Document:

EX-10.8

 Exhibit 10.8 

SERIES F PREFERRED SHARE PURCHASE AGREEMENT 

This SERIES F PREFERRED SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into on August 5, 2019 by and
among: 
  

	1.	 Zhihu Technology Limited, an exempted company incorporated under the Laws of Cayman Islands (the
“Company”), 

  

	2.	 the Person listed on Schedule I attached hereto, 

 

	3.	 Zhihu Technology (HK) Limited, a company incorporated under the Laws of Hong Kong (the “HK
Subsidiary”), 

  

	4.	 Zhizhe Sihai (Beijing) Technology Co., Ltd.
(智者四海(北京)技术有限公司), a wholly foreign owned enterprise with limited liability incorporated under the Laws of the PRC as a wholly owned subsidiary of the HK Subsidiary
(the “Zhizhe Sihai”), 

  

	5.	 Beijing Zhihu Network Technology Co., Ltd.
(北京知乎网技术有限公司), a wholly foreign owned enterprise with limited liability incorporated under the Laws of the PRC as a wholly owned subsidiary of the HK Subsidiary (the
“Zhihu Network”, together with Zhizhe Sihai, the “WFOEs” and each a “WFOE”), 

  

	6.	 Zhizhe Information Technology and Service Chengdu Co., Ltd.
(知者信息技术服务成都有限公司), a company incorporated under the Laws of the PRC as a wholly owned subsidiary of Zhizhe Sihai (“Chengdu Zhihu”),

  

	7.	 Chengdu Zhizhe Wanjuan Technology Co., Ltd.
(成都知者万卷科技有限公司), a company incorporated under the Laws of the PRC as a wholly owned subsidiary of Zhizhe Sihai (“Chengdu Zhizhe”),

  

	8.	 Beijing Zhihu Technology Co., Ltd.
(北京智者天下科技有限公司), a company incorporated under the Laws of the PRC (“Beijing Zhihu”), 

 

	9.	 Beijing Shishuo Xinyu Technology Co., Ltd.
(北京视说新语科技有限公司), a company incorporated under the Laws of the PRC (“Shishuo Xinyu”), 

 

	10.	 Tianjin Zhizhe Wanjuan Culture Co., Ltd.
(天津知者万卷文化有限公司), a company incorporated under the Laws of the PRC as a wholly owned subsidiary of Beijing Zhihu (“Tianjin Zhizhe”),

  

	11.	 Jingzhun Huinong (Beijing) Network Technology Co., Ltd.
(精准惠农(北京)网络科技有限公司), a company incorporated under the Laws of the PRC as a wholly owned subsidiary of Beijing Zhihu (“Jingzhun
Huinong”), 

  
 1 

	12.	 Beijing Leimeng Shengtong Culture Development Co., Ltd.
(北京雷盟盛通文化发展有限公司), a company incorporated under the Laws of the PRC as a wholly owned subsidiary of Jingzhun Huinong (“Beijing
Leimeng”), 

  

	13.	 each Person listed on Schedule II hereto (each, a “Key Person Entity”, and
collectively, the “Key Person Entities”), and 

  

	14.	 each Person listed on Schedule III hereto. 

Each of the parties listed above is referred to herein individually as a “Party” and collectively as the
“Parties”. 
 RECITALS 
  

	A.	 The Group Companies will collectively engage in the business of operating an online question and answer sharing
platform and information sharing mobile applications (the “Principal Business”). The Company seeks capital to grow its Principal Business and, correspondingly, seeks investment from the Series F Investors. 

 

	B.	 The Series F Investors wish to invest in the Company by subscribing for, and the Company wishes to issue and
sell to the Series F Investors, the Series F Preferred Shares pursuant to the terms and subject to the conditions hereof. 

  

	C.	 The Company desires to issue to Warrant Holder (as defined below) a Warrant (as defined below) to purchase
certain number of the Warrant Shares (as defined below) on the terms and conditions set forth in this Agreement. 

  

	D.	 The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants
and agreements 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. 
 Except as otherwise
defined herein, the following terms shall have the meanings ascribed to them below: 
 “Accounting Standards” shall mean,
with respect to the Group Companies on a consolidated basis and any Group Company other than the Domestic Companies, the IFRS, and, with respect to the Domestic Companies, the PRC GAAP, applied on a consistent basis. 

“Action” shall have the meaning as set forth in Section 3.18. 

“Affiliate” shall mean, 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 an Investor, the term “Affiliate” also includes (i) any shareholder of the Investor, (ii) any of such shareholder’s or Investor’s general partners or
limited partners, (iii) the fund manager managing such shareholder or the Series F Investor (and general partners, limited partners and officers thereof) and other funds managed by such fund manager, and (iv) trusts Controlled by or for
the benefit of any such Person referred to in (i), (ii) or (iii). 

  
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 “Affiliation Relationship” shall have the meaning as set forth in
Section 7.18(a). 
 “Agreement” shall have the meaning as set forth in the preamble. 

“Anti-Corruption Laws” shall mean any applicable anti-bribery or anti-corruption law of any jurisdiction in which a Group
Company conducts business, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2010, as amended, Hong Kong’s Prevention of Bribery Ordinance, the Criminal Law of the PRC, the PRC Anti-Unfair Competition
Law, and the Provisional Regulations on Anti-Commercial Bribery. 
 “Approved Quota Amount” shall have the meaning as set
forth in Section 2.3(iii)(a). 
 “Associate” shall have the meaning as set forth in
Section 7.18. 
 “Baidu Group” shall have the meaning as set forth in
Section 7.22. 
 “Baidu SPV” shall mean, Fresco Mobile Limited. 

“Baidu Online” shall mean,
百度在线网络技术(北京)有限公司. 

“Beijing Leimeng” shall have the meaning as set forth in the preamble. 

“Beijing Zhihu” shall have the meaning as set forth in the preamble. 

“Board” or “Board of Directors” shall mean, the board of directors of the Company. 

“Business Day” shall mean, 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 PRC, Hong Kong or U.S. 
 “Charter Documents” shall mean, 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, 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. 
 “Chengdu Zhihu” shall have the meaning as set forth in the preamble. 

“Chengdu Zhizhe” shall have the meaning as set forth in the preamble. 

  
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 “Circular 37” shall mean, the Notice on Relevant Issues Concerning Foreign
Exchange Administration for Domestic Residents’ Overseas Investment and Financing and Roundtrip Investment through Special Purpose Vehicles
(《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》)
 issued by SAFE on July 4, 2014. 
 “Closing” shall have the meaning as set forth in
Section 2.2. 
 “Company” shall have the meaning as set forth in the preamble. 

“Company Bank Account” shall have the meaning as set forth in Section 2.3(ii). 

“Company Owned IP” means all Intellectual Property owned by, purported to be owned by, or exclusively licensed to any of the
Group Companies, including without limitation all the Registered IPs (as defined in Section 3.8(i)). 

“Consent” shall mean, 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. 

“Contract” shall mean, a contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage,
franchise, license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 

“Control” shall mean, with respect to a Person, 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
or similar governing body of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 

“Control Documents” shall mean, (x) with respect to Beijing Zhihu, a set of contracts including (i) the Exclusive
Business Cooperation Agreement (独家业务合作协议) entered into by and between Zhizhe Sihai and Beijing Zhihu on November 8, 2011 (as amended), (ii) the Equity Interest Pledge Agreement
(股权质押协议) entered into by and among Zhizhe Sihai, Beijing Zhihu and the shareholders of Beijing Zhihu on July 23, 2018 (as amended), (iii) the Exclusive Share Option Agreement
(独家购股权协议) entered into by and among Zhizhe Sihai, Beijing Zhihu and the shareholders of Beijing Zhihu on July 23, 2018 (as amended), (iv) the Shareholders Voting Rights Proxy Agreement
(股权表决委托协议) entered into by and among Zhizhe Sihai, Beijing Zhihu and the shareholders of Beijing Zhihu on July 23, 2018 (as amended), and (v) the Spouse Consent duly signed by
relevant spouse of ZHOU Yuan (周源), LI Shenshen (李申申), HUANG Jixin (黄继新), ZHANG Liang (张亮) and LI Dahai (李大海) on November 30, 2016 (as amended); (y) with
respect to Shishuo Xinyu, a set of contracts including (i) the Exclusive Business Cooperation Agreement (独家业务合作协议) entered into by and between Zhizhe Sihai and Shishuo Xinyu on
May 28, 2019 (as amended), (ii) the Equity Interest Pledge Agreement (股权质押协议) entered into by and among Zhizhe Sihai, Shishuo Xinyu and the shareholders of Shishuo Xinyu on May 28, 2019 (as
amended), (iii) the Exclusive Share Option Agreement (独家购股权协议) entered into by and among Zhizhe Sihai, Shishuo Xinyu and the shareholders of Shishuo Xinyu on May 28, 2019 (as amended), (iv) the
Shareholders Voting Rights Proxy Agreement (股权表决委托协议) entered into by and among Zhizhe Sihai, Shishuo Xinyu and the shareholders of Shishuo Xinyu on May 28, 2019 (as amended), (v) the
Spouse Consent Letter (承诺函) duly signed by relevant spouse of ZHOU Yuan (周源) and LI Dahai (李大海) on May 28, 2019 (as amended). 

