Document:

EX-4.4

 Exhibit 4.4 

THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THIS THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into on June 16, 2017 (the
“Effective Date”), by and among: 
  

	1.	LingoChamp Inc., a company incorporated under the Laws of Cayman Islands (the “Company”); 

  

	2.	LingoChamp (HK) Limited (流利说(香港)有限公司), a company
organized and existing under the Laws of Hong Kong and wholly owned by the Company (the “HK Company”); 

  

	3.	Yuguan Information Technology (Shanghai) Co., Ltd. (语冠信息技术(上海)有限公司), a limited
liability company organized and existing under the Laws of the PRC and wholly owned by the HK Company (“Shanghai Yuguan”); 

  

	4.	Yuling Culture Development (Shanghai) Co., Ltd.
(语灵文化传播(上海)有限公司), a limited liability company organized and
existing under the Laws of the PRC and wholly owned by the HK Company (“Shanghai Yuling,” and together with Shanghai Yuguan, each a “WFOE” and collectively, the “WFOEs”); 

 

	5.	Shanghai Liulishuo Information Technology Co., Ltd. (上海流利说信息技术有限公司), a limited liability
company organized and existing under the Laws of the PRC (“Shanghai Liulishuo”); 

  

	6.	Shanghai Mengfan Culture Broadcasting Co., Ltd. (上海萌番文化传播有限公司), a limited liability company
organized and existing under the Laws of the PRC (“Shanghai Mengfan,” and together with Shanghai Liulishuo, each a “Domestic Company” and collectively, the “Domestic Companies”); 

 

	7.	each of the individuals and their respective holding companies listed in Schedule I attached hereto (each such individual, a “Founder” and collectively, the “Founders”, each such
holding company, a “Founder Holding Company” and collectively, the “Founder Holding Companies”); 

  

	8.	each Person listed in Part A of Schedule II hereto (each, a “Series C Investor” and collectively, the “Series C Investors”); 

 

	9.	each Person listed in Part B of Schedule II hereto (each, a “Series B Investor” and collectively, the “Series B Investors”); 

 

	10.	each Person listed in Part C of Schedule II hereto (each, a “Series A Investor” and collectively, the “Series A Investors”); 

 

	11.	each Person listed in Part D of Schedule II hereto (each, a “Series Seed Investor” and collectively, the “Series Seed Investors”, together with the Series C Investors, the Series
B Investors, the Series A Investors, collectively, the “Investors” and each, an “Investor”); and 

  

	12.	Cherubic Ventures SSG Ltd. 

  
 1 

 Each of the parties listed above referred to herein individually as a “Party”
and collectively as the “Parties”. 
 This Agreement shall be effective as to all Parties as of the date hereof. 

Capitalized terms used herein without definition shall have the meanings set forth in the Purchase Agreement (as defined below). 

RECITALS 
  

	A	The Series C Investors and certain other parties thereto have entered into a Share Purchase Agreement (the “Purchase Agreement”) on June 13, 2017, pursuant to which the Series C Investors have
agreed to purchase from the Company, and the Company has agreed to sell to the Series C Investors, certain Series C Preferred Shares of the Company on the term and conditions set forth therein. 

 

	B	The Purchase Agreement provides that it shall be a condition precedent to the consummation of the transactions contemplated under the Purchase Agreement at the Closing that the Parties have entered into this Agreement.

  

	C	The Parties (other than CMC Lullaby Holdings Limited, Wu Capital Limited and Cherubic Ventures SSG Ltd.) have entered into certain Second Amended and Restated Shareholders Agreement on July 14, 2015 (the
“Prior Shareholders Agreement”). 

  

	D	The Parties desire to enter into this Agreement to amend and restate the Prior Shareholders Agreement in its entirety and make the respective representations, warranties, covenants and agreements set forth herein on the
terms and conditions set forth herein. 

 WITNESSETH 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound hereto hereby agree as follows: 
  

	1.	Definitions. 

 1.1 The following terms shall have the meanings ascribed to them
below: 
 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is
Controlled by or is under common Control with such Person. In the case of any Investor, the term “Affiliate” also includes (v) any shareholder of such Investor, (w) any of such shareholders’ or Investor’s general
partners or limited partners, (x) the fund manager managing such shareholders or Investor (and general partners, limited partners and officers thereof) and other funds managed by such fund manager, (y) trusts controlled by or for the
benefit of any such Person referred to in (v), (w) or (x), and (z) any Subsidiary of any such Person referred to in (v), (w), (x) or (y). 

“Additional Number” has the meaning set forth in Section 7.4. 

“Agreement” has the meaning set forth in the Preamble. 

  
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 “Annual Budget” has the meaning set forth in
Section 8.1. 
 “Applicable Securities Laws” means (i) with respect to any offering of
securities in the United States, or any other act or omission within that jurisdiction, the securities laws of the United States, including the Exchange Act and the Securities Act, and any applicable Law of any state of the United States, and
(ii) with respect to any offering of securities in any jurisdiction other than the United States, or any related act or omission in that jurisdiction, the applicable Laws of that jurisdiction. 

“Arbitration Notice” has the meaning set forth in Section 13.4. 

“Associate” means, with respect to any Person, (1) a corporation or organization (other than the Group Companies) of
which such Person is an officer or partner or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of Equity Securities of such corporation or organization, (2) any trust or other estate in which such
Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (3) any relative or spouse of such Person, or any relative of such spouse, who has the same home as such Person. 

“Big 4” means any of Pricewaterhouse Coopers, KPMG International, Deloitte Touche Tohmatsu, or Ernst & Young, or any
successor entity thereto. 
 “Board” or “Board of Directors” means the board of directors of the Company.

 “Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks
are required or authorized by Law to be closed in the Cayman Islands, the United States, the PRC or Hong Kong. 
 “CFC”
means a controlled foreign corporation as defined in the Code. 
 “Charter Documents” means, with respect to a particular
legal entity, the articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization,
certificate of formation, limited liability company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents,
of such entity. 
 “Closing” shall have the meaning set forth in the Purchase Agreement. 

“CMC Observer” shall have the meaning set forth in Section 9.7. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company Competitor” has the meaning set forth in Section 13.10. 

“Confidential Information” has the meaning set forth in Section 12.10. 

“Commission” means (i) with respect to any offering of securities in the United States, the Securities and Exchange
Commission of the United States or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the United States, the regulatory body of the
jurisdiction with authority to supervise and regulate the offering or sale of securities in that jurisdiction. 

  
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 “Consent” means any consent, approval, authorization, release, waiver, permit,
grant, franchise, concession, agreement, license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any Governmental Authority. 

“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 Shares”
means Class A Ordinary Shares issuable upon conversion of any Preferred Shares or Class B Ordinary Shares. 
 “Defaulting
Holder” has the meaning set forth in Section 11.1. 
 “Direct US Investor” has the
meaning set forth in Section 12.9. 
 “Director” means a director serving on the Board. 

“Disclosing Party” has the meaning set forth in Section 12.10. 

“Dispute” has the meaning set forth in Section 13.4. 

“Domestic Company” has the meaning set forth in the Preamble. 

“Drag-Along Notice”, “Drag-Along Sale”, “Dragged Holders” and “Drag
Holders” each has the meaning set forth in Section 11.1. 
 “Effective Date” has the
meaning set forth in the Preamble. 
 “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. 

“ESOP” means the employee share option plan of the Company in effect at any time and from time to time. 

“ESOP Increase” has the meaning set forth in Section 13.22. 

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

“Exemption Registrations” has the meaning set forth in Section 3.4. 

  
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 “First Participation Notice” has the meaning set forth in
Section 7.4. 
 “Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect. 

“Form S-3” means Form S-3 promulgated by the
Commission under the Securities Act or any successor form or substantially similar form then in effect. 
 “Founder” and
“Founder Holding Company” each has the meaning set forth in the Preamble. 
 “Founder Directors” has the
meaning set forth in Section 9.1. 
 “fully-diluted basis” means, for the purpose of calculating
share numbers, that the calculation is to be made assuming that all outstanding options, warrants and other Equity Securities directly or indirectly convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms
then currently convertible, exercisable or exchangeable) and Equity Securities which have been reserved for issuance pursuant to the ESOP have been so converted, exercised, exchanged or issued. 

“GGV” means GGV Capital IV L.P. and GGV Capital IV Entrepreneurs Fund L.P. 

“GGV Director” each has the meaning set forth in Section 9.1. 

“GGV Observer” shall have the meaning set forth in Section 9.7. 

“Governmental Authority” means any government of any nation or any federation, province or state or any other political
subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality of any country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“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 Company” means each of the Company and its Subsidiaries (including the HK Company, the WFOEs and the Domestic
Companies), and “Group” refers to all of Group Companies collectively. 
 “HK Company” has the meaning set
forth in the Preamble. 
 “HKIAC” and “HKIAC Rules” each has the meaning set forth in
Section 13.4. 
 “Holders” means the holders of Registrable Securities who are parties to this
Agreement from time to time, and their permitted transferees that become parties to this Agreement from time to time. 
 “Hong
Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China. 

  
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 “IDG” means IDG Technology Venture Investment V, L.P. and IDG-Accel China Growth Fund III L.P. 
 “IDG Director” each has the meaning set forth in
Section 9.1. 
 “IDG Observer” shall have the meaning set forth in
Section 9.7. 
 “Indebtedness” of any Person means, without duplication, each of the following of
such Person: (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business),
(iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced
that are incurred in connection with the acquisition of properties, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with
respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (vi) all
obligations that are capitalized in accordance with US GAAP or PRC GAAP, (vii) all obligations under banker’s acceptance, letter of credit or similar facilities, (viii) all obligations in respect of any interest rate swap, hedge
or cap agreement, (ix) all obligations to purchase, redeem, retire, defease or otherwise acquire for value any Equity Securities of such Person, and (x) all guarantees issued in respect of the Indebtedness referred to in clauses
(i) through (ix) above of any other Person, but only to the extent of the Indebtedness guaranteed. 
 “Indemnification
Agreement” has the meaning set forth in Section 9.6. 
 “Independent Auditor” has the
meaning set forth in Section 13.10. 
 “Indirect US Investor” has the meaning set forth in
Section 12.9. 
 “Initiating Holders” means, with respect to a request duly made under
Section 2.1 or Section 2.2 to Register any Registrable Securities, the Holders initiating such request. 

“Intellectual Property” means any and all (i) patents, patent rights and applications therefor and reissues,
reexaminations, continuations, continuations-in-part, divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries,
improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, mask works and registrations and applications therefor, author’s rights and works of
authorship (including artwork, software, computer programs, source code, object code and executable code, firmware, development tools, files, records and data, and related documentation), (iv) URLs, web sites, web pages and any part thereof,
(v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications, proprietary data, customer lists, databases, proprietary processes, technology, formulae, and
algorithms, (vi) trade names, trade dress, trademarks, domain names, service marks, logos, business names, and registrations and applications therefor, and (vii) the goodwill symbolized or represented by the foregoing. 

“Investor Directors” has the meaning set forth in Section 9.1. 

  
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 “IPO” means the first firm underwritten registered public offering by the
Company or any other Group Company of its shares or securities (or, as the case may be, the shares or securities of the relevant entity resulting from any merger, reorganization or other arrangements made by or to the Company or any Group Company
for the purposes of public offering) pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or any other similar registration statement filed with any other Governmental
Authority in accordance with the securities Laws of such relevant jurisdiction. 
 “Key Employee” has the meaning ascribed
thereto in the Purchase 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. 

“Lien” means any claim, charge, easement, encumbrance, lease, covenant, security interest, lien, option, pledge, rights of
others, or restriction (whether on voting, sale, transfer, disposition or otherwise), whether imposed by contract, understanding, law, equity or otherwise, but excluding in each case as may be imposed by the Charter Documents of any Group Company.

 “Liquidation Event” shall have the meaning set forth in the Memorandum and Articles. 

“Majority Ordinary Holders” means the holders of more than fifty percent (50%) of the voting power of the then outstanding
Ordinary Shares (voting together as a single class and calculated on as-converted basis), excluding any Ordinary Shares issued upon conversion of any Preferred Shares. 

“Majority Preferred Holders” means the holders of at least seventy percent (70%) of the voting power of the then outstanding
Preferred Shares (voting together as a single class and calculated on as-converted basis), which shall include the Majority Series A Holders, the Majority Series B Holders and the Majority Series C Holder.

 “Majority Series A Holders” means the holders of more than fifty percent (50%) of the voting power of the then
outstanding Series A Preferred Shares (voting together as a single class and calculated on as-converted basis). 

“Majority Series B Holders” means the holders of more than fifty percent (50%) of the voting power of the then outstanding
Series B Preferred Shares (voting together as a single class and calculated on as-converted basis). 

“Majority Series C Holder” means the largest holder of the then outstanding Series C Preferred Shares, at any time and from
time to time. 
 “Meeting Notice” has the meaning set forth in Section 9.3. 

“Memorandum and Articles” means the Fourth Amended and Restated Memorandum of Association of the Company and the Fourth
Amended and Restated Articles of Association of the Company, as each may be amended and/or restated from time to time. 

  
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 “New Securities” has the meaning set forth in
Section 7.3. 
 “Observers” has the meaning set forth in Section 9.7.

 “Option Repurchases” shall have the meaning set forth in the Purchase Agreement. 

“Ordinary Holders” means any Person who directly or indirectly holds any Ordinary Shares of the Company (including the
Founders, the Founder Holding Companies and Cherubic Ventures SSG Ltd. but excluding the Investors and their permitted transferees and assignees). 

“Ordinary Share Equivalents” means any Equity Security which is by its terms convertible into or exchangeable or exercisable
for Class A Ordinary Shares or other share capital of the Company, including the Preferred Shares. 
 “Ordinary
Shares” means the Class A Ordinary Shares of the Company, par value US$0.001 per share, and the Class B Ordinary Shares of the Company, par value US$0.001 per share. 

“Oversubscription Participants” has the meaning set forth in Section 7.4. 

“Party” has the meaning set forth in the Preamble. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. 
 “PFIC” means passive foreign investment company as defined
in the Code. 
 “PFIC Annual Information Statement” and “PFIC Shareholder” each has the meaning set forth in
Section 12.9. 
 “PRC” means the People’s Republic of China, but solely for the purposes of
this Agreement, excluding Hong Kong, the Macau Special Administrative Region and the islands of Taiwan. 
 “PRC GAAP” means
generally accepted accounting principles in PRC, as in effect from time to time. 
 “Preferred Shares” means collectively
the Series C Preferred Shares, the Series B Preferred Shares, the Series A Preferred Shares and the Series Seed Preferred Shares. 

“Preemptive Rights Holder” and “Preemptive Right” each has the meaning set forth in
Section 7.1. 
 “Prior Shareholders Agreement” has the meaning set forth in the Recitals.

 “Pro Rata Share” has the meaning set forth in Section 7.2. 

  
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 “Public Official” means any executive, official, or employee of a Governmental
Authority, political party or member of a political party, political candidate; executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly owned or partially state-owned or controlled
enterprise, including a PRC state-owned or controlled enterprise. 
 “Purchase Agreement” has the meaning set forth in
the Recitals. 
 “Qualified IPO” has the meaning given to such term in the Memorandum and Articles. 

“Registrable Securities” means (i) the Ordinary Shares issued or issuable upon conversion of the Preferred Shares,
(ii) any Ordinary Shares of the Company issued as a dividend or other distribution with respect to, in exchange for, or in replacement of, the shares referenced in (i) herein, and (iii) any Ordinary Shares owned or hereafter acquired
by any of the Investors prior to an IPO; excluding in all cases, however, any of the foregoing sold by a Person in a transaction other than an assignment pursuant to this Agreement hereunder. For purposes of this Agreement, Registrable Securities
shall cease to be Registrable Securities when such Registrable Securities have been disposed of pursuant to an effective Registration Statement. 

“Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or ordering
of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 

“Registration Statement” means a registration statement prepared on Form F-1, F-3, S-1, or S-3 under the Securities Act (including Rule 415 under the Securities Act), or on any comparable form in connection with
registration in a jurisdiction other than the United States. 
 “Related Party” means any Affiliate, officer, director,
supervisory board member, Key Employee, or holder of any Equity Security of any Group Company, and any Affiliate or Associate of any of the foregoing. 

“Restricted Share Agreements” has the meaning ascribed thereto in the Purchase Agreement. 

“Right of First Refusal & Co-Sale Agreement” has the meaning
ascribed thereto in the Purchase Agreement. 
 “Second Participation Notice” and “Second Participation
Period” each has the meaning set forth in Section 7.4. 
 “Securities Act” means the
United States Securities Act of 1933, as amended. 
 “Series A Investor” has the meaning set forth in the Preamble.

 “Series A Preferred Shares” means the Series A Preferred Shares of the Company, par value US$0.001 per share, with the
rights and privileges as set forth in the Memorandum and Articles. 
 “Series B Director” each has the meaning set forth in
Section 9.1. 
 “Series B Investor” has the meaning set forth in the Preamble. 

  
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 “Series B Preferred Shares” means the Series B Preferred Shares of the Company,
par value US$0.001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series C
Director” has the meaning set forth in Section 9.1. 
 “Series C Investor” has the
meaning set forth in the Preamble. 
 “Series C Preferred Shares” means the Series C Preferred Shares of the
Company, par value US$0.001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series Seed
Preferred Shares” means the Series Seed Preferred Shares of the Company, par value US$0.001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

“Shanghai Lilishuo”, “Shanghai Mengfan”, “Shanghai Yuguan” and “Shanghai Yuling” each has the
meaning set forth in the Preamble. 
 “Share Sale” shall have the meaning set forth in the Memorandum and Articles.

 “Shares” means the Ordinary Shares and the Preferred Shares. 

“Subsidiary” means, with respect to any given Person, any other Person that is Controlled directly or indirectly by such
given Person, at any time and from time to time. 
 “Subsidiary Board” has the meaning set forth in
Section 9.1. 
 “TBP” means Trustbridge Partners V, L.P. 

“TBP Observer” shall have the meaning set forth in Section 9.7. 

“Third Party Assignee” has the meaning set forth in Section 13.10. 

“Transaction Documents” has the meaning set forth in the Purchase Agreement. 

“Transfer” has the meaning set forth in Section 12.11. 

“U.S.” means the United States of America. 

