Document:

EX-10.11

 Exhibit 10.11 

THIS CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Agreement”) is made as of July 14, 2020 by and among: 

 

	 	(1)	 Missfresh Limited, an exempted company incorporated under the Laws of the Cayman Islands (the
“Company”); and 

  

	 	(2)	 ICBC International Investment Management Limited, a company incorporated in the British Virgin Islands
with limited liability (the “Purchaser”). 

 Each of the parties listed above is referred to herein
individually as a “Party” and collectively as the “Parties”. 
 WHEREAS, subject to the terms and
conditions set forth herein, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company at the Note Closing certain convertible promissory note (the “Note”) in the aggregate
principal amount of US$27,000,000 (the “Principal Amount”), which shall be convertible into certain shares of the Company on the terms stated in the Note Instrument; and 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows: 
 SECTION 1. ISSUANCE OF NOTE 

1.1 Issuance of the Note. Subject to the terms and conditions of this Agreement, at the Note Closing (as defined below), the Company
shall issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company, the Note in the form of Exhibit B (the “Note Instrument”), against payment by the Purchaser to the Company of
the Principal Amount. 
 1.2 Use of Proceeds. Subject to SECTION 6 hereof and the approval by the Board in accordance with the
Shareholders Agreement, the Company shall use the proceeds from the issuance of the Note as general working capital of the Group Companies (as defined below) and as the purchase price to acquire business in relation to the Group Companies’
supply chain. 
 SECTION 2. NOTE CLOSING 

2.1 Note Closing. The closing of the purchase and sale of the Note hereunder (the “Note Closing”) shall take place
remotely via the exchange of documents and signatures, as soon as practicable (but no later than the fifth (5th) Business Day) following the date upon which the conditions set forth
in SECTION 5 shall be satisfied or waived in accordance with this Agreement, or at such other time and place that the Company and the Purchaser may agree in writing. 

2.2 Delivery. At the Note Closing, 
  

	 	(i)	 the Purchaser shall pay the Company, by wire transfer of immediately available funds, an amount equal to the
Principal Amount, to an account as designated by the Company under Schedule A hereof; and 

  

	 	(ii)	 the Company shall deliver to the Purchaser the duly executed Transaction Agreements. 

SECTION 3. REPRESENTATIONS AND WARRANTIES 

Subject to such exceptions as may be specifically set forth in the disclosure schedule delivered by the Company to the Purchaser as of the date
hereof (the “Disclosure Schedule”, attached hereto as Exhibit H), the Company hereby represents and warrants to the Purchaser that the statements set forth in Exhibit A are all true, accurate, complete and not
misleading as of the date of this Agreement and as of the Note Closing, with the same effect as if made on and as of the Note Closing, and solely with respect to the representations and warranties set forth in Sections 1.1 through 1.6 of Exhibit
A, at all times until the Final Repayment Date. 
  

 SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to, and agrees with, the Company that: 

4.1 Existence and Power. The Purchaser is duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of
organization and has all necessary corporate power and authority to enter into this Agreement and the Note Instrument, to perform its obligations hereunder and to consummate the transactions contemplated hereby and thereby. 

4.2 Authorization. This Agreement constitutes, and the Note Instrument when executed and delivered will constitute valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application relating to or
affecting the enforcement of creditors’ rights, and (ii) the effect of rules of law governing the availability of equitable remedies. The Purchaser represents that it has full power and authority to enter into this Agreement and the Note
Instrument. The execution, delivery and performance of the Transaction Agreements to which the Purchaser is a party by the Purchaser have been duly authorized by all necessary corporate action on its part. 

4.3 Purchase for Own Account. The Purchaser represents that it is acquiring the Note solely for its own account and beneficial interest
for investment and not for sale or with a view to distribution of the Note or any part thereof in violation of the Securities Act, has no present intention of selling (regarding a distribution or otherwise), granting any participation in, or
otherwise distributing the same, and does not presently have reason to anticipate a change in such intention. The Purchaser acknowledges that it can bear the economic risk of its investment in the Note, and has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and risks of the investment in the Note. 
 4.4 No Conflict.
The execution, delivery and performance by the Purchaser of this Agreement and the Note Instrument does not and will not (i) violate, conflict with or result in the breach of any provision of its memorandum and articles of association (or
similar organizational documents), (ii) conflict with or violate any Law or Governmental Order applicable to it or any of its assets, properties or businesses other than any such conflict or violation that would not have, individually or in the
aggregate, a material adverse effect upon the Purchaser. 
 SECTION 5. CONDITIONS TO PURCHASER’S OBLIGATIONS AT CLOSING. 

The obligations of the Purchaser to the Company under this Agreement are subject to the fulfilment, on or before the Note Closing, of each of
the following conditions, unless otherwise waived in writing by the Purchaser: 
 5.1 Representations and Warranties. The
representations and warranties of the Company contained in Exhibit A shall be true, correct, complete and not misleading on and as of the Note Closing, with the same effect as if made on and as of the Note Closing. 

5.2 Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in the
Transaction Agreements which are required to be performed or complied with by it on or before the Note Closing. 
 5.3 Board Approval.
The Board shall have validly approved each Transaction Agreement and the transactions contemplated hereby and thereby and all other agreements and actions necessary to effect the terms contained therein, and such approval shall be in full force and
effect. 
 5.4 Consents, Permits, and Waivers. The Company shall have obtained any and all permits, third party consents and waivers
necessary or appropriate for consummation (without adverse effect) of the transactions contemplated by each Transaction Agreement. 

 5.5 Transaction Agreements. Each of the parties to the Transaction Agreements, other
than the Purchaser, shall have executed and delivered such Transaction Agreements to the Purchaser. 
 5.6 Proceedings and Documents.
All corporate and other proceedings in connection with the transactions contemplated hereby and all documents and instruments incident to such transactions shall be satisfactory in substance and form to the Purchaser, and the Purchaser shall have
received all such counterpart copies of such documents as it may reasonably request. 
 5.7 Deliverables under the Share Charges. The
Company shall have delivered to the Purchaser all deliverables required in order to perfect the Share Charges pursuant to the terms thereunder; 

5.8 Purchase Price of Series F Financing. The Group shall have received no less than US$200,000,000 of investment amount in the
aggregate in connection with the Series F financing (including the investment amount of RMB250,000,000 paid by Changshu Shengshi Youxian Industrial Investment Fund Partnership (Limited Partnership) to Changshu Missfresh E-commerce Co., Ltd. and the advertisement virtual investment amount of US$12,000,000 paid by Beijing Tencent Culture Medial Co., Ltd. to Beijing Missfresh E-Commerce Co.,
Ltd.). 
 5.9 Opinions of Counsel. The Purchaser shall have received (i) from Maples and Calder (Hong Kong) LLP, Cayman Islands
counsel for the Company, an opinion, dated as of the Note Closing, substantially in the form attached hereto as Exhibit D, and (ii) from Miao & Co., in association with Han Kun Law Offices, Hong Kong counsel for the Company, an
opinion, dated as of the Note Closing, substantially in the form attached hereto as Exhibit E. 
 SECTION 6. COVENANTS OF THE
COMPANY 
 The Company hereby undertakes and covenants to the Purchaser that, at all times until the Final Repayment Date: 

6.1 Authorization of Conversion Shares. The Conversion Shares shall have been reserved for issuance and, upon issuance in accordance
with the M&AA, will be duly and validly issued, fully paid and non-assessable, free from any Liens, and will not be subject to any preemptive rights, rights of first refusal or similar rights. 

6.2 Conversion. 
  

	 	(i)	 In the event that the Purchaser elects to convert the Note into Series F Preferred Shares in accordance with
the terms of the Note Instrument, the Company shall, and shall cause all other Group Companies shall, prior to the Conversion Date, enter into a share purchase agreement with the Purchaser, pursuant to which the applicable Conversion Shares shall be
issued to the Purchaser on substantially the same terms and conditions as provided in the Series F Preferred Share Purchase Agreement (except that no additional consideration will be payable). For the avoidance of doubt, the Group Companies shall
give substantially the same representations and warranties, post-closing covenants, and indemnity as provided in Sections 3, 7.1 and 7.10 of the Series F Preferred Share Purchase Agreement. 

 

	 	(ii)	 In the event there is an Equity Round, as a condition to consummation of such Equity Round, the Company shall
obtain all requisite consent: (A) for issuance of the applicable Conversion Shares to the Purchaser at any time on or following the consummation of such Equity Round (and in compliance with Section 6.2(i) above), (B) that is required to
permit the Purchaser to become a party for the share purchase agreement pursuant to which the applicable Conversion Shares shall be issued to the Purchaser on substantially the same terms and conditions as provided in the share purchase agreement in
connection with such Equity Round (except that no additional consideration will be payable); and (C) that is required to ensure that the Purchaser may become a party to the then effective amended and restated shareholders agreement of the
Company and ROFR Agreement and be entitled to shareholders rights no less favorable than those of the investors in such Equity Round (for avoidance of any doubt, the Purchaser will not be entitled to appoint any director to the Board of the
Company). 

 6.3 Information. The Company shall deliver to the Purchaser the following documents,
reports or information: 
  

	 	(i)	 within ninety (90) days after the end of each fiscal year of the Company, a consolidated and audited
income statement and statement of cash flows for the Company for such fiscal year and a consolidated and audited balance sheet for the Company as of the end of the fiscal year, and a management report including a comparison of the financial results
of such fiscal year with the corresponding annual budget, all prepared in English and in accordance with the Accounting Standards consistently applied throughout the period; 

 

	 	(ii)	 within sixty (60) days after the end of the first six months, a consolidated unaudited income statement
and statement of cash flows for such first six months and a consolidated balance sheet for the Company as of the end of such first six months all prepared in English and in accordance with the Accounting Standards consistently applied throughout the
period (except for customary year-end adjustments and except for the absence of notes); 

  

	 	(iii)	 from time to time, at the request of the Purchaser on written notice to the Company or via management
interviews, information regarding net income (净收入), coupon subsidy rate (优惠券补贴率), fulfilment profit margin (履单利润率), operations profit margin
(经营利润率), customer paid-in unit price (实收客单价) and capital expenditures (资本开支); and 

 

	 	(iv)	 copies of any reports publicly filed by the Company with any relevant securities exchange, regulatory authority
or governmental agency, no later than five (5) days after such documents or information are filed by the Company. 

