Document:

EX-10.20

 Exhibit 10.20 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made as of the 18th day of September, 2013 (the “Effective Date”), between
Globoforce, Inc., a company incorporated under the laws of Massachusetts (the “Company”), a wholly own subsidiary of Globoforce Limited (the “Parent”), and Lauren Zajac (the “Executive”). 

WHEREAS, any prior offer letter, employment agreement and/or service agreement between the Company and the Executive shall be fully superseded
by this Employment Agreement (“Agreement”) except that the Preserved Agreements, as defined below, shall continue to be in full force and effect; and 

WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to continue to be employed by the Company on the
new terms and conditions contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1.
Employment. 
 (a) Term. The term of this Agreement shall commence on the Effective Date and continue until terminated in
accordance with the provisions of Section 3 (the “Term”). 
 (b) Position and Duties. During the Term, the Executive
shall serve as the VP, General Counsel of the Company and shall also serve as the VP, General Counsel of the Parent. The Executive shall have such powers and duties as may from time to time be prescribed by the Board of Directors of the
Company (the “Board”). The Executive shall devote her full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the
Board, or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not interfere with the Executive’s performance of her duties to the Company as provided in this
Agreement. 
 2. Compensation and Related Matters. 

(a) Base Salary. During the Term, the Executive’s initial base salary shall be paid at the rate of $190,000 per year. The
Executive’s base salary may be redetermined by the Board or the Compensation Committee in its discretion. The annual base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be less
applicable deductions and withholdings and shall be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. 

(b) Incentive Compensation. During the Term, the Executive shall be eligible to participate in the Company’s Management Bonus Plan
or other applicable bonus plan. The Executive’s target annual incentive compensation shall be $47,500. The Executive’s Incentive 

 
Compensation may be redetermined by the Board or the Compensation Committee in its discretion. To earn incentive compensation, the Executive must be employed by the Company on the day such
incentive compensation is paid. 
 (c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company and as may be amended from time to time. 

(d) Other Benefits. During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s
employee benefit plans in effect from time to time, subject to the terms of such plans. 
 (e) Vacations. During the Term, the
Executive shall be entitled to accrue paid vacation in accordance with the Company’s applicable policy, as may be amended from time to time. 

3. Termination. During the Term, the Executive’s employment hereunder may be terminated without any breach of this Agreement under
the following circumstances: 
 (a) Death. The Executive’s employment hereunder shall terminate upon her death. 

(b) Disability. The Company may terminate the Executive’s employment if she is disabled and unable to perform the essential
functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to
whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of
the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how
long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such
certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. 

(c) Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of
this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties, including, without limitation, misappropriation of funds or
property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the commission by the Executive of any felony or a misdemeanor involving
moral turpitude, deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Executive were

  
 2 

 
retained in her position; (iii) continued non-performance by the Executive of her duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or
disability) which has continued for more than 30 days following written notice of such non-performance from the Board; or (iv) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement
authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce
documents or other materials in connection with such investigation. 
 (d) Termination Without Cause. The Company may terminate the
Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result
from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 
 (e)
Termination by the Executive. The Executive may terminate her employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has
complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events without Executive’s consent: (i) a material diminution in the Executive’s responsibilities, authority or
duties; (ii) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of
the Company; (iii) a material change in the geographic location at which the Executive provides services to the Company; or (iv) the material breach of this Agreement by the Company. In the interest of clarity, any change to the
Executive’s title shall not, itself, be a Good Reason event. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the
Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period
not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates her employment within 60
days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

(f) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon. 
 (g) Date of Termination. “Date of Termination” shall
mean: (i) if the Executive’s employment is terminated by her death, the date of her death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under
Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given; (iv) if
the Executive’s employment is terminated by the Executive 

  
 3 

 
under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under
Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may
unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. 

4. Compensation Upon Termination. 

(a) Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or
provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement) and unused vacation that accrued through the Date of Termination, on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested benefits the Executive may
have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).

 (b) Termination by the Company Without Cause or by the Executive with Good Reason. During the Term, if the Executive’s
employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates her employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive her Accrued Benefit. In
addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement, in
a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release: 

(i) the Company shall pay the Executive severance pay in an amount equal to 75 percent of the Executive’s Base Salary (the
“Severance Amount”); and 
 (ii) if the Executive was participating in the Company’s group health plan
immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 9 months or the Executive’s COBRA health continuation period, whichever ends earlier, in
an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and 

(iii) the amounts payable under this Section 4(b) shall be paid out in substantially equal installments in accordance with
the Company’s payroll practice over 9 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the

  
 4 

 
Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover
amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

(iv) The receipt of any severance payments or benefits pursuant to Section 4 will be subject to Executive not violating
the Separation Agreement and Release and the Employee Agreement referenced in Section 7 of this Agreement and attached hereto as Exhibit A, the terms of which are hereby incorporated by reference. In the event Executive breaches
either such agreement, in addition to all other legal and equitable remedies, the Company shall have the right to terminate or suspend all continuing payments and benefits to which Executive may otherwise be entitled pursuant to this Section 4
without affecting the Executive’s release or Executive’s obligations under the Employee Agreement and the Separation Agreement and Release. 

5. Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between the
Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance the Executive’s continued attention and
dedication to his assigned duties and her objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and
benefits upon a termination of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or effect
beginning 12 months after the occurrence of a Change in Control. 
 (a) Change in Control. During the Term, if within 12 months after
a Change in Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates her employment for Good Reason as provided in Section 3(e), then, subject to the
signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release: 

(i) the Company shall pay the Executive an amount equal to the sum of (A) the Executive’s current Base Salary (or the
Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the Executive’s Target Incentive Compensation (collectively the “Change in Control Severance Amount”) . For purposes of this
Agreement, “Target Incentive Compensation” shall mean the Executive’s target bonus for the current fiscal year. In no event shall “Target Incentive Compensation” include any sign-on bonus, retention bonus or any other
special bonus. Such Change in Control Severance Amount shall be paid in substantially equal installments in accordance with the Company’s payroll practice over 12 months; and 

(ii) notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock
options and other stock-based awards held by the Executive (“Executive’s Outstanding Equity”) shall immediately accelerate 

  
 5 

 
and become fully exercisable or nonforfeitable as of the Date of Termination. In the interest of clarity Executive’s Outstanding Equity shall remain outstanding following the Date of
Termination to the extent necessary to effectuate the foregoing, but shall terminate in accordance with their terms in the event that the Separation Agreement and Release does not become effective; 

(iii) if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination
and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer
contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and 

(iv) The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of
Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. provided,
further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for
purposes of Treasury Regulation Section 1.409A-2(b)(2). 
 (b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the following provisions
shall apply: 
 (A) If the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the
federal, state, and local income and employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount, are greater than or equal to the Threshold Amount, the Executive shall be entitled to
the full benefits payable under this Agreement. 
 (B) If the Threshold Amount is less than (x) the Severance Payments,
but greater than (y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the federal, state, and local income and employment taxes on the amount of the Severance Payments which are in excess of the
Threshold Amount, then the Severance Payments shall be reduced (but not below zero) to the extent necessary so that the sum of all Severance Payments shall not exceed the Threshold Amount. In such event, the Severance Payments shall be

  
 6 

 
reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based
payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. 