“United States Person” means United States person as defined in Section 7701(a)(30) of the Code. 

“US GAAP” means U.S. generally accepted accounting principles, as in effect from time to time. 

“Violation” has the meaning set forth in Section 5.1. 

“WFOE” has the meaning set forth in the Preamble. 

“Wu Observer” has the meaning set forth in Section 9.7. 

  
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 1.2 Interpretation. For all purposes of this Agreement, except as otherwise
expressly herein provided, (i) the terms defined in this Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular, (ii) all
references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this Agreement, (iii) pronouns of either gender or neuter shall include, as appropriate,
the other pronoun forms, (iv) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, (v) all
references in this Agreement to designated Schedules, Exhibits and Appendices are to the Schedules, Exhibits and Appendices attached to this Agreement, (vi) references to this Agreement, any other Transaction Documents and any other document
shall be construed as references to such document as the same may be amended, supplemented or novated from time to time, (vii) the term “or” is not exclusive, (viii) the term “including” will be deemed to be followed by
“, but not limited to,” or “without limitation” (ix) the terms “shall”, “will”, and “agrees” are mandatory, and the term “may” is permissive, (x) the phrase “directly or
indirectly” means directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the correlative meaning, (xi) the term “voting power” refers
to the number of votes attributable to the Shares (on an as-converted basis) in accordance with the terms of the Memorandum and Articles, (xii) the expression “Investor”, “Ordinary
Holder”, “Holder” and “Founder” shall, unless expressly provided otherwise, include their respective successors, transferees and assigns (as permitted according to the terms herein), (xiii) the headings used in this
Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement, (xiv) references to laws include any such law modifying, re-enacting, extending or made
pursuant to the same or which is modified, re-enacted, or extended by the same or pursuant to which the same is made, and (xv) all references to dollars or to “US$” are to currency of the United
States of America and all references to RMB are to currency of the PRC. 
  

	2.	Demand Registration. 

 2.1 Registration Other Than on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time or from time to time after the earlier of (i) the date that is six (6) months after the
closing of a Qualified IPO or an IPO, or (ii) the date that the lock-up by underwriters is partially or wholly released, Holders holding thirty percent (30%) or more of the voting power of the then
outstanding Registrable Securities held by all Holders are entitled to request in writing that the Company effect a Registration for at least twenty percent (20%) of the then outstanding Registrable Securities held by all Holders (together with the
Registrable Securities which the other Holders elect to include in such Registration) or any lesser percentage if the anticipated gross receipts from the offering exceed US$20,000,000 on any internationally recognized exchange that is reasonably
acceptable to such requesting Holders. Upon receipt of such a request, the Company shall (x) promptly give written notice of the proposed Registration to all other Holders and (y) as soon as practicable, use its reasonable best efforts to
cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to
be Registered and/or qualified for sale and distribution in such jurisdiction as the Initiating Holders may request. The Company shall not be obligated to effect more than two (2) Registrations pursuant to this
Section 2.1 that have been declared and ordered effective; provided that if the sale of all of the Registrable Securities sought to be included pursuant to this Section 2.1 is not consummated for
any reason other than solely due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this
Section 2.1. 

  
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 2.2 Registration on Form F-3 or Form S-3. The Company shall use its best efforts to qualify for registration on Form F-3 or Form S-3. Subject to the terms of
this Agreement, if the Company qualifies for registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United
States), any Holder is entitled to request the Company to file, in any jurisdiction in which the Company has had a registered underwritten public offering, unlimited number of Registration Statements on Form
F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including any registration statements filed under the
Securities Act providing for the registration of, and the sale on a continuous or a delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the
Commission, provided that the anticipated gross receipts from the sale of Registrable Securities sought to be included in such Registration Statement shall exceed US$1,000,000. Upon receipt of such a request, the Company shall (i) promptly give
written notice of the proposed Registration to all other Holders and (ii) as soon as practicable, cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join
such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. The Company shall be obligated to effect no more than two
(2) Registrations that have been declared and ordered effective within any twelve (12)-month period pursuant to this Section 2.2; provided that if the sale of all of the Registrable Securities sought to be included
pursuant to this Section 2.2 is not consummated for any reason other than solely due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to
constitute one of the Registration rights granted pursuant to this Section 2.2. 
 2.3 Right of Deferral.

 (i) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this
Section 2: 
 (1) during the period starting with the date of filing by the Company of, and ending six
(6) months following the effective date of, any Registration Statement pertaining to Ordinary Shares of the Company other than an Exempt Registration, provided, that the Holders are entitled to join such Registration in accordance with
Section 3; 
 (2) in any jurisdiction in which the Company would be required to execute a general consent to
service of process in effecting such Registration or qualification, unless the Company is already subject to service of process in such jurisdiction; or 

(3) with respect to the registration on Form F-3 or Form S-3
(or any comparable form for Registration in a jurisdiction other than the United States), if Form F-3 or Form S-3 is not available for such offering by the Holders. 

(ii) If, after receiving a request from Holders pursuant to Section 2.1 or Section 2.2
hereof, the Company furnishes to the Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board, it would be materially detrimental to the Company or its members for a
Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such filing would be materially detrimental, provided, that the Company may not utilize this right
(x) for a Registration under Section 2.1 for more than ninety (90) days and (y) for a Registration under Section 2.2 for more than sixty (60) days, on any one occasion or more
than once during any twelve (12) month period; provided, further, that the Company may not Register any other of its Securities during such period (except for Exempt Registrations). 

  
 12 

 2.4 Underwritten Offerings. If, in connection with a request to Register
Registrable Securities under Section 2.1 or Section 2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so advise the Company as a
part of the request, and the Company shall include such information in the written notice to the other Holders described in Section 2.1 and Section 2.2. In such event, the right of any Holder to
include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering (unless
otherwise mutually agreed by the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwritten offering shall enter into an underwriting agreement in customary form
with the underwriter or underwriters of internationally recognized standing selected for such underwritten offering by the Company and reasonably acceptable to the holders of a majority of the voting power of all Registrable Securities proposed to
be included in such Registration. Notwithstanding any other provision of this Agreement, if the managing underwriter advises the Company that marketing factors (including the aggregate number of securities requested to be Registered, the general
condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration or other customary factors) require a limitation of the number of Registrable Securities to be underwritten in a Registration pursuant
to Section 2.1 or Section 2.2, the underwriters may exclude up to seventy-five percent (75%) of the Registrable Securities requested to be Registered but only after first excluding all other Equity
Securities from the Registration and underwritten offering, provided, that the number of shares to be included in the Registration on behalf of the non-excluded Holders is allocated among all Holders in
proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included. If any Holder disapproves the terms of any underwriting, the Holder may elect to withdraw therefrom by written notice
to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from such underwritten offering shall be withdrawn from the
Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares. 

 

	3.	Piggyback Registrations. 

 3.1 Registration of the Company’s
Securities. Subject to the terms of this Agreement, if the Company proposes to Register for its own account any of its Equity Securities, or for the account of any holder (other than a Holder) of Equity Securities any of such holder’s
Equity Securities, in connection with the public offering of such securities (except for Exempt Registrations), the Company shall promptly give each Holder written notice of such Registration and, upon the written request of any such Holder given
within fifteen (15) days after delivery of such notice, the Company shall include in such Registration any Registrable Securities thereby requested to be Registered by such Holder. If a Holder decides not to include all or any of its
Registrable Securities in such Registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the
Company, all upon the terms and conditions set forth herein. 

  
 13 

 3.2 Right to Terminate Registration. The Company shall have the right to terminate
or withdraw any Registration initiated by it under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein. The expenses of such withdrawn Registration shall
be borne by the Company in accordance with Section 4.3. 
 3.3 Underwriting Requirements. 

(i) In connection with any offering involving an underwriting of the Company’s Equity Securities, the Company shall not be required to
Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwritten offering and such Holder enters into an underwriting agreement in
customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and reasonably acceptable to the holders of a majority of the voting power of all Registrable Securities of the Company then
outstanding and setting forth such terms for the underwritten offering as have been agreed upon between the Company and the underwriters. In the event the underwriters advise Holders seeking Registration of Registrable Securities pursuant to this
Section 3 in writing that market factors (including the aggregate number of Registrable Securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities
pursuant to the Registration or other customary factors) require a limitation of the number of Registrable Securities to be underwritten, the underwriters may exclude up to seventy-five percent (75%) of the Registrable Securities requested to be
Registered but only after first excluding all other Equity Securities (except for securities sold for the account of the Company) from the Registration and underwriting, provided, that the number of shares to be included in the Registration
on behalf of the non-excluded Holders is allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included. To
facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares. 

(ii) If any Holder disapproves the terms of any underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and
the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwritten offering shall be withdrawn from the Registration. 

  
 14 

 3.4 Exempt Registrations. The Company shall have no obligation to Register any
Registrable Securities under this Section 3 in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share incentive plan, or (ii) relating to a
corporate reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the Laws of another jurisdiction, as applicable) (collectively, “Exempt Registrations”). 

 

	4.	Registration Procedures. 

 4.1 Registration Procedures and Obligations.
Whenever required under this Agreement to effect the Registration of any Registrable Securities held by the Holders, the Company shall, as expeditiously as reasonably possible: 

(i) Prepare and file with the Commission a Registration Statement with respect to those Registrable Securities and use its reasonable best
efforts to cause that Registration Statement to become effective, and, upon the request of the Holders holding a majority in voting power of the Registrable Securities Registered thereunder, keep the Registration Statement effective until the
distribution thereunder has been completed; 
 (ii) Prepare and file with the Commission amendments and supplements to that Registration
Statement and the prospectus used in connection with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition of all securities covered by the Registration Statement;

 (iii) Furnish to the Holders the number of copies of a prospectus, including a preliminary prospectus, required by Applicable Securities
Laws, and any other documents as they may reasonably requested in order to facilitate the disposition of Registrable Securities owned by them; 

(iv) Use its reasonable best efforts to Register and qualify the securities covered by the Registration Statement under the securities Laws
of any jurisdiction, as reasonably requested by the Holders, provided, that the Company shall not be required to qualify to do business or file a general consent to service of process in any such jurisdictions; 

(v) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in customary
form, with the managing underwriter(s) of the offering; 
 (vi) Promptly notify each Holder of Registrable Securities covered by the
Registration Statement at any time when a prospectus relating thereto is required to be delivered under Applicable Securities Laws of (a) the issuance of any stop order by the Commission, or (b) the happening of any event or the existence
of any condition as a result of which any prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or amend such prospectus to comply with applicable Laws and regulations,
and at the request of any such Holder promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which
they were made or such prospectus, as supplemented or amended, shall comply with applicable Laws and regulations; 

  
 15 

 (vii) Furnish, at the request of any Holder requesting Registration of Registrable Securities
pursuant to this Agreement, on the date that such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (A) an opinion, dated the date of the sale, of the counsel representing the Company
for the purposes of the Registration, in form and substance as is customarily given to underwriters in an underwritten public offering; and (B) comfort letters dated as of (x) the effective date of the registration statement covering such
Registrable Securities, and (y) the closing date of the offering, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters; 
 (viii) Otherwise comply with all applicable rules and regulations of the
Commission to the extent applicable to the applicable registration statement and use its reasonable best efforts to make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act)
an earnings statement satisfying the provisions of Section 11(a) of the Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the
first month of the Company’s first fiscal quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month period, subject to any proper and necessary extensions; 

(ix) Not, without the written consent of the holders of at least two thirds (2/3) of voting power of the then outstanding Registrable
Securities, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Rule 405 promulgated under the Act; 

(x) Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to the Registration Statement and, where
applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; and 

(xi) Take all reasonable action necessary to list the Registrable Securities on the primary exchange on which the Company’s securities
are then traded or, in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

4.2 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Section 2 and Section 3 hereof with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the Registration of such Holder’s Registrable Securities. 

  
 16 

 4.3 Expenses of Registration. All expenses, other than (i) the
underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to this Agreement (which shall be borne by the Holders requesting Registration on a pro rata basis in proportion to their respective numbers of
Registrable Securities sold in such Registration), (ii) the special auditing fees exceeding US$25,000 and incurred from the demand registration pursuant to Section 2.1 of this Agreement (which shall be borne by the Holders
requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in such Registration), (iii) fees and disbursement of the counsel(s) engaged by each Holder (which shall be borne by such Holder)
and (iv) fees and expenses charged by the depositary bank and transfer tax applicable to the sale of Registrable Securities pursuant to this Agreement (which shall be borne by the Holders requesting Registration on a pro rata basis in
proportion to their respective numbers of Registrable Securities sold in such Registration), incurred in connection with Registrations, filings or qualifications pursuant to this Agreement, including all Registration, filing and qualification fees,
printers’ and accounting fees, fees and disbursements of counsel for the Company and reasonable fees and disbursement of no more than US$100,000 of one (1) counsel for all selling Holders, shall be borne by the Company. The Company shall
not, however, be required to pay for any expenses of any Registration proceeding begun pursuant to Section 2.1 or Section 2.2 of this Agreement if the Registration request is subsequently withdrawn
at the request of the Holders holding a majority of the voting power of the Registrable Securities requested to be Registered by all Holder in such Registration (in which case all participating Holders shall bear such expenses pro rata based upon
the number of Registrable Securities that were to be thereby Registered in the withdrawn Registration) unless the Holders of at least two thirds (2/3) of the voting power of the Registrable Securities then outstanding agree that such registration
constitutes the use by the Holders of one (1) demand registration pursuant to Section 2.1 (in which case such registration shall also constitute the use by all Holders of Registrable Securities of one (1) such
demand registration); provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company not known to the Holders at the time of their request and
have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and the Company shall pay any and all such expenses. 

 

	5.	Registration-Related Indemnification. 

 5.1 Company Indemnity. 

(i) To the maximum extent permitted by Law and Memorandum and Articles, the Company will indemnify and hold harmless each Holder, such
Holder’s partners, officers, directors, shareholders, members, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against
any losses, claims, damages or liabilities (joint or several) to which they may become subject under Laws which are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration,
qualification, or compliance, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”): (a)
any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement (unless Holder is actually aware of and consent in writing to the making of such untrue statement or alleged untrue statement), on the
effective date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), (b) the omission or alleged omission to state in the Registration Statement, on the effective date
thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any
violation or alleged violation by the Company of Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws. The Company will reimburse, as incurred, each such Holder, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. 

  
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 5.2 Holder Indemnity. 

(i) To the maximum extent permitted by Law, each selling Holder that has included Registrable Securities in a Registration will, severally and
not jointly, indemnify and hold harmless the Company, its directors and officers, any other Holder selling securities in connection with such Registration and each Person, if any, who controls (within the meaning of the Securities Act) the Company,
such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or regulation promulgated under
Applicable Securities Laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs solely in
reliance upon and in conformity with written information furnished by such Holder for express use in such Registration; and each such Holder will reimburse, as incurred, any Person intended to be indemnified pursuant to this
Section 5.2, for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action. No Holder’s liability under this
Section 5.2 (when combined with any amounts paid by such Holder pursuant to Section 5.4) shall exceed the net proceeds received by such Holder from the offering of securities made in connection
with that Registration. 
 (ii) The indemnity contained in this Section 5.2 shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or delayed). 

5.3 Notice of Indemnification Claim. Promptly after receipt by an indemnified party under Section 5.1
or Section 5.2 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under
Section 5.1 or Section 5.2, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the indemnifying parties. An indemnified party (together with all other indemnified
parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the reasonably incurred fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to
the indemnified party under this Section 5, but the omission to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 5. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or the plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

  
 18 

 5.4 Contribution. If any indemnification provided for in
Section 5.1 or Section 5.2 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein,
the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well
as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement
or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount (after combined with any amounts paid by such Holder pursuant to Section 5.2) in excess of
the net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

5.5 Underwriting Agreement. To the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

5.6 Survival. The obligations of the Company and Holders under this Section 5 shall survive the
completion of any offering of Registrable Securities in a Registration Statement under this Agreement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 

 

	6.	Additional Registration-Related Undertakings. 

 6.1 Reports under the Exchange
Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit a Holder to sell securities of the
Company to the public without Registration or pursuant to a Registration on Form F-3 or Form S-3 (or any comparable form in a jurisdiction other than the United States),
the Company agrees to: 
 (i) make and keep public information available, as those terms are understood and defined in Rule 144 (or
comparable provision, if any, under Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following 90 days after the effective date of the first Registration under the Securities Act filed by
the Company for an offering of its securities to the general public; 

  
 19 

 (ii) file with the Commission in a timely manner all reports and other documents required of the
Company under all Applicable Securities Laws; and 
 (iii) at any time following ninety (90) days after the effective date of the
first Registration under the Securities Act filed by the Company for an offering of its securities to the general public by the Company, promptly furnish to any Holder holding Registrable Securities, upon request (a) a written statement by the
Company that it has complied with the reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as a registrant whose
securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s
securities are listed), (b) a copy of the most recent annual or quarterly report of the Company and such other reports and documents as filed by the Company with the Commission, and (c) such other information as may be reasonably requested in
availing any Holder of any rule or regulation of the Commission, that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form S-3
(or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s Securities are listed). 

6.2 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
written consent of holders of at least a majority of the voting power of the then outstanding Registrable Securities held by all Holders (calculated on an as-converted to Class A Ordinary Share basis)
(which shall include the written consent of the Majority Preferred Holders), enter into any agreement with any holder or prospective holder of any Equity Securities of the Company that would allow such holder or prospective holder to cause the
Company to include such Equity Securities in any Registration filed under Section 2 or Section 3 hereof on a basis pari passu with or more favorable to such holder or prospective holder than is
provided to the Holders of Registrable Securities. 
 6.3 Termination of Registration Rights. The registration rights set
forth in Section 2 and Section 3 of this Agreement shall terminate on the earlier of (i) the date that is five (5) years from the date of closing of an IPO, (ii) with respect to any
Holder, the date on which such Holder may sell without registration, all of such Holder’s Registrable Securities under Rule 144 of the Securities Act in any ninety (90)-day period. 

6.4 Exercise of Ordinary Share Equivalents. Notwithstanding anything to the contrary provided in this Agreement, the Company
shall have no obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted or exchanged, as applicable, for Ordinary Shares as of the effective date of the applicable
Registration Statement, but the Company shall cooperate and facilitate any such exercise, conversion or exchange as requested by the applicable Holder. 