6.4 Inspection Rights. The Company covenants and agrees that, for purposes of the determination of any Redemption Event or Event of
Default under the Note Instrument which the Purchaser reasonably believe to have occurred, the Purchaser shall have the right, at its own expense, to reasonably inspect facilities, properties, records and books of each Group Company at any time
during regular working hours on reasonable prior notice to such Group Company and the right to discuss the business, operation and conditions of a Group Company with any Group Company’s directors, officers, employees, accounts, legal counsels
and investment bankers.  
 6.5 Observer. The Company covenants and agrees that,
upon the Conversion Closing and as long as the aggregate purchase price paid by the Purchaser to the Company for subscription and purchase of Preferred Shares (including the Conversion Shares) is no less than US$40,000,000, the Purchaser shall be
entitled to appoint one (1) observer to attend all meetings of the Board and all subcommittees of the Board, in a nonvoting observer capacity, subject to Section 9.4 of the Shareholders Agreement. 

6.6 Notification of Default. 

(a) The Company shall notify the Purchaser of any Default (and the steps, if any, being taken to remedy it) promptly and in any event within
five (5) Business Days after it becomes aware of its occurrence. 
 (b) Promptly upon a request by the Purchaser, the Company shall
supply to the Purchaser a certificate signed by two of its directors on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it), provided that the
Purchaser may only request for such certificate no more than once during each twelve (12) months if no Default is continuing. 

 SECTION 7. DEFINITIONS AND INTERPRETATIONS 

7.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the following respective meanings: 

“Accounting Standards” shall have the meaning ascribed to it in the Shareholders Agreement. 

“Affiliate” in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such Person, and in the case of the Purchaser, shall include (v) any shareholder of the Purchaser, (w) any of such shareholder’s or Purchaser’s general partners or
limited partners, (x) the fund manager managing such shareholder or Purchaser (and general partners, limited partners and officers thereof) and other funds managed by such fund manager, and (y) trusts Controlled by or for the benefit of
any such Person referred to in (v), (w) or (x). For the avoidance of doubt, the Purchaser shall not be deemed to be an Affiliate of any Group Company. 

“Agreement” shall have the meaning ascribed to it in the Preamble. 

“Annual Statement Date” means the twelve-month period ended December 31, 2017, December 31, 2018 and
December 31, 2019. 
 “Arbitration Notice” shall have the meaning ascribed to it in
Section 8.12. 
 “Board” means the board of directors of the Company. 

“Budget and Business Plan” shall have the meaning ascribed to it in the Shareholders Agreement. 

“Business Day” or “business day” means any day that is not a Saturday, Sunday, legal holiday or other day on
which banks are required to be closed in the PRC, Hong Kong or New York. 
 “Class A Ordinary Shares”
means the Company’s class A ordinary shares, par value US$0.0001 per share. 
 “Class B Ordinary
Shares” means the Company’s class B ordinary shares, par value US$0.0001 per share. 
 “Closing Date” means
such date as mutually agreed by the Parties, on which the Note Closing occurs. 
 “Company” shall have the meaning ascribed
to it in the Preamble. 
 “Contract” means, a contract, agreement, understanding, indenture, note, bond, loan, instrument,
lease, mortgage, franchise, license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 

“Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or
power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The
terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 
 “Conversion Date”
shall have the meaning ascribed to it in the Note Instrument. 
 “Conversion Shares” means the Preferred Shares to be
issued to the Purchaser upon the conversion of the Note pursuant to the terms of the Note Instrument. 
 “Default” means an
Event of Default or a Redemption Event. 
 “Dispute” shall have the meaning ascribed to it in
Section 8.12. 
 “Equity Round” shall have the meaning ascribed to it in the Note Instrument.

 “Equity Securities” means, with respect to any Person that is a legal
entity, any and all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment,
conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing, or any Contract providing for the acquisition of any of the foregoing. 

“Event of Default” shall have the meaning ascribed to it in the Note Instrument. 

“Final Repayment Date” shall have the meaning ascribed to it in the Note Instrument. 

“Governmental Authority” means the government of any nation, state or other political subdivision thereof, any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing and
the term “Government Authorities” shall be construed accordingly. 
 “Governmental Order” means any
applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any
Governmental Authority. 
 “Group Companies” or “Group” means collectively the Company and its direct and
indirect Subsidiaries, and a “Group Company” refers to any of the foregoing. 
 “HK Company” means
Missfresh HK Limited (每日優鮮香港集團股份有限公司), a company incorporated in Hong Kong with company number 2224884. 

“HKIAC” shall have the meaning ascribed to it in Section 8.12. 

“HKIAC Rules” shall have the meaning ascribed to it in Section 8.12. 

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“IPO” shall have the meaning ascribed to it in the Shareholders Agreement. 

“Law” or “Laws” means any and all provisions of any applicable constitution, treaty, statute, law,
regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by,
or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and any and all applicable Governmental Orders. 

“Legal Reservations” means: 

(a) the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws
relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 
 (b) the time barring of claims under
the Limitation Ordinance (Cap. 347 of the Laws of Hong Kong), the possibility that an undertaking to assume liability for or indemnify a person against non-payment of stamp duty may be void and defences of set-off or counterclaim; 
 (c) similar principles, rights and remedies under the laws of any Relevant
Jurisdiction; and 
 (d) any other matters which are set out as qualifications or reservations as to matters of law of general application in
any legal opinions supplied to the Purchaser as a condition precedent under this Agreement on or before the Closing Date. 

“Liens” shall have the meaning ascribed to it in Section 1.3 of Exhibit A. 

 “Material Adverse Effect” means any (i) event, occurrence, fact,
condition, change or development that has had or has individually or together with other events, occurrences, facts, conditions, changes or developments, a material adverse effect on the business, properties, employees, operations, results of
operations, condition (financial or otherwise), assets or liabilities of the Group taken as a whole, (ii) material impairment of the ability of any party (other than the Purchaser) to perform the material obligations of such party under any
Transaction Agreements, or (iii) material impairment of the validity or enforceability of this Agreement or any other Transaction Agreements against any party hereto or thereto (other than the Purchaser). 

“M&AA” means the Seventh Amendment and Restated Memorandum and Articles of Association of the Company adopted by the
shareholders of the Company, as amended from time to time.  
 “New Equity Financing Documents” shall have the
meaning ascribed to it in Section 6.2(ii). 
 “Note” shall have the meaning ascribed to it in
Section 1.1. 
 “Ordinary Shares” shall have the meaning ascribed to it in
Section 1.7(a) of Exhibit A. 
 “Party” shall have the meaning ascribed to it in the
Preamble. 
 “Person” means any individual, firm, corporation, limited liability company, partnership, trust, incorporated
or unincorporated association, joint venture, joint stock company, or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“PRC” means the Peoples’ Republic of China, excluding the Hong Kong Special Administrative Region, the Macau Special
Administrative Region and the Islands of Taiwan. 
 “PRC GAAP” means the generally accepted accounting principles of the
PRC. 
 “Preferred Shares” means, collectively, the Series A Preferred Shares, the Series B Preferred Shares, the Series C
Preferred Shares, the Series D1 Preferred Shares, the Series E Preferred Shares, the Series E1 Preferred Shares and the Series F Preferred Shares of the Company. 

“Principals” means collectively, XU Zheng (徐正), a Hong Kong citizen with his identification number *** and ZENG
Bin (曾斌), a PRC citizen with his identification number ***. 
 “Principal Amount” shall have the meaning
ascribed to it in the Preamble. 
 “Purchaser” shall have the meaning ascribed to it in the Preamble. 

“Qualified IPO” shall have the meaning ascribed to it in the M&AA or such other investment agreements entered into by the
Company and relevant investors or any other agreement as approved by the board of directors or the shareholders’ meeting, in which an updated definition of Qualified IPO shall have been made and yet have not been incorporated into the M&AA
of the Company. 
 “Redemption Event” shall have the meaning ascribed to it in the Note Instrument. 

“Relevant Jurisdiction” means, in relation to the Company: 

(a) its jurisdiction of incorporation; 

(b) any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated; 

(c) any jurisdiction where it conducts its business; and 

(d) the jurisdiction whose laws govern the perfection of any of the Share Charges entered into by it. 

“ROFR Agreement” means the Fifth Amended and Restated Right of First Refusal and
Co-Sale Agreement dated May 15, 2020 among the Company and certain other parties named therein and as may be amended and restated from time to time. 

 “SAIC” means the State Administration of Industry and Commerce of the PRC
or State Administration for Market Regulation (“SAMR”) as its successor, with respect to the issuance of any business license or filing or registration to be effected by or with the SAIC or SAMR, any Governmental Authority which is
similarly competent to issue such business license or accept such filing or registration under the Laws of the PRC. 
 “Securities
Act” shall mean the U.S. Securities Act of 1933, as amended. 
 “Series A Preferred Shares” means collectively the
Series A1 Shares, the SeriesA2 Shares and the Series A3 Shares. 
 “Series A1 Shares” means the Series A1 Preferred Shares
of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the M&AA. 
 “Series A2
Shares” means the Series A2 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the M&AA. 

“Series A3 Shares” means the Series A3 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and
privileges as set forth in the M&AA. 
 “Series B Preferred Shares” means collectively the Series B1 Shares and the
Series B2 Shares. 
 “Series B1 Shares” means the Series B1 Preferred Shares of the Company, par value US$0.0001 per share,
with the rights and privileges as set forth in the M&AA. 
 “Series B2 Shares” means the Series B2 Preferred Shares of
the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the M&AA. 
 “Series C Preferred
Shares” means the Series C Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the M&AA. 