  
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 “Conversion Shares” shall mean, the Ordinary Shares issuable upon
conversion of any Shares. 
 “Deposit” shall have the meaning as set forth in Section 5.13. 

“Deposit Agreement” shall have the meaning as set forth in Section 5.13. 

“Deposit Provider” shall mean, Baidu Online and/or its assignee(s) under the Deposit Agreement. 

“Deposit Receiver” shall have the meaning as set forth in Section 5.13. 

“Designated Warrant Holder” shall have the meaning as set forth in Section 2.1(iii). 

“Disclosing Party” shall have the meaning as set forth in Section 8.4. 

“Disclosure Schedule” shall have the meaning as set forth in Section 3. 

“Domestic Company” shall mean each of the WFOEs, Chengdu Zhihu, Chengdu Zhizhe, Beijing Zhihu, Tianjin Zhizhe, Jingzhun
Huinong, Beijing Leimeng, Shishuo Xinyu, together with each Subsidiary of any of the foregoing, and “Domestic Companies” refers to all of foregoing companies collectively. 

“Eligible Warrant Assignee” shall have the meaning as set forth in Section 2.3(iv)(d). 

“Equity Securities” shall mean, 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” shall mean, Zhihu Technology Limited 2012 Incentive Compensation Plan and other employee share option schemes or plans
(if any) effective as of the date hereof. 
 “Financial Statements” shall have the meaning as set forth in
Section 3.9. 

  
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 “Financing Terms” shall have the meaning as set forth in
Section 8.1. 
 “FCPA” shall mean, U.S. Foreign Corrupt Practices Act of 1977, as amended from
time to time. 
 “Founder” shall have the meaning as set forth in the Shareholders Agreement. 

“Government Official” shall mean, 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. 
 “Governmental Approvals” shall have the meaning as set forth in
Section 3.2(ii). 
 “Governmental Authority” shall mean, any government of any nation,
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 the PRC or any other country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Group Company” shall mean, each of the Company, the HK Subsidiary, the Domestic Companies, together with each Subsidiary of
any of the foregoing, and “Group” refers to all of Group Companies collectively. 
 “HK Subsidiary” shall
have the meaning as set forth in the preamble. 
 “HKIAC Rules” shall have the meaning as set forth in
Section 9.2(i). 
 “Hong Kong” shall mean, the Hong Kong Special Administrative Region of the
PRC. 
 “IFRS” shall mean, International Financial Reporting Standards. 

“Individual” shall mean any party hereto who is a natural person and not a corporate entity. 

“Indemnification Agreement” shall mean, the Indemnification Agreement in form and substance as set forth in Exhibit
A attached hereto, to be entered into by and among the Company, Kwai and WANG Chen. 
 “Indemnified Party” shall
have the meaning as set forth in Section 10.4(i). 
 “IPO” shall have the meaning as set forth in
the Shareholders Agreement. 

  
 6 

 “Intellectual Property” shall mean, 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 and other intellectual property, (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(s)” shall have the same meaning of Series F Investor(s) and Baidu
Online. 
 “Investment Amount” shall have the meaning as set forth in Section 2.1(iii). 

“Jingzhun Huinong” shall have the meaning as set forth in the preamble. 

“Key Employees” shall mean, the Persons listed on the table attached hereto as Schedule V. 

“Key Persons” shall mean ZHOU Yuan (周源), BAI Jie (白洁) with PRC ID No. of ******************, and
LI Dahai (李大海) with PRC ID No. of ******************. 
 “Key Person Entities” shall have the meaning
as set forth in Schedule II. 
 “Kwai” or “Kuaishou” shall mean, Cosmic Blue Investments Limited
廣海投資有限公司. 
 “Law” or “Laws” shall mean, 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. 

“Lien” shall mean, 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. 

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

“Losses” shall have the meaning as set forth in Section 10.4(i). 

  
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 “Management Rights Letters” shall mean, the Management Rights Letters in
form and substance as set forth in Exhibit B attached hereto, to be entered into by the Company respectively with Kwai and Baidu SPV on or prior to the Closing. 

“Material”, with respect to Contracts, shall have the meaning as set forth in Section 3.12. 

“Material Adverse Effect” shall mean, any event, occurrence, fact, condition, change or development that has had, has, or
could reasonably be expected to have, individually or together with other events, occurrences, facts, conditions, changes or developments, (i) a material adverse effect on the business, properties, assets, employees, operations, results of
operations, condition (financial or otherwise), assets or liabilities of the Group taken as a whole or (ii) a material impairment of the ability of any Warrantor to perform its obligations under any Transaction Documents. 

“Material Contracts” shall have the meaning as set forth in Section 3.12. 

“Memorandum and Articles” shall mean, the seventh amended and restated memorandum of association and the seventh amended and
restated articles of association of the Company in form and substance as set forth in Exhibit C attached hereto, to be adopted in accordance with applicable Law on or before the Closing. 

“Money Laundering Laws” shall mean, all applicable anti-money laundering laws of all jurisdictions in which a Group Company
conducts its business, the rules and regulations thereunder, including all anti-money laundering laws of the PRC, Hong Kong, the U.S., the Cayman Islands, and the United Kingdom. 

“Non-Disclosing Parties” shall have the meaning as set forth in
Section 8.4. 
 “Ordinary Shares” shall mean, the Company’s ordinary shares, par value
US$0.000125 per share. 
 “Outbound Investment Approvals” shall have the meaning as set forth in
Section 2.3(iii). 
 “Outbound Investment Notice” shall have the meaning as set forth in
Section 2.3(iii)(a). 
 “Party(ies)” shall have the meaning as set forth in the preamble. 

“Person” shall mean, any individual, corporation, partnership, limited partnership, proprietorship, association, limited
liability company, firm, trust, estate or other enterprise or entity. 
 “PRC” shall mean, the People’s Republic of
China, but solely for the purposes of this Agreement and the other Transaction Documents, excluding Hong Kong, the Macau Special Administrative Region and the islands of Taiwan. 

“PRC GAAP” shall mean, the Corporate Accounting Standards (2014) (企业会计准则(2014)) as
promulgated by the Ministry of Finance of the PRC and as amended and in effect from time to time. 

  
 8 

 “Preferred Directors” shall have the meaning as set forth in the
Shareholders Agreement. 
 “Preferred Shares” shall mean, the Series A Preferred Shares, the Series B Preferred Shares, the
Series C Preferred Shares, the Series D Preferred Shares, the Series D1 Preferred Shares, the Series E Preferred Shares and the Series F Preferred Shares. 

“Principal Business” shall have the meaning as set forth in the recitals. 

“Proceeds” shall have the meaning as set forth in Section 7.9. 

“Prohibited Person” shall mean, any Person that is (1) a national or resident of, or incorporated in any country or
territory that is subject to comprehensive embargoes under any Sanctions Laws, (2) included on, or Affiliated with any Person listed on any United States or other sanctions-related restricted party list (including the List of Specially
Designated Nationals and Blocked Persons by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC)), or (3) a Person with whom business transactions, including exports and
re-exports, would violate Sanctions Laws. 
 “Purchased Share” shall have the
meaning as set forth in Section 2.1(ii). 
 “Qualified IPO” shall have the meaning as set forth
in the Shareholders Agreement. 
 “Registered IPs” shall have the meaning as set forth in
Section 3.8(i). 
 “Redemption Event” shall have the meaning as set forth in the Memorandum and
Articles. 
 “Re-Issued F-2 Preferred
Share” shall have the meaning as set forth in Section 2.3(iii)(c). 
 “Repayable Deposit
Amount” shall have the meaning as set forth in Section 2.3(iv)(a). 
 “Representatives”
shall have the meaning as set forth in Section 3.24(i). 
 “Restriction Period” shall have the
meaning as set forth in Section 7.18(a). 
 “Public Software” shall mean, any software that
contains, or is derived in any manner (in whole or in part) from, any software that is distributed as free software, open source software (e.g., Linux) or similar licensing or distribution models. 

“SAFE” shall mean, the State Administration of Foreign Exchange of the PRC. 