(ii) For the purposes of this Section 5(b), “Threshold Amount” shall mean three times the Executive’s
“base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and
any interest or penalties incurred by the Executive with respect to such excise tax. 
 (iii) The determination as to which
of the alternative provisions of Section 5(b)(i) shall apply to the Executive shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For purposes of determining which of the
alternative provisions of Section 5(b)(i) shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination
is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the Date of Termination, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

(b) Definitions. For purposes of this Section 5, the following terms shall have the following meanings: 

“Change in Control” shall mean “Sale Event,” as such term is defined in the Globoforce Limited 2012 Stock Option and
Incentive Plan. 
 6. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as
a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s
separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid
during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 

  
 7 

 (b) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement
shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the
last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the
expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for
another benefit. 
 (c) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred
compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s
“separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation
Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be administered in
accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties
agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. 
 (e) The Company makes no representation or warranty and shall have no
liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 7. Confidential Information, Noncompetition and Cooperation. As a material term of this Agreement, the Executive hereby reaffirms
the Globoforce Noncompetition Nondisclosure and Developments Agreement that Executive entered into with the Company (“Employee Agreement”) attached hereto as Exhibit A, the terms of which are hereby incorporated by reference as
material terms of this Agreement. You acknowledge and agree that, for purposes of the Employee Agreement, the Company shall include the Company, the Parent and affiliated entities. 

8. Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts
and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the Executive 

  
 8 

 
(a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or
otherwise) with respect to personal jurisdiction or service of process. 
 9. Integration. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, provided the Employee Agreement, the 2013 Compensation Plan, any executed indemnification
agreement between the Company and the Executive, the Globoforce Limited 2012 Stock Option and Incentive Plan and, except to the extent modified by this Agreement, any stock option agreements and other stock-based award agreements governing
Executive’s Outstanding Equity(collectively the “Preserved Agreements”) shall remain in full force and effect. 
 10.
Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 

11. Successor to the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal
representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after her termination of employment but prior to the completion by the Company of all payments due him under this
Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to the Executive’s death (or to her estate, if the Executive fails to make such designation). 

12. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any
section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

13. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 14. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 15.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

  
 9 

 16. Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by a duly authorized representative of the Company. 
 17. Governing Law. This is a Massachusetts
contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any disputes concerning federal
law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

18. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 
 19. Successor to Company. The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the
same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this
Agreement. 
 20. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. 
 IN WITNESS WHEREOF, the parties have executed this Agreement effective on
the date and year first above written. 
 [Remainder of Page is Intentionally Blank] 

  
 10 

			
	GLOBOFORCE, INC.
		
	By:	 	 /s/ Stephen Cromwell

	Its:	 	 CFO

	Date:	 	 September 18, 2013

	
	GLOBOFORCE LIMITED
		
	By:	 	 /s/ Eric Mosley

	Its:	 	 CEO

	Date:	 	 September 18, 2013

	
	LAUREN ZAJAC
	
	 /s/ Lauren Zajac

	Name	 	
	
	 September 18, 2013

	Date	 	

  
 11EX-4.4

 Exhibit 4.4 

Execution Version 

500.COM LIMITED 

CONVERTIBLE PROMISSORY NOTE PURCHASE AGREEMENT 

This CONVERTIBLE PROMISSORY NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of October 20, 2013, is entered into by
and among 500.com Limited, a company established under the laws of the Cayman Islands (the “Company”), and Sequoia Capital 2010 CGF Holdco, Ltd., a company established under the laws of the Cayman Islands (the
“Investor”). The Company and the Investor are hereinafter collectively referred to as the “parties” and each individually as a “party.” 

WHEREAS, on the terms and subject to the conditions set forth herein, the Investor desires to purchase from the Company, and the Company
desires to sell to the Investor, a convertible promissory note in the principal amount of TWENTY MILLION U.S. DOLLARS (US$20,000,000) (the “Principal Amount”). 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, and conditions set forth below, the parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. General Definitions. As used in this Agreement, the following
capitalized terms have the following meanings: 
 “2011 Share Incentive Plan” has the meaning set forth in
Section 3(f) hereof. 
 “Act” means the U.S. Securities Act of 1933, as amended. 

“ADSs” means the American Depositary Shares, each representing certain number of Listing Equity Securities of the Company as
ascribed in the Final Registration Statement. 
 “Affiliate” means, with respect to any Person, any other Person that,
directly or indirectly, Controls, is Controlled by or is under common Control with such Person. “Control”, “Controlled”, “Controlling” or “under common Control with” with respect to
any Person means having the ability to direct the management and affairs of such Person, whether through the ownership of voting securities, by contract or otherwise, and such ability shall be deemed to exist when any Person holds a majority of the
outstanding voting securities of such Person. 
 “Agreement” has the meaning set forth in the preamble. 

“Investment Securities” means, to the extent the Class B Ordinary Shares exist at the time of the Company’s IPO, the
Class B Ordinary Shares, and if the Class B Ordinary Shares do not exist at the time of the Company’s IPO, the Listing Equity Securities. 

“Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or a statutory holiday in the PRC, Hong Kong, New York or the
Cayman Islands. 

  
 1 

 “BVI Co” means Fine Brand Limited, a company incorporated under the laws of the
British Virgin Islands and a wholly owned subsidiary of the Company. 
 “Class A Ordinary Shares” means the Class A
Ordinary Shares of par value of US$0.00005 each in the capital of the Company at the time of the IPO (to the extent they exist at the time of the Company’s IPO), which shall have one vote per share and carry such other rights, privileges and
benefits as set out in the IPO Corporate Constitution. 
 “Class B Ordinary Shares” means the Class B Ordinary Shares of
par value of US$0.00005 each in the capital of the Company at the time of the IPO (to the extent they exist at the time of the Company’s IPO), which shall have ten votes per share, are convertible into Class A Ordinary Shares at a ratio of
one Class B Ordinary Shares to one Class A Ordinary Share at the discretion of its holder, and carry such other rights, privileges and benefits as set out in the IPO Corporate Constitution. 

“Closing” has the meaning set forth in Section 2(c) hereof. 

“Company” has the meaning set forth in the preamble. 

“Concurrent Private Placement” has the meaning set forth in Section 6(a) hereof. 

“Conversion Shares” means the Investment Securities issuable upon conversion of the Note pursuant to the terms thereof. 

“Corporate Constitution” means the memorandum and articles of association of the Company currently in effect as of the date
hereof. 
 “Draft Registration Statement” means the draft registration statement on form F-1 submitted to the U.S.
Securities and Exchange Commission (the “SEC”) on September 19, 2013 for the purpose of registering the Company’s equity securities with the SEC in connection with the IPO. 

“FCPA” has the meaning set forth in Section 5(g) hereof. 

“Final Registration Statement” means the final registration statement on form F-1 to be filed with and declared effective by
the SEC for the purpose of registering the Company’s equity securities with the SEC in connection with the IPO. 
 “Financial
Statements” has the meaning set forth in Section 3(j)(A) hereof. 
 “Governmental Authority” means
(a) any nation (other than the PRC) or government or any province or state or any other political sub-division thereof; (b) any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, including government authority, agency, department, board, commission or instrumentality of the PRC or any political sub-division thereof; (c) any court, tribunal or arbitrator; and (d) any self-regulatory
organization. 
 “Group Companies” means the Company, BVI Co, HK Co, WFOE, PRC Companies and their Subsidiaries from time
to time. 

  
 2 

 “HK Co” means 500wan HK Limited, a company incorporated under the laws of Hong
Kong and a wholly owned subsidiary of the BVI Co. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the
People’s Republic of China. 
 “Investor” has the meaning set forth in the preamble. 