“Series D1 Preferred Shares” means the Series D1 Preferred Shares of the Company, par value US$0.0001 per share, with the
rights and privileges as set forth in the M&AA. 
 “Series E Preferred Shares” means the Series E Preferred Shares of
the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the M&AA. 
 “Series E1 Preferred
Shares” means the Series E1 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the M&AA. 

“Series F Financing Documents” means the Transaction Documents as defined in the Shareholders Agreement. 

“Series F Preferred Shares” shall have the meaning ascribed to it in the Shareholders Agreement. 

“Series F Preferred Share Purchase Agreement” shall have the meaning ascribed to it in the Shareholders Agreement. 

“SHA Consent and Amendment” means the amendment to the Shareholders Agreement and the ROFR Agreement to be entered into in
the form set forth in Exhibit F on or prior to the Note Closing among the Company and the requisite parties in accordance with Section 12.11 of the Shareholders Agreement and Section 6.10 of the ROFR Agreement. 

“Share Charge” means the share charge over the shares in the HK Company by the Company in favour of the Purchaser to secure
the Company’s payment obligations under the Note, and in the form attached to this Agreement as Exhibit C. 

“Shareholders Agreement” means the Fifth Amended and Restated Shareholders Agreement, dated May 15, 2020 among the
Company and certain other parties named therein and as may be amended and restated from time to time. 
  

 “Subsidiary” or “subsidiary” means, with respect to any
subject entity (the “subject entity”), (i) any company, partnership or other entity (x) more than 50% of whose shares or other interests entitled to vote in the election of directors or (y) more than a 50% interest whose in the
profits or capital of such entity are owned or controlled directly or indirectly by the subject entity or through one or more Subsidiaries of the subject entity, (ii) any entity whose assets, or portions thereof, are consolidated with the net
earnings of the subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with US GAAP or PRC GAAP, consistently applied, or (iii) any entity with respect to which the subject entity
has the power to otherwise direct the business and policies thereof directly or indirectly through another subsidiary. 

“Transaction Agreements” means this Agreement, the Note Instrument, the Share Charge and the SHA Consent and Amendment; and
“Transaction Agreement” refers to any of the Transaction Agreements. 
 “Transaction Security” means the Security
created or evidenced or expressed to be created or evidenced under the Transaction Agreements. 
 “US GAAP” means the
generally accepted accounting principles of the United States of America. 
  

	 	7.2	 Interpretations. 

 

	 	(i)	 Directly or Indirectly. The phrase “directly or indirectly” means directly, or indirectly
through one or more intermediate Persons or through contractual or other legal arrangements, and “direct or indirect” has the correlative meaning. 

  

	 	(ii)	 Gender and Number. Unless the context otherwise requires, all words (whether gender-specific or
gender-neutral) shall be deemed to include each of the masculine, feminine and neuter genders, and words importing the singular include the plural and vice versa. 

 

	 	(iii)	 Headings. Headings are included for convenience only and shall not affect the construction of any
provision of this Agreement. 

  

	 	(iv)	 Include not Limiting. “Include,” “including,” “are inclusive of” and
similar expressions are not expressions of limitation and shall be construed as if followed by the words “without limitation.” 

  

	 	(v)	 Law. References to “law” shall include all applicable laws, regulations, rules and orders of
any Governmental Authority, securities exchange or other self-regulating body, any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and
“lawful” shall be construed accordingly. 

  

	 	(vi)	 Language. This Agreement is written in English. If this Agreement is translated into any language other
than English, the English language text shall prevail. 

  

	 	(vii)	 Rights not obligations. References in this Agreement to any Person having a “right” shall not
connote any corresponding obligation. 

  

	 	(viii)	 References to Documents. References to this Agreement include the Schedules and Exhibits, which form an
integral part hereof. A reference to any Section, Schedule or Exhibit is, unless otherwise specified, to such Section of, or Schedule or Exhibit to this Agreement. The words “hereof,” “hereunder” and “hereto,” and words
of like import, unless the context requires otherwise, refer to this Agreement as a whole and not to any particular Section hereof or Schedule or Exhibit hereto. References to any document (including this Agreement) are references to that document
as amended, consolidated, supplemented, novated or replaced from time to time. 

  

	 	(ix)	 Time. Except as otherwise provided, (i) if a period of time is specified and dates from a given day
or the day of a given act or event, such period shall be calculated exclusive of that day and a time of day is a reference to Hong Kong time; and (ii) if the day on or by which something must be done is not a Business Day, that thing must be
done on or by the Business Day immediately following such day. 

	 	(x)	 Writing. References to “writing” and “written” include any mode of reproducing words
in a legible and non-transitory form including emails and faxes. 

 SECTION 8.
MISCELLANEOUS 
 8.1 Survival of Representations, Warranties and Covenants. The representations, warranties and covenants of the
Company contained in or made pursuant to this Agreement shall survive until the later of (x) two (2) years after the Note Closing and (y) the Final Repayment Date, and shall in no way be affected by any investigation of the subject matter
thereof made by or on behalf of the Purchaser. 
 8.2 Rights Cumulative. Each and all of the various rights, powers and remedies of
the Parties hereto shall be considered to be cumulative with and in addition to any other rights, powers and remedies which such Parties may have at law or in equity in the event of a breach of any of the terms of this Agreement. The exercise or
partial exercise of any right, power or remedy shall neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 

8.3 Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this
Agreement shall be in writing, and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when sent by facsimile at the number set forth below, upon successful transmission report being
generated by sender’s machine; (c) when sent by electronic mail to the address set forth below, upon receipt of confirmation of transmission, or (d) three (3) business days after deposit with an overnight delivery service, postage
prepaid, addressed to the parties as set forth below, provided that the sending party receives a confirmation of delivery from the delivery service provider. 
  

			
	 To the Company:
	  	 To the Purchaser:

	 Address: Missfresh, Building D, Ronsin Technology Center, Lai Guang Ying, Chao Yang District, Beijing City

Email: ***
 Tel: ***

Attn: ***
	  	 Address: Unit 801, 8th FL., International Center, No.11th of Financial Street, Xicheng District, Beijing 100033, P.R.China

Email: ***
 Tel: ***

Attn: ***

 Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to
whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A Party may change or supplement the addresses given
above, or designate additional addresses, for purposes of this Section 8.3 by giving the other Parties written notice of the new address in the manner set forth above. 

8.4 Costs and Attorneys’ Fees. Each Party shall pay all of its own costs and expenses incurred or to be incurred by
it in connection with the Transaction Agreements and the transactions contemplated thereby respectively. In the event that any action, suit or other proceeding is instituted concerning or arising out of the Transaction Agreements, or any transaction
contemplated hereby, the prevailing party shall be entitled to recover all of its costs (including reasonable attorneys’ fees, costs and disbursements) incurred in each such action, suit or other proceeding, including any and all appeals or
petitions therefrom. Notwithstanding anything to the contrary, the Company shall, within ten (10) Business Days of demand, pay to the Purchaser the amount of all costs and expenses (including legal fees) incurred by the Purchaser in connection
with the enforcement of, or the preservation of any rights under, any Transaction Security and any proceedings instituted by or against the Purchaser as a consequence of it taking or holding the Transaction Security or enforcing those rights. 

 

 8.5 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision(s) shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. The
Parties will work in good faith to substitute the excluded provision with a provision intended to accomplish the Parties’ intent to the greatest extent permitted by law. 

8.6 Headings; References; Exhibits. The headings in this Agreement are only for convenience and ease of reference and are not to be
considered in construction or interpretation of this Agreement, nor as evidence of the intention of the Parties hereto. All exhibits, schedules and appendices attached to this Agreement are an integral part of this Agreement. Except where otherwise
indicated, all references in this Agreement to Sections refer to Sections of this Agreement. 
 8.7 Counterparts. This Agreement may
be executed in one or more counterparts and may be delivered by electronic or facsimile transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 

8.8 Entire Agreement. This Agreement, the schedules and the exhibits hereto, together with the other Transaction Agreements, constitute
the full and entire understanding and agreement between the Parties with regard to the subjects hereof and supersede any and all prior understandings and agreements, whether oral or written, between or among the Parties with respect to the specific
subject matter hereof. 
 8.9 Modification. Except as otherwise specifically provided, no modification or waiver of any provision of
this Agreement or consent to departure therefrom shall be effective unless in writing and approved by the Parties. 
 8.10 Waiver or
Indulgence. No delay or failure to require performance of any provision of this Agreement, or to exercise any power, right or remedy, shall be deemed a waiver or impairment of such performance, power, right or remedy or of any other provision of
this Agreement nor shall be it construed as a breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring. 

8.11 Interpretation; Titles and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction to
the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement. 
 8.12 Governing Law and Dispute Resolution. This Agreement and all acts and
transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of Hong Kong, without giving effect to principles of conflicts of law. Any dispute,
controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to
the dispute with notice (the “Arbitration Notice”) to the other party. The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the
Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be one (1) arbitrator. The HKIAC
shall select the arbitrator, who shall be qualified to practice law in Hong Kong. The arbitral proceedings shall be conducted in Chinese. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 8.12, including the
provisions concerning the appointment of the arbitrator, the provisions of this Section 8.12 shall prevail. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of
and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal
shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

 8.13 Successors and Assigns. Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. This Agreement and the rights and obligations therein may not be assigned or transferred by the Company without the
prior written consent of the Purchaser. The Purchaser may not, without consent from the Company, assign or transfer the Note and the rights and obligations therein to any Person other than (i) any of the Purchaser’s Affiliates and
(ii) any fund Controlled by the Purchaser, provided that the Purchaser shall not, and shall procure that the assignee or the transferee shall not, assign or transfer the Note or any of its rights and/or obligations thereunder to any Company
Competitor (as defined in the ROFR Agreement). 
 8.14 Specific Performance. The Parties acknowledge and agree that it might be
impossible to measure in monetary terms the damage to a Party if another Party fails to comply with any provision of this Agreement. If any such failure occurs, the non-defaulting party might not have an
adequate remedy at law or in damages. Therefore each Party consents to the issuance of an injunction and the enforcement of other equitable remedies against it to compel performance of this Agreement. 