6.5 Intent. The terms of Sections 2 through 6 are drafted primarily in contemplation of an offering of securities
in the United States of America. The Parties recognize, however, the possibility that securities may be qualified for registration or registered for offering to the public in a jurisdiction other than the United States of America where
registration rights have significance or that the Company might effect an offering in the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly: 

(i) it is their intention that, whenever this Agreement refers to a Law, form, process or institution of the United States of America but the
Parties wish to effectuate qualification or registration in a different jurisdiction where registration rights have significance, reference in this Agreement to the Laws or institutions of the United States shall be read as referring, mutatis
mutandis, to the comparable Laws or institutions of the jurisdiction in question; and 

  
 20 

 (ii) it is agreed that the Company will not undertake any listing of American Depositary
Receipts, American Depositary Shares or any other security derivative of the Ordinary Shares unless arrangements have been made reasonably satisfactory to the Majority Preferred Holders to ensure that the spirit and intent of this Agreement will be
realized and that the Company is committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the United States of America
as if the Company had listed Ordinary Shares in lieu of such derivative securities. 
 6.6 Assignment of Registration
Rights. The registration rights of a Holder under Section 2 to 6 hereof may be assigned to any person acquiring Registrable Securities, provided that (i) all or at least 100,000 Registrable Securities
(subject to share split, share combination, share dividend or such other similar recapitalization event) held by such Holder are transferred; or (ii) the assignees of those Registrable Securities agree to designate one (1) representative
to represent them to exercise the Registration Rights under Section 2 to 6; provided further, that in either case no party may be assigned any of the foregoing rights unless the Company is given written notice by the
assigning party stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; and provided further, that any such assignee shall receive such assigned rights subject
to all the terms and conditions of this Agreement, including the provisions of this Section 6.6, and such assignee shall agree to be bound by the terms and conditions of this Agreement. 

 

	7.	Preemptive Right. 

 7.1 General. The Company hereby grants to each holder
of Preferred Shares (the “Preemptive Rights Holder”) the right of first refusal (and any oversubscription right, as provided below) to purchase such Preemptive Rights Holder’s Pro Rata Share (as defined below), of all (or any
part) of any New Securities (as defined below) that the Company may from time to time issue after the date of this Agreement (the “Preemptive Right”). 

7.2 Pro Rata Share. A Preemptive Rights Holder’s “Pro Rata Share” for purposes of the Preemptive Right is
the ratio of (a) the number of Class A Ordinary Shares (including any class of shares calculated on as-converted basis) held by such Preemptive Rights Holder, to (b) the total number of
Class A Ordinary Shares (including any class of shares calculated on as-converted basis and any Class A Ordinary Shares issuable upon exercise of outstanding warrants and options) then outstanding
immediately prior to the issuance of New Securities giving rise to the Preemptive Right. 
 7.3 New Securities. For purposes
hereof, “New Securities” shall mean any Equity Securities of the Company issued after the date hereof, except for: 
 (i)
Ordinary Shares, options, restricted share units and/or other awards therefor reserved for issuance to or granted to employees, officers, directors, contractors, advisors or consultants of the Group Companies under the ESOP, provided that such
reserve is in accordance with the terms of the ESOP and the ESOP has been duly approved in accordance with this Agreement; 

  
 21 

 (ii) Ordinary Shares actually issued upon the conversion or exchange of Ordinary Share
Equivalents, provided such issuance is in accordance the terms of such Ordinary Share Equivalents (which Ordinary Share Equivalents have been duly approved in accordance with this Agreement or issued prior to the date of this Agreement in accordance
with the Prior Shareholders Agreement or any other similar shareholders agreement in effect as of the date of such issuance); 
 (iii) any
Equity Securities of the Company issued pursuant to the bona fide acquisition of another corporation or entity by the Company by consolidation, merger, purchase of assets, or other reorganization in which the Company acquires, in a single
transaction or series of related transactions, all or substantially all assets of such other corporation or entity, or fifty percent (50%) or more of the equity ownership or voting power of such other corporation or entity, provided that any such
foregoing transaction has been duly approved in accordance with this Agreement; 
 (iv) any Equity Securities issued under the Purchase
Agreement (as defined in the Purchased Agreement) and any Class A Ordinary Shares issued pursuant to the conversion of Class B Ordinary Shares and Preferred Shares; 

(v) any Equity Securities issued or issuable pursuant to a share split, share dividend, combination, recapitalization or other similar
transaction of the Company in which all Preemptive Rights Holders are entitled to participate on a pro rata basis; 
 (vi) any Equity
Securities issued pursuant to a Qualified IPO; and 
 (vii) any Equity Securities issued as part of any debt financing or financial lease
with any financial institution, provided that any such foregoing transaction has been duly approved in accordance with this Agreement. 

7.4 Procedures. 
 (i)
First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a single transaction or a series of related transactions), it shall give to each Preemptive Rights Holder written notice of its
intention to issue New Securities (the “First Participation Notice”), describing the amount and type of New Securities, the price and the general terms upon which the Company proposes to issue such New Securities and the details
relating to the identity of the proposed buyer of such New Securities. Each Preemptive Rights Holder shall have fifteen (15) Business Days from the date of receipt of any such First Participation Notice to agree in writing to purchase up to
such Preemptive Rights Holder’s Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving written notice to the Company and stating therein the quantity of New
Securities to be purchased (not to exceed such Preemptive Rights Holder’s Pro Rata Share). If any Preemptive Rights Holder fails to so respond in writing within such fifteen (15) Business Days period to purchase such Preemptive Rights
Holder’s full Pro Rata Share of an offering of New Securities, then such Preemptive Rights Holder shall forfeit the right hereunder to purchase that part of its Pro Rata Share of such New Securities that it did not agree to purchase, but shall
not be deemed to forfeit any right with respect to any other issuance of New Securities. 

  
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 (ii) Second Participation Notice; Oversubscription. If any Preemptive Rights Holder fails
or declines to exercise its Preemptive Rights in accordance with subsection (i) above, the Company shall promptly give notice (the “Second Participation Notice”) to other Preemptive Rights Holders who exercised in full
their Preemptive Rights (the “Oversubscription Participants”) in accordance with subsection (i) above. Each Oversubscription Participant shall have ten (10) Business Days from the date of the Second Participation
Notice (the “Second Participation Period”) to notify the Company of its desire to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to buy (the
“Additional Number”). Such notice may be made by telephone if confirmed in writing within five (5) Business Days. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available
for purchase, each Oversubscription Participant will be cut back by the Company with respect to its oversubscription to such number of remaining New Securities equal to the lesser of (x) the Additional Number and (y) the product obtained
by multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction, the numerator of which is the number of Class A Ordinary Shares (including any class of shares calculated on as-converted basis) held by such Oversubscription Participant and the denominator of which is the total number of Class A Ordinary Shares (including any class of shares calculated on an as-converted basis) held by all the Oversubscription Participants. 
 7.5 Failure to
Exercise. Upon the expiration of the Second Participation Period, or in the event no Preemptive Rights Holder exercises the Preemptive Rights within fifteen (15) Business Days following the issuance of the First Participation Notice, the
Company shall have ninety (90) days thereafter to complete the sale of the New Securities described in the First Participation Notice with respect to which the Preemptive Rights hereunder were not exercised at the same or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in the First Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety
(90) days period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Preemptive Rights Holders pursuant to this Section 7. 

 

	8.	Information and Inspection Rights. 

 8.1 Delivery of Financial Statements.
For as long as any holder of Preferred Shares and its Affiliates continues to hold Preferred Shares representing 2% or more of the total share capital of the Company (on an as-converted and fully-diluted
basis), the Group Companies shall deliver to such holder of Preferred Shares the following documents or reports: 
 (i)
within ninety (90) days after the end of each fiscal year of the Company, a consolidated income statement and statement of cash flows for the Group Companies for such fiscal year and a consolidated balance sheet for the Group Companies as of
the end of the fiscal year, all prepared in accordance with the US GAAP, audited and certified by one of the “Big 4” or a reputable firm of independent certified public accountants acceptable to the Majority Preferred Holders, and a
management report including a comparison of the financial results of such fiscal year with the corresponding annual budget prepared in accordance with the US GAAP (provided that such financial statements may be unaudited if the Majority
Preferred Holders determines that the Group Companies are not required to obtain audited financial statements); 
 (ii)
within forty-five (45) days after the end of each quarter, a consolidated unaudited income statement and statement of cash flows for such quarter and a consolidated balance sheet for the Group Companies as of the end of such quarter, all
prepared in accordance with the US GAAP; 

  
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 (iii) within thirty (30) days after the end of each month, operating and
financial information of that month prepared by or otherwise available to the Company and any other Group Company in the ordinary course of business; 

(iv) an annual budget and strategic plan (the “Annual Budget”) at least thirty (30) days prior to the
beginning of each fiscal year approved in accordance with Section 10.1(xi) hereof; and 
 (v) as
soon as practicable, any other material information relating to the financial condition and Business of the Group Companies reasonably requested by any holder of Preferred Shares (including monthly or other periodic operating information),
provided, however, that the Group Companies shall not be obligated under this Section 8.1(v) to provide information (i) that the Board reasonably determines in good faith to be a trade secret or
(ii) the disclosure of which would adversely affect the attorney-client privilege between the Group Companies and their counsel. 

8.2 Inspection Rights. For as long as any holder of Preferred Shares and its Affiliates continues to hold Preferred Shares
representing 2% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), each Group Company covenants and agrees that, upon a reasonable prior notice of at least five
(5) Business Days to the Company, such holder of Preferred Shares shall have the right to inspect facilities, properties, records and books (including but not limited to the books of account) of each Group Company at any time during regular
working hours for a reasonable purpose and the right to discuss the business, operation and conditions of a Group Company with any Group Company’s directors, officers, employees, independent accountants, legal counsels and investment bankers,
at the cost of such holder of Preferred Shares. 
  

	9.	Election of Directors. 

 9.1 Board of Directors. 

(i) The Company shall have, and the Parties agree to cause the Company to have, a Board consisting of up to nine (9) authorized
directors, with the composition of the Board determined as follows: (a) the Majority Ordinary Holders shall be entitled to appoint, replace and reappoint at any time or from time to time five (5) directors on the Board (the
“Founder Directors”), one of whom shall be Yi Wang (王翌) as of the date of the Closing, with Yi
Wang being the chairman of the Board, (b) so long as the issued and outstanding Preferred Shares held by IDG and its Affiliates represent in the aggregate 7.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), IDG shall be entitled to appoint, replace and reappoint at any time or from time to time one (1) director (the “IDG Director”) on the Board,
(c) so long as the issued and outstanding Preferred Shares held by GGV and its Affiliates represent in the aggregate 7.5% or more of the total share capital of the Company (on an as-converted and
fully-diluted basis), GGV shall be entitled to appoint, replace and reappoint at any time or from time to time one (1) director (the “GGV Director”) on the Board, (d) so long as the issued and outstanding Series B
Preferred Shares (together with any Ordinary Shares converted therefrom) represent in the aggregate 7.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), the
Majority Series B Holders shall be entitled to appoint, replace and reappoint at any time or from time to time one (1) director (the “Series B Director”) on the Board, and (e) so long as the issued and outstanding Series C
Preferred Shares (together with any Ordinary Shares converted therefrom) represent in the aggregate 7.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), the
Majority Series C Holder shall be entitled to appoint, replace and reappoint at any time or from time to time one (1) director (the “Series C Director,” together with the IDG Director, the GGV Director and the Series B
Director, collectively the “Investor Directors” and each, an “Investor Director”) on the Board. Each of the Investor Directors shall have one (1) vote. The Founder Directors shall in total have five
(5) votes, and if the Majority Ordinary Holders appoint less than five (5) Founder Directors, each such appointed Founder Director shall have one (1) vote; provided, however, that in the case of Yi Wang (王翌) being one of the Founder Directors, Yi Wang shall have a number of votes that is equal to (i) five
(5) minus (ii) the number of the other Founder Directors (if any) that are actually appointed by the Majority Ordinary Holders. 

  
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 (ii) Each of the other Group Companies shall have, and the Ordinary Holders and the Company
agree to cause each of the other Group Companies to have the same number of directors in its respective board (the “Subsidiary Board” and collectively, the “Subsidiary Boards”) as the
Company’s Board, and the Majority Ordinary Holders, IDG, GGV, the Majority Series B Holders and the Majority Series C Holder shall be entitled to appoint the same number of directors to each Group Company as they are entitled to appoint to the
Company’s Board. 
 9.2 Voting Agreements 

(i) With respect to each election of directors of the Board, each holder of voting securities of the Company shall vote at each meeting of
shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the case may be, all of such holder’s voting securities of the Company as may be necessary (x) to keep the
authorized size of the Board at up to nine (9) directors, (y) to cause the election or re-election as members of the Board, and during such period to continue in office, each of the individuals designated
pursuant to Section 9.1, and (z) against any nominees not designated pursuant to Section 9.1. 

(ii) Any Director designated pursuant to Section 9.1 may be removed from the Board only upon the vote or written
consent of the Person or group of Persons entitled to designate such Director pursuant to Section 9.1, and the Parties agree not to seek, vote for or otherwise effect the removal of any such Director without such vote or
written consent. Any Person or group of Persons entitled to designate any individual to be elected as a Director on the Board shall have the exclusive right at any time or from time to time to remove any such Director occupying such position and to
fill any vacancy caused by the death, disability, retirement, resignation or removal of any Director occupying such position, and each other Party agrees to cooperate with such Person or group of Persons in connection with the exercise of such
right. Each holder of voting securities of the Company agrees to always vote such holder’s respective voting securities of the Company (and given written consents in lieu thereof) in support of the foregoing. 

(iii) The Company agrees to take such action, and each other Party hereto agrees to take such action, as is necessary to cause the election
or appointment to each Subsidiary Board of the Investor Directors pursuant to Section 9.1. Upon a removal or replacement of any Investor Director from the Board in accordance with Section 9.2(ii),
the Company agrees to take such action, and each other Party hereto agrees to take such action, as is necessary to cause the removal of such director from each Subsidiary Board. 

  
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 9.3 Quorum. The Board shall hold no less than one (1) board meeting during
each fiscal quarter. A meeting of the Board shall only proceed where there are present (whether in person or by means of a conference telephone or any other equipment which allows all participants in the meeting to speak to and hear each
other simultaneously) four (4) directors of the Company then in office (which must in all cases include Yi Wang as long as he is a Director and two (2) or more Investor Directors), and the Parties shall cause the foregoing to be the quorum
requirements for the Board. A meeting of each Subsidiary Board shall only proceed where there are present (whether in person or by means of a conference telephone or any other equipment which allows all participants in the meeting to speak to and
hear each other simultaneously) four (4) directors then in office (which must in all cases include Yi Wang as long as he is a Director and two (2) or more Investor Directors), and the Parties shall cause the foregoing to be the quorum
requirements for each Subsidiary Board. Notwithstanding the foregoing, if notice of the board meeting (the “Meeting Notice”) has been duly delivered to all directors of the Board or the applicable Subsidiary Board four
(4) Business Days prior to the scheduled meeting in accordance with the notice procedures under the Charter Documents of the applicable Group Company, and the number of directors required to be present under this
Section 9.3 for such meeting to proceed is not present within one half hour from the time appointed for the meeting because of the absence of any Director, the meeting shall be adjourned to the third following Business Day
at the same time and place (or to such other time or such other place as the directors may determine) with notice delivered to all directors one day prior to the adjourned meeting in accordance with the notice procedures under the Charter Documents
of the applicable Group Company and, if at the adjourned meeting, the number of directors required to be present under this Section 9.3 for such meeting to proceed is not present within one half hour from the time appointed
for the meeting because of the absence of any Director, then the presence of such Director(s), shall not be required at such adjourned meeting, provided that if any Investor Director is not present at such adjourned meeting,
(i) the present Directors shall only discuss the matters as described in the Meeting Notice, and (ii) no Directors’ resolutions shall be passed in such adjourned meeting in respect to anything that requires approval of such Investor
Director as provided in the Transaction Documents. 
 9.4 Expenses. The Company will promptly pay or reimburse each non-employee Board member for all reasonable out-of-pocket expenses incurred in connection with attending board or committee meetings
and otherwise performing their duties as directors and committee members. 
 9.5 Alternates. Subject to applicable Law,
each Director or each director on any Subsidiary Board shall be entitled to appoint an alternate to serve at any meeting of the Board or the applicable Subsidiary Board, and such alternate shall be permitted to attend all meetings of the Board or
the applicable Subsidiary Board and vote on behalf of the Director or the director on the applicable Subsidiary Board for whom he is serving as an alternate. 

9.6 Director Indemnification. To the maximum extent permitted by the Laws of the jurisdiction in which the Company is organized,
the Company shall indemnify and hold harmless each Investor Director and shall comply with the terms of the respective director indemnification agreement (the “Indemnification Agreement”), and at the request of any Investor Director
who is not a party to an Indemnification Agreement, shall enter into an director indemnification agreement with such Investor Director in similar form to the Indemnification Agreement. 