“Investor Director” has the meaning set forth in Section 8.1(d) hereof. 

“IPO” means the proposed initial public offering of the ADS representing the Listing Equity Securities and the listing of
such securities on the Listing Venue. 
 “IPO Corporate Constitution” means the memorandum and articles of association to
be adopted by the Company and become effective upon the closing of the IPO. 
 “Issuance Date” means the date on which the
Note is issued. 
 “Lien” means any mortgage, pledge, deed of trust, hypothecation, right of others, claim, security
interest, encumbrance, burden, title defect, title retention agreement, lease, sublease, license, occupancy agreement, easement, covenant, condition, encroachment, voting trust agreement, option, right of first offer, negotiation or refusal, proxy,
lien, charge, adverse claim or other restrictions (including, but not limited to, restrictions on transfer), encumbrances or limitations of any nature whatsoever, including, but not limited to, such Liens as may arise under any contract. 

“Listing Equity Securities” means the Class A Ordinary Shares or such other equity securities of the Company that are
of the same class and series as the equity securities to be offered in the IPO and listed on the Listing Venue (either directly or through a depositary arrangement). 

“Listing Venue” means New York Stock Exchange or such other listing venue where the Listing Equity Securities are listed.

 “Material Adverse Effect” has the meaning set forth in Section 3(k) hereof. 

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

“Ordinary Shares” means the Ordinary Shares of par value of US$0.00005 each in the capital of the Company, carrying the
rights, privileges and benefits as set out in the Corporate Constitution. 
 “Per Share IPO Price” means the quotient
obtained by dividing (a) the final initial public offering price per ADS in the IPO by (b) the number of Listing Equity Securities each ADS represents. 

“Person” means and include an individual, a partnership, a corporation (including a business trust), a joint stock company,
a limited liability company, an unincorporated association, a joint venture or other entity (whether or not having separate legal personality) or a Governmental Authority. 

  
 3 

 “PRC Companies” means, collectively, Shenzhen E-Sun Network Co., Ltd., Shenzhen
E-Sun Sky Network Technology Co., Ltd., Shenzhen Youlanguang Technology Co., Ltd. and Shenzhen Guangtiandi Technology Co., Ltd., all of which are incorporated under the laws of the PRC, and a “PRC Company” means any of them. For the
avoidance of doubt, the PRC Companies shall be deemed Subsidiaries of WFOE. 
 “PRC” means the People’s Republic of
China, excluding Hong Kong, Macau and Taiwan for purposes of this Agreement. 
 “Principal Amount” has the meaning set
forth in the recitals. 
 “Subsidiary” shall mean, with respect to any Person, any entity (i) of which securities or
other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person or (ii) directly or indirectly
Controlled by such Person. 
 “Transaction Documents” has the meaning set forth in Section 3(b) hereof. 

“Underwriter” means the underwriter of the IPO. 

“US$” means United States Dollars, the lawful currency of the United States of America. 

“WFOE” means E-Sun Sky Computer (Shenzhen) Co., Ltd., a company incorporated under the laws of the PRC and a wholly owned
subsidiary of HK Co. 
 2. Purchase and Sale of the Note. 

(a) Issuance of the Note. At the Closing (as defined below), subject to the terms and conditions hereof, the Company agrees to issue
and sell to the Investor, and the Investor agrees to purchase, a convertible promissory note in the form of Exhibit A hereto (the “Note”) in the amount of the Principal Amount.  

(b) Seniority of the Note. The Note, when issued and delivered to the Investor, shall rank pari passu to all other present and
future unsubordinated and unsecured senior indebtedness of the Company. 
 (c) Closing. Subject to the fulfillment or waiver of the
conditions to Closing as set forth in Section 8, the sale and purchase of the Note (the “Closing”) as provided in Section 2(a) above shall take place remotely via the exchange of documents and signatures as soon as
possible within five (5) Business Days after all closing conditions set forth in Section 8 are satisfied or waived, or at such other place, time and manner as the Company and the Investor may agree. The parties agree that all transactions
at the Closing shall be deemed to occur simultaneously and none of them shall be deemed to have occurred until the conclusion of the Closing. 

(d) Deliveries by the Investor. At the Closing, the Investor shall pay the Principal Amount by wire transfer in immediately available
funds to an account of the Company, the details of which shall be notified to the Investor in writing by the Company at least two (2) Business Days prior to the Closing. 

  
 4 

 (e) Deliveries by the Company. At the Closing, the Company shall deliver to the Investor
a Note in the amount of the applicable Principal Amount. 
 3. Representations and Warranties of the Company. The
Company represents and warrants to the Investor, as of the date hereof and the date of the Closing, that: 
 (a) Due
Incorporation, Qualification, etc. Each of the Group Companies is a company duly organized and validly existing in good standing under the laws of its place of incorporation. Each of the Group Companies has full requisite corporate power and
authority to own, lease and operate its properties and assets it now owns, leases and operates, and to carry on its business as presently conducted. 

(b) Authority. The execution, delivery and performance by the Company of each of this Agreement and the Note (collectively, the
“Transaction Documents”), and the consummation of the transactions contemplated hereby and thereby (i) are within the power of the Company and (ii) have been duly authorized by all necessary actions on the part of the
Company. 
 (c) Enforceability. Each Transaction Document executed by the Company has been duly executed and delivered by the
Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally and general principles of equity. 
 (d) Non-Contravention. The execution, delivery
and performance of and compliance with the Transaction Documents by the Company do not and will not result in any violation of or conflict with the Corporate Constitution or the IPO Corporate Constitution, or result in a material breach of, or
constitute a material default under any material agreement to which the Company is a party or under which any of the Group Companies’ properties or assets may be bound. 

(e) Approvals. Except for those that have been obtained and assuming the accuracy of the representations and warranties made by the
Investor in Section 4 of this Agreement, no consent, approval, qualification, order or authorization of, or designation, declaration or filing with, any Governmental Authority on the part of the Group Companies is required in connection with
the valid execution and delivery of this Agreement, or the consummation of the transactions contemplated hereunder. 
 (f)
Capitalization. The authorized share capital of the Company is US$50,000 consisting of 955,878,540 Ordinary Shares of par value of US$0.00005 each, of which no more than 230,768,220 shares are issued and outstanding as of the date hereof, the
Closing Date and immediately prior to the closing of the IPO. All the outstanding shares have been duly authorized and validly issued and are fully paid and non-assessable. Except as set forth herein and options granted under the Company’s
employee share incentive plan under which 12% of the issued and outstanding Ordinary Shares (on an as-exercised and fully diluted basis) are issuable (the “2011 Share Incentive Plan”), there are (i) no outstanding warrants,
options, convertible securities or rights to subscribe for or purchase any shares or other securities from the Company or any of the other Group Companies, and (ii) no obligations (contingent or otherwise) of the Company or any of the other
Group Companies to purchase, redeem or otherwise acquire any shares or any interest therein or to pay any dividend or make any other distribution in respect thereof. 

  
 5 

 (g) Conversion Shares. The Conversion Shares, if any when issued in accordance with the
terms of the Transaction Documents, will (i) have been duly authorized, validly issued, fully paid and nonassessable and (ii) be of the same type and class of securities as those offered in the IPO. Upon the conversion and registration of
the Investor in the register of members of the Company in accordance with the terms and conditions of the Transaction Documents, the Investor will acquire good and valid title to the Conversion Shares, free and clear of any Lien. 