“SAMR” shall mean, the State Administration of Market Regulation of the PRC or, with respect to the issuance of any business
license or filing or registration to be effected by or with the State Administration of Market Regulation, any Governmental Authority which is similarly competent to issue such business license or accept such filing or registration under the Laws of
the PRC. 

  
 9 

 “Sanctions Laws” shall mean all economic or financial sanctions laws,
measures or embargoes administered or enforced by the United States (including all sanctions administered by OFAC, and its “Specially Designated Nationals and Blocked Persons” lists), the Cayman Islands, the PRC, Hong Kong, the European
Union, the United Nations, the United Kingdom or any other relevant sanctions Governmental Authority. 

“Sea & Sandra” shall have the meaning as set forth in Schedule II. 

“Securities Act” shall mean, the U.S. Securities Act of 1933, as amended from time to time. 

“Series A Preferred Shares” shall mean, the Company’s series A redeemable convertible preferred shares, par value
US$0.000125 per share. 
 “Series B Preferred Shares” shall mean, the Company’s series B redeemable convertible
preferred shares, par value US$0.000125 per share. 
 “Series C Preferred Shares” shall mean, the Company’s series C
redeemable convertible preferred shares, par value US$0.000125 per share. 
 “Series D Preferred Shares” shall mean, the
Company’s series D redeemable convertible preferred shares, par value US$0.000125 per share. 
 “Series D1 Preferred
Shares” shall mean, the Company’s series D1 redeemable convertible preferred shares, par value US$0.000125 per share. 

“Series E Preferred Shares” shall mean, the Company’s series E redeemable convertible preferred shares, par value
US$0.000125 per share. 
 “Series F Investor(s)” shall mean Kwai, CTG Evergreen Investment XX Limited, Image Frame
Investment (HK) Limited and/or Baidu SPV, as applicable. 
 “Series F-1 Preferred Shares” shall mean, the Company’s
series F-1 redeemable convertible preferred shares, par value US$0.000125 per share. 
 “Series F-2 Preferred Shares” shall
mean, the Company’s series F-2 redeemable convertible preferred shares, par value US$0.000125 per share. 
 “Series F Preferred
Shares” shall mean, the Series F-1 Preferred Shares and/or the Series F-2 Preferred Shares, as applicable. 

“Shareholders Agreement” shall mean, the Sixth Amended and Restated Shareholders Agreement in form and substance as set forth
in Exhibit D attached hereto, to be entered into by and among the Parties on or prior to the Closing. 
 “Shares”
shall mean, the Ordinary Shares and the Preferred Shares. 
 “Shishuo Xinyu” shall have the meaning as set forth in the
preamble. 

  
 10 

 “Social Insurance” shall mean, any form of social insurance required under
applicable Laws, including without limitation, the PRC national and local contributions for pensions, medical insurance, unemployment insurance, work-related injury insurance, pregnancy benefits, and housing accumulation funds. 

“Statement Date” shall have the meaning as set forth in Section 3.9. 

“Subsidiary” shall mean, with respect to any given Person, any other Person that is Controlled directly or indirectly by such
given Person. 
 “Sylvia” shall have the meaning as set forth in Schedule II. 

“Tax” shall mean, (i) in the PRC: (a) any national, provincial, municipal, or local taxes, charges, fees, levies,
or other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding tax), turnover (including value-added tax, business tax, and consumption tax), resource (including urban and
township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education fees), property (including urban real estate tax and land use fees), documentation (including stamp duty and
deed tax), filing, recording, Social Insurance, tariffs (including import duty and import value-added tax), and estimated and provisional taxes, charges, fees, levies, or other assessments of any kind whatsoever, (b) all interest, penalties
(administrative, civil or criminal), or additional amounts imposed by any Governmental Authority in connection with any item described in clause (a) above, and (c) any form of transferee liability imposed by any Governmental Authority in
connection with any item described in clauses (a) and (b) above, and (ii) in any jurisdiction other than the PRC: all similar liabilities as described in clause (i)(a) and (i)(b) above. 

“Tax Return” shall mean, any return, report or statement showing Taxes, used to pay Taxes, or required to be filed with
respect to any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof), including any information return, claim for refund, amended return or declaration of estimated or provisional Tax. 

“Tianjin Zhizhe” shall have the meaning as set forth in the preamble. 

“Transaction Documents” shall mean, this Agreement, the Shareholders Agreement, the Memorandum and Articles, the
Indemnification Agreement, the Management Rights Letters, the Control Documents, the Warrant, the Deposit Agreement. 
 “Total
Deposit Amount” shall have the meaning as set forth in Section 5.13. 
 “U.S.” shall
mean, the United States of America. 
 “Warrant” shall have the meaning as set forth in
Section 2.1(iii). 
 “Warrantors” shall mean, collectively, the Group Companies, ZHOU Yuan
(周源) and Zhihu BVI. 
 “Warrant Assignee” shall have the meaning as set forth in
Section 2.7. 

  
 11 

 “Warrant Aggregate Exercise Price” shall have the meaning as set forth in
Section 2.1(iii). 
 “Warrant Exercise Price” shall have the meaning as set forth in
Section 2.1(iii). 
 “Warrant Holder” shall have the same meaning with the Designated Warrant
Holder. 
 “Warrant Per-Share Exercise Price” shall have the meaning as set forth
in Section 2.1(iii). 
 “Warrant Share(s)” shall have the meaning as set forth in
Section 2.1(iii). 
 “WFOE(s)” shall have the meaning as set forth in the preamble. 

“Zhihu BVI” shall have the meaning as set forth in Schedule II. 

“Zhihu Network” shall have the meaning as set forth in the preamble. 

“Zhizhe Sihai” shall have the meaning as set forth in the preamble. 

2. Sale and Issuance of the Series F Preferred Shares and Warrant. 

2.1 Transaction. 
 (i)
Authorization. Subject to the terms and conditions hereof, on or prior to the Closing, the Company shall have authorized (a) the issuance and sale to the Series F Investors (other than Baidu SPV) of an aggregate of 34,677,872 Series F-1 Preferred Shares (as adjusted by any share split, combination, share dividends, recapitalization or similar transactions), having the rights, preferences and privileges as set forth in the Shareholders Agreement
and Memorandum and Articles, (b) the issuance and sale to Baidu SPV of one (1) fully-paid Series F-2 Preferred Share, having the rights, preferences and privileges as set forth in the Shareholders
Agreement and Memorandum and Articles, and (c) the reservation of Ordinary Shares for issuance upon conversion of the Series F Preferred Shares. 

(ii) Sale and Issuance of Series F Preferred Shares. Subject to the terms and conditions of this
Agreement, at the Closing, each of the Series F Investors agrees to, severally and not jointly, subscribe for and purchase, and the Company agrees to issue and sell to such Series F Investor the respective number of Series F Preferred Shares (the
“Purchased Share”) at the consideration as set forth opposite such Series F Investor’s name in the column of “Consideration for Purchased Shares” on Schedule III attached hereto. 

(iii) Sale and Issuance of the Warrant. Subject to the terms and conditions of this Agreement, in consideration of the provision of the
Deposit (as defined below), at the Closing, the Company agrees to issue to Baidu Online (Baidu Online and/or a Warrant Assignee, the “Designated Warrant Holder”) a warrant in the form attached hereto as Exhibit E (the
“Warrant”), with respect to the right to purchase 11,985,440 Series F-1 Preferred Shares (as adjusted by any share split, combination, share dividends, recapitalization or similar
transactions, the “Warrant Shares”, and each, a “Warrant Share”), at an exercise price of US$12.5152 (as adjusted according to the Warrant, the “Warrant Per-Share
Exercise Price”), for each Warrant Share, at an aggregate exercise price of US$150,000,000 (the “Warrant Aggregate Exercise Price” or the “Investment Amount”; part or all of such exercise price, being the
“Warrant Exercise Price”). 

  
 12 

 2.2 Closing. The consummation of the sale, issuance and allotment of the
Series F Preferred Shares and the issuance of the Warrant pursuant to Section 2.1 (the “Closing”) shall take place remotely via the exchange of documents and signatures as soon as practicable, but in no
event later than three (3) Business Days after all closing conditions specified in Section 5 and Section 6 hereof have been waived or satisfied (other than those conditions to be satisfied at
the Closing, but subject to the satisfaction or waiver thereof at the Closing), or at such other time and place as the Company and relevant Series F Investors shall mutually agree in writing. The Parties agree to cooperate with each other to have
the Closing occur as soon as practically. For the avoidance of doubt, the Closing with respect to the purchase and sale of the Purchased Shares in accordance with this Section 2.2 (excluding the Warrant Shares) is not
contingent upon the payment of the Warrant Aggregate Exercise Price. 
 2.3 Procedure. 