  
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 9.7 Board Observer. So long as (i) the Shares held by Wu Capital Limited and
its Affiliates represent in the aggregate 1.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), Wu Capital Limited or its Affiliate shall be entitled to appoint,
replace and reappoint at any time or from time to time one (1) observer (the “Wu Observer”) to attend all meetings of the Board, in a non-voting observer capacity, (ii) the Shares
held by CMC Lullaby Holdings Limited and its Affiliates represent in the aggregate 1.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), but CMC Lullaby Holdings
Limited or its Affiliate otherwise does not have the right to appoint a director to the Board pursuant to Section 9.1, CMC Lullaby Holdings Limited or its Affiliate shall be entitled to appoint, replace and reappoint at any
time or from time to time one (1) observer (the “CMC Observer”) to attend all meetings of the Board, in a non-voting observer capacity, (iii) the Shares held by IDG and its
Affiliates represent in the aggregate 1.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), but IDG or its Affiliate otherwise does not have the right to appoint
a director to the Board pursuant to Section 9.1, IDG or its Affiliate shall be entitled to appoint, replace and reappoint at any time or from time to time one (1) observer (the “IDG Observer”) to
attend all meetings of the Board, in a non-voting observer capacity, (iv) the Shares held by GGV and its Affiliates represent in the aggregate 1.5% or more of the total share capital of the Company (on an
as-converted and fully-diluted basis), but GGV or its Affiliate otherwise does not have the right to appoint a director to the Board pursuant to Section 9.1, GGV or its Affiliate
shall be entitled to appoint, replace and reappoint at any time or from time to time one (1) observer (the “GGV Observer” to attend all meetings of the Board, in a non-voting observer
capacity, and (v) the Shares held by TBP and its Affiliates represent in the aggregate 1.5% or more of the total share capital of the Company (on an as-converted and fully-diluted basis), but TBP or its
Affiliate otherwise does not have the right to appoint a director to the Board pursuant to Section 9.1, TBP or its Affiliate shall be entitled to appoint, replace and reappoint at any time or from time to time one
(1) observer (the “TBP Observer”, together with the Wu Observer, the CMC Observer, the IDG Observer and the GGV Observer, the “Observers”) to attend all meetings of the Board, in a non-voting observer capacity; provided, however, that the Board, acting in good faith and upon advice of legal counsel, reserves the right to withhold any information and to exclude any Observer from
any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Group Companies and their counsel or result in disclosure of highly confidential proprietary
technical information. Each Observer shall agree to hold in confidence and trust all information provided by the Company. 
  

	10.	Protective Provisions 

 10.1 Acts of the Group Companies Requiring Approval of
Majority Preferred Holders. Notwithstanding any provision to the contrary contained herein or in the Charter Documents of any Group Company but subject to the provisions of Section 11 (which
shall prevail over the provisions of this Section 10), and no Party shall permit any Group Company to, and the shareholders of the Company shall not permit the Company to, take, permit to occur, approve, authorize, or agree
or commit to do any of the following, whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise,
unless, when determining (a) Sections 10.1 (iii), 10.1 (v), 10.1 (ix), 10.1 (xi), 10.1 (xiii), 10.1 (xiv), and 10.1 (xvii), approved by the holders of at least
sixty-six and two-thirds percent (66 2/3%) of the voting power of the then outstanding Preferred Shares (voting together as a single class and calculated on as-converted basis), (b) Sections 10.1 (i), 10.1 (ii), 10.1 (iv), 10.1 (vi), 10.1 (vii), 10.1 (viii), 10.1 (x), 10.1 (xii), 10.1 (xv) and 10.1
(xvi), approved by the Majority Preferred Holders, and (c) 10.1 (v), 10.1 (xiii), 10.1 (xiv), and 10.1 (xvii), approved by the Majority Series C Holder, in each case, in writing in advance, provided that where any
such action requires a Special Resolution of the shareholders in accordance with the Companies Law (2016 Revision) of the Cayman Islands and if the shareholders vote in favour of such act but the approval of the Majority Preferred Holders or the
holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the then outstanding Preferred Shares (as applicable) has not yet been obtained,
the Majority Preferred Holders or the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the then outstanding Preferred Shares (as
applicable) shall have the voting rights equal to the aggregate voting power of all the shareholders who voted in favour of such act plus one: 

  
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 (i) any change in any Group Company’s Articles of Association or similar constitutional
documents, or any other action, that may materially alter or change the rights or preferences of any of the Preferred Shares; 
 (ii) any
action that authorizes, creates or issues (A) any class or series of Equity Securities having rights, preferences, privileges, powers, limitations or restrictions superior to or on a parity with the Preferred Shares, whether as to liquidation,
conversion, dividend, voting, redemption, or otherwise, or any Equity Securities convertible into, exchangeable for, or exercisable into any Equity Securities having rights, preferences, privileges, powers, limitations or restrictions superior to or
on a parity with of the Preferred Shares, whether as to liquidation, conversion, dividend, voting, redemption or otherwise, or (B) any Equity Securities of any Group Company, except for Ordinary Shares, options, restricted share units and/or
other awards therefor that have been reserved as of the date hereof for issuance to employees, officers, directors, contractors, advisors or consultants of the Group Companies in accordance with the terms of the ESOP; 

(iii) any Liquidation Event as defined under the Memorandum and Articles, or any merger, amalgamation, scheme or arrangement or consolidation
of any Group Company with any Person; provided, that if such transaction has an implied equity valuation of the Company of less than US$900,000,000, the prior written approval of the Majority Series C Holder shall be required; 

(iv) any material change in the share capital or registered capital of any Group Company; 

(v) any liquidation, winding up or bankruptcy, reorganization or other analogous insolvency proceeding of any Group Company; 

(vi) any material change of the nature of the business of any Group Company unless approved by the Board (including the affirmative vote of a
majority of the Investor Directors); 
 (vii) any transactions by any Group Company exceeding RMB4,000,000 with any Related Party, unless
such transaction is expressly contemplated under the Transaction Documents; 
 (viii) incurrence by any Group Company of Indebtedness or
guarantees of Indebtedness in excess of RMB4,000,000, unless approved by the Board (including the affirmative vote of a majority of the Investor Directors) or unless otherwise set forth in the Annual Budget; 

  
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 (ix) any entry into any contract with the management personnel of any Group Company, other than
the contracts with respect to arrangements for employment or any contract relating to the ESOP; 
 (x) the appointment or removal of the
auditors, or the change of accounting standard or the term of the fiscal year for any Group Company; 
 (xi) the approval of, or any
material deviation from or material amendment of, the Annual Budget of any Group Company, unless approved by the Board (including the affirmative vote of a majority of the Investor Directors); 

(xii) any declaration or payment of any dividend or other distribution, or determination of the dividend policy of such Group Company; 

(xiii) any purchase, repurchase, redemption or retirements of any Equity Security of any Group Company, other than (A) the purchase,
repurchase or redemption of Ordinary Shares by the Company at no more than the original purchase price from terminated employees, officers or consultants in accordance with the ESOP, (B) the purchase, repurchase or redemption of the Shares
pursuant to Article 8.4 of the Memorandum and Articles, and (C) the Option Repurchases; 
 (xiv) any sale, transfer, license on an
exclusive basis, pledge, encumber or otherwise disposal of any material intellectual property or other material assets of any Group Company or any of its Affiliates to a third party; 

(xv) any increase or decrease of the size and composition of the Board not otherwise provided for herein; 

(xvi) appointment or removal of any management personnel of any Group Company at the senior VP-level
or above (including chief executive office, chief operation officer and chief financial officer), unless approved by the Board (including the affirmative vote of a majority of the Investor Directors); or 

(xvii) any sale, transfer, pledge, mortgage or other disposal of any equity interest (whether directly or indirectly) in any Subsidiaries of
the Company. 
 10.2 Acts of the Group Companies Requiring Investor Directors Approval. Notwithstanding any provision to the
contrary contained herein or in the Charter Documents of any Group Company, but subject to the provisions of Section 11 (which shall prevail over the provisions of this Section 10), no Group
Company shall take, permit to occur, approve, authorize, or agree or commit to do any of the following, and no Party shall permit any Group Company to, and the shareholders of the Company shall not permit the Company to, take, permit to occur,
approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement,
amalgamation, or otherwise, unless approved in writing by (a) a majority of the votes of the Directors of the Board (which must include the affirmative votes of a majority of the Investor Directors), and (b) when determining Sections
10.2(iv) or (vii), approved by the Series C Director, for as long as the Majority Series C Holder has the right to appoint, remove and replace a director to the Board pursuant to Section 9.1: 

  
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 (i) any sale, transfer or other disposal of by any Group Company of any assets, businesses,
interests, properties or securities valued in excess of RMB8,000,000 individually or RMB13,000,000 in the aggregate during any fiscal year, or the disposition of all or substantially all of the assets of any Group Company (or any series of related
transactions having similar effect); 
 (ii) any acquisition of or investment in any business by any Group Company valued in excess of
RMB8,000,000; 
 (iii) the incurrence by any Group Company of any capital expenditure in excess of RMB8,000,000 unless authorized in the
Annual Budget; 
 (iv) the adoption, amendment or termination of the ESOP or any other equity incentive, purchase or participation plan,
including any amendment of the number of shares of the Company reserved under the ESOP, for the benefit of any employees, officers, directors, contractors, advisors or consultants of any of the Group Companies; 

(v) any action to grant options or other awards under the ESOP to key management personnel of any Group Company, or to any Person
representing ten percent (10%) or more of the aggregate number of Ordinary Shares reserved under the ESOP; 
 (vi) any debt financing by
any Group Company in excess of RMB8,000,000, or any borrowing from banks or other financial institutions outside the Annual Budget; and 

(vii) any public offering of any Equity Securities of any Group Company other than a Qualified IPO, including the determination of the terms,
valuation, stock exchange, the underwriters therefor. 
  

	11.	Drag-Along Rights 

 11.1 In the event that holders of sixty percent (60%) or more
of the voting power of all the Preferred Shares (voting together as a single class and calculated on as-converted to Class A Ordinary Share basis) and Yi Wang (王翌) (collectively, the “Drag Holders”) have approved a Liquidation Event or a Share Sale, whether or
not structured as a merger, consolidation, reorganization, asset sale or sale of control of the Company or otherwise (the “Drag-Along Sale”), to any Person that is not a Drag Holder or an Affiliate of any Drag Holder (the
“Offeror”), and the valuation of the Group Companies in the Drag-Along Sale is no less than US$500 million, the Drag Holders, may, at their option, by delivery of a written notice (the “Drag-Along Notice”),
require each of the other holder of Equity Securities of the Company (the “Dragged Holders”) to, and whereupon each Dragged Holder hereby irrevocably agrees to: 

(i) sell, at the same time as the Drag Holders sell to the Offeror, in the Drag-Along Sale, all of its Equity Securities of the Company or
the same percentage of its Equity Securities of the Company as the Drag Holders sell, on the same terms and conditions as were agreed to by the Drag Holders, and the aggregate purchase price or other consideration of the Company in respect of such
Drag-Along Sale shall be distributed to the holders of Shares of the Company subject to such sale in accordance with the provisions set forth in Article 8.1(B) (Liquidation Preferences) of the Memorandum and Articles, as if such Drag-Along Sale is a
Liquidation Event; 

  
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 (ii) vote all of its Equity Securities of the Company (a) in favor of such Drag-Along Sale,
(b) against any other consolidation, recapitalization, amalgamation, merger, sale of securities, sale of assets, business combination, or transaction that would interfere with, delay, restrict, or otherwise adversely affect such Drag-Along
Sale, and (c) against any action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the definitive agreement(s) related to such Drag-Along Sale or
that could result in any of the conditions to the closing obligations under such agreement(s) not being fulfilled, and, in connection therewith, to be present (in person or by proxy) at all relevant meetings of the shareholders of the Company (or
adjournments thereof) or to approve and execute all relevant written consents in lieu of a meeting; 
 (iii) not exercise any
dissenters’ or appraisal rights under applicable Law with respect to such Drag-Along Sale; 
 (iv) take all necessary actions in
connection with the consummation of such Drag-Along Sale as reasonably requested by the Drag Holders, including the execution and delivery of any share transfer or other agreements prepared in connection with such Drag-Along Sale, and the delivery,
at the closing of such Drag-Along Sale involving a sale of shares, of all certificates representing shares held or controlled by such holder, duly endorsed for transfer or accompanied by a duly executed share transfer form, or affidavits and
indemnity undertakings with respect to lost certificates; and 
 (v) restructure such Drag-Along Sale, as and if reasonably requested by
the Drag Holders, as a merger, consolidation, restructuring or similar transaction, or a sale of all or substantially all of the assets of the Company, or otherwise. 

In any such Drag-Along Sale, (i) each such holder shall bear a proportionate share (based upon the relative proceeds received in such
transaction) of the Drag Holders’ reasonable fees and expenses incurred in the transaction, including legal, accounting and investment banking fees and expenses, and (ii) each such holder shall severally, not jointly, join on a pro rata
basis (based upon the relative proceeds received in such transaction) in any indemnification obligations that are part of the terms and conditions of such Drag-Along Sale (other than those that relate specifically to a particular holder, such as
indemnification with respect to representations and warranties given by such holder regarding such holder’s title to and ownership of shares, due authorization, enforceability, and no conflicts, which shall instead be given solely by such
holder) but only up to the net proceeds paid to such holder in connection with such Drag-Along Sale; provided, that no Investor shall be required to give or make any representations, warranties, covenants, indemnities or other agreements relating to
the business and operations of any Group Company. 
 11.2 In the event that any of the Dragged Holders (the “Defaulting
Holder”) fails for any reason to take any of the foregoing actions within fifteen (15) days after receiving the Drag-Along Notice, each of the Drag Holders shall have the right to sell to the Defaulting Holder the type and number of
Equity Securities equal to the number of Equity Securities such Drag Holder would have transferred to the Offeror had the Defaulting Holder taken each of the foregoing actions within such fifteen (15) days. The price per share at which the
shares are to be sold to the Defaulting Holder shall be equal to the price per share that would have been paid by the Offeror to the Drag Holders in the Drag-Along Sale. The Defaulting Holder shall also reimburse each Drag Holder for any and all
reasonable fees and expense, including legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of such Drag Holder’s rights under Section 11.2. The Drag Holders shall, if exercising the
option created hereby, deliver to the Defaulting Holder an instrument of transfer and either the certificate or certificates representing shares to be sold under this Section 11.2 by the Drag Holders, each certificate to be
properly endorsed for transfer, or an affidavit of lost certificate. The Defaulting Holder shall, upon receipt of the foregoing, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, in cash by wire transfer of
immediately available funds or by other means acceptable to the Drag Holders. The Company shall concurrently therewith record such transfer on its books and update its register of members and will promptly thereafter and in any event within five
(5) days reissue certificates to the Drag Holders reflecting the new securities held by them giving effect to such transfer. None of the transfer restrictions set forth in this Agreement or other Transaction Documents shall apply in connection
with a Drag-Along Sale, notwithstanding anything contained to the contrary herein and therein. 

  
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	12.	Additional Covenants. 

 12.1 Control of Subsidiaries. The Company shall,
and each of the Founders and the Founder Holding Companies shall use reasonable best efforts to cause the Company to, institute and keep in place such arrangements as are reasonably satisfactory to the Majority Preferred Holders such that the
Company (i) will at all times control the operations of each other Group Company, and (ii) will at all times be permitted to properly consolidate the financial results for each other Group Company in the consolidated financial statements
for the Company prepared under the US GAAP. 
 12.2 Compliance with Laws. The Group Companies shall, and each Party
(other than the Investors) shall cause the Group Companies to, conduct their respective business in compliance in all material respects with all applicable Laws, and obtain, make and maintain in effect, all Consents from the relevant Governmental
Authority or other Person required in respect of the due and proper establishment and operations of each Group Company as now conducted in compliance in all material respects with all applicable Laws. Without limiting the generality of the
foregoing, none of the Group Companies shall, and the Parties (other than the Investors) shall cause each Group Company not to, and the Parties shall ensure that its and their respective Affiliates and its respective officers, directors, and
representatives shall not, directly or indirectly, (a) offer or give anything of value to any Public Official with the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such Person, assisting any
Group Company in obtaining or retaining business for, or with, or directing business to, any Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or retaining business, (b) take any other
action, in each case, in violation of the Foreign Corrupt Practices Act of the United States of America, as amended (as if it were a U.S. Person), or any other applicable similar anti-corruption, recordkeeping and internal controls Laws, or
(c) establish or maintain any fund or assets in which any Group Company has proprietary rights that have not been recorded in its books and records of Group Company. 

12.3 Insurance. The Company shall, and each of the Founders and the Founder Holding Companies shall use reasonable best efforts
to cause the Company to, promptly purchase and maintain, and shall cause the Group Companies to promptly purchase and maintain, in effect, insurance policies with respect to the Group Company’s properties, employees, products, operations,
and/or business, each in the amounts not less than that are customarily obtained by companies of similar size, in a similar line of business, and with operations in PRC. 

  
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 12.4 Future Holders of Ordinary Shares. Except with the written consent of the
Majority Preferred Holders, the Company shall, and each of the Founders and the Founder Holding Companies shall use reasonable best efforts to cause (i) all future holders of more than one percent (1%) the Company’s Ordinary Shares and all
future holders of Ordinary Share Equivalents convertible, exchangeable or exercisable for more than one percent (1%) of the Company’s Ordinary Shares (other than the Investors), and (ii) each Subsidiary of the Company, in each case, to
join this Agreement as a party. The Parties hereby agree that such future holders may become parties to this Agreement by executing an instrument of accession to this Agreement in a standard and customary form reasonably satisfactory to the Majority
Preferred Holders, without any amendment to this Agreement, pursuant to this Section 12.4 
 12.5
Intellectual Property Protection. Except with the written consent of the Board (including the affirmative vote of at least one (1) Investor Director), the Group Companies shall, and shall cause each of the other Group Companies to, take
all reasonable steps to protect their respective material Intellectual Property rights, including (a) registering their material respective trademarks, brand names, domain names and copyrights, and (b) requiring each employee and
consultant of each Group Company to enter into a confidentiality and invention assignment agreement and a non-competition agreement requiring such persons to protect and keep confidential such Group
Company’s confidential information, intellectual property and trade secrets, prohibiting such persons from competing with such Group Company for a reasonable time after their tenure with any Group Company, and requiring such persons to assign
all ownership rights in their work product to such Group Company, in each case in form and substance reasonably acceptable to the Board (including the affirmative vote of at least one (1) Investor Director). 

12.6 Internal Control System. Each Group Company shall, and each of the Founders and the Founder Holding Companies shall use
reasonable best efforts to cause each Group Company to, maintain the books and records in accordance with sound business practices and implement and maintain an adequate system of procedures and controls with respect to finance, management, and
accounting that meets international standards of good practice and is reasonably satisfactory to the Majority Preferred Holders to provide reasonable assurance that (i) transactions by it are executed in accordance with management’s
general or specific authorization, (ii) transactions by it are recorded as necessary to permit preparation of financial statements in conformity with the respective PRC GAAP or US GAAP and to maintain asset accountability,
(iii) access to assets of it is permitted only in accordance with management’s general or specific authorization, (iv) the recorded accountability for assets of it is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any material differences, (v) segregating duties for cash deposits, cash reconciliation, cash payment, proper approval is established, and (vi) any personal assets or bank accounts of the
employees, directors, officers are not mingled with the corporate assets or corporate bank account, and no Group Company uses any personal bank accounts of any employees, directors, officers thereof during the operation of the business. 