(h) Litigation and Compliance. Other than as disclosed in the Draft Registration Statement, there is no action, suit or proceeding by
any Person pending or threatened, against the Group Companies or, to the best knowledge of the Company, against any of their directors or officers in connection with the Group Companies, before any Governmental Authority, except those, if determined
adversely to the Group Companies or any of their directors and executive officers, would not result in, individually or in the aggregate, a Material Adverse Effect (defined hereunder). The Group Companies are in compliance with all applicable laws
in all material respects. 
 (i) Registration Statement. The Company made available or delivered to the Investor true and complete
copies of the Draft Registration Statement. The Draft Registration Statement as the date thereof contained all material information about the Group Companies which is material to a reasonable and prudent investor for purposes of forming an informed
opinion of the assets and liabilities, business, financial condition, results of operation and prospects of the Group Companies, taken as a whole. The Draft Registration Statement did not contain as of the date thereof an untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Final Registration Statement will not contain as of the closing date of the IPO an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(j) Financial Statements. 

(A) The Draft Registration Statement contains the following financial statements: consolidated balance sheets of the Company as of
December 31, 2011 and 2012 and June 30, 2013, and the related consolidated statements of comprehensive income, cash flows and changes in shareholders’ equity (deficit) for each of the years during the three-year period ended
December 31, 2012 and the six month period ended June 30, 2013, and, together with the draft reports thereon of Ernst & Young Hua Ming LLP, independent registered public accounting firm, including in each case the notes thereto.
The Investor has also received and reviewed the consolidated balance sheets of the Company as of September 30, 2013, and the related consolidated statements of comprehensive income, cash flows and changes in shareholders’ equity (deficit)
for the nine month period ended September 30, 2013 and, together with the draft reports thereon of Ernst & Young Hua Ming LLP, including the notes thereto. All financial statements referred to under this subsection (A) are
collectively referred to as the “Financial Statements”. 

  
 6 

 (B) The Financial Statements (including the notes thereto) fairly present, in all material
respects, the financial condition and the results of operations, changes in shareholders’ or owners’ equity and cash flows of the Group Companies, as at the respective dates of and for the periods referred to in such Financial Statements,
all in accordance with U.S. generally accepted accounting principles. As of their respective dates, the Financial Statements did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The Financial Statements reflect the consistent application of such accounting principles throughout the periods involved. 

(k) Absence of Changes. Since September 30, 2013, each of the Group Companies has conducted its business in all material respects
only in the ordinary course consistent with past practice and there has not been any event, occurrence, change, violation, inaccuracy, circumstance or effect (regardless of whether or not such events, occurrences, changes, violations, inaccuracies,
circumstances or effects are inconsistent with the representations or warranties made by the Company in this Agreement) that is, or could reasonably be expected to be materially adverse to the business, operations, condition (financial or
otherwise), assets (tangible or intangible), liabilities, properties, or results of operations of the Group Companies taken as a whole (“Material Adverse Effect”), provided, however, that in no event shall any of the following,
alone or in combination, occurring after the date of this Agreement, be deemed to constitute a Material Adverse Effect, nor shall any event or occurrence, occurring after the date of this Agreement, to the extent relating to or resulting from any of
the following be taken into account in determining whether a Material Adverse Effect has occurred or would result: (1) changes in general economic, business or geopolitical conditions, or in the financial, credit or securities markets in
general (including changes in interest rates, exchange rates, stock, bond and/or debt prices); (2) changes or developments generally affecting any of the industries in which the Company or any Group Company operates; (3) changes in laws
applicable to the Group Companies or any of their respective properties or assets or changes in the applicable generally accepted accounting principles; (4) any natural or man-made disasters or acts of war (whether or not declared), sabotage or
terrorism, or armed hostilities, or any escalation or worsening thereof; (5) any changes directly and exclusively attributable to the entry into, announcement or performance of this Agreement and the transactions contemplated hereby (including
compliance with the covenants set forth herein and any action taken or omitted to be taken by any Group Company at the written request of the Investor); and (6) any shareholder litigation regarding allegations of a breach of fiduciary duty or
other violation of applicable law resulting directly and exclusively from this Agreement or the transactions contemplated by this Agreement. 

(l) Existing Indebtedness. The Company (excluding any other Group Companies) has no more than US$36,000,000 of outstanding
indebtedness, obligations and other liabilities, whether absolute, accrued, contingent, fixed or otherwise. 
 4.
Representations and Warranties of the Investor. The Investor represents and warrants to the Company, as of the date hereof and the date of the Closing, that: 

(a) Authority. The Investor has full legal power and authority to execute and deliver the Transaction Documents to which it is a
party. The execution, delivery and performance by the Investor of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby (i) are within the power of
the Investor and (ii) have been duly authorized by all necessary actions on the part of the Investor. 

  
 7 

 (b) Approvals. Except for those that have been obtained and assuming the accuracy of the
representations and warranties made by the Company in Section 3 of this Agreement, no consent, approval, qualification, order or authorization of, or designation, declaration or filing with, any Governmental Authority on the part of the
Investor is required in connection with the valid execution and delivery of this Agreement, or the consummation of the transactions contemplated hereunder. 

(c) Enforceability. Each of the Transaction Documents executed by the Investor has been duly executed and delivered by the Investor
and constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’
rights generally and general principles of equity. 
 (d) Investment Intent; Capacity to Protect Interests. The Investor is
purchasing the Note held by the Investor solely for its own account for investment and not with a view to or for sale in connection with any distribution of the Note or any portion thereof and not with any present intention of selling, offering to
sell or otherwise disposing of or distributing the Note or any portion thereof in any transaction. The Investor also represents that the entire legal and beneficial interest of the Note is being purchased, and will be held, for the Investor’s
account only, and neither in whole or in part for any other Person. 
 (e) Regulation S Eligibility; Restriction on Resale. Such
Investor acknowledges that the Note to be purchased by such Investor is being offered and sold outside the United States pursuant to Regulation S under the Act. Such Investor is not a U.S. person as defined in Regulation S and is located outside of
the United States. Such Investor understands that the Note to be purchased by such Investor have not been registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person except
pursuant to an exemption from, or in a transaction not subject to the registration requirements under the Act. 
 (f) No Public
Market. The Investor understands that no public market now exists for the Note held by the Investor or the Conversion Shares, and that the Company has made no assurances that there will ever be a public market for the Note or the Conversion
Shares. 
 5. Negative Covenants. So long as the Note remains outstanding, the Company shall not, or shall cause any Group
Company not to, without the prior written consent of the Investor: 
 (a) Indebtedness. Be indebted, for borrowed money or
otherwise, or become liable for the obligation of any other party, except for the indebtedness of the Group Companies under this Agreement or incurred during the ordinary course of business. 

(b) Liens. Create, incur, assume or permit to exist any Lien on any Group Company’s material assets or property. 

(c) Dividends. Pay any dividends or purchase, redeem or otherwise acquire or make any distribution with respect to any of Group
Company’s capital stock. 
 (d) Loans/Investments. Make any loans or investments in excess of US$10 million, except accounts
receivables, temporary advances to cover incidental expenses or otherwise in the ordinary course of business. 

  
 8 

 (e) Equity Financing. Enter into any agreements or commitments to authorize, create or
issue shares of any class or series in the Company, or any increase in the authorized or designated number of such new class or series, other than (i) the Note issued hereunder, (ii) new shares issued pursuant to the Company’s 2011
Share Incentive Plan, and (iii) the securities to be offered in the IPO. 
 (f) Sale of Asset. Sale or otherwise dispose of any
material asset of any of the Group Companies that accounts for more than 5% of the then total asset value of the Group Companies, other than the securities to be offered in the IPO. 