(i) Deliveries by the Company at the Closing. At the Closing, in addition to any items the delivery of which is made an express
condition to the Series F Investor(s)’ obligations at the Closing pursuant to Section 5, the Company shall deliver to each Series F Investor: 

(x) the updated register of members of the Company duly certified by the corporate secretary of the Company, reflecting the issuance and
allotment of the Series F Preferred Shares being purchased at the Closing pursuant to Section 2.1; 
 (y) the
updated register of directors of the Company duly certified by the corporate secretary of the Company, evidencing the appointment of a new member of the Board as contemplated herein; 

(z) true copy(ies) of duly executed share certificate or certificates (with the original(s) to be delivered to relevant Series F Investor
within five (5) Business Days following the Closing) representing the Series F Preferred Shares being issued to and purchased pursuant to Section 2.1, duly signed and sealed for and on behalf of the Company; 

(aa) true copies of duly executed legal opinions, issued by Cayman Islands counsel for the Company and PRC counsel for the Company, dated as
of the Closing. 
 At the Closing, the Company shall issue and deliver a copy of the Warrant to the Designated Warrant Holder (with the
original(s) to be delivered to the Designated Warrant Holder within five (5) Business Days following the Closing). 

  
 13 

 (ii) Deliveries by the Series F Investors and Baidu Online at the Closing. Within ten
(10) Business Days after the Closing, subject to the satisfaction or waiver of all the conditions set forth in Section 5 below and against the delivery of the items (except the original(s) of the Warrant)
pursuant to Section 2.3(i) above, (a) each relevant Series F Investor shall, separately but not jointly, fully pay the applicable consideration set forth opposite such Series F Investor’s name on Schedule
III attached hereto for the Series F Preferred Shares being purchased by it by wire transfer of immediately available funds in U.S. dollars to an offshore account of the Company (the “Company Bank Account”) provided by the
Company in writing prior to the Closing, provided that the Company shall deliver the wire instructions to such Series F Investor at least five (5) Business Days prior to the Closing, (b) Baidu Online shall provide the Total Deposit
Amount of the Deposit in immediately available funds to a bank account of the Deposit Receiver designated by the Company, provided that the Company shall deliver the wire instructions to Baidu Online at least five (5) Business Days prior
to the Closing. 
 (iii) Surrender and Re-issuance of the Purchased Share; Exercise of the
Warrant. Each of Baidu Online and Baidu SPV shall procure the Designated Warrant Holder to, as soon as possible, submit all necessary documents that are required to complete the requested registrations and filings and to obtain the relevant
approvals from the competent Governmental Authorities of the PRC with respect to the outbound direct investment by the Designated Warrant Holder into the Company (all such registrations, filings and approvals, the “Outbound Investment
Approvals”). For the avoidance of doubt, the Outbound Investment Approvals shall include all the necessary registrations or procedures that are necessary for the Designated Warrant Holder to remit the relevant investment fund outside of PRC
to the Company Bank Account). Without prejudice to the generality of the foregoing, each of Baidu Online and Baidu SPV shall procure that the total investment amount for which the Designated Warrant Holder applies in connection with its investment
in the Company through the Outbound Investment Approvals shall be denominated in U.S. dollars and equal to the Investment Amount. Each Party hereby acknowledges that the Designated Warrant Holder may pay the Warrant Aggregate Exercise Price in one
or more tranches and apply for Outbound Investment Approvals in respect of each tranche of such payment. In the event the Outbound Investment Approvals in respect of any tranche of the payment for the Warrant Aggregate Exercise Price are obtained:

 (a) no later than ten (10) Business Days after obtaining such Outbound Investment Approvals, Baidu Online shall procure that the
Designated Warrant Holder shall serve a written notice (the “Outbound Investment Notice”) to the Company and the Deposit Receiver with reasonable details (x) evidencing its procurement of the Outbound Investment Approvals (by
attaching copies of the Outbound Investment Approvals); and (y) describing the approved quota amount of outbound direct investment by the Designated Warrant Holder in the Company under such Outbound Investment Approvals which is outstanding at
the time of issuance of the Outbound Investment Notice (such approved quota amount set out in the Outbound Investment Notice, the “Approved Quota Amount”), which shall not exceed the Investment Amount. 

(b) the Designated Warrant Holder shall be entitled to exercise the Warrant and to receive, and to request the Company to issue, such number
of Warrant Shares that equals: (x) the Approval Quota Amount as set out in the relevant Outbound Investment Notice, divided by (y) the Warrant Per-Share Exercise Price, provided that, such Warrant
Shares will be issued upon the payment of the relevant Warrant Exercise Price by the Designated Warrant Holder in accordance with the time and manner as prescribed under Section 2.3(iv)(b) below. 

  
 14 

 (c) in the event that the Warrant is only partially exercised by the Designated Warrant
Holder in accordance with Section 2.3(iii)(b) above, Baidu SPV shall be entitled to, at its sole discretion, reserve its Series F-2 Preferred Share, or surrender the Series F-2 Preferred Share held by it to the Company at no consideration and request the Company to simultaneously re-issue one fully-paid Series F-2 Preferred Share (hereinafter the
“Re-Issued F-2 Preferred Share”) to the Designated Warrant Holder. For the avoidance of doubt, against the
re-issuance of the Re-Issued F-2 Preferred Share, the surrender of the Series F-2
Preferred Share held by Baidu SPV shall be deemed as the consideration therefor and neither Baidu SPV nor the Designated Warrant Holder needs to pay any further consideration to the Company. 

(d) the Company and each other Party undertake to cooperate with and assist, and undertake to procure that each of the then shareholders of
the Company to cooperate with and assist in completing, if elected by Baidu SPV, the surrender of the Series F-2 Preferred Share held by Baidu SPV, the re-issuance of the
Re-Issued F-2 Preferred Share, and/or the exercise of the Warrant in accordance with terms thereunder, including without limitation, executing any and all necessary
agreements and documents to approve such transactions, waiving any pre-emptive right, right of first refusal, anti-dilution rights and any other similar rights. 

For the avoidance of doubt, if the Designated Warrant Holder elects to pay the Warrant Aggregate Exercise Price in tranches and obtains the
Outbound Investment Approvals in respect of any such tranche, the procedure set forth in Sections 2.3(iii)(a) to (d) shall apply mutatis mutandis. 

(iv) Repayment of the Deposit and Warrant Holder’s Payment. 

(a) Repayment of the Deposit. Subject to Section 2.3(iv)(c) below, upon receipt of any Outbound Investment
Notice, the Deposit Receiver shall, and the Company shall cause the Deposit Receiver to repay the Deposit in an amount (the “Repayable Deposit Amount”) equal to the product of the Total Deposit Amount multiplied by a fraction, i)
the numerator of which is the Approved Quota Amount as set out in such Outbound Investment Notice; and ii) the denominator of which is the Investment Amount. The Repayable Deposit Amount shall be repaid as follows: 

(x) in the event that the Repayable Deposit Amount is no more than one third (1/3) of the Total Deposit Amount, the Deposit Receiver shall
repay the Repayable Deposit Amount to the Deposit Provider, in a lump sum, within two (2) months from receipt of the relevant Outbound Investment Notice; and 

(y) in the event that the Repayable Deposit Amount is more than one third (1/3) of the Total Deposit Amount, the Deposit Receiver may choose
to (i) repay the Repayable Deposit Amount in a lump sum within six (6) months from receipt of the relevant Outbound Investment Notice; or (ii) repay the Repayable Deposit Amount to the Deposit Provider in instalments, provided that
(aa) the amount repaid under each installment shall be no less than one third (1/3) of the Total Deposit Amount except for the last installment the amount of which shall be the total Repayable Deposit Amount minus the aggregate amount repaid under
the previous installment(s); and (bb) the first installment should be made within two (2) months from the receipt of the relevant Outbound Investment Notice and the interval between any two installments shall not be longer than two
(2) months. 