  
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 12.7 Non-compete. Unless with the
prior written consent of the Majority Preferred Holders, each Founder (a) shall devote his full time and attention to the business of the Group Companies, shall not manage, work for or render service for Nanjing Yunshijie Information Technology
Co., Ltd. (南京云视界信息技术有限公司), despite
his position of CEO and executive director in such company, and shall use his commercially reasonable efforts to develop the business and interests of the Group Companies, (b) during the time when such Founder is a director, officer, employee,
consultant or a direct or indirect holder of Equity Securities of a Group Company and for two (2) years after such Founder is no longer a director, officer, employee, consultant or a direct or indirect holder of Equity Securities of a Group
Company, shall not, and shall cause his Affiliate or Associate not to, directly or indirectly, (i) own, manage, engage in, operate, control, work for, consult with, render services for, do business with, maintain any interest in (proprietary,
financial or otherwise) or participate in the ownership, management, operation or control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that competes with the business of any Group Company (a
“Restricted Business”); provided, however, that the restrictions contained in this clause (i) shall not restrict the acquisition by such Founder, directly or indirectly, of less than 0.5% of the outstanding
share capital of any publicly traded company engaged in a Restricted Business; (ii) solicit any Person who is or has been at any time a customer of the Group for the purpose of offering to such customer goods or services similar to or competing
with those offered by any Group Company, or canvass or solicit any Person who is or has been at any time a supplier or licensor or customer of any Group Company for the purpose of inducing any such Person to terminate its business relationship with
such Group Company; or (iii) solicit or entice away or endeavor to solicit or entice away any director, officer, consultant or employee of any Group Company, and (c) except as otherwise contemplated under the Transaction Documents, shall
not disclose to others or use, whether directly or indirectly (except on behalf of and for the benefit of the Group Companies), any material information about the business conducted by any Group Company, or in relation to any Group Company, their
respective clients, customers, suppliers and franchisees, and any proprietary information of any Group Company, in whatever media. Each Founder expressly agrees that the limitations set forth in this Section 12.7 are
reasonably tailored and reasonably necessary in light of the circumstances. Furthermore, if any provision of this Section 12.7 is more restrictive than permitted by the Laws of any jurisdiction in which a Party seeks
enforcement thereof, then this Section 12.7 will be enforced to the greatest extent permitted by Law. Each of the undertakings contained in this Section 12.7 shall be enforceable by
each Group Company and the Investor separately and independently of the right of the other Group Companies and the other Investors (if any). 

12.8 No Avoidance; Voting Trust. Each Founder, Founder Holding Company and Group Company will not, by any voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be performed hereunder by such Party, and each such Party will at all times in good faith assist and take action as appropriate in the carrying out of all of the provisions
of this Agreement. Except for (i) the transactions contemplated by the Transaction Documents and (ii) the grant of voting proxy or power of attorney to Yi Wang
(王翌) with respect to the voting and other powers of the Shares that such Ordinary Holder may be entitled to
pursuant to the ESOP and in accordance with the terms of the ESOP, each Ordinary Holder agrees that it shall not enter into any other agreements or arrangements of any kind with respect to the voting of any Shares or deposit any Shares in a voting
trust or other similar arrangement. 
 12.9 United States Tax Matters. 

(i) None of the Group Companies will take any action inconsistent with its treatment of the Company as a corporation for U.S. federal income
tax purposes or elect to be treated as an entity other than a corporation for U.S. federal income tax purposes. 
 (ii) The Company shall
use, and shall cause each of its Subsidiaries to use, its commercially reasonable efforts to arrange its management and business activities in such a way that the Company and each of its Subsidiaries are not treated as residents for tax purposes, or
is otherwise subject to income tax in, a jurisdiction other than the jurisdiction in which they have been organized. 

  
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 (iii) The Company shall use its commercially reasonable efforts to avoid future status of the
Company or any of its Subsidiaries as a PFIC. At the request of GGV Capital IV L.P. or IDG Technology Venture Investment V, L.P., within forty-five (45) days from the end of each taxable year of the Company, the Company shall determine, in
consultation with a reputable accounting firm, whether the Company or any of its Subsidiaries was a PFIC in such taxable year (including whether any exception to PFIC status may apply). If the Company determines that the Company or any of its
Subsidiaries was a PFIC in such taxable year (or if a Government Authority or an Investor informs the Company that it has so determined), it shall, within sixty (60) days from the end of such taxable year, provide the following information to
each holder of Preferred Shares that is a United States Person (“Direct US Investor”) and each United States Person that holds either direct or indirect interest in such holder (“Indirect US Investor”) (hereinafter,
collectively referred to as a “PFIC Shareholder”): (i) all information reasonably available to the Company to permit such PFIC Shareholder to (a) accurately prepare its U.S. tax returns and comply with any other reporting
requirements, if any, arising from its investment in the Company and relating to the Company or any of its Subsidiaries’ classification as a PFIC and (b) make any election (including a “qualified electing fund” election under
Section 1295 of the Code), with respect to the Company (or any of its Subsidiaries); and (ii) a completed “PFIC Annual Information Statement” as described under Treasury Regulation
Section 1.1295-1(g). The Company shall be required to provide the information described above to an Indirect US Investor only if the relevant holder of Preferred Share requests in writing that the Company
provide such information to such Indirect US Investor and furnish the Company with written identifying information (such as name, address, and other identifying information) about the Indirect US Investor. 

(iv) Other than with respect to Yi Wang (王翌) (who is a United States Person) and his Founder Holding Company, each of the Ordinary Holders represents that such Person is not a United States Person and such Person is not owned, wholly or in
part, directly or indirectly, by any United States Person. Each of the Ordinary Holders shall provide prompt written notice to the Company of any subsequent change in its United States Person status. The Company shall use its commercially reasonable
efforts to avoid future status of the Company or any of its Subsidiaries as a CFC. Upon written request of a holder of Preferred Shares from time to time, the Company will promptly provide in writing such information concerning its shareholders and
the direct and indirect interest holders in each shareholder sufficient for such holder of Preferred Shares to determine whether the Company is a CFC. In the event that the Company does not have in its possession all the information necessary for
the holder of Preferred Shares to make such determination, the Company shall promptly procure such information from its shareholders. The Company shall, (i) upon written request of a holder of Preferred Shares, furnish on a timely basis all
information requested by such holder to satisfy its (or any Indirect US Investor’s) U.S. federal income tax return filing requirements, if any, arising from its investment in the Company and relating to the Company or any of its
Subsidiaries’ classification as a CFC. The Company and each of its Subsidiaries shall use their commercially reasonable efforts to avoid generating for any taxable year in which the Company or any of its Subsidiaries is a CFC, income that would
be includible in the income of such holder of Preferred Shares (or any Indirect US Investor) pursuant to Section 951 of the Code. 

  
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 (v) The Company shall comply, and shall cause each of its Subsidiaries to comply, with all
record-keeping, reporting, and other requests necessary for the Company and each of its Subsidiaries to comply with any applicable U.S. tax law or to allow each holder of Preferred Shares to avail itself of any provision of U.S. tax laws. The
Company shall also provide each holder of Preferred Shares with any information requested by such holder of Preferred Shares to allow such holder of Preferred Shares to comply with U.S. tax laws or to avail itself of any provision of U.S. tax laws.
Each Ordinary Holder and holders of Preferred Shares shall cooperate with the Company and provide reasonable information requested by the Company in order for the Company to comply with its obligations hereunder. 

(vi) The cost incurred by the Company in providing the information that it is required to provide, or is required to cause to be provided,
and the cost incurred by the Company in taking the action, or causing the action to be taken, as described in this Section 12.9 shall be borne by the Company. 

12.10 Confidentiality. 

(i) Disclosure of Terms. The existence and provisions of any Transaction Document, the negotiations relating to any Transaction
Document and any non-public material information with respect to a Party’s business and operations (collectively, the “Confidential Information”), shall be considered confidential
information and shall not be disclosed by any Party to any third party. 
 (ii) Press Releases. No announcement regarding any of the
Confidential Information in a press release, conference, advertisement, announcement, professional or trade publication, mass marketing materials or otherwise to the general public may be made by any Party without the prior written consent of other
Parties. Any press release issued by any Party shall not disclose any of the Confidential Information and the final form of such press release shall be approved in advance in writing by other Parties. 

(iii) Permitted Disclosures. Notwithstanding any provision to the contrary in this Section 12.10,
this Section 12.10(i) shall not apply to (a) Confidential Information which a Party learns from a third party which such third party reasonably believes to have the right to make the disclosure, provided that the
restricted Party complies with any restrictions imposed by such third party; (b) Confidential Information which is rightfully in the restricted party’s possession prior to the time of disclosure by the protected party and not acquired by
the restricted party under a confidentiality obligation; (c) Confidential Information which enters the public domain without breach of confidentiality by the restricted party, (d) disclosures of Confidential Information by a Party to its
current or bona fide prospective investor, Affiliates and their respective employees, bankers, lenders, accountants, legal counsels, business partners or representatives or advisors who need to know such information, in each case only where such
persons or entities are informed of the confidential nature of the Confidential Information and are under appropriate nondisclosure obligations substantially similar to those set forth in Section 12.10, (e) disclosures of
Confidential Information to a bona fide prospective purchaser or transferee of the Shares held by the Investors where such purchaser or transferee is informed of the confidential nature of the Confidential Information and are under appropriate
nondisclosure obligations substantially similar to those set forth in this Section 12.10, (f) disclosures of Confidential Information if such disclosure is approved in writing by the Company, the Majority Ordinary Holders
and the Majority Preferred Holders, and (g) disclosures of Confidential Information to the extent required pursuant to applicable Law (including the applicable rules of any stock exchange), in which case the party required to make such
disclosure (the “Disclosing Party”) shall provide the other Parties with prompt written notice of that fact, shall consult with the other Parties regarding such disclosure, and shall, to the extent reasonably practicable and legally
permissible and with the cooperation and reasonable efforts of the other Parties, seek a protective order, confidential treatment or other appropriate remedy. In such event, the Disclosing Party shall furnish only that portion of the information
which is legally required to be disclosed. 

  
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 (iv) The provisions of this Section 12.10 shall terminate and
supersede the provisions of any separate nondisclosure agreement executed by any of the Parties with respect to the transactions contemplated hereby, including any term sheet, letter of intent, memorandum of understanding or other similar agreement
entered into by any of the Group Companies, the Ordinary Holders and the Investors in respect of the transactions contemplated hereby. 

12.11 Restrictions on Transfers. Unless it is in compliance with the Transaction Documents, each of the Founders and Founder
Holding Companies shall not (regardless of his employment status with the Group Companies), and shall cause the other equity holders of each Domestic Company (other than those designated by the Investors) not to, directly or indirectly sell, assign,
transfer, pledge, hypothecate, or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to (“Transfer”) all or any part of any interest in any Equity Securities of each Domestic Company
now or hereafter owned or held directly or indirectly by the Founders or other equity holders (other than those designated by the Investors), without the prior written consent of the Majority Preferred Holders. Any Transfer of Equity Securities of
any Domestic Company or other Group Company not made in compliance with the terms of the Transaction Documents shall be null and void, shall not be recorded on the books of such Domestic Company or other Group Company and shall not be recognized by
any Party. 
 12.12 Ordinary Holders’ Further Covenants. So long as he is an officer, director,
employee or shareholder of any of the Group Companies, each Ordinary Holder hereby agrees to take, or cause to be taken, all necessary and to do, or cause to be done, all things necessary under applicable Laws to abide by the terms of this
Agreement, the Transaction Documents and the Memorandum and Articles, and to cause each Group Company (including exercising his voting power) to conduct its business as if bound by the Memorandum and Articles. Each Ordinary Holder further agrees to
execute and deliver, or cause to be executed and delivered, such other documents, certificates, agreements and other writings and to take, or cause to be taken, such other actions as deemed necessary in order to consummate or implement expeditiously
the provisions of the Company’s Memorandum and Articles. 

  
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 12.13 “Market Stand-Off”
Agreement. Each holder of Shares agrees that it will not during the period commencing on the date of the final prospectus relating to the Company’s IPO and ending on the date specified by the Company (such period not to exceed one hundred
eighty (180) days from the date of such final prospectus, or such other period as may be requested by the Company to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst
recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto) (i) lend, offer, pledge, hypothecate, hedge, sell, make
any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity
Securities of the Company owned at the time of the IPO (other than those included in such offering), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
such Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Equity Securities of the Company or such other securities, in cash or otherwise; provided, that (x) the
foregoing provisions of this Section 12.13 shall not be applicable to any Holder unless all directors, officers and all other holders of at least one percent (1%) of the outstanding share capital of the Company (calculated
on an as-converted to Class A Ordinary Share basis) must be bound by restrictions at least as restrictive as those applicable to any such Holder pursuant to this Section 12.13,
(y) this Section 12.13 shall not apply to a Holder to the extent that any other Person subject to substantially similar restrictions is released in whole or in part, and (z) the lockup agreements shall
permit a Holder to transfer their Equity Securities to their respective Affiliates so long as the transferees enter into the same lockup agreement. The underwriters in connection with the Company’s IPO are intended third party beneficiaries of
this Section 12.13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the Company may place restrictive legends on
the certificates and impose stop-transfer instructions with respect to the Equity Securities of each shareholder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

12.14 Qualified IPO. Each of the Founder, the Founder Holding Companies and the Company shall use reasonable best efforts to
consummate a Qualified IPO on or before the third anniversary of the date hereof. 
 12.15 Control Documents. 

(i) The Founders and the Founder Holding Companies shall ensure that each party to the relevant Control Documents (other than the nominee
shareholders appointed by the Investors) fully perform its/his/her respective obligations thereunder and carry out the terms and the intent of the Control Documents. Any termination, or material modification or waiver of, or material amendment to
any Control Documents, in each case except for such termination, modification, waiver or amendment as expressly contemplated by the Transaction Documents, shall require the written consent of the Majority Preferred Holders. 

(ii) If any of the Control Documents becomes illegal, void or unenforceable under PRC Laws, the Parties shall cooperate with each other and
act in good faith to, to the extent permitted under applicable Laws (a) enter into alternative transaction documents with nominees of the Investors to provide each of the Investors all of its material rights and interests under the Transaction
Documents, including all of the economic and other benefits conferred to such Investor under the Transaction Documents, or (b) devise a feasible alternative legal structure which gives effect to the intentions of the parties in each Control
Document and the economic arrangement thereunder as closely as possible, in each case, to the reasonable satisfaction of the Investors (the transactions set forth in clauses (a) and (b), collectively, the “Restructuring
Transactions”). 
 12.16 Equity Transfer to the Investors’ Nominee. Each Investor shall have the right to
require the shareholders of any consolidated variable interest entity of the Company that is incorporated, organized or established in the PRC (excluding such variable interest entities in which the Company or any variable interest entity of the
Company has any direct or indirect equity interest), at any time and from time to time, to transfer or cause to transfer or issuance of the same percentage of equity interests in such entity as such Investor holds in the Company to a Person
designated by such Investor at the minimum price acceptable by applicable PRC Laws. Further, in the event of such equity transfer, the Founders, such Investor and any other Investor who has designated Persons to hold on its behalf the equity
interest in such entity shall, and shall use its reasonable best efforts to procure the Person(s) designated by it to, amend and restate the Control Documents, to the extent such amendment and restatement is necessary to enable the Company to
Control and consolidate the financial statements of such entity in their entirety. 

  
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 12.17 Waiver from Investors. Each of the Investors (other the CMC Lullaby Holdings
Limited and Wu Capital Limited) hereby (a) waives and releases each of the Group Companies from any Actions such Investor may have and for any Losses resulting therefrom relating to any breach by any Group Company of Sections 8.17 Licenses,
Permits and Contracts, 8.18 Equity Transfer in Domestic Companies, and 8.19 Registration of Equity Pledge of the Series B Purchase Agreement and Sections 8.11 Filings of the Equity Transfer, and 8.12 SAFE Registration Amendment of the Series A
Purchase Agreement, and (b) acknowledges that, as of the date hereof, it is not aware of any other breach by any Group Company of any contract or agreement entered into between such Group Company and such Investor prior to the date hereof. 

 

	13.	Miscellaneous. 

 13.1 Termination. This Agreement shall terminate, with
respect to any Party, upon the time it no longer holds any Shares; provided, that the provisions of Sections 7, 8, 9, 10, 11, and 12 (except for Sections 12.10 and 12.13) shall, with respect to
all Parties, terminate on the consummation of a Qualified IPO. If this Agreement terminates with respect to any Party, such Party shall be released from its obligations under this Agreement, except in respect of (i) any obligation stated,
explicitly or otherwise, to continue to exist after the termination of this Agreement (including those under Sections 2 through 6, and Section 13), and (ii) any obligation or liability of such Party
arising out of or relating to any breach or violation of this Agreement by such Party prior to its termination, which obligation or liability shall survive such termination. 

13.2 Governing Law. This Agreement shall be governed by and construed under the Laws of the State of New York. 

13.3 Further Assurances. Upon the terms and subject to the conditions herein, each of the Parties agrees to use its reasonable
best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties in doing, all things necessary, proper or advisable under applicable Laws or
otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and, to the extent reasonably requested by another Party, to enforce rights and obligations pursuant hereto. 

13.4 Dispute Resolution. 

(i) 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 any of the Parties with notice (the “Arbitration Notice”) to the other Parties. 

  
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 (ii) 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 Council shall select the arbitrator, who shall be qualified to practice law in the State of New York. The seat of arbitration shall be Hong Kong. 

(iii) The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this
Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail. 
 (iv) 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 to arbitration in connection with such
arbitral proceedings, subject only to any confidentiality obligations binding on such party. 
 (v) 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. 

(vi) The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive
Laws of New York. 
 (vii) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of
competent jurisdiction pending the constitution of the arbitral tribunal. 
 (viii) During the course of the arbitral tribunal’s
adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

13.5 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address of the relevant Party as shown on Schedule
III (or at such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties given in accordance with this Section 13.5). Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and
sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to
have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail,
service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting device, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid, if such
day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day. Notwithstanding the foregoing, to the extent a “with a copy to” address is designated, notice must also be given to such
address in the manner above for such notice, request, consent or other communication hereunder to be effective. 