(g) Anti-Corruption. The Company undertakes that it shall not, and shall not permit any of its Subsidiaries or Affiliates or any of
its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third
party, including any non-U.S. official, in each case, in violation of the Foreign Corrupt Practices Act of 1977 of the United States (“FCPA”), the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The
Company further undertakes that it shall, and shall cause each of its Subsidiaries and Affiliates to, cease all of its or their respective activities, as well as remediate any actions taken by the Company, its Subsidiaries or Affiliates, or any of
their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further undertakes
that it shall, and shall cause each of its Subsidiaries and Affiliates to, maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K.
Bribery Act, or any other applicable anti-bribery or anti-corruption law. 
 6. Affirmative Covenants. 

(a) Concurrent Private Placement. The Parties hereby agree that Company shall sell and allot to the Investor, and the Investor shall
purchase from the Company, the Investment Securities in the amount of US$15 million pursuant to a transaction that shall close currently with the Company’s IPO and is exempted from the registration requirement of the Securities Act at a per
share price equal to the Per Share IPO Price, and the Investment Securities shall be subject to a six-month lock up period at the request of the Underwriter (the “Concurrent Private Placement”). 

(b) Notice of Litigation. So long as the Note remains outstanding, the Company shall provide to the Investor promptly after the
commencement thereof, notice of all actions, suits, and proceedings before any Governmental Authority against any Group Company that has an amount in controversy that exceeds US$400,000. 

(c) Notice of Events of Defaults. So long as the Note remains outstanding, the Company shall provide to the Investor, as soon as
possible and in any event within seven (7) Business Days after the occurrence thereof, with written notice of each event which either (i) is an Event of Default (as defined in the Note), or (ii) with the giving of notice or lapse of
time or both would constitute an Event of Default, in each case setting forth the details of such event and the action which is proposed to be taken by any Group Company with respect thereto. 

(d) Use of proceeds. The Company agrees and undertakes that proceeds from the issuance of the Note shall be used for working capital
purposes. 

  
 9 

 (e) Right to Appoint Director. For so long as the Investor remains a holder of the Note
with an outstanding principal amount of at least eight million U.S. dollars (US$8,000,000), the Investor shall be entitled to (i) nominate one (1) Director (the “Investor Director”) to the Board, and (ii) remove the
Investor Director and to fill any vacancy caused by the resignation, death or renewal of the Investor Director, and the Investor Director shall not be removed or replaced without prior written consent of the Investor. 

7. Replacement of the Note. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and
the loss, theft, destruction or mutilation of the Note, the Company, at the expense of the Investor requesting such replacement, will execute and deliver a new Note executed in the same manner as the Note being replaced, in the same principal amount
as the unpaid principal amount of such Note and dated the date to which interest shall have been paid on such Note or, if no interest shall have yet been so paid, dated the date of such Note. 

8. Condition Precedent.  

8.1 The obligations of the Investor at the Closing under Section 2 hereof are subject to the fulfillment on or before the Closing of each
of the following conditions (unless otherwise waived, in whole or in part, in writing by the Investor): 
 (a) Representations and
Warranties. The representations and warranties contained in Section 3 shall be true and correct on and as of the date hereof, and shall be true and correct on and as of the Closing, with the same effect as though such representations and
warranties had been made on and as of the Closing. 
 (b) Performance. The Company shall have performed and complied with all
covenants, undertakings, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it at or before the Closing. 

(c) Corporate Approval. The Company shall have obtained necessary consents by the board and shareholders of the Company to approve
this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby (including, without limitation, the issuance and conversion of the Note), as required in the Corporate Constitution and applicable laws, and a copy
of such approval shall be provided to the Investor. 
 (d) Representation on the Board. A director nominated by the Investor (the
“Investor Director”) shall have been appointed to the board of directors of the Company, and the Company shall have delivered the updated register of directors to the Investor reflecting such appointment. 

(e) Legal Opinion. The PRC counsel of the Company shall have issued a PRC legal opinion to the Investor in substantially the same form
set forth in Exhibit B. 
 (f) Exchangeable Note. The closing of the issuance and sales of an exchangeable note in the principal
amount of US$5 million to the Investor by an existing shareholder of the Company shall have occurred. 
 (g) No Material Adverse
Effect. There shall have been no Material Adverse Effect on the Group Companies since the date of this Agreement. 

  
 10 

 (h) Closing Certificate. The Company shall deliver to the Investor a closing certificate
dated as of the date of the Closing, certifying that all conditions specified in this Section 8.1 have been fulfilled. 
 8.2 The
obligations of the Company at the Closing under Section 2 hereof are subject to the fulfillment on or before the Closing of each of the following conditions (unless otherwise waived, in whole or in part, in writing by the Company): 

(a) Representations and Warranties. The representations and warranties contained in Section 4 shall be true and correct on and as
of the date hereof, and shall be true and correct on and as of the Closing, with the same effect as though such representations and warranties had been made on and as of the Closing. 

(b) Performance. The Investor shall have performed and complied with all covenants, undertakings, agreements, obligations and
conditions contained in this Agreement that are required to be performed or complied with by it at or before the Closing. 
 (c)
Corporate Approval. The Investor shall have obtained necessary consents and internal approvals to approve this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby. 

(d) Other Approval. The Investor has duly obtained any and all authorizations, approvals and permits that are required to be obtained
by the Investor under applicable law for the purchase of the Note. 
 (e) Concurrent Private Placement Agreement. The Company and
the Investor shall have entered into a definitive agreement contemplating the Concurrent Private Placement to the mutual satisfaction of the parties. 

9. Miscellaneous. 

(a) Waivers and Amendments. Any provision of this Agreement may be amended, waived or modified only upon the written consent of the
Company and the Investor. 
 (b) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of law thereof. 
 (c) Arbitration. Any dispute, controversy or
claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof shall be submitted to the Hong Kong International Arbitration Centre for settlement by arbitration under the Hong Kong International
Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration. The place of arbitration shall be in Hong Kong. The arbitral proceedings shall be conducted in English. The arbitral tribunal shall be
composed of three arbitrators. One arbitrator shall be appointed by the Company, one arbitrator shall be appointed by the Investor, and the third arbitrator, who shall serve as chairman of the arbitration tribunal, shall be appointed through the
mutual agreement of the other two arbitrators. The arbitrators shall not have the power to add to, subtract from or modify any of the terms or conditions of this Agreement. The arbitrators shall be experienced and have knowledge in the subject
matter of the dispute. The resolution of any dispute by the arbitrators pursuant to this Section 9(c) shall be final, binding, conclusive and non-appealable on the parties to such dispute and may be enforced and entered as a judgment in any
court of law with jurisdiction thereof. The fees and disbursements of the arbitrators shall be allocated to the party against whom any dispute decided hereunder is resolved. Each of the parties hereby irrevocably agrees that any service of process
made with respect to a dispute under this Agreement may be made pursuant to the notice procedures set forth in Section 9(g). 

  
 11 

 (d) Successors and Assigns. Subject to the restrictions on transfer described in
Section 9(e) below, the rights and obligations of the Company and the Investor shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. 

(e) Assignment.  

