforts to sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with
any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all
obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all obligations under the Deposit Agreement except
for its obligations to the Depositary and its agents. 
 If the Shares are not listed or quoted for trading on a stock exchange or in a
securities market as of the date so fixed for termination, then after such date fixed for termination (a) all Direct Registration ADRs shall cease to be eligible for the Direct Registration System and shall be considered ADRs issued on the ADR
Register and (b) the Depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible so that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or
neither DTC nor any of its nominees is a Holder, the Depositary shall (a) instruct its Custodian to deliver all Deposited Securities to the Company along with a general stock power that refers to the names set forth on the ADR Register and
(b) provide the Company with a copy of the ADR Register (which copy may be sent by email or by any means permitted under the notice provisions of the Deposit Agreement). Upon receipt of such Deposited Securities and the ADR Register, the
Company shall use its best efforts to issue to each Holder a Share certificate representing the Shares represented by the ADSs reflected on the ADR Register in such Holder’s name and to deliver such Share certificate to the Holder at the
address set forth on the ADR Register. After providing such instruction to the Custodian and delivering a copy of the ADR Register to the Company, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR
and shall cease to have any obligations under the Deposit Agreement and/or the ADRs. After the Company receives the copy of the ADR Register and the Deposited Securities, the Company shall be discharged from all obligations under the Deposit
Agreement except (i) to distribute the Shares to the Holders entitled thereto and (ii) for its obligations to the Depositary and its agents.” 

  
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 Notwithstanding anything to the contrary, in connection with any termination pursuant to this
paragraph (17), the Depositary may, in its sole discretion and without notice to the Company, establish an unsponsored American depositary share program (on such terms as the Depositary may determine) for the Shares and make available to Holders a
means to withdraw the Shares represented by the ADSs issued under the Deposit Agreement and to direct the deposit of such Shares into such unsponsored American depositary shares program, subject, in each case, to receipt by the Depositary, at its
discretion, of the fees, charges and expenses provided for in paragraph (7) hereof and the fees, charges and expenses applicable to the unsponsored American depositary share program 

(18) Appointment; Acknowledgements and Agreements. Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any
interest in any of them) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint
the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the
applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the
applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a
partnership or joint venture among the parties thereto nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in
the possession of non-public information about the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches and affiliates may at any time
have multiple banking relationships with the Company, Holders, Beneficial Owners and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which
parties adverse to the Company or the Holders or Beneficial Owners may have interests, (v) nothing contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates from
engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the Depositary or any of its divisions, branches or affiliates to disclose such transactions or relationships or to account for any profit made or
payment received in such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed,
for all purposes of the Deposit Agreement and this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof shall be
deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR. 

  
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 (19) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT,
EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE
DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR
THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended
to constitute a waiver or limitation of any rights which a Holder or any Beneficial Owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable. 

(20) Jurisdiction. By holding or owning an ADR or ADS or an interest therein, Holders and Owners each irrevocably agree that any legal
suit, action or proceeding against or involving Holders or Owners brought by the Company or the Depositary arising out of, based upon or relating in any way to the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein,
therein, hereby or thereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of
venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. By holding or owning an ADR or ADS or an interest therein, Holders
and Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or the Company brought by Holders or Owners or any other person or party arising out of, based upon or relating in any way to
the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, including, without limitation, claims under the Securities Act of 1933, may only be instituted in a the United States District Court for
the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or
(ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable). Notwithstanding the above and anything in the
Deposit Agreement to the contrary, in the Deposit Agreement, each of the parties thereto (i.e. the Company, the Depositary and all Holders and Owners) have agreed that: (i) the Depositary may, in its sole discretion, elect to institute any
dispute, suit, action, controversy, claim or proceeding directly or indirectly arising out of, based upon or relating in any way to the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby,
including without limitation any question regarding its or their existence, validity, interpretation, performance or termination (a “Dispute”) against any other party or parties hereto (including, without limitation, Disputes, suits,
actions or proceedings brought against Holders and Owners) or any other person or party, by having the Dispute referred to and finally resolved by an arbitration conducted under the terms set out below, and (ii) the Depositary may in its sole
discretion require, by written notice to the relevant person or party, or persons or parties, that any Dispute, suit, action, controversy, claim or proceeding brought by any party or parties hereto or any other person or party (including, without
limitation, Disputes, suits, actions or proceedings brought by Holders and Owners) against the Depositary shall be referred to and finally settled by an arbitration conducted under the terms set out below; provided however, notwithstanding the
Depositary’s written notice under this clause (ii), to the extent there are specific federal securities law violation aspects to any claims against the Company and/or the Depositary brought by any Holder, Owner or other person or party, the
federal securities law violation aspects of such claims brought by a Holder or Owner or any other person or party against the Company and/or the Depositary may, at the option of such Holder, Owner, person or party, remain in the United States
District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable) and all other aspects, claims,
Disputes, legal suits, actions and/or proceedings brought by such Holder, Owner, person or party against the Company and/or the Depositary, including those brought along with, or in addition to, federal securities law violation claims, would be
referred to arbitration in accordance herewith. Any such arbitration shall, at the Depositary’s election, be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association or
in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the Hong Kong International Arbitration Centre serving as the appointing authority, and the language of any such arbitration
shall be English, all in accordance with the provisions in Section 20(d) of the Deposit Agreement. Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, any suit, action or proceeding against the Company based on
the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted by the Depositary in any competent court in the Cayman Islands, Hong Kong, the People’s Republic of China, the
United States and/or any other court of competent jurisdiction, or, subject to the federal securities law carve-out described in the prior sentence and set forth in Section 20(d) of the Deposit Agreement,
by the Depositary through the commencement of an arbitration pursuant to Section 20(d) of this Deposit Agreement. 

  
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