  
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 13.6 Rights Cumulative; Specific Performance. Each and all of the various rights,
powers and remedies of a Party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law or in equity in the event of the breach of any of the terms of this Agreement.
The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. Without limiting the foregoing, the Parties acknowledge
and agree irreparable harm may occur for which money damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the Parties shall be entitled to seek injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement. 

13.7 Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any such applicable Law in any jurisdiction, it shall, as
to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity, illegality, or
limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

13.8 Successor Indemnification. If any Group Company or any of its successors or assignees consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of such Group Company assume the
obligations of such Group Company with respect to indemnification of the Investor Directors as in effect immediately before such transaction, whether such obligations are contained in the Charter Documents, or elsewhere, as the case may be. 

13.9 Amendments and Waivers. Any provision in this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only by the written consent of (i) as to the Group Companies, only by the Company; (ii) as to the holders of Series A Preferred Shares, by the holders of a
majority of the then outstanding Series A Preferred Shares, at any time and from time to time; (iii) as to the holders of the Series B Preferred Shares, by the Majority Series B Holders; (iv) as to the holders of the Series C Preferred
Shares, by the Majority Series C Holder; (v) as to each Founder, by such Founder; and (vi) as to the Ordinary Holders, only by the Majority Ordinary Holders; provided, however, that no amendment or waiver shall be effective or enforceable
in respect of an Ordinary Holder, a holder of Preferred Shares or a Founder, as the case may be, if such amendment or waiver affects such Ordinary Holder, holder of Preferred Shares or Founder, respectively, materially and adversely differently from
the other Ordinary Holders, holders of the Preferred Shares or Founders, respectively, unless such Ordinary Holder, holder of Preferred Shares or Founder, as the case may be, consents in writing to such amendment or waiver. Notwithstanding the
foregoing, any Party hereunder may waive any of its/his rights hereunder without obtaining the consent of any Parties. Any amendment or waiver effected in accordance with this Section 13.9 shall be binding upon all the
Parties. 

  
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 13.10 Successors and Assigns; Third Party Beneficiaries. 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 whose rights or obligations hereunder are affected by such terms and conditions. Each
of the Investors and Cherubic Ventures SSG Ltd. may assign its rights hereunder to any of its Affiliate or any other third party (the “Third Party Assignee”) in connection with the transfer of Equity Securities of the Company held
by such Investor or Cherubic Ventures SSG Ltd., as appropriate, but only to the extent of such transfer, without prior written consent of the other Parties; provided, that the Third Party Assignee shall not be an entity in the list set forth in
Schedule IV hereto (the entities set forth in Schedule IV, as may be amended from time to time in accordance with this Section 13.10, the “Company Competitors”); provided, that the list of entities set
forth in Schedule IV may be updated by the Board, once every twelve (12) months, in good faith, to replace one or more existing entities on such list with new entities that the Board determines, in good faith, are entities that are direct
competitor(s) of the Company and whose business and operations compete directly with the Company’s core business; provided further, that the list of entities set forth in Schedule IV may not contain more than twenty (20) such Company
Competitors (which numerical cap shall not apply to Subsidiaries of such Company Competitors), at any time and from time to time. For the avoidance of doubt, any update by the Board to the list of Company Competitors shall become effective and
binding on all Investors and Cherubic Ventures SSG Ltd. immediately upon the passing of the relevant resolution of the Board regarding such update. The Company shall notify each Investor of such update within two (2) Business Days of such
update. Within one (1) month of such update from the Board, any Investor that disagrees with the Board’s determination with respect to any of the newly added Company Competitors shall have the right to require the Company to engage one of
the “Big 4” independent certified public accountants that is not the then auditor of the Company and agreed by such Investor (the “Independent Auditor”) to make a determination as promptly as reasonably practicable as to
whether the entity or entities in dispute are direct competitor(s) of the Company and whose business and operations compete directly with the Company’s core business. The determination of the Independent Auditor shall be binding on all of the
Parties and the list of entities in Schedule IV shall reflect such determination. Each of the Founders and the Founder Holding Companies may assign its rights hereunder to any of its Affiliate or any other third party in connection with the transfer
of Equity Securities of the Company held by such Founder or Founder Holding Company, as appropriate, but only to the extent of such transfer, without the prior written consent of the other Parties; provided, that such transfer is in compliance with
this Agreement and the Right of First Refusal & Co-Sale Agreement. As a condition of such assignment in the preceding sentences, each successor or assignee shall agree in writing to be subject to each
of the terms of this Agreement by executing an instrument of accession to this Agreement in a standard and customary form, without any amendment to this Agreement, and shall be deemed to be a party hereto as if the signature of such successor or
assignee appeared on the signature pages of this Agreement. This Agreement and the rights and obligations herein may not be assigned by any of the Group Companies without the prior written consent of the Majority Preferred Holders. Except as
otherwise provided herein, no Person other than the Parties and their successors and permitted assigns is intended to be a beneficiary of this Agreement. 

13.11 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be
deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy hereunder at any one or more times be deemed a waiver or relinquishment of
such right, power or remedy at any other time or times. 

  
 42 

 13.12 Delays or Omissions. No delay or omission to exercise any right, power or
remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any
single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement,
or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. 

13.13 No Presumption. The Parties acknowledge that any applicable Law that would require interpretation of any claimed
ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden
of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
 13.14
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and
e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

13.15 Entire Agreement. This Agreement together with the other Transaction Documents (and all exhibits and schedules hereto and
thereto) and the other instruments and agreements referenced herein constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all other prior agreements (including the Prior Shareholders Agreement)
and understandings, both written and oral, among the Parties with respect to the subject matter hereof. 
 13.16 Control. In
the event of any conflict or inconsistency between any of the terms of this Agreement and any of the terms of any of the Charter Documents for any of the Group Companies, or in the event of any dispute related to any such Charter
Document, the terms of this Agreement shall prevail in all respects as regards the parties other than the Company. The Parties (other than the Company) shall give full effect to and act in accordance with the provisions of this Agreement over
the provisions of the Charter Documents, and the Parties (other than the Company) shall exercise all voting and other rights and powers (including to procure any required alteration to such Charter Documents to resolve such conflict or
inconsistency) to make the provisions of this Agreement effective, and not to take any actions that impair any provisions in this Agreement. 

13.17 Aggregation of Shares. All Shares held or acquired by any Affiliates of any Party shall be aggregated together for the
purpose of determining the availability of any rights of any Party under this Agreement. 
 13.18 Adjustments for Share Splits,
Etc. Wherever in this Agreement there is a reference to a specific number of Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the relevant class or series of the Shares, the specific number of
shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of Shares by such subdivision, combination or share dividend. 

  
 43 

 13.19 Grant of Proxy. Upon the failure of any Ordinary Holder to vote the Equity
Securities of the Company held thereby, to implement the provisions of and to achieve the purposes of this Agreement, such Ordinary Holder, hereby grants to a Person designated by the Board (which shall include the affirmative vote of all of the
Investor Directors) a proxy coupled with an interest in all Equity Securities of the Company held by it/him, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this Section 13.19 is
amended to remove such grant of proxy in accordance with Section 13.9 hereof, to vote all such Equity Securities to implement the provisions of and to achieve the purposes of this Agreement. 

13.20 Use of English Language. This Agreement has been executed and delivered in the English language. Any translation of this
Agreement into another language shall have no interpretive effect. All documents or notices to be delivered pursuant to or in connection with this Agreement shall be in the English language or, if any such document or notice is not in the English
language, accompanied by an English translation thereof, and the English language version of any such document or notice shall control for purposes thereof. 

13.21 Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under this Agreement are
several and not joint or joint and several, and no Investor is responsible in any way for the performance or conduct of any other Investor in connection with the transactions contemplated hereby. Nothing contained herein and no action taken by any
Investor pursuant hereto shall be or shall be deemed to constitute a partnership, association, joint venture, or joint group with respect to the Investors. Each Investor agrees that no other Investor has acted as an agent for
such Investor in connection with the transactions contemplated hereby. 
 13.22 ESOP. Each of the
Parties acknowledges and agrees that the number of Class A Ordinary Shares reserved under the Company’s ESOP has been increased to 5,456,192 (the “ESOP Increase”) as of the date hereof, which, together with any other
Equity Securities of the Company reserved under the Company’s ESOP, represents 11.45% of the Company’s total share capital on a fully diluted basis, and each holder of the Shares agrees to and has duly approved the ESOP Increase in
accordance with this Agreement and the Memorandum and Articles. The Company agrees and acknowledges that no additional reserves in connection with the Company’s ESOP or other similar employment or equity incentive plans of the Company or any
Group Company and that would have a dilutive effect on any Investor will be made prior to a Qualified IPO. 
 13.23 Approvals and
Waivers under the Prior Shareholders Agreement. The Parties (except for CMC Lullaby Holdings Limited, Wu Capital Limited and Cherubic Ventures SSG Ltd.) hereby grant their consents and approvals, and waive their rights, as may be required by or
set forth in the Prior Shareholders Agreement, including Sections 7 and 10 thereof, in connection with (i) the execution of, and the completion of the transactions contemplated by, the Purchase Agreement and the other Transaction
Documents, and (ii) the ESOP Increase. The Parties hereby grant their consents and approvals, and waive their rights, as may be required by or set forth in this Agreement in connection with the Option Repurchases. 

  
 44 

 13.24 Termination of Prior Shareholders Agreement. In consideration of the mutual
covenants and promises contained herein, each of the Parties that are parties to the Prior Shareholders Agreement confirms and acknowledges that the Prior Shareholders Agreement shall hereby be terminated in its entirety with no further force and
effect, and each of the Parties (other than CMC Lullaby Holdings Limited, Wu Capital Limited and the Cherubic Ventures SSG Ltd.) hereby waives any claims and releases each of the Group Companies from any and all obligations and liabilities arising
out of or relating to any breach by such Group Companies of the Prior Shareholders Agreement. 
 [The remainder of this page has
been intentionally left blank.] 

  
 45 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	GROUP COMPANIES:	  	LingoChamp Inc.
			
		  	By:	 	 /s/ Yi Wang (王翌)

		  	Name: Yi Wang (王翌)
		  	Title: Director
		
		  	 LingoChamp (HK) Limited
 (流利说(香港)有限公司)

			
		  	By:	 	 /s/ Yi Wang (王翌)

		  	Name: Yi Wang (王翌)
		  	Title: Director

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	GROUP COMPANIES:	  	 Yuguan Information Technology (Shanghai) Co., Ltd.

(语冠信息技术(上海)有限公司)

			
		  	By:	 	 /s/ Yi Wang (王翌)

		  	Name: Yi Wang (王翌)
		  	Title: Legal Representative
		
		  	 Yuling Culture Development (Shanghai) Co., Ltd.

(语灵文化传播(上海)有限公司)

			
		  	By:	 	 /s/ Yi Wang (王翌)

		  	Name: Yi Wang (王翌)
		  	Title: Legal Representative
		
		  	 Shanghai Liulishuo Information Technology Co., Ltd.

(上海流利说信息技术有限公司)

			
		  	By:	 	 /s/ Yi Wang (王翌)

		  	Name: Yi Wang (王翌)
		  	Title: Legal Representative
		
		  	 Shanghai Mengfan Culture Broadcasting Co., Ltd.

(上海萌番文化传播有限公司)

			
		  	By:	 	 /s/ Yi Wang (王翌)

		  	Name: Yi Wang (王翌)
		  	Title: Legal Representative

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
 FOUNDERS: 

 

	
	 /s/ Yi Wang (王翌)

	Yi Wang (王翌)
	
	 /s/ Zheren Hu (胡哲人)

	Zheren Hu (胡哲人)
	
	 /s/ Hui Lin (林晖)

	Hui Lin (林晖)

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	FOUNDER HOLDING COMPANIES:	  	Joyx Holdings Ltd
			
		  	By:	 	 /s/ Yi Wang

		  	Name: Yi Wang
		  	Title: Director
		
		  	Ulingo Holdings Ltd
			
		  	By:	 	 /s/ Hui Lin

		  	Name: Hui Lin
		  	Title: Director
		
		  	Muang Holdings Ltd.
			
		  	By:	 	 /s/ Zheren Hu

		  	Name: Zheren Hu
		  	Title: Director

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	IDG Technology Venture Investment IV, L.P.
		
		  	 By: IDG Technology Venture Investment IV, LLC,

Its General Partner

			
		  	By:	 	 /s/ Chi Sing Ho

		  	Name: Chi Sing Ho
		  	Title: Authorized Signatory
		
		  	IDG Technology Venture Investment V, L.P.
		
		  	 By: IDG Technology Venture Investment V, LLC,

Its General Partner

			
		  	By:	 	 /s/ Chi Sing Ho

		  	Name: Chi Sing Ho
		  	Title: Authorized Signatory

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	IDG-ACCEL CHINA GROWTH FUND III L.P.
		
		  	 By: IDG-Accel China Growth Fund III Associates L.P.,

its General Partner

		  	 By: IDG-Accel China Growth Fund GP III Associates Ltd.,

its General Partner

			
		  	By:	 	 /s/ Chi Sing Ho

		  	Name: Chi Sing Ho
		  	Title: Authorized Signatory
		
		  	IDG-ACCEL CHINA III INVESTORS L.P.
		
		  	 By: IDG-Accel China Growth Fund GP III Associates Ltd.,

its General Partner

			
		  	By:	 	 /s/ Chi Sing Ho

		  	Name: Chi Sing Ho
		  	Title: Authorized Signatory

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	GGV Capital IV L.P.
		  	By: GGV Capital IV L.L.C., its General Partner
			
		  	By:	 	 /s/ Stephen Hyndman

		  	Name: Stephen Hyndman
		  	Title: Attorney in Fact
		
		  	GGV Capital IV Entrepreneurs Fund L.P.
		  	By: GGV Capital IV L.L.C., its General Partner
			
		  	By:	 	 /s/ Stephen Hyndman

		  	Name: Stephen Hyndman
		  	Title: Attorney in Fact

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

									
	INVESTORS:	 		 		 	HES Ventures I, Inc.
					
		 		 		 	By:	 	 /s/ Kenneth A. Bronfin

		 		 		 	Name: Kenneth A. Bronfin
		 		 		 	 Title: Senior Managing Director

          Hearst Communications, Inc.

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	Cherubic Ventures Fund II, L.P. 
			
		  	By:	 	 /s/ Matt Cheng

		  	Name: Matt Cheng
		  	Title: Managing Partner
		
		  	Cherubic Ventures SSG Ltd.
			
		  	By:	 	 /s/ Matt Cheng

		  	 Name: Matt Cheng

		  	 Title: Director

		
		  	Cherubic Ventures SSG II Ltd.
			
		  	By:	 	 /s/ Matt Cheng

		  	 Name: Matt Cheng

		  	 Title: Director

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	RTA Capital, LLC
		
		  	By: RTA Capital Management, LLC, its managing member
			
		  	By:	 	 /s/ Steven G Suda

		  	Name: Steven G Suda
		  	Title: Managing Partner

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	Trustbridge Partners V, L.P.
			
		  	By:	 	/s/ Authorized Signatory
		  	Name:
		  	Title:

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	CMC Capital:
		
		  	CMC Lullaby Holdings Limited
			
		  	By:	 	 /s/ CHEN Xian

		  	Name: CHEN Xian
		  	Title: Authorized Signatory

  
 Signature Page to
Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

					
	INVESTORS:	  	Wu Capital:
		
		  	Wu Capital Limited
			
		  	By:	 	 /s/ WU Yajun

		  	Name: WU Yajun
		  	Title: Authorized Signatory

  
 Signature Page to
Shareholders Agreement 

 SCHEDULE I 

LIST OF FOUNDERS AND FOUNDER HOLDING COMPANIES 
  

					
	 Founders
	  	 Founder Holding
Companies
	  	 Current Number of Class B

Ordinary Shares

	Yi Wang	  	Joyx Holdings Ltd	  	11,753,847
			
	Zheren Hu	  	Muang Holdings Ltd.	  	5,010,931
			
	Hui Lin	  	Ulingo Holdings Ltd	  	2,910,896
			
	Total	  	/	  	19,675,674

  
 Schedule I of
Shareholders Agreement 

 SCHEDULE II PART A 

SCHEDULE OF SERIES C INVESTORS 
  

					
	 Series C
Investors
	  	
Class of Shares
	  	
Number of Shares

	 CMC Lullaby Holdings Limited
	  	Series C Preferred Shares	  	2,647,690
			
	 Wu Capital Limited
	  	Series C Preferred Shares	  	1,323,845
			
	 IDG-Accel China Growth Fund III L.P.
	  	Series C Preferred Shares	  	316,987
			
	 IDG-Accel China III Investors L.P.
	  	Series C Preferred Shares	  	22,472
			
	 GGV Capital IV L.P.
	  	Series C Preferred Shares	  	518,543
			
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	Series C Preferred Shares	  	10,995
			
	 Cherubic Ventures SSG II Ltd.
	  	Series C Preferred Shares	  	92,683
			
	 HES Ventures I, Inc.
	  	Series C Preferred Shares	  	22,706
			
	 Trustbridge Partners V, L.P.
	  	Series C Preferred Shares	  	339,459
			
	 Total
	  	/	  	5,295,380

  
 Schedule II of
Shareholders Agreement 

 SCHEDULE II PART B 

SCHEDULE OF SERIES B INVESTORS 
  

					
	 Series B
Investors
	  	 Class of Shares
	  	 Number of Shares

	 IDG-Accel China Growth Fund III L.P.
	  	Series B Preferred Shares	  	1,473,199
			
	 IDG-Accel China III Investors L.P.
	  	Series B Preferred Shares	  	104,440
			
	 GGV Capital IV L.P.
	  	Series B Preferred Shares	  	534,684
			
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	Series B Preferred Shares	  	11,337
			
	 HES Ventures I, Inc.
	  	Series B Preferred Shares	  	79,545
			
	 RTA Capital, LLC
	  	Series B Preferred Shares	  	44,111
			
	 Cherubic Ventures Fund II, L.P.
	  	Series B Preferred Shares	  	324,690
			
	 Trustbridge Partners V, L.P.
	  	Series B Preferred Shares	  	5,323,705
			
	 Total
	  	/	  	7,895,711

  
 Schedule II of
Shareholders Agreement 

 SCHEDULE II PART C 

SCHEDULE OF SERIES A INVESTORS 
  

					
	 Series A
Investors
	  	 Class of Shares
	  	 Number of Shares

	 IDG Technology Venture Investment V, L.P.
	  	Series A Preferred Shares	  	276,555
			