(i) The Investor may freely assign this Agreement and the rights, interests and obligations hereunder to their respective Affiliates; and

 (ii) Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise,
in whole or in part, by the Company without the prior written consent of the Investor; 
 provided that any transferees shall agree
in writing to be bound by the terms and conditions of this Agreement. 
 (f) Entire Agreement. This Agreement together with the Note
constitute and contain the entire agreement between the Company and the Investor and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written or oral, respecting the
subject matter hereof; provide, however, that nothing in this Agreement shall be deemed to terminate or supersede the provisions of any confidentiality agreements executed by the parties hereto prior to the date of this Agreement, all of which
agreements shall continue in full force and effect until terminated in accordance with their respective terms. 
 (g) Notices. All
notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall in writing and faxed, mailed or delivered to each party as follows: 

If to the Investor: 
 Attn: Kok
Wai Yee 
 Suite 2215, 22/F 

Two Pacific Place, 88 Queensway 

Hong Kong 
 Fax: (852) 2501
5249 
 If to the Company: 

Attn: Zhengming Pan 
 500.com
Building 
 Shenxianling Sports Center 

Longgang District 
 Shenzhen,
518115 
 People’s Republic of China 

Fax: (86 755) 8379 6070 

  
 12 

 All such notices and communications shall be effective (a) when sent by any overnight service of recognized
standing, on the Business Day following the deposit with such service; (b) when mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid, upon receipt; (c) when delivered by hand, upon delivery; and
(d) when faxed, upon confirmation of receipt. 
 (h) Expenses. Each party shall bear its own expenses; provided, however, that
the Company shall reimburse the Investor for its costs and expenses not exceeding US$100,000 reasonably incurred in connection with the preparation, negotiation and execution of the Transaction Documents and the closing of the transactions
contemplated by the Transaction Documents (including without limitation the issuance of the Note and the Concurrent Private Placement). 

(i) Severability of this Agreement. The provisions of this Agreement shall be deemed severable. If any provision of this Agreement
shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(j) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which
together shall be deemed to constitute one instrument. 
 [Signature Pages to Follow] 

  
 13 

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

			
	COMPANY:
	
	500.com Limited
		
	By:	 	 /s/ Man San Law

		 	Name: Man San Law
		 	Title: Chairman and Chief Executive Officer

  
 [Signature Page to
Note Purchase Agreement] 

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

			
	INVESTOR:
	
	Sequoia Capital 2010 CGF Holdco, Ltd.
		
	By:	 	 /s/ KOK WAI YEE

		 	Name: KOK WAI YEE
		 	Title: Authorized Signatory

  
 [Signature Page to
Note Purchase Agreement] 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS
PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. 

500.COM LIMITED 

CONVERTIBLE PROMISSORY NOTE 
  

					
	US$20,000,000	 		 	October 21, 2013

 FOR VALUE RECEIVED, 500.com Limited, a company incorporated under the laws of the Cayman Islands (the
“Company”) promises to pay to Sequoia Capital 2010 CGF Holdco, Ltd., a company incorporated under the laws of the Cayman Islands (the “Investor”), or its registered assigns, in lawful money of the United States of
America the principal amount of Twenty Million Dollars ($20,000,000), or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Convertible Promissory Note (this
“Note”) on the unpaid principal balance at a rate equal to 10% per annum (subject to certain terms and conditions), computed on the basis of the actual number of days elapsed and a year of 365 days. All unpaid principal,
together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on June 30, 2014 (the “Maturity Date”). 

The following is a statement of the rights of the Investor and the conditions to which this Note is subject, and to which the Investor, by the
acceptance of this Note, agrees: 
 1. Seniority. 

This Note shall rank pari passu to all other present and future unsubordinated and unsecured senior indebtedness of the Company. 

2. Prepayments. 

(a) Mandatory Prepayment. 

In the event of a Change in Control, the outstanding principal amount of this Note, plus all accrued and unpaid interest, in each case that
has not otherwise been converted into equity securities pursuant to Section 5, shall be due and payable immediately prior to the closing of such Change in Control. 

(b) Voluntary Prepayment. Except as provided in Section 2(a) above, the principal amount or interest accrued on this Note may not
be prepaid prior to the Maturity Date without the written consent of the Investor. 

 3. Events of Default. The occurrence of any of the following shall
constitute an “Event of Default” under this Note and the other Transaction Documents: 

(a) Failure to Pay. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any
interest payment or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall not have been made within five (5) Business Days of the Company’s receipt of written notice to
the Company of such failure to pay; 
 (b) Breaches of Covenants. The Company shall fail to observe or perform any other covenant,
obligation, condition or agreement contained in this Note or the other Transaction Documents (other than those specified in Section 3(a) above) and such failure shall continue for ten (10) Business Days after the Company’s receipt of
written notice by the Investor of such failure; 
 (c) Representations and Warranties. Any representation, warranty, certificate, or
other statement (financial or otherwise) made or furnished by or on behalf of the Company to the Investor in writing in connection with this Note or any of the other Transaction Documents, or as an inducement to the Investor to enter into this Note
and the other Transaction Documents, shall be false, incorrect, incomplete or misleading in any material respect when made or furnished; 

(d) Other Payment Obligations. Defaults shall exist under any financing agreements of the Company with any third party or parties which
consists of the failure to pay any indebtedness for borrowed money at maturity or which results in a right by such third party or parties, whether or not exercised, to accelerate the maturity of such indebtedness for borrowed money of the Company,
in each case, in an aggregate amount in excess of US$5 million; 
 (e) Voluntary Bankruptcy or Insolvency Proceedings. The Company
shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature,
(iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other
proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; 
 (f) Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking
liquidation, reorganization or other relief with respect to the Company or any of the other Group Companies, or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for
relief entered or such proceeding shall not be dismissed or discharged within 45 days of commencement; 
 (g) Judgments. A final
non-appealable judgment, verdict or government order from any Governmental Authority (including without limitation, the Ministry of Finance) for the payment of money in excess of US$5 million shall be rendered against the Company and the same shall
remain undischarged for a period of 30 days during which execution shall not be effectively stayed, or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against a substantial part of the
property of the Group Companies, and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed within 30 days after issue or levy; and 

 (h) Termination of Material Contract. The service contract between Shenzhen E-Sun Sky
Network Technology Co., Ltd. and Jiangxi Sports Lottery Administration Center dated November 1, 2012 shall be terminated. 
 (i)
Revocation of MOF Approval. The approval of online lottery sales services for sports lottery products granted by the Ministry of Finance to Shenzhen E-Sun Sky Network Technology Co., Ltd. shall be revoked or terminated. 

(j) Removal of Board Representative. The Investor Director shall be removed without prior written consent of the Investor provided that
the Investor still holds the Note with an outstanding principal amount of no less than US$8 million. 
 4. Rights of the
Investor upon Default. Upon the occurrence of any Event of Default (other than an Event of Default described in Sections 3(e) or 3(f)) and at any time thereafter during the continuance of such Event of Default, the Investor may, by
written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence of any Event of Default described in Sections 3(e) and 3(f), immediately and without notice, all outstanding Obligations
payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other
Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, the Investor may exercise any other right, power or remedy granted to it by the
Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. 

5. Conversion. 

(a) Automatic Conversion. If the closing of the IPO occurs prior to the Maturity Date, then upon the closing of the IPO, all of the
outstanding principal amount of this Note (but not any interest accrued) shall be automatically converted into fully paid and nonassessable Investment Securities at a price per share equal to the Conversion Price, and the Note shall be deemed
interest free during the period between the date hereof and the date of conversion. All such Investment Securities automatically converted from the Note shall be subject to a six-month lock up period at the request of the Underwriter. 