  
 15 

 (b) Payment of Warrant Exercise Price. After the Deposit Receiver repays any
Repayable Deposit Amount in accordance with Section 2.3(iv)(a), each of Baidu Online and Baidu SPV shall procure that the Designated Warrant Holder shall pay, or cause its designated Affiliate to pay, in U.S. dollars in
immediately available funds, relevant Warrant Exercise Price in an amount equal to the product of the Warrant Aggregate Exercise Price multiplied by a fraction, i) the numerator of which is the amount of such Repayable Deposit Amount that has been
repaid by the Deposit Receiver, and ii) the denominator of which is the Total Deposit Amount, to the Company Bank Account within ten (10) Business Days after receipt of relevant Repayable Deposit Amount. Upon the afore-mentioned payment of the
relevant Warrant Exercise Price, the Company shall (i) issue such number of Series F-1 Preferred Shares to the Designated Warrant Holder as calculated by dividing the Warrant Exercise Price paid by
Designated Warrant Holder under this Section 2.3(iv)(b) by Warrant Per-Share Exercise Price, and (ii) deliver to the Designated Warrant Holder (x) a true copy of the
Company’s updated register of members of the Company certified by the corporate secretary of the Company, reflecting the Designated Warrant Holder’s ownership of such Series F-1 Preferred Shares,
(y) a copy of the share certificate representing the number of such Series F-1 Preferred Shares, and (z) other deliverables set forth in section 3.3 of the Warrant. 

(c) If the Designated Warrant Holder fails to pay the Warrant Exercise Price in accordance with Section 2.3(iv)(b),
the Company may issue a written notice to the Designated Warrant Holder requesting the immediate payment of the relevant Warrant Exercise Price, and if the Designated Warrant Holder still fails to make the relevant payment within twenty
(20) Business Days after receipt of relevant Repayable Deposit Amount, (1) the Company shall be entitled to forfeit the right under the Warrant to purchase such number of Warrant Shares that equals (x) the Warrant Exercise Price that
the Designated Warrant Holder fails to pay, divided by (y) the Warrant Per-Share Exercise Price, and (2) if the Company selects not to forfeit the right under the Warrant to purchase such number of
Warrant Shares, the Deposit Receiver shall be entitled to suspend repayment of any Repayable Deposit Amount upon receipt of any subsequent Outbound Investment Notice in accordance with Section 2.3(iv)(a), unless and until
the Designated Warrant Holder makes payment of the payable Warrant Exercise Price with respect to which the Designated Warrant Holder has failed to pay in accordance with Section 2.3(iv)(b) or equivalent U.S. dollars have
been paid to the Company Bank Account by any Person designated or on behalf of such Designated Warrant Holder. For the avoidance of doubt, (1) upon the payment by the Designated Warrant Holder of the payable Warrant Exercise Price with respect
to which the Designated Warrant Holder has failed to pay in accordance with Section 2.3(iv)(b) or equivalent U.S. dollars have been paid in accordance with this Section 2.3(iv)(c), the Company
shall issue such number of Series F-1 Preferred Shares to and deliver such documents to the Designated Warrant Holder in accordance with Section 2.3(iv)(b) the same way as if the
Warrant Exercise Price had been paid in accordance with Section 2.3(iv)(b), (2) the Company’s forfeiture of the right under the Warrant to purchase the relevant Warrant Shares in accordance with the foregoing sentence
shall not affect any portion of the Warrant Shares that any Designated Warrant Holder has purchased or are not represented by such unpaid Warrant Exercise Price, and (3) the Deposit Receiver’s right to suspend the repayment of any
Repayable Deposit Amount in accordance with the foregoing sentence shall not affect any other obligation of the Deposit Receiver hereunder or under the Deposit Agreement to repay the Deposit. 

  
 16 

 (d) Nothing set forth under this Section 2.3 shall be interpreted
as indicating that the Warrant may only be exercised after the Outbound Investment Approvals are obtained. If the Warrant is assigned by the Designated Warrant Holder to one or more Warrant Assignee(s) (each, an “Eligible Warrant
Assignee”) in accordance with the terms thereunder with respect to whom the PRC laws relevant to outbound direct investment are not applicable, then the Eligible Warrant Assignee(s) shall be entitled to exercise all or any portion of the
Warrant at any time after the assignment and receive all or portion of the Warrant Shares by paying the Company the Warrant Per-Share Exercise Price for each such Warrant Share in U.S. dollars. If any Eligible
Warrant Assignee proposes to exercise the Warrant in accordance with this Section 2.3(iv)(d), it shall serve a written notice of such fact to the Deposit Receiver, which shall set out the number of Warrant Shares it will
acquire pursuant to the exercise of the Warrant. After receipt of the foregoing notice, the Deposit Receiver shall repay to the Deposit Provider, the Deposit in Renminbi in an amount equal to the product of the Total Deposit Amount multiplied by a
fraction, (x) the numerator of which is such number of the Warrant Shares that is set out in the foregoing written notice, and (y) the denominator of which is the maximum number of Warrant Shares issuable under the Warrant (which shall,
for the avoidance of doubt, equal to the Investment Amount, divided by the Warrant Per-Share Exercise Price), as soon as practicable prior to such Eligible Warrant Assignee’s payment of the relevant
Warrant Exercise Price and in no event later than two (2) months after the receipt of such notice. 
 2.4 Accelerated Issuance.

 (a) Upon the occurrence of a Redemption Event or a Liquidation Event as defined in the Shareholders Agreement, if any rights,
preferences and privileges of the holder of the Series F-2 Preferred Share under the Shareholders Agreement and the Memorandum and Articles cannot be achieved due to the statutory requirements under any
applicable laws, Warrant Holder shall be entitled to exercise the portion of Warrant held by it by paying the relevant Warrant Exercise Price in the form of issuing a promissory note at nil consideration, free of any interest, to the Company with a
principal amount equal to the Warrant Exercise Price payable by such Warrant Holder (which principal amount shall be adjusted in accordance with the immediate below paragraphs (b) and (c)) and the Company shall issue the Warrant Holder such
number of Warrant Shares that equals (x) the relevant Warrant Exercise Price, divided by (y) the Warrant Per-Share Exercise Price. The Parties agree that, upon the issuance of such promissory note,
any and all of the afore-mentioned Warrant Shares shall be credited as fully paid and non-assessable and the relevant holder of Series F-1 Preferred Shares shall be
entitled to receive the relevant redemption price or liquidation amount that it is entitled to by reason of holding such Series F-1 Preferred Shares in accordance with the Memorandum and Articles. 

  
 17 

 (b) Sections 12.5 and 12.6 of the Shareholders Agreement shall be applied
mutatis mutandis to the payment of the liquidation amount and the redemption price, provided that the U.S. dollars equivalent of the relevant refunding of the Deposit shall be deemed to be the principal amount of the promissory note as
provided in Section 2.4(a) (and also the relevant Warrant Exercise Price). Upon the deduction of the principal amount from the relevant redemption price or the liquidation amount, the promissory note shall be deemed as
fully paid by the Warrant Holder. 
 (c) Notwithstanding the above, if the relevant liquidation amount distributable to such Warrant Holder
in accordance with the Memorandum and Articles after it receives the Warrant Shares referred to in Section 2.4(a) is less than the principal amount of the promissory note issued by such Warrant Holder to the Company in
accordance with Section 2.4(a), the relevant Warrant Exercise Price for acquisition of the foregoing Warrant Shares and the principal amount of such promissory note shall be adjusted and reduced automatically to the
relevant liquidation amount distributable to the Warrant Holder, and the Company hereby agrees that the Warrant Holder shall not be obliged to repay any principal amount of the promissory note or Warrant Exercise Price once such amount is set off
against the relevant liquidation amount distributable to the Warrant Holder according to the Memorandum and Articles upon any Liquidation Event. 

2.5 Early Exercise of Warrant. Notwithstanding anything to the contrary, prior to the Designated Warrant
Holder’s procurement of the Outbound Investment Approvals for the entire Investment Amount, upon the Company’s initiating of the procedures for launching an IPO (as defined in the Shareholders Agreement) being duly approved by the Board in
accordance with the Shareholders Agreement or immediately upon the second anniversary of the Closing, whichever is earlier, the Designated Warrant Holder shall assign the Warrant to one or more Eligible Warrant Assignees (which Eligible Warrant
Assignees shall be approved by the Company in the case of an IPO) and the Eligible Warrant Assignees shall exercise the Warrant to pay the Warrant Exercise Price in U.S. dollars, provided that such assignment shall not affect the IPO in any adverse
manner. The Deposit Receiver shall repay to the Deposit Provider, the outstanding amount of the Deposit in Renminbi in accordance with Section 2.3(iv)(d) upon the assignment of the Warrant. 