	 IDG-Accel China Growth Fund III L.P.
	  	Series A Preferred Shares	  	2,065,978
			
	 IDG-Accel China III Investors L.P.
	  	Series A Preferred Shares	  	146,464
			
	 GGV Capital IV L.P.
	  	Series A Preferred Shares	  	2,437,317
			
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	Series A Preferred Shares	  	51,680
			
	 HES Ventures I, Inc.
	  	Series A Preferred Shares	  	276,555
			
	 RTA Capital, LLC
	  	Series A Preferred Shares	  	27,655
			
	 Cherubic Ventures Fund II, L.P.
	  	Series A Preferred Shares	  	248,900
			
	 Total
	  	/	  	5,531,104

  
 Schedule II of
Shareholders Agreement 

 SCHEDULE II PART D 

SCHEDULE OF SERIES SEED INVESTORS 
  

					
	 Series Seed
Investors
	  	 Class of Shares
	  	 Number of Shares

	 IDG Technology Venture Investment IV, L.P.
	  	Series Seed Preferred Shares	  	1,257,069
			
	 GGV Capital IV L.P.
	  	Series Seed Preferred Shares	  	1,354,065
			
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	Series Seed Preferred Shares	  	28,711
			
	 Cherubic Ventures Fund II, L.P.
	  	Series Seed Preferred Shares	  	628,535
			
	 Cherubic Ventures SSG Ltd.
	  	Series Seed Preferred Shares	  	79,430
			
	 Cherubic Ventures SSG II Ltd.
	  	Series Seed Preferred Shares	  	171,984
			
	 RTA Capital, LLC
	  	Series Seed Preferred Shares	  	125,707
			
	 Total
	  	/	  	3,645,501

  
 Schedule II of
Shareholders Agreement 

 SCHEDULE III 

ADDRESS FOR NOTICES 
 If to the Group
Companies and the Founder Holding Companies: 
 Address: Room 2101, Building 9, Hai Shang Hai, 

NO.970, Dalian Road, Yangpu District, Shanghai, 200092, P.R. China 

(上海市杨浦区大连路970号海上海9号楼1308室, 200092) 
 Attn: Yi Wang 

Tel: 
 With a Copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 
 42/F,
Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong 
 Fax: 

Attn: Julie Z. Gao 
 If to TBP: 

c/o Trustbridge Partners V, L.P. 
 Unit 1206, One
Lujiazui, No.68 Yincheng Zhong Road, Pudong New District, Shanghai (上海市浦东新区银城中路68号时代金融中心1206
室) 
 Attn:
JinJian Zhang 
 Fax: 
 If to IDG: 

c/o IDG Capital Management (HK) Ltd. 
 Unit 5505, 55/F., The
Center 
 99 Queen’s Road 
 Central, Hong Kong 

Attn: Chi Sing Ho 
 Fax: 

With a Copy to: 
 Floor 6, Tower A, COFCO Plaza, 

8 Jianguomennei Dajie 
 Beijing, 100005, P.R. China 

Attn: Ms. Yilan Xie 
 Fax: 

If to GGV 
 Attn: Stephen Hyndman 

Address: 3000 Sand Hill Road, Building 4, Suite 230 
 Menlo Park,
CA 94025, U.S.A. 
 Fax No. : 
 Tel: 

  
 Schedule III of
Shareholders Agreement 

 with a copy to 

Attn: Jenny Lee 
 Address: Unit 3501, IFC II, 

8 Century Avenue 
 Shanghai 200120, P. R. C 

Fax No. : 
 Tel: 

If to RTA Capital, LLC 
 c/o RTA Capital, LLC 

Address: 574 Jersey St. San Francisco, CA 94114 
 If to
Cherubic Ventures Fund II, L.P. 
 Cherubic Ventures SSG Ltd. 

Cherubic Ventures SSG II Ltd. 
 c/o Cherubic Ventures Fund
II, L.P. 
 7F no.6 Alley 3 Lane 225, 
 Min-Tsu West Road, 

Taipei, Taiwan, zip code: 103 
 Tel: 

If to HES Ventures I, Inc. 
 c/o Hearst Communications,
Inc. 
 300 W. 57th Street 
 NY, NY 10019 

Attn: Kenneth Bronfin 
 With a copy to: 

The Hearst Corporation 
 Office of General Counsel 

300 W. 57th Street 
 NY, NY 10019 

Attn: Eve Burton 
 If to CMC Lullaby Holdings Limited 

Address: Suite 1008, Hutchison House, 10 Harcourt Road, Central, Hong Kong 

Tel: 
 Fax: 

Attn: Peter Wong, Finance Director 
 With a copy to: 

Address: Unit 2208, North Tower, Beijing Kerry Center, No.1 Guang Hua Road, Chaoyang District, Beijing 100020 

  
 Schedule III of
Shareholders Agreement 

 Tel: 
 Fax: 

Attn: Alex Chen, Managing Director 
 If to Wu Capital Limited

 Address: Room 1902, Guanjie Building, Tower 1, No. 16 Tai Yang Gong Zhong Road, Chaoyang District, Beijing, People’s Republic of China 

Attn: Yan ZHANG 
 Tel: 

Fax: 

  
 Schedule III of
Shareholders Agreement 

 SCHEDULE IV 

LIST OF THE COMPANY COMPETITORS 

  
 Schedule IV of
Shareholders AgreementEX-10.1

 Exhibit 10.1 

LINGOCHAMP INC. 

2014 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MAY 26, 2014 
 APPROVED BY THE SHAREHOLDERS:
MAY 26, 2014 
 TERMINATION DATE: MAY 25, 2024 

 

	1.	GENERAL. 

 (a) Eligible Share Award Recipients. Employees,
Directors and Consultants are eligible to receive Share Awards. 
 (b) Available Share Awards. The Plan provides for the grant
of the following types of Share Awards: (i) Options, (ii) Share Appreciation Rights, (iii) Restricted Share Awards, (iv) Restricted Share Unit Awards, and (v) Other Share Awards. 

(c) Purpose. The Plan, through the granting of Share Awards, is intended to help the Company to secure and retain the services
of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide means by which the eligible recipients may benefit from increases in value of the Ordinary
Shares. 
  

	2.	ADMINISTRATION. 

 (a) Administration by Board. The Board
will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c). 

(b) Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the
Plan: 
 (i) To determine from time to time (A) who will be granted Share Awards; (B) when and how each Share Award will be
granted; (C) what type of Share Award will be granted; (D) the provisions of each Share Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Ordinary Shares under the Share
Award; (E) the number of Ordinary Shares subject to a Share Award; and (F) the Fair Market Value applicable to a Share Award. 

(ii) To construe and interpret the Plan and Share Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of the Plan and Share Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Share Award Agreement, in a manner and to the extent it will deem necessary or expedient
to make the Plan or Share Award fully effective. 
 (iii) To settle all controversies regarding the Plan and Share Awards granted
under it. 

  
 1. 

 (iv) To accelerate, in whole or in part, the time at which a Share Award may be exercised
or vest (or at which cash or Ordinary Shares may be issued). 
 (v) To suspend or terminate the Plan at any time. Except as otherwise
provided in the Plan or a Share Award Agreement, suspension or termination of the Plan will not impair a Participant’s rights under his or her then-outstanding Share Award without his or her written consent except as provided in subsection
(viii) below. 
 (vi) To amend the Plan in any respect the Board deems necessary or advisable, subject to the limitations, if
any, of applicable law. However, if required by applicable law, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek shareholder approval of any amendment of the Plan that (A) materially
increases the number of Ordinary Shares available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Share Awards under the Plan, (C) materially increases the benefits accruing to Participants
under the Plan, (D) materially reduces the price at which Ordinary Shares may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Share Awards available for
issuance under the Plan. Except as provided in the Plan (including subsection (viii) below) or a Share Award Agreement, no amendment of the Plan will impair a Participant’s rights under an outstanding Share Award unless (1) the
Company requests the consent of the affected Participant, and (2) such Participant consents in writing. 
 (vii) To submit any
amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of Section 422 of the Code regarding Incentive Share Options. 

(viii) To approve forms of Share Award Agreements for use under the Plan and to amend the terms of any one or more Share Awards,
including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Share Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided
however, that a Participant’s rights under any Share Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents in writing.
Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the
Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Share Awards without the affected Participant’s consent (A) to maintain the tax qualified status
of the Share Award (B) to clarify the manner of exemption from, or to bring the Share Award into compliance with, Section 409A or Section 457A of the Code; or (C) to comply with other applicable laws. 

(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best
interests of the Company and that are not in conflict with the provisions of the Plan or Share Awards. 

  
 2. 

 (x) To adopt such procedures and sub-plans as are
necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside China (provided that Board approval will not be necessary for immaterial modifications to the Plan or
any Share Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction). Without limiting the generality of the foregoing, the Board is specifically authorized to adopt rules, procedures and subplans,
regarding, without limitation, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of share issuances, which may vary according to local
requirements. 
 (xi) To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise,
purchase or strike price of any outstanding Share Award; (B) the cancellation of any outstanding Share Award and the grant in substitution therefor of a new (1) Option, (2) Share Appreciation Right, (3) Restricted Share Award,
(4) Restricted Share Unit Award, (5) Other Share Award, (6) cash and/or (7) other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different
number of Ordinary Shares as the cancelled Share Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting
principles. 
 (c) Delegation to Committee. The Board may delegate some or all of the administration of the Plan to a
Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee,
including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee). Any
delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee
and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously
delegated. 
 (d) Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or
both of the following: (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Share Awards) and, to the extent permitted by applicable law, the terms of such
Share Awards, and (ii) determine the number of Ordinary Shares to be subject to such Share Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of Ordinary
Shares that may be subject to the Share Awards granted by such Officer and that such Officer may not grant a Share Award to himself or herself. Any such Share Awards will be granted on substantially the form of Share Award Agreement most recently
approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a
Director) to determine the Fair Market Value pursuant to Section 13(s) below.  
 (e) Effect of
Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

  
 3. 

	3.	SHARES SUBJECT TO THE PLAN. 

(a) Share Reserve. 

(i) Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of Ordinary Shares that may be issued
pursuant to Share Awards from and after the Effective Date will not exceed 2,627,250 Ordinary Shares (the “Share Reserve”). For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of Ordinary
Shares that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Share Awards except as provided in Section 6(a). 

(b) Reversion of Shares to the Share Reserve. If a Share Award or any portion thereof (i) expires or otherwise terminates
without all of the shares covered by such Share Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than share), such expiration, termination or settlement will not reduce (or otherwise offset)
the number of Ordinary Shares that may be available for issuance under the Plan. If any Ordinary Shares issued pursuant to a Share Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition
required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of tax withholding
obligations on a Share Award or as consideration for the exercise or purchase price of a Share Award will again become available for issuance under the Plan. 

(c) Source of Shares. The shares issuable under the Plan will be authorized but unissued or reacquired Ordinary Shares,
including shares repurchased by the Company on the open market or otherwise. 
  

	4.	ELIGIBILITY. 

 (a) Eligibility for Specific Share Awards.
Share Awards may be granted to Employees, Directors and Consultants. 
 (b) Consultants. A Consultant will not be eligible for the
grant of a Share Award if, at the time of grant, either the offer or sale of the Company’s securities to such Consultant is not exempt under Rule 701 because of the nature of the services that the Consultant is providing to the Company, because
the Consultant is not a natural person, or because of any other provision of Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act, as
applicable, as well as comply with the securities laws of all other relevant jurisdictions. 
  

	5.	PROVISIONS RELATING TO OPTIONS AND SHARE APPRECIATION RIGHTS. 

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. The provisions of separate
Options or SARs need not be identical; provided, however, that each Share Award Agreement for Options or SARs will conform to (through incorporation of provisions hereof by reference in the applicable Share Award Agreement or otherwise) the
substance of each of the following provisions: 
 (a) Term. No Option or SAR will be exercisable after the expiration of ten
(10) years from the date of its grant or such shorter period specified in the Share Award Agreement. 

  
 4. 

 (b) Exercise Price. The exercise or strike price of each Option or SAR granted to a
US Participant will be not less than one hundred percent (100%) of the Fair Market Value of the Ordinary Shares subject to the Option or SAR on the date the Share Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with
an exercise or strike price lower than one hundred percent (100%) of the Fair Market Value of the Ordinary Shares subject to the Share Award to a US Participant if such Share Award is granted pursuant to an assumption of or substitution for another
option or share appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and other applicable law. Each SAR will be denominated in Ordinary Share equivalents. The exercise
or strike price of each Option or SAR granted to a Participant that is not a U.S. Participant shall be determined by the Board and shall comply with applicable laws. In addition, no Option or SAR may be granted with an exercise or strike price lower
than the par value of the Ordinary Shares, if any. 
 (c) Purchase Price for Options. The purchase price of Ordinary Shares
acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. Any Ordinary Shares that are
not fully paid will be subject to the forfeiture provisions in the Company’s memorandum and articles of association (as amended from time to time). The Board will have the authority to grant Options that do not permit all of the following
methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment are as follows: 

(i) by cash, check, bank draft or money order payable to the Company; 

(ii) pursuant to a program (developed under Regulation T as promulgated by the U.S. Federal Reserve Board or similar regulations in
other applicable jurisdictions, if required for compliance with the laws of the relevant jurisdiction) that, prior to the issuance of the share subject to the Option results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds; 
 (iii) by delivery to the
Company (either by actual delivery or attestation) of Ordinary Shares; 
 (iv) if an Option is a Nonstatutory Share Option, by a
“net exercise” arrangement pursuant to which the Company will reduce the number of Ordinary Shares issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price;
provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Ordinary
Shares will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to
the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; 

  
 5. 

 (v) according to a deferred payment or similar arrangement with the Optionholder;
provided, however, that interest will compound at least annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and compensation income to the Optionholder
under any applicable provisions of the Code, and (B) the classification of the Option as a liability for financial accounting purposes; or 

(vi) in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Share Award
Agreement. 
 (d) Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice
of exercise to the Company in compliance with the provisions of the Share Award Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the
aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of Ordinary Shares equal to the number of Ordinary Shares equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is
exercising the SAR on such date, over (B) the aggregate strike price of the number of Ordinary Shares equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Ordinary
Shares, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Share Award Agreement evidencing such SAR. 

(e) Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability
of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply: 

(i) Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and
distribution (and pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer of the Option or SAR in a manner that is not prohibited by
applicable tax and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration. 

(ii) Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be
transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) or regulations
in other applicable jurisdictions. 

  
 6. 

 (iii) Beneficiary Designation. Subject to the approval of the Board or a duly
authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the Participant, will thereafter be entitled to exercise
the Option or SAR and receive the Ordinary Shares or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate will be
entitled to exercise the Option or SAR and receive the Ordinary Shares or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company
that such designation would be inconsistent with the provisions of applicable laws. 
 (f) Vesting Generally. The total number
of Ordinary Shares subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be
exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any
Option or SAR provisions governing the minimum number of Ordinary Shares as to which an Option or SAR may be exercised. 
 (g)
Termination of Continuous Service. Except as otherwise provided in the applicable Share Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause
and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Share Award as of the date of termination of Continuous Service)
within the period of time ending on the earlier of (i) the date three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Share Award Agreement,
which period will not be less than thirty (30) days if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Share Award Agreement. If,
after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(h) Extension of Exercise Period. Except as otherwise provided in the applicable Share Award Agreement or other agreement
between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be
prohibited at any time solely because the issuance of Ordinary Shares would violate the registration requirements under the Securities Act or any comparable securities law of any jurisdiction, or foreign exchange laws of any other jurisdiction
(including without limitation China’s foreign exchange laws and regulations), then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post
termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such legal requirements, or (ii) the expiration of the term of the Option
or SAR as set forth in the applicable Share Award Agreement. In addition, unless otherwise provided in a Participant’s Share Award Agreement, if the sale of any Ordinary Shares received upon exercise of an Option or SAR following the
termination of the Participant’s Continuous Service (other than for Cause) would violate any laws prohibiting insider trading or the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the
expiration of a period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the sale of the Ordinary Shares received upon
exercise of the Option or SAR would not be in violation of any laws prohibiting insider trading or the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Share Award
Agreement. 

  
 7. 

 (i) Disability of Participant. Except as otherwise provided in the applicable Share
Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent
that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve (12) months following such termination
of Continuous Service (or such longer or shorter period specified in the Share Award Agreement, which period will not be less than six (6) months if necessary to comply with applicable laws), and (ii) the expiration of the term of the
Option or SAR as set forth in the Share Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(j) Death of Participant. Except as otherwise provided in the applicable Share Award Agreement or other agreement between the
Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Share Award Agreement for
exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of
death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the period
ending on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Share Award Agreement, which period will not be less than six (6) months if necessary to
comply with applicable laws), and (ii) the expiration of the term of such Option or SAR as set forth in the Share Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the
Option or SAR (as applicable) will terminate. 
 (k) Termination for Cause. Except as explicitly provided otherwise in
a Participant’s Share Award Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate
immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service. 

(l) Early Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time
before the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the Ordinary Shares subject to the Option prior to the full vesting of the Option. 

  
 8. 

 (m) Right of Repurchase or Right of First Refusal. The Option or SAR may include a
provision whereby the Company may elect to repurchase all or any part of the vested Ordinary Shares acquired by the Participant pursuant to the exercise of the Option or SAR. In addition, the Option or SAR may include a provision whereby the Company
may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the Ordinary Shares received upon the exercise of the Option or SAR. The terms of any repurchase right or
right of first refusal will be specified in the Share Award Agreement. The repurchase price for vested Ordinary Shares will be the Fair Market Value of the Ordinary Shares on the date of repurchase. The repurchase price for unvested Ordinary Shares
will be the lower of (i) the Fair Market Value of the Ordinary Shares on the date of repurchase or (ii) their original purchase price. 
  