(b) Conversion Procedure. If this Note is to be automatically converted, written notice shall be delivered to the Investor notifying
the Investor of the conversion to be effected, specifying the Conversion Price, the principal amount of the Note to be converted, the date on which such conversion is expected to occur and calling upon the Investor to surrender to the Company, in
the manner and at the place designated, the Note. The Investor also agrees to deliver the original of this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and other evidence reasonably satisfactory to the
Company) at the closing of the IPO for cancellation; provided, however, that upon the closing of the IPO, this Note shall be deemed converted and of no further force and effect, whether or not it is delivered for cancellation as set forth in
this sentence. The Company shall, as soon as practicable thereafter, issue and deliver to the Investor a certificate or certificates for the Conversion Shares to which the Investor shall be entitled upon such conversion, including a check payable to
the Investor for any cash amounts payable as described in Section 5(c). Any conversion of this Note pursuant to Section 5(a) shall be deemed to have been made immediately prior to the closing of the IPO and on and after such date the
Persons entitled to receive the Conversion Shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares. 

 (c) Fractional Shares; Interest; Effect of Conversion. No fractional shares shall
be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to the Investor upon the conversion of this Note, the Company shall pay to the Investor an amount equal to the product obtained by multiplying the
Conversion Price by the fraction of a share not issued pursuant to the previous sentence. Upon conversion of this Note in full and the payment of the amounts specified in this paragraph, Company shall be forever released from all its obligations and
liabilities under this Note and this Note shall be deemed of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation. 

(d) Reservation of Shares Issuable Upon Conversion. The Company shall reserve and keep available out of its authorized but unissued
Investment Securities solely for the purpose of effecting the conversion of this Note such number of the Investment Securities as shall be sufficient to effect the conversion of this Note. 

6. Definitions. As used in this Note, the following capitalized terms have the following meanings:

 “Change in Control” means (a) the sale, lease or other disposition (in one or a series of related
transactions) of all or substantially all of the Company’s assets to one Person or a group of Persons acting in concert, (b) the sale, exchange or transfer, in one or a series of related transactions, of a majority of the outstanding share
capital of the Company to one Person or a group of Persons acting in concert, under circumstances in which the holders of the share capital of the Company immediately prior to such transaction beneficially own less than a majority in voting power of
the outstanding share capital of the Company or the acquiring Person immediately following such transaction, or (c) a merger, consolidation, amalgamation, recapitalization, reclassification, reorganization or similar business combination
transaction involving the Company under circumstances in which holders of the share capital of the Company immediately prior to such transaction beneficially own less than a majority in voting power of the outstanding share capital of the Company,
or the surviving or resulting corporation or acquirer, as the case may be, immediately following such transaction. 
 “Conversion
Price” shall mean a per share price equal to 80% of the Per Share IPO Price. For the avoidance of doubt, the Company and the Investor acknowledge that if and to the extent the Conversion Shares are Class B Ordinary Shares, the Conversion
Price defined hereof is based on the assumption that one Class B Ordinary Share is convertible into one share of the Listing Equity Securities; and should the conversion ratio between the Class B Ordinary Shares and the Listing Equity Securities be
different, the Company and the Investor shall proportionately adjust the Conversion Price in good faith to achieve an equitable result. 

 “Event of Default” has the meaning given in Section 3 hereof. 

“Investor” shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be
the registered holder of this Note. 
 “Obligations” shall mean and include all loans, advances, debts, liabilities and
obligations, howsoever arising, owed by the Company to the Investor of every kind and description, now existing or hereafter arising under or pursuant to the terms of this Note and the other Transaction Documents, including, all interest, fees,
charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due. 

“Per Share IPO Price” shall mean means the quotient obtained by dividing (a) the final initial public offering price per
ADS in the IPO by (b) the number of Listing Equity Securities each ADS represents. 
 “Purchase Agreement” shall mean
the Note Purchase Agreement dated as of October 20, 2013 (as amended, modified or supplemented), by and between the Company and the Investor. 

“Transaction Documents” shall mean this Note and the Purchase Agreement. 

Capitalized terms used but not defined in this Note have the same meaning as set forth in the Purchase Agreement. 

7. Miscellaneous.  

(a) Successors and Assigns; Transfer of this Note or Securities Issuable on Conversion Hereof. 

(i) Subject to the restrictions on transfer described in this Section 7(a), the rights and obligations of the Company and the Investor
shall be binding upon and benefit their respective successors, assigns, heirs, administrators and transferees. 
 (ii) The Investor may
freely assign this Note and the rights, interests and obligations hereunder to its Affiliate. The Investor shall not assign, transfer, sell or otherwise dispose of the Note to non-Affiliates without the Company’s prior written consent. 

(iii) Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole
or in part, by the Company without the prior written consent of the Investor. 
 (b) Waiver and Amendment. Any provision of this Note
may be amended or modified upon the written consent of the Company and the Investor. Any waiver of any provision of this Note must be in a written form duly executed by the Company or the Investor against whom such waiver is to be enforced. 

(c) Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in
writing and faxed, mailed or delivered to each party at the respective addresses of the parties as set forth in the Purchase Agreement, or at such other address or facsimile number as the Company shall have furnished to the Investor in writing. All
such notices and communications will be deemed effectively given if delivered in the manner as set forth in the Purchase Agreement. 

 (d) Payment. Unless converted into the Company’s equity securities pursuant to the
terms hereof, payment shall be made in lawful tender of the United States. 
 (e) Default Rate; Usury. During any period in which an
Event of Default has occurred and is continuing, the Company shall pay interest on the unpaid principal balance hereof at a rate per annum equal to the rate otherwise applicable hereunder plus 3%. In the event any interest paid on this Note is
deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note.

 (f) Expenses; Waivers. If action is instituted to collect this Note, the Company promises to pay all costs and expenses,
including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all
other notices or demands relative to this instrument. 
 (g) Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. 
 (h) Waiver of Jury Trial. By acceptance of this Note, the Investor hereby agrees and the Company
hereby agrees to waive their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Note or any of the Transaction Documents. 

 IN WITNESS WHEREOF, Company has caused this Note to be issued as of the date first written
above. 
  

			
	500.com Limited
		
	By:	 	 /s/ Man San Law

		 	Name: Man San Law
		 	Title: Chairman and Chief Executive Officer

  
 [Signature Page to
Convertible Note issued to Sequoia] 

 Exhibit B – PRC Legal Opinion 

 
 

 
 HAN KUN LAW OFFICES 

Suite 906, Office Tower C1, Oriental Plaza, 1 East Chang An Avenue, Beijing 100738, P. R. China 

TEL: (86 10) 8525-5500; FAX: (86 10) 8525-5511/ 5522 

October 21, 2013 
 To: 500.COM LIMITED 

500.com Building 
 Shenxianling Sports Center 

Longgang District 
 Shenzhen, 518115 

People’s Republic of China 
 Sequoia Capital 2010 CGF
Holdco, Ltd. (the “Investor”) 
 Suite 2215, 22/F 

Two Pacific Place, 88 Queensway 
 Hong Kong 

Re: Convertible Promissory Note Transactions of 500.COM LIMITED 

Dear Sirs or Madams, 
 We are qualified lawyers of the
People’s Republic of China (the “PRC” or “China”, for the purpose of this opinion only, PRC shall not include the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan) and as such are
qualified to issue this opinion on the laws and regulations of the PRC effective as at the date hereof. 
 We act as the PRC counsel to 500.COM LIMITED (the
“Company”), a company incorporated under the laws of the Cayman Islands, in connection with the convertible promissory note transactions (the “Transactions”) contemplated in a 500.COM LIMITED Convertible Promissory Note Purchase
Agreement dated October 20, 2013 entered into by and between the Company and the Investor. 
  