2.6 No Liability. If the Designated Warrant Holder fails to pay any Warrant Exercise Price as a result of the Deposit
Receiver’s failure to fully repay the relevant Repayable Deposit Amount in accordance with this Agreement and the Deposit Agreement, the Designated Warrant Holder shall not be held liable for the
non-payment of such Warrant Exercise Price. The Company hereby irrevocably waives its first and paramount lien provided in the Memorandum and Articles on any Series F Preferred Shares issued to the Designated
Warrant Holder pursuant to Section 2.3(iii) if the Designated Warrant Holder fails to pay the Warrant Exercise Price for such Warrant Shares as a result of the Deposit Receiver’s failure to repay the relevant Repayable
Deposit Amount. 
 2.7 Assignment. Upon any assignment of the Warrant (to the extent not exercised) in part or in full in
accordance with the terms of the Warrant, the assignee (the “Warrant Assignee”) shall execute a joinder agreement in form and substance to the reasonable satisfaction of the Company to become a party hereto and, in respect of the
portion of the Warrant assigned to it, enjoy and be bound by the rights and obligations under this Agreement applicable to it as a Party, as an Investor and as a Warrant Holder. 

  
 18 

 3. Representations and Warranties of the Warrantors. Subject to such exceptions as disclosed
in the disclosure schedule as attached hereto as Schedule VI (the “Disclosure Schedule”) prepared by the Warrantors to the Series F Investors, each of the Warrantors jointly and severally represents and warrants to the Series
F Investors the following statements, which are true, correct, accurate and complete as of the date hereof and will be true, correct, accurate and complete as of the date of the Closing: 

3.1 Organization, Good Standing and Qualification. Each Group Company is duly organized and/or incorporated, validly existing
and in good standing (or equivalent status in the relevant jurisdiction) under, and by virtue of, the Laws of the place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on
its business as now conducted and as proposed to be conducted, and to perform each of its obligations under the Transaction Documents to which it is a party. Each Group Company is qualified to do business and is in good standing (or equivalent
status in the relevant jurisdiction) in each jurisdiction where failure to be so qualified would be a Material Adverse Effect. Each Group Company that is a PRC entity has a valid business license issued by the SAMR or its local branch or other
relevant Governmental Authorities, and has, since its establishment, carried on its business materially in compliance with the business scope set forth in its business license. 

3.2 Consents and Governmental Approvals. 

(i) All Consents from or with any Governmental Authority or any other Person required in connection with the valid execution, delivery and
performance of the Transaction Documents, and the consummation of the transactions contemplated by the Transaction Documents, in any case on the part of any party thereto (other than the Series F Investors) have been duly obtained or completed (as
applicable) and are in full force and effect. 
 (ii) Each Group Company has all government approvals, licenses, consents, permits,
concessions, certificates, authorizations (public or private), registrations, permissions and notices and communications to or with the Governmental Authorities (the “Governmental Approvals”) necessary to carry out its
respective business and operations in each relevant jurisdiction. Each of such Governmental Approvals is valid and in full force and effect. None of the Group Companies is in receipt of any letter or notice from any Governmental Authority notifying
the revocation of any Governmental Approvals issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly by it. In respect of
the Governmental Approvals which are subject to periodic renewal, none of the Warrantors has any reason to believe that such requisite renewals will not be timely granted by the relevant Governmental Authorities. 

3.3 Capitalization. 
 (i)
Corporate Structure; Subsidiaries. The Company has provided the Series F Investors with a complete structure chart showing Group Companies, and indicating the ownership and business relationships among all Group Companies, the nature of the
legal entity which each Group Company constitutes and the jurisdiction in which each Group Company was organized. No Group Company owns or Controls, or has ever owned or Controlled, directly or indirectly, any Equity Security, interest or share in
any other Person or is or was a participant in any joint venture, partnership or similar arrangement. No Group Company is obligated to make any investment in or capital contribution in or on behalf of any other Person. No Key Person participates,
renders consulting service to, assists, is concerned with, engaged or interested in, or has participated, rendered consulting service to, assisted, has been concerned with, engaged or interested in, any business or entity in any manner, directly or
indirectly, which is in competition with the Principal Business. 

  
 19 

 (ii) Company. The authorized share capital of the Company immediately prior to or on
the Closing shall be US$50,000 divided into (i) 200,935,685 class A ordinary shares, with par value of US$0.000125 each; (ii) 18,727,592 class B ordinary shares, with par value of US$0.000125 each; (iii) 36,009,602 Series A Preferred Shares, with
par value of US$0.000125; (iv) 25,164,697 Series B Preferred Shares, with par value of US$0.000125 each; (v) 27,935,316 Series C Preferred Shares, with par value of US$0.000125 each, (vi) 22,334,525 Series D Preferred Shares, with par value of
US$0.000125 each, (vii) 6,947,330 Series D1 Preferred Shares, with par value of US$0.000125 each, (viii) 27,267,380 Series E Preferred Shares, with par value of US$0.000125 each, (ix) 34,677,872 Series F-1 Preferred Shares, with par value of
US$0.000125 each, and (x) 1 Series F-2 Preferred Share, with par value of US$0.000125. The capitalization table of the Company prior to the Closing and immediately after the Closing is attached hereto as Schedule IV, in each case reflecting
all of the then outstanding and authorized Equity Securities of the Company, and the record and beneficial holders thereof. 
 (iii) HK
Subsidiary. The authorized share capital of the HK Subsidiary is HK$10,000 divided into 10,000 shares of HK$1.00 each, one share of which is issued and outstanding and held by the Company. 

(iv) Zhizhe Sihai. The subscribed and contributed registered capital of Zhizhe Sihai is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(v) Zhihu Network. The subscribed and contributed registered capital of Zhihu Network is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(vi) Chengdu Zhihu. The subscribed and contributed registered capital of Chengdu Zhihu is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(vii) Chengdu Zhizhe. The subscribed and contributed registered capital of Chengdu Zhizhe is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(viii) Beijing Zhihu. The subscribed and contributed registered capital of Beijing Zhihu is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

  
 20 

 (ix) Tianjin Zhizhe. The subscribed and contributed registered capital of Tianjin
Zhizhe is set forth on Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(x) Shishuo Xinyu. The subscribed and contributed registered capital of Shishuo Xinyu is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(xi) Jingzhun Huinong. The subscribed and contributed registered capital of Jingzhun Huinong is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(xii) Beijing Leimeng. The subscribed and contributed registered capital of Beijing Leimeng is set forth on
Section 3.3 of the Disclosure Schedule, together with an accurate list of the record and beneficial owners of such registered capital. 

(xiii) Reserved Shares; No Other Securities. The Company has reserved enough Ordinary Shares for issuance upon the conversion of
Preferred Shares. Except for (a) the conversion privileges of the Preferred Share, (b) certain rights provided in the Charter Documents of the Group Companies as currently in effect, and (c) certain rights provided in the Memorandum
and Articles and the Shareholders Agreement from and after the Closing, (1) there are no other authorized or outstanding Equity Securities of any Group Company; (2) no Equity Securities of any Group Company are subject to any preemptive
rights, rights of first refusal (except to those provided by applicable PRC Laws and for those contemplated by the Control Documents) or other rights to purchase such Equity Securities or any other rights with respect to such Equity Securities; and
(3) no Group Company is a party or subject to any Contract that affects or relates to the voting or giving of written Consents with respect to, or the right to cause the redemption, or repurchase of, any Equity Security of such Group Company.
Except as set forth in the Shareholders Agreement, the Company has not granted any registration rights or information rights to any other Person, nor is the Company obliged to list, any of the Equity Securities of any Group Companies on any
securities exchange. Except as contemplated under the Transaction Documents, there are no voting or similar agreements which relate to the share capital or registered capital of any Group Company. 

(xiv) Issuance and Status. All presently outstanding Equity Securities of each Group Company were duly and validly issued or subscribed
for in compliance with all applicable Laws, preemptive rights of any Person, and applicable Contracts. All share capital or registered capital, as the case may be, of each Group Company have been duly and validly issued, are fully paid (or
subscribed for) and non-assessable, and are and as of the Closing shall be free of any and all Liens (except for any restrictions under the Transaction Documents and applicable Laws). Except as contemplated
under the Transaction Documents, there are no (a) resolutions pending to increase the share capital or registered capital of any Group Company or cause the liquidation, winding up, or dissolution of any Group Company, nor has any distress,
execution or other process been levied against any Group Company, (b) dividends which have accrued or been declared but are unpaid by any Group Company, (c) obligations, contingent or otherwise, of any Group Company to repurchase, redeem,
or otherwise acquire any Equity Securities, or (d) outstanding or authorized equity appreciation, phantom equity, equity plans or similar rights with respect to any Group Company. All dividends or distributions declared, made or paid by each
Group Company (if any), and all repurchases and redemptions of Equity Securities of each Group Company (if any), have been declared, made, paid, repurchased or redeemed, as applicable, in accordance with its Charter Documents and all applicable
Laws. 