	6.	PROVISIONS OF SHARE AWARDS OTHER THAN OPTIONS AND SARS. 

(a) Restricted Share Awards. Each Restricted Share Award Agreement will be in such form and will contain such terms and
conditions as the Board deems appropriate. To the extent consistent with the Company’s memorandum and articles of association (as amended from time to time) and other constitutional and governance documents, at the Board’s election,
Ordinary Shares underlying a Restricted Share Award may be held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Share Award lapse; and may be evidenced by a certificate, which
certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Share Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Award Agreements need
not be identical. Each Restricted Share Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 

(i) Consideration. A Restricted Share Award may be awarded in consideration for (A) cash, check, bank draft or money order
payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in its sole discretion, and permissible under
applicable law. 
 (ii) Vesting. Subject to the “Right of Repurchase” in Section 5(m), Ordinary Shares awarded
under the Restricted Share Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board. 

(iii) Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company
may receive through a forfeiture condition or a repurchase right, any or all of the Ordinary Shares held by the Participant as of the date of termination of Continuous Service under the terms of the Restricted Share Award Agreement. 

(iv) Transferability. Rights to acquire Ordinary Shares under the Restricted Share Award Agreement will be transferable by the
Participant only upon such terms and conditions as are set forth in the Restricted Share Award Agreement, as the Board will determine in its sole discretion, so long as Ordinary Shares awarded under the Restricted Share Award Agreement remains
subject to the terms of the Restricted Share Award Agreement. 

  
 9. 

 (v) Dividends. A Restricted Share Award Agreement may provide that any dividends
paid on Restricted Shares will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Share Award to which they relate. 

(b) Restricted Share Unit Awards. Each Restricted Share Unit Award Agreement will be in such form and will contain such terms
and conditions as the Board deems appropriate. The terms and conditions of Restricted Share Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Unit Award Agreements need not be identical.
Each Restricted Share Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions: 

(i) Consideration. At the time of grant of a Restricted Share Unit Award, the Board will determine the consideration, if any, to
be paid by the Participant upon delivery of each Ordinary Share subject to the Restricted Share Unit Award. The consideration to be paid (if any) by the Participant for each Ordinary Share subject to a Restricted Share Unit Award may be paid in any
form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii) Vesting. At the time of the grant of a Restricted Share Unit Award, the Board may impose such restrictions on or conditions
to the vesting of the Restricted Share Unit Award as it, in its sole discretion, deems appropriate. 
 (iii) Payment. A
Restricted Share Unit Award may be settled by the delivery of Ordinary Shares, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Share Unit Award
Agreement. 
 (iv) Additional Restrictions. At the time of the grant of a Restricted Share Unit Award, the Board, as it deems
appropriate, may impose such restrictions or conditions that delay the delivery of the Ordinary Shares (or their cash equivalent) subject to a Restricted Share Unit Award to a time after the vesting of such Restricted Share Unit Award. 

(v) Dividend Equivalents. Dividend equivalents may be credited in respect of Ordinary Shares covered by a Restricted Share Unit
Award, as determined by the Board and contained in the Restricted Share Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional Ordinary Shares covered by the Restricted Share Unit Award
in such manner as determined by the Board. Any additional shares covered by the Restricted Share Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Share
Unit Award Agreement to which they relate. 
 (vi) Termination of Participant’s Continuous Service. Except
as otherwise provided in the applicable Restricted Share Unit Award Agreement, such portion of the Restricted Share Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service.  

  
 10. 

 (c) Other Share Awards. Other forms of Share Awards valued in whole or in part by
reference to, or otherwise based on, Ordinary Shares, including the appreciation in value thereof (e.g., options or share rights with an exercise price or strike price less than one hundred percent (100%) of the Fair Market Value of the Ordinary
Shares at the time of grant) may be granted either alone or in addition to Share Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and
complete authority to determine the persons to whom and the time or times at which such Other Share Awards will be granted, the number of Ordinary Shares (or the cash equivalent thereof) to be granted pursuant to such Other Share Awards and all
other terms and conditions of such Other Share Awards. 
  

	7.	COVENANTS OF THE COMPANY. 

(a) Availability of Shares. The Company will keep available at all times the number of Ordinary Shares reasonably required to
satisfy then-outstanding Share Awards. 
 (b) Securities Law Compliance. The Company will use commercially reasonable efforts
to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Share Awards and to issue and sell Ordinary Shares upon exercise of the Share Awards; provided, however,
that this undertaking will not require the Company to register the Plan, any Share Award or any Ordinary Shares issued or issuable pursuant to any such Share Award under the Securities Act or other applicable securities regulatory scheme. If, after
reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Ordinary Shares under the Plan,
the Company will be relieved from any liability for failure to issue and sell Ordinary Shares upon exercise of such Share Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of a Share Award or the
subsequent issuance of cash or Ordinary Shares pursuant to the Share Award if such grant or issuance would be in violation of any applicable securities law or any other applicable law or regulation. 

(c) No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such
holder as to the time or manner of exercising such Share Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a Share Award or a possible period in which
the Share Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Share Award to the holder of such Share Award. 
  

	8.	MISCELLANEOUS. 

 (a) Use of Proceeds from Sales of Ordinary
Share. Proceeds from the sale of Ordinary Shares pursuant to Share Awards will constitute general funds of the Company. 
 (b)
Corporate Action Constituting Grant of Share Awards. Corporate action constituting a grant by the Company of a Share Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the
Board, regardless of when the instrument, certificate, or letter evidencing the Share Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or
minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Share Award Agreement as a result of a clerical error in the papering
of the Share Award Agreement, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Share Award Agreement. 

  
 11. 

 (c) Shareholder Rights. No Participant will be deemed to be the holder of, or to
have any of the rights of a holder with respect to, any Ordinary Shares subject to a Share Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of Ordinary Shares under, the Share Award
pursuant to its terms, and (ii) the issuance of the Ordinary Shares subject to the Share Award has been entered into the books and records of the Company and the register of members of the Company has been accordingly updated. 

(d) No Employment or Other Service Rights. Nothing in the Plan, any Share Award Agreement or any other instrument executed
thereunder or in connection with any Share Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Share Award was granted or will affect
the right of the Company or an Affiliate to terminate (i) the employment of an Employee pursuant to an employment contract, if any, or applicable employment laws and regulations, (ii) the service of a Consultant pursuant to the terms of
such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Company’s memorandum and articles of association (as amended from time to time) and other constitutional and governance
documents of the Company or an Affiliate, and any provisions of the applicable laws of the jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. 

(e) Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Ordinary Shares
under any Share Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the
Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Share Award; and (ii) to
give written assurances satisfactory to the Company stating that the Participant is acquiring Ordinary Shares subject to the Share Award for the Participant’s own account and not with any present intention of selling or otherwise distributing
the Ordinary Shares. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Ordinary Shares under the Share Award has been
registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances
under the then applicable securities laws or other applicable laws. The Company may, upon advice of counsel to the Company, place legends on share certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply
with applicable securities laws or other applicable laws, including, but not limited to, legends restricting the transfer of the Ordinary Shares. 

  
 12. 

 (f) Withholding Obligations. Unless prohibited by the terms of a Share Award
Agreement, the Company may, in its sole discretion, satisfy any tax withholding obligation relating to a Share Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment;
(ii) withholding Ordinary Shares from the Ordinary Shares issued or otherwise issuable to the Participant in connection with the Share Award; provided, however, that no Ordinary Shares are withheld with a value exceeding the minimum
amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Share Award as a liability for financial accounting purposes); (iii) withholding cash from a Share Award settled in cash;
(iv) withholding payment from any amounts otherwise payable to the Participant; or (v) which may be set forth in the Share Award Agreement. 

(g) Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or
document delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 

(h) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of
Ordinary Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Share Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. The Board is
authorized to make deferrals of Share Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such
other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 
  

	9.	ADJUSTMENTS UPON CHANGES IN ORDINARY SHARE; OTHER CORPORATE EVENTS.

 (a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately
and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Share
Options pursuant to Section 11(a)(i), and (iii) the class(es) and number of securities and price per share of shares subject to outstanding Share Awards. The Board will make such adjustments, and its determination will be final, binding
and conclusive. 
 (b) Dissolution or Liquidation. Except as otherwise provided in the Share Award Agreement, in the event of
a dissolution or liquidation of the Company, all outstanding Share Awards (other than Share Awards consisting of vested and outstanding Ordinary Shares not subject to a forfeiture condition or the Company’s right of repurchase) will terminate
immediately prior to the completion of such dissolution or liquidation, and the Ordinary Shares subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the
fact that the holder of such Share Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some or all Share Awards to become fully vested, exercisable and/or no longer subject to repurchase
or forfeiture (to the extent such Share Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

  
 13. 

 (c) Corporate Transactions. The following provisions will apply to Share Awards in
the event of a Transaction unless otherwise provided in the Share Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of a
Share Award. In the event of a Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Share Awards, contingent upon the closing or completion of the Transaction:

 (i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company) to assume or continue the Share Award or to substitute a similar share award for the Share Award (including, but not limited to, an award to acquire the same consideration paid to the shareholders of the Company pursuant to the
Transaction); 
 (ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Ordinary
Shares issued pursuant to the Share Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii) accelerate the vesting, in whole or in part, of the Share Award (and, if applicable, the time at which the Share Award may be
exercised) to a date prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five (5) days prior to the effective date of the Transaction), with such Share
Award terminating if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date
of a Transaction, which exercise is contingent upon the effectiveness of such Transaction; 
 (iv) arrange for the lapse, in whole or
in part, of any reacquisition or repurchase rights held by the Company with respect to the Share Award; 
 (v) cancel or arrange for
the cancellation of the Share Award, to the extent not vested or not exercised prior to the effective time of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and 

(vi) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property
the Participant would have received upon the exercise of the Share Award immediately prior to the effective time of the Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment
may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Company’s Ordinary Shares in
connection with the Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies. 
 The Board need not take the same
action or actions with respect to all Share Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of a Share Award.  

  
 14. 

 (d) Change in Control. A Share Award may be subject to additional acceleration of
vesting and exercisability upon or after a Change in Control as may be provided in the Share Award Agreement for such Share Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in
the absence of such provision, no such acceleration will occur. 
  

	10.	PLAN TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN. 

(a) Plan Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will
automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the shareholders of the Company. No Share Awards may be
granted under the Plan while the Plan is suspended or after it is terminated. 
 (b) No Impairment of Rights. Suspension or
termination of the Plan will not impair rights and obligations under any Share Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan. 

 

	11.	ADDITIONAL PROVISIONS APPLICABLE TO US PARTICIPANTS. 

(a) Incentive Share Options. 

(i) Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of Ordinary Shares that may be
issued pursuant to the exercise of Incentive Share Options will be the Share Reserve. 
 (ii) Unless otherwise specifically
authorized by the Board, Incentive Share Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the
Code). 
 (iii) To the extent that the aggregate Fair Market Value (determined at the time of grant) of Ordinary Shares with respect
to which Incentive Share Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000) (or such other limit established in
the Code) or otherwise does not comply with the rules governing Incentive Share Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be
treated as Nonstatutory Share Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 
 (b)
Compliance with Section 409A of the Code. To the extent that the Board determines that any Share Award granted hereunder is subject to Section 409A of the Code, the Share Award Agreement evidencing such Share Award
shall incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Share Award Agreements shall be interpreted in accordance with Section 409A
of the Code. 

  
 15. 

	12.	CHOICE OF LAW; ARBITRATION. 

(a) Governing Law. The laws of the State of New York, the United States of America will govern all questions concerning
the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules. 
 (b)
Dispute Resolution. All and any of the disputes arising from and in connection with this Agreement shall be referred to Hong Kong International Arbitration Center (“HKIAC”) for binding arbitration in Hong Kong by a sole
arbitrator in accordance with the rules then in effect of the HKIAC. The parties shall jointly select the sole arbitrator. If the parties fail to reach an agreement on the arbitrator, such an arbitrator shall be appointed by the Secretary-General of
HKIAC. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any competent court having jurisdiction. The parties to the arbitration
shall each pay an equal share of the costs and expenses of such arbitration, and each party shall separately pay for its respective counsel fees and expenses, provided, however, that the prevailing party in any such arbitration shall be entitled to
recover from the non prevailing party its reasonable costs and attorney fees. 
  

	13.	DEFINITIONS. As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “Affiliate” means, at the time of determination, any Subsidiary and any “parent corporation” or
“subsidiary corporation” of the Company, as such terms are defined in Sections 424(e) and (f) of the Code. The Board will have the authority to determine the time or times at which “parent corporation” or “subsidiary
corporation” status is determined within the foregoing definition. 
 (b) “Board” means the Board of
Directors of the Company. 
 (c) “Capitalization Adjustment” means any change that is made in, or other
events that occur with respect to, the Ordinary Shares subject to the Plan or subject to any Share Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization,
reincorporation, share dividend, dividend in property other than cash, large nonrecurring cash dividend, share split, reverse share split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any similar
equity restructuring transaction. Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment. 

(d) “Cause” will have the meaning ascribed to such term in any written agreement between the
Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s commission of any felony or any
crime involving fraud, dishonesty or moral turpitude under the laws of the applicable jurisdiction; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such
Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the
Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by
the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Share Awards held by such Participant will have no effect upon
any determination of the rights or obligations of the Company or such Participant for any other purpose. 

  
 16. 

 (e) “Change in Control” means the occurrence, in a single
transaction or in a series of related transactions, of any one or more of the following events: 
 (i) there is consummated a merger,
consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the shareholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such transaction; 
 (ii) the shareholders of the Company approve or the Board
approves a plan of complete dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or 

(iii) there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting
power of the voting securities of which are Owned by shareholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other
disposition. 
 Notwithstanding the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of
assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any
Affiliate and the Participant will supersede the foregoing definition with respect to Share Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an
individual written agreement, the foregoing definition will apply. 
 (f) “Code” means the US Internal
Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder. 

  
 17. 

 (g) “Committee” means a committee of one (1) or more
Directors to whom authority has been delegated by the Board in accordance with Section 2(c). 
 (h)
“Company” means LingoChamp Inc., a company incorporated under the laws of Cayman Islands. 
 (i)
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of
the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the
Plan.  
 (j) “Continuous Service” means that the Participant’s service with the Company
or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in
the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service;
provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s Continuous Service will be considered to have
terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the
extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by
the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated
as Continuous Service for purposes of vesting in a Share Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or
as otherwise required by law. 
 (k) “Corporate Transaction” means the consummation, in a single transaction
or in a series of related transactions, of any one or more of the following events: 
 (i) a sale or other disposition of all
or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 

(ii) a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company; 

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or 

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the Ordinary Shares
outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

  
 18. 

 (l) “Director” means a member of the Board. 

(m) “Disability” means, with respect to a Participant, the inability of such Participant to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve
(12) months, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(n) “Effective Date” means the effective date of this Plan, which is the earlier of (i) the date that this
Plan is first approved by the Company’s shareholders, and (ii) the date this Plan is adopted by the Board. 
 (o)
“Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for
purposes of the Plan. 
 (p) “Entity” means a corporation, partnership, limited liability company or other
entity. 
 (q) “Exchange Act” means the US Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 (r) “Fair Market Value” means, as of any date, the value of the
Ordinary Shares determined by the Board. 
 (s) “Incentive Share Option” means an Option that is intended to
be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 
 (t)
“Nonstatutory Share Option” means any Option that does not qualify as an “incentive stock option” within the meaning of Section 422 of the Code.  

(u) “Officer” means any person designated by the Company as an officer. 

(v) “Option” means an option to purchase Ordinary Shares granted pursuant to the Plan.  
 (w) “Option Agreement” means a written agreement between
the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(x) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Option. 
 (y) “Ordinary Share” means a Class A Ordinary Share of
the Company. 

  
 19. 

 (z) “Other Share Award” means an award based in whole or in part
by reference to the Ordinary Shares which is granted pursuant to the terms and conditions of Section 6(c). 
 (aa)
“Other Share Award Agreement” means a written agreement between the Company and a holder of an Other Share Award evidencing the terms and conditions of an Other Share Award grant. Each Other Share Award Agreement will be
subject to the terms and conditions of the Plan. 
 (bb) “Own,” “Owned,”
“Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of
securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such
securities. 
 (cc) “Participant” means a person to whom a Share Award is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Share Award. 
 (dd) “Plan” means this LingoChamp
Inc. 2014 Equity Incentive Plan. 
 (ee) “Restricted Share Award” means an award of Ordinary Shares
which is granted pursuant to the terms and conditions of Section 6(a). 
 (ff) “Restricted Share Award
Agreement” means a written agreement between the Company and a holder of a Restricted Share Award evidencing the terms and conditions of a Restricted Share Award grant. Each Restricted Share Award Agreement will be subject to the terms
and conditions of the Plan. 
 (gg) “Restricted Share Unit Award” means a right to receive
Ordinary Shares which is granted pursuant to the terms and conditions of Section 6(b). 
 (hh) “Restricted Share Unit
Award Agreement” means a written agreement between the Company and a holder of a Restricted Share Unit Award evidencing the terms and conditions of a Restricted Share Unit Award grant. Each Restricted Share Unit Award
Agreement will be subject to the terms and conditions of the Plan. 
 (ii) “Rule 405” means Rule 405
promulgated under the Securities Act. 
 (jj) “Rule 701” means Rule 701 promulgated under the Securities Act.

 (kk) “Securities Act” means the US Securities Act of 1933, as amended. 

(ll) “Share Appreciation Right” or “SAR” means a right to receive the appreciation on
Ordinary Shares that is granted pursuant to the terms and conditions of Section 5. 
 (mm) “Share Appreciation Right
Agreement” means a written agreement between the Company and a holder of a Share Appreciation Right evidencing the terms and conditions of a Share Appreciation Right grant. Each Share Appreciation Right Agreement will be subject to the
terms and conditions of the Plan. 

  
 20. 

 (nn) “Share Award” means any right to receive Ordinary Shares
granted under the Plan, including an Option, a Restricted Share Award, a Restricted Share Unit Award, a Share Appreciation Right or any Other Share Award. 

(oo) “Share Award Agreement” means a written agreement between the Company and a Participant evidencing the
terms and conditions of a Share Award grant. Each Share Award Agreement will be subject to the terms and conditions of the Plan. 

(pp) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent
(50%) of the outstanding capital share having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, share of any other class or classes of such corporation will have or might
have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect
interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). 

(qq) Transaction” means a Corporate Transaction or a Change in Control. 

(rr) “US” means the United States. 

(ss) “US Participant” means a Participant that is either a US resident or a US taxpayer. 

  
 21.

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