	A.	Assumptions 

 In rendering this opinion, we have examined originals or copies of the due diligence
documents provided to us by the Company and the PRC Companies and such other documents, corporate records and certificates issued by the governmental authorities in the PRC (collectively the “Documents”). 

  
 CONFIDENTIALITY. This
document contains confidential information which may also be privileged. Unless you are the addressee (or authorized to receive for the addressee), you may not copy, use, or distribute it. If you have received it in error, please advise Han Kun Law
Offices immediately by telephone or facsimile and return it promptly by mail. Thanks. 

 HAN KUN LAW OFFICES 

 

 In rendering this opinion, we have assumed without independent investigation that
(“Assumptions”): 
  

	i.	All signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a person duly authorized by such party to execute the same, all Documents submitted to us as originals are authentic,
and all Documents submitted to us as certified or photostatic copies conform to the originals; 

  

	ii.	Each of the parties to the Documents, other than the PRC Companies, is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation; each of them, other
than the PRC Companies, has full power and authority to execute, deliver and perform its obligations under the Documents to which it is a party in accordance with the laws of its jurisdiction of organization; 

 

	iii.	The Documents presented to us remain in full force and effect on the date of this opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other changes
have been made, and no revocation or termination has occurred, with respect to any of the Documents after they were submitted to us for the purposes of this legal opinion; 

 

	iv.	The laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance or enforcement of the Documents are complied with; and 

 

	v.	All requested Documents have been provided to us and all factual statements made to us by the Company and the PRC Companies in connection with this legal opinion are true, correct and complete. 

 

	B.	Definitions 

 In addition to the terms defined in the context of this opinion, the following capitalized
terms used in this opinion shall have the meanings ascribed to them as follows: 
  

	(a)	“E-Sun Network” means Shenzhen E-Sun Network Co., Ltd.; 

  

	(b)	“E-Sun Sky” means Shenzhen E-Sun Sky Network Technology Co., Ltd.; 

  

	(c)	“Government Agencies” means any competent government authorities, courts or regulatory bodies of the PRC; 

  

	(d)	“Governmental Authorizations” means all approvals, consents, permits, authorizations, filings, registrations, exemptions, endorsements, annual inspections, qualifications and licenses required by the
applicable PRC Laws to be obtained from the competent Government Agencies; 

  

	(e)	“GTD” means Shenzhen Guangtiandi Technology Co., Ltd.; 

  
 2 

 HAN KUN LAW OFFICES 

 

	(f)	“Material Adverse Effect” means a material adverse effect on the conditions (financial or otherwise), business, properties or results of operations of the Company and the PRC Companies taken as a whole;

  

	(g)	“Approval of Online Sports Lottery Sales Services” means the Letter of the Launch of the Pilot Project in Relation to Online Sports Lottery Sales (Ti Cai Zi [2012] No. 388) issued by the
Sports Lottery Administration Center of the General Administration of Sport; 

  

	(h)	“PRC” or “China” means the People’s Republic of China (for the purposes of this opinion only, other than the Hong Kong Special Administrative Region, Macao Special Administrative
Region and Taiwan Province); 

  

	(i)	“PRC Laws” means all applicable laws, regulations, statutes, rules, decrees, notices, and supreme court’s judicial interpretations currently in force and publicly available as of the date of this
opinion in the PRC; 

  

	(j)	“PRC Companies” means the PRC Subsidiary, E-Sun Network, E-Sun Sky, YLG and GTD; 

  

	(k)	“PRC Subsidiary” means E-Sun Sky Computer (Shenzhen) Co., Ltd.; 

  

	(l)	“Registration Statement” means the draft registration statement on Form F-1 submitted by the Company to the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) on
September 19, 2013, including all amendments or supplements thereto; 

  

	(m)	“YLG” means Shenzhen Youlanguang Technology Co., Ltd.; 

 Based on our review of the Documents,
to our best knowledge after due inquiry against the Company and the PRC Companies, subject to the Assumptions and the Qualifications, and except as disclosed in the Registration Statement, we are of the opinion that: 

 

	1.	Except as disclosed in the Registration Statement, each of the PRC Companies has obtained all necessary Governmental Authorizations to conduct their respective businesses in the manner described in the Registration
Statement in all material aspects; to our best knowledge after due inquiry, neither the Company nor any of the PRC Companies is in violation of, or in default under, or has received notice of any proceedings relating to revocation or modification
of, any Governmental Authorizations; and, to our best knowledge after due inquiry, the Company and the PRC Companies are in compliance with all of the provisions of such Governmental Authorizations, except in each case for any breach, violation or
default which would not, individually or in the aggregate, have a Material Adverse Effect. 

  
 3 

 HAN KUN LAW OFFICES 

 

	2.	Without limiting our opinion in paragraph 1 above, according to the Approval of Online Sports Lottery Sales Services, the Sports Lottery Administration Center of the General Administration of Sport is approved by the
Ministry of Finance to appoint E-Sun Sky as its sales agent for the pilot phase of online sports lottery sales services under the Circular of the Launch of the Pilot Project in Relation to Online Sports Lottery Sales (Cai Ban Zong [2012]
No. 82). 

 Our opinion expressed above is subject to the following qualifications (the “Qualifications”): 

 

	i.	Our opinion is limited to the PRC Laws of general application on the date hereof. For the purpose of this opinion only, the PRC or China shall not include the Hong Kong Special Administrative Region, the Macau
Special Administrative Region or Taiwan. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than the PRC. 

 

	ii.	The PRC laws and regulations referred to herein are laws and regulations publicly available and currently in force on the date hereof and there is no guarantee that any of such laws and regulations, or the
interpretation or enforcement thereof, will not be changed, amended or revoked in the future with or without retrospective effect. 

  

	iii.	Our opinion is subject to the effects of (i) certain legal or statutory principles affecting the enforceability of contractual rights generally under the concepts of public interest, social ethics, national
security, good faith, fair dealing, and applicable statutes of limitation; (ii) any circumstance in connection with formulation, execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable,
fraudulent or coercionary; (iii) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation of damages; and (iv) the discretion of any competent PRC legislative,
administrative or judicial bodies in exercising their authority in the PRC. 

  

	iv.	This opinion is issued based on our understanding of the current PRC Laws. For matters not explicitly provided under the current PRC Laws, the interpretation, implementation and application of the specific
requirements under the PRC Laws are subject to the final discretion of competent PRC legislative, administrative and judicial authorities. 

  
 4 

 HAN KUN LAW OFFICES 

 

	v.	We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations of responsible officers of the PRC Companies and PRC government officials.

  

	vi.	This opinion is intended to be used in the context which is specifically referred to herein. 

 The opinion
expressed herein is provided to you in our capacity as the PRC legal counsel of the Company for the Transactions solely for the benefit of the Company and the Investor and without our prior written consent, neither our opinion nor this opinion
letter may be disclosed to or relied upon by any other person. 
 This opinion is strictly limited to the matters stated herein and no opinion is implied or
may be inferred beyond the matters expressly stated herein. The opinion expressed herein is rendered only as of the date hereof, and we assume no responsibility to advise you of facts, circumstances, events or developments that hereafter may be
brought to our attention and that may alter, affect or modify the opinion expressed herein. 
  

	
	Yours faithfully,
	
	 /s/ Han Kun Law Offices

	HAN KUN LAW OFFICES

  
 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]