  
 21 

 (xv) The ordinary shareholders of the Company is set forth on Schedule IV, in which
Zhihu BVI is wholly held by ZHOU Yuan (周源), Sylvia is wholly held by BAI Jie (白洁), Sea & Sandra is wholly held by LI Dahai (李大海), Amon Global Ltd. is wholly held by ZHANG Liang
(张亮), Besixdouze Limited is wholly held by LI Linda Zhixing, Mohan Global Ltd. is wholly held by LI Shenshen (李申申) and Modern Code Limited is wholly held by SHAO Zhong (邵忠), and to the best knowledge
of the Warrantors after due inquiry, the aforementioned Individuals are respectively the legal and beneficiary owners of the 100% equity interests in their relevant holding entities for the Ordinary Shares of the Company and all of the right, title
and interest in, to and under such equity interests, which are free and clear of any Liens. 
 3.4 Charter Documents. The
Charter Documents of each Group Company are in the form provided to the Series F Investors. Each Group Company is and has been in compliance with its Charter Documents, and none of the Group Companies has violated or breached any of their respective
Charter Documents in any aspects. 
 3.5 Books and Records. Each Group Company maintains its books of accounts and records in
the usual, regular and ordinary manner, on a basis consistent with prior practice, and which permits its Financial Statements to be prepared in accordance with the Accounting Standards. The register of members and directors (if applicable) of each
Group Company is correct. All documents requiring to be filed by each Group Company with the applicable Governmental Authority in respect of the relevant jurisdiction in which the relevant Group Companies is being incorporated have been properly
made up and filed. 
 3.6 Valid Issuance of Shares. The Series F Preferred Shares, when issued, allotted, delivered and paid
for in accordance with the terms of this Agreement, for the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable, free from any Liens (except for any restrictions on
transfer under applicable Laws and under the Transaction Documents, if any). The Conversion Shares have been reserved for issuance and, upon issuance in accordance with the terms of the Memorandum and Articles, will be duly and validly issued, fully
paid and non-assessable, free from any Liens (except for any restrictions on transfer under applicable securities Laws and under the Transaction Documents, if any). 

3.7 Title; Properties. Each Group Company has good and marketable title to its properties and assets (including lease interests)
held in each case subject to no Liens. Each Group Company owns or otherwise has sufficient rights to all its properties and assets (including lease interests) necessary and sufficient to its business as now conducted by such Group Company without
any known conflict with or known infringement of the rights of any other Person. With respect to the property and assets it leases, each Group Company is in compliance with such leases and holds valid leasehold interests in such assets free of any
Liens or claims of any Person other than the lessors of such property and assets. 

  
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 3.8 Intellectual Property Rights. 

(i) Each Group Company owns or otherwise has sufficient rights to all Intellectual Property necessary and sufficient to its business as now
conducted by such Group Company without any known conflict with or known infringement of the rights of any other Person. Section 3.8 of the Disclosure Schedule sets forth a complete and accurate list of all Intellectual
Property registered, applied or used by each Group Company. Each of the Intellectual Property as set forth Section 3.8 of the Disclosure Schedule (the “Registered IPs”) is owned by and registered or applied
for solely in the name of a Group Company free from any Liens, is valid and subsisting and has not been abandoned, and all necessary registration, maintenance and renewal fees with respect thereto and currently due have been satisfied. 

(ii) Except as disclosed in Section 3.8 of the Disclosure Schedule, there are no outstanding options, licenses or
agreements of any kind relating to any Intellectual Property, nor is any of the Group Companies bound by or a party to any options, licenses or agreements of any kind with respect to any Intellectual Property, except, in either case, for end-user, object code, internal-use software license and support/maintenance agreements, and non-disclosure agreements. 

(iii) Each Group Company has taken all commercially reasonable security measures to protect the secrecy, confidentiality, and value of all its
Intellectual Property required to conduct its business. 
 (iv) None of the Group Companies has violated, infringed or misappropriated any
Intellectual Property rights or any other rights of any other Person. None of the Group Companies has received any communications (oral or written) alleging that any of the Group Companies has violated or, by conducting its business, would violate
any of the intellectual property rights of any other person or entity. To the best knowledge of each of the Warrantors, no Person has violated, infringed or misappropriated any Company Owned IP of any Group Company, and no Group Company has given
any written or oral notice to any other Person alleging any of the foregoing. No Person has challenged the ownership or use of any Company Owned IP by a Group Company. No Group Company has agreed to indemnify any Person for any infringement,
violation or misappropriation of any Intellectual Property by such Person. 
 (v) To the best knowledge of the Warrantors, no Group Company
or any of its employees, officers or directors has taken any actions or failed to take any actions that would cause any Company Owned IP to be invalid, unenforceable or not subsisting. No Company Owned IP is the subject of any Lien, license or other
Contract granting rights therein to any other Person. No Group Company is or has been a member or promoter of, or contributor to, any industry standards bodies, patent pooling organizations or similar organizations that could require or obligate a
Group Company to grant or offer to any Person any license or right to any material Company Owned IP. No Company Owned IP is subject to any proceeding or outstanding governmental order or settlement agreement or stipulation that (a) restricts in
any manner the use, transfer or licensing thereof, or the making, using, sale, or offering for sale of any Group Company’s products or services, by any Group Company, or (b) may affect the validity, use or enforceability of such Company
Owned IP. No Group Company has (a) transferred or assigned any Company Owned IP; (b) authorized the joint ownership of, any Company Owned IP; or (c) permitted the rights of any Group Company in any Company Owned IP to lapse or enter
the public domain. 

  
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 (vi) All material Intellectual Property conceived by employees of a Group Company related to
the business of such Group Company are currently owned exclusively by a Group Company. All employees, contractors, agents and consultants of a Group Company who are or were involved in the creation of any Intellectual Property for such Group Company
have executed an assignment of inventions agreement that vests in a Group Company exclusive ownership of all right, title and interest in and to such Intellectual Property. 

(vii) No Public Software forms part of any product or service provided by any Group Company or was or is used in connection with the
development of any product or service provided by any Group Company or is incorporated into, in whole or in part, or has been distributed with, in whole or in part, any product or service provided by any Group Company. No software included in any
Company Owned IP has been or is being distributed, in whole or in part, or was used, or is being used in conjunction with any Public Software in a manner which would require that such Software be disclosed or distributed in source code form or made
available at no charge. 
 3.9 Financial Statements. The Group have delivered the unaudited and consolidated balance sheet,
profit statement and cash flow statement for the Group as of December 31, 2017 and December 31, 2018 respectively and its unaudited consolidated balance sheet, profit statement and cash flow statement dated from January 1, 2019 to
March 31, 2019 (the “Statement Date”) (collectively, the “Financial Statements”) to the Series F Investors. The Financial Statements (a) have been prepared in accordance with the books and records of the
Group, (b) fairly present in all material respects the financial condition and position of the Group as of the dates indicated therein and the results of operations and cash flows of the Group for the periods indicated therein, and
(c) were prepared in accordance with the applicable Accounting Standards applied on a consistent basis throughout the periods involved. The Group Companies have good and marketable title to all assets set forth on the balance sheets of the
respective Financial Statements, except for such assets as have been spent, sold or transferred in the ordinary course of business since their respective dates. None of the Group Companies is a guarantor or indemnitor of any indebtedness of any
other person or entity. Each Group Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with generally accepted accounting principles as required in the jurisdiction where it is
incorporated. 
 3.10 Activities Since Statement Date. Except as contemplated by the Transaction Documents, since the
Statement Date, with respect to any Group Company, there has not been: 
 (i) any change in the assets, liabilities, financial condition or
operating results of such Group Company from that reflected in the Financial Statements, except changes in the ordinary course of business that have not been, in the aggregate, materially adverse; 

  
 24 

 (ii) any change in the contingent obligations of such Group Company by way of guarantee,
endorsement, indemnity, warranty or otherwise; 
 (iii) any damage, destruction or loss, whether or not covered by insurance, materially and
adversely affecting the assets, properties, financial condition, operating results, prospects or business of such Group Company (as presently conducted and as presently proposed to be conducted); 

(iv) any waiver of a valuable right or of a debt; 

(v) any satisfaction or discharge of any Lien, claim or encumbrance or payment of any obligation by such Group Company, except such
satisfaction, discharge or payment made in the ordinary course of business that is not material to the assets, properties, financial condition, operating results or business of such Group Company; 

(vi) any change or amendment to a Material Contract or arrangement by which such Group Company or any of its assets or properties is bound or
subject, except for changes or amendments which are expressly provided for or disclosed in this Agreement; 
 (vii) any material change in
any compensation arrangement or agreement with any employee or director; 
 (viii) any sale, assignment or transfer of any proprietary
assets or other material intangible assets of such Group Company; 
 (ix) any resignation or termination of any key officer or employee of
such Group Company, including any Key Person; 
 (x) any mortgage, pledge, transfer of a security interest in, or Lien created by such Group
Company, any Key Person or any Key Person Entity, with respect to any of such Group Company’s properties or assets, except Liens for Taxes not yet due or payable; 