8.15 Further Assurances. The Parties agree to execute such further documents and to take such further actions as may be reasonably
necessary to carry out the purposes and intent of this Agreement. 
 8.16 Termination of Agreement. This Agreement may be
terminated prior to the Note Closing (a) by mutual written consent of the Parties, (b) by the Purchaser and/or the Company if, due to change of applicable Laws, the consummation of the transactions contemplated hereunder would become
prohibited under applicable Laws, or (c) if the Note Closing has not been consummated by the end of the sixth (6th) month of the date hereof or such other later day as jointly determined by such Purchaser and the Company, by the Purchaser or by
the Company, provided that the terminating party shall not have been, on or prior to the date of termination, in material breach of this Agreement. If this Agreement is terminated pursuant to the provision of Section 8.16,
this Agreement will be of no further force or effect, provided that (i) no party shall be relieved of any liability for a breach of this Agreement or for any misrepresentation hereunder, nor shall such termination be deemed to constitute a
waiver of any available remedy (including specific performance if available) for any such breach or misrepresentation and (ii) Sections 8.2, 8.3, 8.4, 8.5, 8.12, 8.14 and 8.16 shall survive the
termination of this Agreement. 
 [The remainder of this page is deliberately left blank.] 

 IN WITNESS WHEREOF, the Parties have executed, or caused their duly authorized
representatives to execute this Agreement as of the date first above written. 
 THE COMPANY 

 

			
	Missfresh Limited
		
	By:	 	 /s/ Xu Zheng

	Name: Xu Zheng (徐正)
	Title: Director

 IN WITNESS WHEREOF, the Parties have executed, or caused their duly authorized
representatives to execute this Agreement as of the date first above written. 
  

			
	THE PURCHASER
	
	ICBC International Investment Management Limited
		
	By:	 	 /s/ James Wang

	Name: James Wang
	Title: Authorized Signatory
		
	By:	 	 /s/ Yang Gao

	Name: Yang Gao
	Title: Authorized Signatory

 Schedule A 

WIRE INFORMATION 

 EXHIBITS 

Exhibit A: Representations and Warranties 
 Exhibit B: Form
of Convertible Promissory Note 
 Exhibit C: Form of Share Charge 

Exhibit D: Form of Cayman Islands Legal Opinion 
 Exhibit E:
Form of Hong Kong Legal Opinion 
 Exhibit F: Form of SHA Consent and Amendment 

Exhibit G: Capital Structure of the Group Companies 
 Exhibit H:
Disclosure Schedule 

 Exhibit A 

Representation and Warranties 

 Exhibit B 

Form of Convertible Promissory Note 

 Exhibit C 

Form of Note Share Charge 

 Exhibit D 

Form of Cayman Islands Legal Opinion 

 Exhibit E 

Form of Hong Kong Legal Opinion 

 Exhibit F 

Form of SHA Consent and Amendment 

 Exhibit G 

Capital Structure of the Group Companies 

 Exhibit H 

Disclosure ScheduleEX-10.12

 Exhibit 10.12 

Convertible Promissory Note 
 THIS
CONVERTIBLE PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS, OR QUALIFIED UNDER ANY STATE SECURITIES LAWS.
THIS CONVERTIBLE PROMISSORY NOTE MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER THE ACT, UNDER ANY OTHER APPLICABLE SECURITIES LAWS AND ANY APPLICABLE STATE SECURITIES LAWS. 

Missfresh Limited 
  

 
 CONVERTIBLE
PROMISSORY NOTE 
  

			
	US$27,000,000	  	 Issuance Date: July 24, 2020

 FOR VALUE RECEIVED, Missfresh Limited, a Cayman Islands incorporated limited liability company (the
“Company”) promises to pay, in the lawful currency of the United States of America, to the order of ICBC International Investment Management Limited, a company incorporated in the British Virgin Islands with limited liability or its
assigns (the “Holder”), the principal sum of US$27,000,000 (the “Principal Amount”), together with accrued and unpaid interest thereon, each due and payable on the dates and in the manner set forth below (the
“Note”). The Note is convertible into fully paid Preferred Shares, on and subject to the terms set forth below (this “Instrument”). 

1. Definitions and Interpretations. 

(a) Definitions. Unless otherwise defined herein, capitalized terms used but not otherwise defined herein shall have the respective
meaning ascribed therein to them in the Convertible Notes Purchase Agreement dated as of July 14, 2020, by and between the Company, the Holder and certain other parties named therein (as the same may from time to time be amended, modified or
supplemented or restated, the “Agreement”). 
 “Agreement” shall have the meaning ascribed to it in
Section 1. 
 “Arbitration Notice” shall have the meaning ascribed to it in Section 19. 

“Company” shall have the meaning ascribed to it in the Preamble. 

“Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or
power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The
terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 
 “Conversion Date”
shall have the meaning ascribed to it in Section 6(d)(iv). 
 “Conversion Documents” means, 

(i) in the event that the Holder exercises its Right of Conversion pursuant to Section 6(b)(i), (A) the share purchase agreement by and
among the Holder and the Group Companies, pursuant to which the applicable Conversion Shares shall be issued to the Purchaser on substantially the same terms and conditions as provided in the Series F Preferred Share Purchase Agreement (except that
no additional consideration will be payable) and (B) the deeds of adherence pursuant to which the Holder will become a party to each of the Shareholders Agreement and the ROFR Agreement; 

(ii) in the event that the Holder exercises its Right of Conversion pursuant to Section 6(b)(ii), (A) the share purchase agreement,
(B) the amended and restated shareholders agreement of the Company and (C) the amended and restated right of first-refusal and co-sale agreement of the Company, in each case in connection with the
relevant Equity Round and to each of which the Holder is a party; or 

 (iii) in the event that the Holder exercises its Right of Conversion pursuant to
Section 6(b)(iii), (A) the share purchase agreement pursuant to which the applicable Conversion Shares shall be issued to the Purchaser on substantially the same terms and conditions as provided in the share purchase agreement in connection
with the relevant Equity Round and (B) the deeds of adherence pursuant to which the Holder will become a party to each of the then effective amended and restated shareholders agreement of the Company and the amended and restated right of
first-refusal and co-sale agreement of the Company. 
 “Conversion Notice” shall
have the meaning ascribed to it in Section 6(d)(i). 
 “Conversion Notice Date” shall mean the date on which the
Conversion Notice is delivered by the Holder to the Company. 
 “Conversion Period” shall have the meaning ascribed to it
in Section 6(a)(ii). 
 “Conversion Price” shall have the meaning ascribed to it in Section 6(c)(ii). 

“Converted Outstanding Amount” shall have the meaning ascribed to it in Section 6(c)(i). 

“Default Amounts” shall mean collectively the Note Default Amounts and the Redemption Default Amounts. 

“Default Interest” shall have the meaning ascribed to it in Section 9. 

“Dispute” shall have the meaning ascribed to it in Section 19. 

“Equity Round” shall mean any bona fide equity financing consummated by the Company after the Issuance Date involving
the issuance of Shares of the Company that ranks pari passu or senior to the Series F Preferred Shares to any investor(s) (excluding any issuance of Equity Securities of the Company as enumerated under Section 7.3 (other than
Section 7.3 (h)) of the Shareholders Agreement).
 “Event of Default” shall have the meaning ascribed to it in
Section 8. 
 “Final Repayment Date” shall have the meaning ascribed to it in Section 3. 

“Financial Indebtedness” means any indebtedness for or in respect of: 

(a) moneys borrowed; 

(b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

(c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any
similar instrument; 
 (d) the amount of any liability in respect of any lease or hire purchase contract which would, in
accordance with Accounting Standards, be treated as a balance sheet liability; 
 (e) receivables sold or discounted (other
than any receivables to the extent they are sold on a non-recourse basis); 
 (f) any
amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing; 

 (g) any derivative transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); 
 (h)
any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and 

(i) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs
(a) to (h) above. 
 “HKIAC” shall have the meaning ascribed to it in Section 19. 

“HKIAC Rules” shall have the meaning ascribed to it in Section 19. 

“Holder” shall have the meaning ascribed to it in the Preamble. 

“Instrument” shall have the meaning ascribed to it in the Preamble. 

“Internal Rate of Return” means the discount rate, using cumulative annual compounding, at which the sum of the net present
value of the cash outflow (calculated in US$) for or in connection with the Voluntary Redemption Amount equals to the sum of the net present value of the cash inflow (calculated in US$) actually received by the Holder from the Company by way of the
payment of Voluntary Redemption Price. 
 “Involuntary Redemption Amount” shall have the meaning ascribed to it in
Section 7(c). 
 “Involuntary Redemption Notice” shall have the meaning ascribed to it in Section 7(e)(iii). 

“Involuntary Redemption Price” shall have the meaning ascribed to it in Section 7(c). 

“Involuntary Redemption” shall have the meaning ascribed to it in Section 7(c). 

“Issuance Date” shall mean the Issuance Date first above written. 

“Maturity Date” shall have the meaning ascribed to it in Section 2. 

“Maturity Redemption” shall have the meaning ascribed to it in Section 7(b). 

“Maturity Redemption Price” shall have the meaning ascribed to it in Section 7(b). 

“Missfresh HK” shall mean Missfresh HK Limited
(每日優鮮香港集團股份有限公司), a limited liability company incorporated under the laws of Hong Kong with company number 2224884 and whose registered office address
is at 9/F., MW Tower, No. 111 Bonham Strand, Sheung Wan, Hong Kong. 
 “Note” shall have the meaning ascribed to it in
the Preamble. 
 “Note Default Amounts” shall have the meaning ascribed to it in Section 9. 

“Other Redeemable Securities” shall have the meaning ascribed to it in Section 7(f). 

“Outstanding Amount” shall mean, at a given time, the aggregate amount of the then outstanding Principal Amount under
this Note. 
 “Principal Amount” shall have the meaning ascribed to it in the Preamble. 

“Principal Holding Companies” means, collectively, Freshking Limited, a company organized under the Laws of the British
Virgin Islands and Tigerteeth Limited, a company organized under the laws of the British Virgin Islands. 

 “Principals” means collectively, XU Zheng (徐正), a Hong Kong
citizen with his identification number M583239(5) and ZENG Bin (曾斌), a PRC citizen with his identification number 430402197609062532. 

“Qualified IPO Reference Share Price” shall be equal to (a) eighty per cent. (80%) of minimum pre-money valuation of the Company reflected in the definition of Qualified IPO under the Agreement as of the Conversion Date, divided by (b) the number of all shares of common stock of the Company (on a fully
diluted and as-converted basis) on the Conversion Date. 
 “Redemption Date” shall
mean, with respect to a Voluntary Redemption or an Involuntary Redemption, the date on which such redemption is effected by the payment in full by the Company to the Holder of the Voluntary Redemption Price or the Involuntary Redemption (as the case
may be). 
 “Redemption Default Amounts” shall have the meaning ascribed to it in Section 9. 

“Redemption Event” shall have the meaning ascribed to it in Section 7(d). 

“Redemption Event Notice” shall have the meaning ascribed to it in Section 7(e)(iii). 

“Redemption Price” shall mean, the Voluntary Redemption Price, the Maturity Redemption Price or the Involuntary Redemption
Price, as applicable. 
 “Right of Conversion” shall have the meaning ascribed to it in Section 6(a)(i). 

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or contingent and whether owed
jointly or severally or in any other capacity whatsoever) of the Company to the Holder under each Transaction Agreement or as a consequence of any breach, non-performance, disclaimer or repudiation by the
Company of any of its obligations under the Transaction Agreements or otherwise and references to the Secured Liabilities include references to any part of them; 

“Series F Equity Financing” shall mean the issuance of Series F Preferred Shares by the Company to certain investors pursuant
to the Series F Financing Documents. 
 “Series F Issue Price” shall mean the issue price per share in the Series F Equity
Financing, being US$5.2733. 
 “Series F Preferred Shares” shall mean the preferred shares issued by the Company in Series
F Equity Financing. 
 “Shares” means, collectively, the Preferred Shares and the Ordinary Shares. 

“Share Sale” shall have the meaning ascribed to it in the Shareholders Agreement. 

“Transaction Security Document” means: 
  

	 	(a)	 the Share Charge; 

  

	 	(b)	 any other document evidencing or creating or expressed to evidence or create Security over any asset to secure
any obligation of the Company in favour of the Holder under the Transaction Agreements; or 

  

	 	(c)	 any other document designated as such by the Holder and the Company. 

“Voluntary Redemption” shall have the meaning ascribed to it in Section 7(a). 

“Voluntary Redemption Amount” shall have the meaning ascribed to it in Section 7(a). 

“Voluntary Redemption Notice” shall have the meaning ascribed to it in Section 7(e)(i). 

“Voluntary Redemption Price” shall have the meaning ascribed to it in Section 7(a). 

	 	(b)	 Interpretations. 

  

	 	(i)	 Directly or Indirectly. The phrase “directly or indirectly” means directly, or indirectly
through one or more intermediate Persons or through contractual or other legal arrangements, and “direct or indirect” has the correlative meaning. 

  

	 	(ii)	 Gender and Number. Unless the context otherwise requires, all words (whether gender-specific or
gender-neutral) shall be deemed to include each of the masculine, feminine and neuter genders, and words importing the singular include the plural and vice versa. 

 

	 	(iii)	 Headings. Headings are included for convenience only and shall not affect the construction of any
provision of this Agreement. 

  

	 	(iv)	 Include not Limiting. “Include,” “including,” “are inclusive of” and
similar expressions are not expressions of limitation and shall be construed as if followed by the words “without limitation.” 

  

	 	(v)	 Law. References to “law” shall include all applicable laws, regulations, rules and orders of
any Governmental Authority, securities exchange or other self-regulating body, any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and
“lawful” shall be construed accordingly. 

  

	 	(vi)	 Language. This Agreement is written in English. If this Agreement is translated into any language other
than English, the English language text shall prevail. 

  

	 	(vii)	 Rights not obligations. References in this Agreement to any Person having a “right” shall not
connote any corresponding obligation. 

  

	 	(viii)	 References to Documents. References to this Agreement include the Schedules and Exhibits, which form an
integral part hereof. A reference to any Section, Schedule or Exhibit is, unless otherwise specified, to such Section of, or Schedule or Exhibit to this Agreement. The words “hereof,” “hereunder” and “hereto,” and words
of like import, unless the context requires otherwise, refer to this Agreement as a whole and not to any particular Section hereof or Schedule or Exhibit hereto. References to any document (including this Agreement) are references to that document
as amended, consolidated, supplemented, novated or replaced from time to time. 

  

	 	(ix)	 Share Calculations. In calculations of share numbers or percentages, (i) references to
“fully-diluted basis” mean that the calculation is to be made assuming that all outstanding options, warrants and other Equity Securities convertible into or exercisable or exchangeable for Class B Ordinary Shares (whether or not by
their terms then currently convertible, exercisable or exchangeable), have been so converted, exercised or exchanged, and (ii) references to “as-converted basis” mean that the calculation should
be made assuming (i) conversion of all outstanding Preferred Shares into Class B Ordinary Shares, and (ii) conversion of all outstanding Class A Ordinary Shares into Class B Ordinary Shares, in each case of (i) and
(ii), excluding any new Equity Securities issued in connection with an IPO. Any share calculation shall be appropriately adjusted to take into account any share split, share consolidation, recapitalization, bonus issue, reclassification or similar
event. 

  

	 	(x)	 Time. Except as otherwise provided, (i) if a period of time is specified and dates from a given day
or the day of a given act or event, such period shall be calculated exclusive of that day and a time of day is a reference to Hong Kong time; and (ii) if the day on or by which something must be done is not a Business Day, that thing must be done on
or by the Business Day immediately following such day. 

	 	(xi)	 Writing. References to “writing” and “written” include any mode of reproducing words
in a legible and non-transitory form including emails and faxes. 

 2. Maturity
Date. The Outstanding Amount under this Note shall, subject to the provisions for redemption and conversion hereof, as applicable, mature and be due and payable in full on the date that is twenty-four (24) months following the date of this
Note, or such later date as the Holder and the Company may mutually in writing agree (the “Maturity Date”). The Principal Amount may not be prepaid, in whole or in part, prior to the Maturity Date without the written consent of the
Holder. 
 3. Interest Rate. Interest shall accrue at a rate of 7% simple return per annum on the Outstanding Amount under this Note
for the period commencing on and from the Issuance Date until the Outstanding Amount (including any Default Interest) is fully repaid or redeemed under Section 7 (the “Final Repayment Date”). Interest shall be due and payable
on each anniversary of the Issuance Date and on the Final Repayment Date, and shall be calculated based on a 365-day year for the actual number of days elapsed. 

4. Payments. All payments under this Note shall be paid in lawful money of the United States of America to the Holder, made by wire
transfer of immediately available funds to the bank account designated by the Holder in a written notice delivered to the Company. 
 5.
Ranking. Unless fully converted pursuant to this Instrument, this Note constitutes direct, unconditional and unsubordinated obligations of the Company. This Note ranks (i) senior in right of payment to any of the Company’s future
indebtedness that is expressly subordinated in right of payment to this Note, (ii) pari passu with the claims of all of the Company’s other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law
applying to individuals or companies generally. 
 6. Conversion. 

 

	 	(a)	 Right of Conversion 

 

	 	(i)	 At the option of the Holder, this Note shall be convertible into Preferred Shares of the Company on the terms
and conditions set forth in this Section 6 (the “Right of Conversion”).

  

	 	(ii)	 Subject to the terms and conditions set forth in this Section 6, at any time between the Issuance Date and
11:59 p.m. Beijing time on the Business Day immediately preceding the Maturity Date (or if Section 6(a)(iii) applies, the Final Repayment Date) (the “Conversion Period”), the Holder shall be entitled to convert all or any
portion of the then Outstanding Amount into Preferred Shares of the Company based on the Conversion Price described in Section 6(b) below. The Holder may exercise the Right of Conversion once or more during the Conversion Period.

  

	 	(iii)	 Notwithstanding sub-clause (ii) above, if this Note is not fully
repaid in accordance with Sections 2 and 3 or redeemed on the Maturity Date in accordance with Section 7(b), the Right of Conversion will revive and will continue to be exercisable up to, and including, the Final Repayment Date.

  

	 	(b)	 Conversion Shares. 

 

	 	(i)	 In the event that no Equity Round occurs before the Conversion Notice Date, this Note may only be convertible
into the Series F Preferred Shares. 

	 	(ii)	 In the event that an Equity Round occurs before the Maturity Date (or if Section 6(a)(iii) applies, the
Final Repayment Date) and the Holder elects to exercise its Right of Conversion prior to the consummation of such Equity Round, this Note shall be convertible into the class of Preferred Shares issued in such Equity Round. 

 

	 	(iii)	 In the event that an Equity Round occurs before the Maturity Date (or if Section 6(a)(iii) applies, the
Final Repayment Date) and the Holder does not exercise its Right of Conversion prior to the consummation of such Equity Round, then this Note shall be convertible into the class of Preferred Shares issued in such Equity Round if the Holder exercises
its Right of Conversion after such Equity Round and before the occurrence of the Equity Round immediately following such Equity Round. The Conversion Shares issued upon conversion of this Note will be credited as fully paid and will in all respects
rank pari passu with the same class of Preferred Shares issued in such Equity Round as of the relevant Conversion Date. 

  

	 	(c)	 Conversion Price. 

 

	 	(i)	 The number of the Conversion Shares issuable upon the exercise of the Right of Conversion shall be determined
by dividing (i) an amount equal to the portion of the Outstanding Amount to be converted at the election of the Holder (the “Converted Outstanding Amount”) by (ii) the applicable Conversion Price (as adjusted for share
splits, share dividends, combinations, recapitalizations and similar events). 

  

	 	(ii)	 “Conversion Price” shall mean: 

 

	 	a)	 in the event that no Equity Round occurs before the Conversion Date: 

 

	 	(x)	 if the Conversion Date is on or before the first anniversary of the Issuance Date, 110% of the Series F Issue
Price; 

  

	 	(y)	 if the Conversion Date falls in the period starting from (and excluding) the first anniversary of the Issuance
Date and ending on (and including) the second anniversary of the Issuance Date (or if Section 6(a)(iii) applies, the Final Repayment Date), 120% of the Series F Issue Price; 

provided that, in each case of sub-clauses (x) and (y) above, the Conversion Price shall not
exceed the Qualified IPO Reference Share Price; provided further that, in each case of sub-clauses (x) and (y) above, in no event shall the Conversion Price be lower than the Series F Issue Price, and if
the Qualified IPO Reference Share Price is less than the Series F Issue Price, the Conversion Price shall be the Series F Issue Price; 
  

	 	b)	 in the event that an Equity Round occurs before the Maturity Date (or if Section 6(a)(iii) applies, the
Final Repayment Date) and the Holder elects to exercise its Right of Conversion in such Equity Round, eighty percent (80%) of the per share issue price of the Shares issued by the Company in such Equity Round; provided that in no event shall such
Conversion Price be less than the per share issue price of the Shares issued by the Company in the round of equity financing immediately preceding such Equity Round; 

 

	 	c)	 in the event that an Equity Round occurs before the Maturity Date (or if Section 6(a)(iii) applies, the
Final Repayment Date) and the Holder does not exercise its Right of Conversion in such Equity Round: 

	 	(x)	 if the Conversion Date is on or before the first anniversary of the closing date of such Equity Round, 110% of
the per share issue price in such Equity Round; 

  

	 	(y)	 if the Conversion Date falls into the period starting from (and excluding) the first anniversary of the closing
date of such Equity Round and ending on (and including) the Maturity Date (or if Section 6(a)(iii) applies, the Final Repayment Date), 120% of the per share issue price in such Equity Round; 

provided that, in each case of sub-clauses (x) and (y) above, the Conversion Price shall not
exceed the Qualified IPO Reference Share Price; provided further that, in each case of sub-clauses (x) and (y) above, in no event shall the Conversion Price be lower than the per share issue price in such
Equity Round, and if the Qualified IPO Reference Share Price is less than the per share issue price in such Equity Round, the Conversion Price shall be per share issue price in such Equity Round. 

 

	 	(iii)	 If the conversion would result in the issuance of a fraction of a Preferred Share, the Company shall round such
fraction of a Preferred Share up to the nearest whole share. 

  

	 	(d)	 Mechanics of Conversion 

 

	 	(i)	 In the event that the Company proposes to undertake an Equity Round, it shall give the Holder no less than
thirty (30) Business Day written notice of its intention to undertake such Equity Round, setting forth (A) the amount and type of new Equity Securities of the Company to be issued, (B) the price and terms upon which the Company
proposes to issue such Equity Securities, and (C) the type of Conversion Shares to be issued and the applicable Conversion Price if the Holder were to exercise its Right of Conversion in connection with such Equity Round pursuant to Sections
6(b)(ii) and 6(b)(iii), respectively. 

  

	 	(ii)	 To exercise the Right of Conversion, the Holder must deliver to the Company a notice of conversion (the
“Conversion Notice”), (A) in the case of Section 6(b)(i) or Section 6(b)(iii), during the Conversion Period, or (B) in the case of Section 6(b)(ii), prior to the consummation of the relevant Equity Round, in each
case setting forth the Converted Outstanding Amount, the type and number of Conversion Shares to be issued and the applicable Conversion Price. 

  

	 	(iii)	 In the event that an Equity Round occurs after the Holder delivers a Conversion Notice and prior to the
Conversion Date with respect to such Conversion Notice, the Holder shall have the right to rescind such Conversion Notice by written notice to the Company prior to the Conversion Date with respect to such Conversion Notice, provided that the Holder
may only exercise its right of rescission pursuant to this Section 6(d)(iii) once with respect to such Conversion Notice. 

  

	 	(iv)	 The conversion date (the “Conversion Date”) in respect of the exercise of the Right of
Conversion in accordance with the terms hereof shall be the date on which the conversion of this Note into the Conversion Shares is consummated in accordance of the terms hereof (the “Conversion Closing”). 

 

	 	(v)	 The Conversion Closing shall occur as soon as practicable and in any event within thirty (30) days after
the date of the Conversion Notice. 

	 	(vi)	 At Conversion Closing, the Company shall (A) register the Holder or the person designated in the
Conversion Notice (as the case may be) as the holder(s) of the Conversion Shares in the Company’s register of members, (B) issue and deliver to such address of the Holder as set forth in the Conversion Notice, a certificate, registered in
the name of the Holder or its designee, for the number of Conversion Shares to which the Holder shall be entitled, and (C) deliver to the Holder the Conversion Documents duly executed by all the parties thereto (other than the Holder) and all
documents and deliverables required thereunder. The Person entitled to receive the Conversion Shares shall be treated for all purposes as the record holder or holders of such Conversion Shares on the Conversion Date. 

 

	 	(vii)	 At Conversion Closing, the Holder shall execute and deliver to the Company the Conversion Documents to which it
is a party duly executed by the Holder (or its designated party). 

  

	 	(viii)	 Upon Conversion Closing in respect of all or any partial amount of this Note pursuant to this Section 6,
the Holder shall surrender this Instrument, duly endorsed, at the principal office of the Company. Notwithstanding the foregoing, the failure of the Holder to surrender this Instrument shall not affect the conversion of all or any partial amount of
this Note pursuant to this Section 6. Upon Conversion Closing in respect of all or any partial amount of this Note pursuant to this Section 6, this Instrument shall be deemed to have been cancelled even if it is not surrendered for
cancellation, provided that in the event of conversion of this Note in part only, a new instrument for the unconverted portion of this Note will be issued in the name of the Holder upon the cancellation of this Instrument. 

 

	 	(ix)	 All rights with respect to the Converted Outstanding Amount of this Note shall terminate upon the issuance of
the applicable Conversion Shares, whether or not this Instrument has been surrendered and whether or not the Conversion Documents have been executed and delivered by Holder to the Company.

 

	 	(x)	 Upon Conversion Closing, the right of the Holder to repayment of the Converted Outstanding Amount and any
interest thereunder shall be extinguished in their entirety, and any and all of the interests accrued thereon and paid by the Company with respect to the Converted Outstanding Amount as of the Conversion Date shall be refunded to the Company within
five (5) Business Days after the Conversion Date. For the avoidance of doubt, all rights in respect of the remaining balance of the Outstanding Amount shall remain in effect after the Conversion Date. 

 

	 	(xi)	 In the event that, with respect to a Conversion Notice, the Conversion Closing does not occur by the date set
forth in Section 6(d)(v), without prejudicing any rights the Holder may have, the Converted Outstanding Amount set forth in such Conversion Notice (to the extent not fully paid) shall be deemed as part of the Outstanding Amount and remain
subject to the Holder’s rights of Maturity Redemption and Involuntary Redemption. 

  

	 	(xii)	 The Company shall pay (or cause to be paid) any and all transfer, stamp and similar taxes that may be payable
with respect to the issuance and delivery of the Conversion Shares, and shall provide confirmation to the Holder upon request that such taxes have been paid. The Company will pay (or cause to be paid) all other expenses arising on the issue of
Conversion Shares on conversion of this Note provided that the Company and the Holder shall each bear its own fees, costs and expenses (including but not limited to, fees of legal counsel, accounting and tax advisors) in connection with the
preparation, negotiation and completion of the documents in relation to such Conversion and the performance of the transactions contemplated thereby. 

 7. Redemption. 

(a) Voluntary Redemption. At any time before 11:59 p.m. Beijing time on the Business Day immediately preceding the Maturity Date, the
Company is entitled to redeem (the “Voluntary Redemption”) any portion of the then Outstanding Amount by serving a prior written notice on the Holder pursuant to Section 7(e) below, at a price (the “Voluntary Redemption
Price”) equal to the sum of (A) the portion of the Principal Amount to be redeemed (the “Voluntary Redemption Amount”) and (B) an amount that enables the Holder to achieve a ten per cent. (10%) Internal Rate of
Return on such Voluntary Redemption Amount as of the Redemption Date (taking into account all interest which has accrued thereon and been paid by the Company to the Holder with respect to the Voluntary Redemption Amount in accordance with this
Instrument). The Company may only exercise the right of Voluntary Redemption once. For the avoidance of any doubt, all rights in respect of the remaining balance of the Outstanding Amount shall remain in effect after the exercise of the Voluntary
Redemption by the Company. 
 (b) Maturity Redemption. To the extent not previously redeemed, converted or purchased and cancelled as
provided herein, on the Maturity Date, the Company shall automatically redeem (the “Maturity Redemption”) the then Outstanding Amount (the “Maturity Redemption Amount”), at a price equal to (A) the Maturity
Redemption Amount, plus (B) a simple interest on the Maturity Redemption Amount at the rate of seven point five per cent. (7.5%) per annum (the “Redemption Interest Rate”) for the period starting from (and including) the
Issuance Date and ending on (and excluding) the Maturity Date (or if Section 6(a)(iii) applies, the Final Repayment Date), less (C) all interest which has accrued thereon and been paid by the Company to the Holder with respect to the
Maturity Redemption Amount in accordance with this Instrument as of the Maturity Date (or if Section 6(a)(iii) applies, the Final Repayment Date) (“Maturity Redemption Price”). 

(c) Involuntary Redemption. To the extent not previously redeemed, converted or purchased and cancelled as provided herein, if any of
the Redemption Event occurs prior to the Maturity Date (or if Section 6(a)(iii) applies, the Final Repayment Date), the Holder shall be entitled to require the Company to redeem (the “Involuntary Redemption”) all or any portion
of the then Outstanding Amount (the “Involuntary Redemption Amount”) by serving a prior written notice on the Company pursuant to Section 7(e) below, at a price equal to (A) the Involuntary Redemption Amount, plus
(B) a simple interest on the Involuntary Redemption Amount at the Redemption Interest Rate for the period starting from (and including) the Issuance Date and ending on (and excluding) the Redemption Date, less (C) all interest which has
accrued thereon and been paid by the Company to the Holder with respect to the Involuntary Redemption Amount in accordance with this Instrument as of the Redemption Date (“Involuntary Redemption Price”). 

(d) Redemption Events. The occurrence of each of the events or circumstances set forth in this Section 7 prior to the Maturity Date
(or if Section 6(a)(iii) applies, the Final Repayment Date) is a redemption event (each a “Redemption Event”): 
  

	 	(i)	 the consummation of an IPO; 

 

	 	(ii)	 a Share Sale; 

  

	 	(iii)	 the Principals and the Principal Holding Companies cease to beneficially own at least fifty percent (50%) of
the Company’s voting power in the aggregate; 

  

	 	(iv)	 the Principals and the Principal Holding Companies, in the aggregate, cease to have the power, directly or
indirectly, to appoint or remove (or control the appointment or the removal of) such number of directors of the Company that controls the majority of the votes of the Board; 

 

	 	(v)	 the Company ceases to be the direct legal and beneficial owner of the entire issued share capital of Missfresh
HK or ceases to have the power (directly or indirectly) to appoint or remove (or control the appointment or removal of) the majority of the directors of Missfresh HK; 

 

	 	(vi)	 a Deemed Liquidation Event as defined in the M&AA (other than a Deemed Liquidation Event (x) with
respect to a Group Company whose annual revenues are less than 30% of the consolidated annual revenues of the Group, or (y) which is an internal reorganization involving business adjustments, assets
re-allocation or transfer, in each case among the Group Companies); 

	 	(vii)	 any Event of Default; 

 

	 	(viii)	 satisfaction of the following two conditions based on the management reports with respect to the fiscal year
2020 and subsequent fiscal years provided by the Company pursuant to Section 6.3 of the Agreement: (x) the annual net income set forth in the management report in a given fiscal year is lower than that set forth in the management report
for the prior fiscal year, and (y) the net loss set forth in the management report in such given fiscal year is higher than that set forth in the management report for the prior fiscal year; 

 

	 	(ix)	 the Group has not successfully filed any application for listing on or before 30 June 2021;

  

	 	(x)	 a Qualified IPO has not occurred on or before 31 December 2021 (or with consent of the Holder,
31 March 2022); or 

  

	 	(xi)	 the application for listing is denied by the proposed stock exchange or any governmental authorities or the
listing process is terminated after the application has been filed. For the purposes of the foregoing, the listing process is deemed to have terminated if the Company and their advisors fail to respond to any written enquiry or documentary request
by the competent authority within the time period mandatorily required by applicable law and the listing process is thus declared as terminated by the relevant stock exchange or the competent authority. 

(e) Procedure. 
  

	 	(i)	 Voluntary Redemption. In the event that the Company wishes to exercise its right of Voluntary
Redemption, it shall deliver to the Holder a written notice (the “Voluntary Redemption Notice”), which shall specify the Voluntary Redemption Amount and the Voluntary Redemption Price. The Company shall effect the Voluntary
Redemption by paying to the Holder the Voluntary Redemption Price in full in accordance with this Section 7 within five (5) Business Days after the delivery of the Voluntary Redemption Notice, or the Maturity Date (if earlier).

  

	 	(ii)	 Maturity Redemption. Upon the Maturity Date, to the extent the Company is obligated to redeem the
Maturity Redemption Amount, the Company shall effect the Maturity Redemption by paying to the Holder the Maturity Redemption Price in full in accordance with this Section 7 on the Maturity Date. 

 

	 	(iii)	 Involuntary Redemption. Upon the occurrence of a Redemption Event, the Company shall, promptly and in
any event within five (5) Business Days after it becomes aware of such occurrence, provide to the Holder a written notice (the “Redemption Event Notice”) of the occurrence of such Redemption Event and of the Holder’s right
of Involuntary Redemption arising as a result thereof. The Holder may exercise its right of Involuntary Redemption by delivering to the Company a written notice (the “Involuntary Redemption Notice”) at any time after
occurrence of a Redemption Event, setting forth the Involuntary Redemption Amount. The Company shall effect the Involuntary Redemption by paying to the Holder the Voluntary Redemption Price in full, 

 

	 	a)	 in the case of Section 7(d)(i), within one (1) month (or two (2) months if so agreed by the
Holder in writing) after the consummation of the IPO; 

	 	b)	 in the case of Sections 7(d)(ii), 7(d)(iii), 7(d)(iv), 7(d)(v) and 7(d)(vi) ( if the occurrence of the relevant
Deemed Liquidation Event is a result of a Share Sale), on the date that is the earlier of (x) five (5) Business Days after the Company’s receipt of the cash consideration for such Share Sale and (y) within one (1) month (or two
(2) months if so agreed by the Holder in writing) after the delivery by the Holder of the Involuntary Redemption Notice; 

  

	 	c)	 in the case of 7(d)(vi), if the occurrence of the relevant Deemed Liquidation Event is a result of (A) a
sale, transfer or other disposition of, all or substantially all of the assets of the Group Companies or (B) exclusive licensing of all or substantially all of any Group Company’s intellectual property to a third party other than any Group
Company, in each case where the Company receives cash consideration for such sale or licensing, as the case may be (via a distribution or otherwise), within five (5) Business Days after the later of (x) the Company’s receipt of the
cash consideration for such sale or licensing, as the case may be (via a distribution or otherwise) and (y) the delivery by the Holder of the Involuntary Redemption Notice; and 

 

	 	d)	 in the case of any other Redemption Events, within five (5) Business Days after the delivery by the Holder
of the Involuntary Redemption Notice. 

 (f) Other Redeemable Securities. If, at any time, the Company enters into
any agreement with any other investor pursuant to which such investor has the right to request the Company to redeem any Equity Securities of the Company (the “Other Redeemable Securities”) on a date that is earlier than the
Redemption Date, then, the Company shall inform the Holder of such arrangement within five (5) days after the execution of such agreement and it shall be deemed that a Redemption Event has occurred on the date that is ninety (90) days
prior to the date on which the Company is first obliged to effect the redemption of the Other Redeemable Securities. 
 8. Events of
Default. 
 (a) For purpose of this Note, each of the following events shall be an “Event of Default” hereunder: 

 

	 	(i)	 the Company fails to make any payment when due under this Note; 

 

	 	(ii)	 a material breach by the Company of any representation or warranty it has made in the Transaction Agreements,
or a breach of any material obligation of the Company as set forth in the Transaction Agreements; 

  

	 	(iii)	 the commencement of or consent to any proceeding seeking (i) to adjudicate it as bankrupt or insolvent,
(ii) liquidation, winding up or dissolution of any of the Group Companies under any Law relating to bankruptcy or insolvency, or (iii) relief of, or relating to, debtors, nor or hereafter in effect, or makes any assignment for the benefit
of creditors or its board of directors or shareholders take any corporate action in furtherance of any of the foregoing; 

  

	 	(iv)	 an involuntary petition is filed against the Company (unless such petition is dismissed or discharged within
forty-five (45) days) under any bankruptcy, reorganization, insolvency, arrangement, readjustment of debt, moratorium, or similar law for the relief of, or relating to, debtors, nor or hereafter in effect, or a custodian, receiver, trustee,
assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company; 

	 	(v)	 the Company fails to ensure that its payment obligations under the Transaction Agreements rank (x) senior
in right of payment to any of the Company’s other indebtedness that is expressly subordinated in right of payment to the Transaction Agreements or (y) pari passu with the claims of all of the Company’s unsecured and
unsubordinated creditors (except for obligations mandatorily preferred by law applying to individuals or companies generally), or the Transaction Security becomes subject to any prior ranking or pari passu ranking Security;

  

	 	(vi)	 any material change to the principal business to the Group; 

 

	 	(vii)	 any declaration, set aside or payment of a dividend or other distribution, or any redemption, repurchase or
capital reduction undertaken or proposed to be undertaken by the Company (other than those redemption or repurchase of Ordinary Shares by the Company from employees, officers or consultants of the Group Companies in accordance with the ESOP (as
defined in the M&AA)); 

  

	 	(viii)	 there exists circumstance or event that has resulted in or is reasonable expected to result in a material
adverse effect, as compared with the circumstances as of the Issuance Date, on (a) the business, operation, property, condition (financial or otherwise) of the Company or the Group Companies taken as a whole, that causes more than 30% drop in
the Company’s market value (except to the extent that such drop is solely caused by (A) material adverse change in any markets in which the Group does business except where such change has a disproportionate impact on the Group or
(B) valuation of the Group in connection with an investment in the Group by any strategic investor in the absence of any circumstance or event that would otherwise result in or would be reasonable expected to result in such drop); (b) the
ability of the Company to pay the Outstanding Amount and the accrued interests of this Note; or (c) the validity or enforceability of, or the effectiveness or ranking of any of the Transaction Security granted or purported to be granted
pursuant to any of the Transaction Agreements or the rights or remedies of the Holder thereunder (a “Material Adverse Effect”); 

  

	 	(ix)	 where (a) the Company or any Group Company fails to make any payment when due in respect of any
Financial Indebtedness owed to any financial entities or institutions, which, taking into account of the applicable grace period as agreed therein, results in the acceleration of the maturity of such indebtedness or the holder thereof has declared
such Financial Indebtedness to become due prior to its stated maturity as a result of an event of default (however described); (b) any commitment for any Financial Indebtedness of the Company or any Group Company owed to any financial entities or
institutions is cancelled or suspended by a creditor of the Company or any Group Company as a result of an event of default (however described); or (c) any creditor that is a financial entity or institution of the Company or any Group Company
declares any Financial Indebtedness of the Company or any Group Company due and payable prior to its specified maturity as a result of an event of default (however described); 

 

	 	(x)	 where (a) the Company or any Group Company fails to make any payment when due in respect of any
Financial Indebtedness owed to any persons other than financial entities or institutions when due (taking into account of the applicable grace period as agreed therein), which results in the acceleration of the maturity of such indebtedness or the
holder thereof has declared such Financial Indebtedness to become due prior to its stated maturity as a result of an event of default (however described); (b) any commitment for any Financial Indebtedness of the Company or any Group Company owed to
such persons is cancelled or suspended by a creditor of the Company or any Group Company as a result of an event of default (however described); or (c) any creditor that is a person other than financial entities or institutions declares any
Financial Indebtedness of the Company or any Group Company due and payable prior to its specified maturity as a result of an event of default (however described); in each case has or might reasonably be expected to have a Material Adverse Effect; or

	 	(xi)	 any Expropriation Event occurs which affects more than 30% by number of the Operational Premises owned, used
and/or operated the Group Companies (for the purpose of this Section 8(a)(xi), “Expropriation Event” means the appropriation, confiscation, expropriation, seizure or nationalization of ownership or control, and “Operational
Premises” means the grand warehouses, medium-warehouses and micro-warehouses with functions of receiving, sorting and delivery of goods); 

  

	 	(xii)	 (A) it is or becomes unlawful for the Company to perform any of its obligations under the Transaction
Agreements to which it is a party or any Transaction Security ceases to be effective; (B) any obligation or obligations of the Company under any Transaction Agreements to which it is a party are not (subject to the Legal Reservations) or cease
to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Holder under the Transaction Agreements; or (C) any Transaction Agreement ceases to be in full force
and effect or any Transaction Security ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than the Holder) to be ineffective; or 

 

	 	(xiii)	 the Company (or any other relevant party) rescinds or purports to rescind or repudiates or purports to
repudiate a Transaction Agreement or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Agreement or any Transaction Security. 

(b) Notification of Event of Default. Upon the occurrence of an Event of Default, the Company shall, promptly and in any event within
five (5) Business Days after it becomes aware of such occurrence, provide to the Holder a written notice of the occurrence of such Event of Default. 

(c) Consequences of Events of Default. 
  

	 	(i)	 If an Event of Default occurs, all Outstanding Amount under this Note shall become immediately due and payable
without any action on the part of Holder. 

  

	 	(ii)	 In no event shall the occurrence of an Event of Default limit the rights of the Holder to convert all or any
portion of this Note pursuant to Section 6 in lieu of Involuntary Redemption. 

  

	 	(iii)	 Notwithstanding anything to the contrary, the Holder shall also have any other rights which the Holder may have
been afforded under any contract or agreement or otherwise at any time (including any rights in connection with the Transaction Security) and any other rights which the Holder may have pursuant to applicable law. 

9.Default Interest. 
 (a)
Any amounts on this Note (excluding any Redemption Price) that are payable but are not punctually paid or duly provided for (the “Note Default Amounts”) shall accrue interest per annum at the rate per annum borne by this Notes plus
five per cent. (5%) (the “Default Interest”) from (and including) the relevant payment date to (but excluding) the date on which such Note Default Amounts shall have been paid by the Company. 

(b) Any amounts in respect of any Redemption Price that are payable but are not punctually paid or duly provided for (the “Redemption
Default Amounts”) shall accrue interest per annum at the Redemption Interest Rate plus the Default Interest from (and including) the relevant payment date to (but excluding) the date on which such Redemption Default Amounts shall have been
paid by the Company. 

 10.Indemnity. The Company shall, unless directly caused by the gross negligence or
wilful misconduct of the Holder, within ten (10) Business Days of demand, indemnify the Holder all cost, loss or liability incurred by Holder as a result of: 

(a) the occurrence of any Event of Default. 

(b) investigating any event which it reasonably believes is a Default; 

(c) the taking, holding, protection or enforcement of the Transaction Security; or 

(d) the exercise of any of the rights, powers, discretions and remedies vested in the Holder by the Transaction Agreements or by law. 

11. Release of the Share Charge. 

(a) In the event that 
  

	 	(i)	 the Note is repaid in accordance with Sections 2 and 3; 

 

	 	(ii)	 the Holder has exercised its Right of Conversion with respect to all or a portion of the Outstanding Amount in
accordance with Section 6; or 

  

	 	(iii)	 all or a portion of the Outstanding Amount is redeemed in accordance with Section 7(a), 7(b) or 7(c) (each
of (i) and (ii) above, a “Release Event”); 

 the Holder shall, at the request of the Company,
release such an amount of the Charged Assets (as defined in the Share Charge) that, immediately following the consummation of a Partial Release Event, the amount of the shares in the share capital of Missfresh HK subject to the Charges (as defined
in the Share Charge) shall be equal to the product of (x) the amount of Shares (as defined in the Share Charge) multiplied by a (y) fraction, the numerator of which is the aggregate amount of outstanding Secured Liabilities as of
immediately following the consummation of such Partial Release Event, and the denominator of which is the aggregate amount of outstanding Secured Liabilities as of the date of this Note. 

(b) If an IPO is proposed to occur and the Company has been advised by competent counsel in writing that the Charged Assets under the Share
Charge is required under the applicable rules and regulations to be released on or prior to such IPO, and for such duration as required by the applicable rules and regulations; the Company shall provide a copy of such written advice to the Holder,
whereupon the Holder shall, at the request of the Company, release the Charged Assets (as defined in the Share Charge) for such duration as required by the applicable rules and regulations; provided that: 

 

	 	a)	 The Company shall promptly do all such acts or execute all such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Holder may reasonably specify (and in such form as the Holder may reasonably require) in favour of the Holder to create, perfect or maintain the perfection of the Security created or intended to
be created under the Share Charge as soon as such Security is permitted under the applicable rules and regulations; 

  

	 	b)	 deliver to the Holder a legal opinion of the legal adviser to the Company as to the capacity and authority of
the Company to enter into and perform the Transaction Security Documents relating to the Transaction Security to be granted under paragraph a) above; and 

	 	c)	 deliver to the Holder a legal opinion of the legal adviser to the Company as to the enforceability of the
Transaction Security Documents relating to the Transaction Security to be granted under paragraph a) above. 

 12. No
impairment. The Company shall not, by amendment of its M&AA, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets, or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder under
this Note against wrongful impairment. Without limiting the generality of the foregoing and the applicable covenants in the Agreement, the Company will take all such action as may be necessary or appropriate in order that the Company may duly and
validly issue fully paid and non-assessable Conversion Shares upon conversion of this Note. Notwithstanding the foregoing, nothing herein limits the ability of the Holder to approve any amendment or waiver
related to this Note. 
 13. Lost, Stolen, Destroyed or Mutilated Note. In case this Note shall be mutilated, lost, stolen or
destroyed, the Company shall issue a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation of the mutilated Note, or in lieu of this Note lost, stolen or destroyed,
upon receipt of evidence satisfactory to the Company of the loss, theft or destruction of this Note. 
 14. Severability. If one or
more provisions of this Note are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms. The parties will work in good faith to substitute the excluded provision with a provision intended to accomplish the parties’ intent to the greatest extent permitted by law. 

15. Amendments and Waivers. Any term of this Note may be amended, and the observance of any term of this Note may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Holder and the Company. Any amendment or waiver effected in accordance with this Section 15 shall be binding upon the Holder
and its successors and assigns and the Company. 
 16. Attorneys’ Fees. If (i) this Note is placed in the hands of an
attorney for collection or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this Note or to enforce the provisions of this Note or (ii) there occurs any
bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights and involving a claim under any Note, then the Company shall pay the costs incurred by the Holder for such collection, enforcement
or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including documented attorneys’ fees and disbursements. 

17. Waiver of Presentment, Dishonour, etc. The Company hereby waives presentment and demand for payment, notice of dishonour, protest
and notice of protest of this Note. The right to plead any and all statutes of limitations as a defence to any demands hereunder is hereby waived to the fullest extent permitted by law. 

18. Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Instrument shall be
cumulative and in addition to all other remedies available under this Instrument, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue
actual damages for any failure by the Company to comply with the terms of this Instrument. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received
by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder shall cause irreparable harm
to the Holder and that the remedy at law for any such breach shall be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to
an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 

 19. Governing Law and Dispute Resolution. This Note and all acts and
transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of Hong Kong, without giving effect to principles of conflicts of law. Any dispute,
controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to
the dispute with notice (the “Arbitration Notice”) to the other party. The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the
Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be one (1) arbitrator. The HKIAC
shall select the arbitrator, who shall be qualified to practice law in the Hong Kong SAR. The arbitral proceedings shall be conducted in Chinese. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 19,
including the provisions concerning the appointment of the arbitrator, the provisions of this Section 19 shall prevail. Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and
providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal shall be
final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

20. Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the Parties. The Holder may not, without consent from the Company, assign or transfer this Note and the rights and obligations therein to any Person other than (i) any of the Holder’s Affiliates and (ii) any
fund Controlled by the Holder, provided that the Holder shall not, and shall procure that the assignee or the transferee shall not, assign or transfer the Note or any of its rights and/or obligations thereunder to any Company Competitor (as defined
in the ROFR Agreement). 
 21. Delays or Omissions. No delay or failure by any party to insist on the strict performance of any
provision of this Instrument, or to exercise any power, right or remedy, will be deemed a waiver or impairment of such performance, power, right or remedy or of any other provision of this Instrument, nor shall it be construed to be a waiver of any
breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring. 
 22. Notices. The
notice provision in the Agreement shall apply mutatis mutandis to this Note. 
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blank.] 

 IN WITNESS WHEREOF, the undersigned have caused this Note to be duly executed by
their representatives, thereunto duly authorized as of the date first above written. 
 MISSFRESH LIMITED 

 

			
	By:	 	 /s/ Xu Zheng

		 	Name: Xu Zheng (徐正)
		 	Title: Director

 ICBC INTERNATIONAL INVESTMENT MANAGEMENT LIMITED 

 

			
	By:	 	 /s/ James Wang  / /s/ Yang Gao

		 	Name: James Wang   / Yang Gao
		 	Title: Authorized Signatory

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