(xi) any debt, obligation, or liability incurred, assumed or guaranteed by such Group Company individually in excess of US$50,000 or in excess
of US$100,000 in the aggregate, unless otherwise approved by the Series F Investors in writing; 
 (xii) any declaration, setting aside or
payment or other distribution in respect of any of such Group Company’s share capital, or any direct or indirect redemption, purchase or other acquisition of any of such share capital by such Group Company; 

(xiii) any failure to conduct business in the ordinary course, consistent with such Group Company’s reasonably prudent past practices;

 (xiv) any transactions or Contracts with, or loans or financing to, any of its officers, directors or employees, or any members of their
immediate families, or any entity Controlled by any of such individuals; 

  
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 (xv) any other event or condition of any character which could reasonably be expected to
have a Material Adverse Effect; or 
 (xvi) any agreement or commitment by such Group Company or any Key Person or any Key Person Entity to
do any of the things described in this Section 3.10. 
 3.11 Liabilities. Except as disclosed in the
Financial Statements, no Group Company has incurred any indebtedness, obligation, or liability (whether accrued, absolute, contingent or otherwise, and whether due or to become due) that it has directly or indirectly created, incurred, assumed, or
guaranteed, or with respect to which any Group Company has otherwise become directly or indirectly liable except for trade or business liabilities incurred in the ordinary course of business. 

3.12 Material Contracts. All agreements, Contracts, leases, licenses, instruments, commitments (oral or written), indebtedness,
liabilities and other obligations to which a Group Company is a party or by which it is bound that (i) are material to the conduct and operations of its business and properties, (ii) obligate such Group Company to share, license or develop
any product or technology (collectively, “Material Contracts”), are disclosed in Section 3.12 of the Disclosure Schedule. For purposes of clause (i) of this Section, “material” shall
mean any agreement, Contract, indebtedness, liability, arrangement or other obligation (i) having an aggregate value, cost, liability or amount in excess of US$100,000, (ii) with the term thereof extending for more than one (1) year beyond
the date of this Agreement, (iii) containing exclusivity, non-competition, or similar clauses that impair, restrict or impose conditions on any of the Group Companies’ right to offer or sell products
or services in specified areas, during specified periods, or otherwise, (iv) not in the ordinary course of business, (v) transferring or licensing any Intellectual Property to or from any of the Group Companies (other than licenses granted
in the ordinary course of business or licenses from commercially readily available “off the shelf” computer software), (vi) involving any provision providing for exclusivity, “change in control”, “most favored nations”,
rights of first refusal or first negotiation or similar rights, or grants a power of attorney, agency or similar authority, (vii) involving the ownership or lease of, title to, use of, or any leasehold with an annual rental exceeding RMB200,000
or other interest in, any real or personal property (except for movable property leases in the ordinary course of business and those involving payments of less than RMB1,000,000), or (viii) is with a Governmental Authority, or sole-source
supplier of any material product or service. To the knowledge of the Warrantors, none of the Group Companies is in default or breach under any of the Material Contracts. 

3.13 Interested Party Transactions. 

(i) Except as otherwise disclosed in Section 3.13(i) of the Disclosure Schedule or in the Financial Statements, none
of any Key Person, ZHANG Liang (张亮), HUANG Jixin (黄继新), LI Shenshen (李申申), officer, employee or director of a Group Company or any Affiliate of any such Person have any agreement (whether oral
or written), Contract, understanding, proposed transaction (other than (i) the standard employee benefits generally made available to all employees, (ii) standard director and officer indemnification agreements approved by the Board of
Directors, and (iii) the issuance of options to purchase the Company’s Ordinary Shares and the exercise of such options pursuant to ESOP in accordance with applicable Law) with, or is indebted to (or entitled to receive any loan, guaranty
or credit from), any Group Company, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any of such Persons (other than for accrued salaries, reimbursable expenses or other standard employee benefits).

  
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 (ii) To the Warrantors’ best knowledge, no officer or director of a Group Company has
any direct or indirect ownership interest in any Person with which a Group Company or anyone of ZHOU Yuan (周源), ZHANG Liang (张亮), HUANG Jixin (黄继新) and LI Shenshen (李申申) has a
business relationship, or any Person that competes with a Group Company. 
 3.14 Tax Matters. All Tax Returns required to be
filed on or prior to the date hereof with respect to each Group Company has been duly and timely filed by such Group Company within the requisite period and completed on a proper basis in accordance with the applicable Laws, and are up to date and
correct. All Taxes owed by each Group Company (whether or not shown on every Tax Return) have been paid in full or provision for the payment thereof have been made, except such Taxes, if any, as are being contested in good faith and as to which
adequate reserves (determined in accordance with the Accounting Standards) have been provided in the audited Financial Statements. Each Group Company has timely paid all Taxes owed by it which are due and payable (whether or not shown on any Tax
Return) and withheld and remitted to the appropriate Governmental Authority all Taxes which it is obligated to withhold and remit from amounts owing to any employee, creditor, customer or third party. No deficiencies for any Taxes with respect to
any Tax Returns have been asserted in writing by, and no notice of any pending action with respect to such Tax Returns has been received from, any Tax authority, and, to the knowledge of each Group Company, no dispute relating to any Tax Returns
with any such Tax authority is outstanding or contemplated. No Group Company has been the subject of any examination or investigation by any Tax authority relating to the conduct of its business or the payment or withholding of Taxes that has not
been resolved or is currently the subject of any examination or investigation by any Tax authority relating to the conduct of its business or the payment or withholding of Taxes. No Group Company has taken any action inconsistent with its treatment
as a corporation for U.S. federal income tax purposes, including the filing of an election to be classified other than as a corporation. 

3.15 Employee Matters. Each Group Company has complied in all material aspects with all applicable employment and labor Laws,
including without limitation the applicable PRC Laws pertaining to Social Insurance, and has withheld and reported all amounts required by any applicable Law or any Contract to be withheld and reported with respect to wages, salaries and other
payments to employees and is not liable for any arrear of wages, Tax or penalty for failure to comply with any of the foregoing. To the knowledge of the Warrantors, none of the Key Employees intends to terminate their employment with any Group
Company, nor does any Group Company have a present intention to terminate the employment of any Key Employee. Except as otherwise disclosed in Section 3.15 of the Disclosure Schedule, there has not been, and there is not
now pending or, to the knowledge of the Warrantors, threatened, any strike, union organization activity, lockout, slowdown, picketing, or work stoppage or any unfair labor practice charge against any Group Company. 

  
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 3.16 Insurance. Except as otherwise disclosed in
Section 3.16 of the Disclosure Schedule, each Group Company has obtained the insurance coverage of the same types and at the same coverage levels as other similarly situated companies. 

3.17 No Conflicts. The execution, delivery and performance of each Transaction Document by each party thereto (other than the
Series F Investors) do not, and the consummation by such party of the transactions contemplated thereby will not, result in any violation of, be in conflict with, or constitute a default under any applicable Laws or any provision of its Charter
Documents. 
 3.18 No Adverse Litigation. There are no actions, suits, arbitrations, investigations or administrative
proceedings (the “Action”) pending or, to the knowledge of the Warrantors, threatened against the Warrantors or any of its properties, domestic or foreign, with respect to or which could have a material effect on business,
properties, assets, financial condition, affairs or prospects of any of the Warrantors. None of the Warrantors is a party to or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or
instrumentality and there is no Action by any of the Warrantors currently pending or which it intends to initiate. 
 3.19
Compliance. Each Group Company is and has been in compliance in all material respects with applicable Laws and its Charter Documents, including but not limited to the registration requirement for ZHOU Yuan (周源), LI Shenshen
(李申申), ZHANG Liang (张亮), BAI Jie (白洁), LI Dahai (李大海) and SHAO Zhong’s (邵忠) direct or indirect investment in the Group Companies under the Circular 37, and no
other registration for ZHOU Yuan (周源), LI Shenshen (李申申), ZHANG Liang (张亮), BAI Jie (白洁), LI Dahai (李大海) and SHAO Zhong’s (邵忠) direct or indirect
investment in the Group Companies is required under the Circular 37 and any successor rule or regulation thereof under PRC law. None of the Group Companies has conducted any activity in violation of any applicable statute, rule, regulation, order or
restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business as now conducted or the ownership of its properties in all material respects. Each Group Company has maintained
stringent content control mechanisms, including by retaining and providing training to a sufficient number of dedicated personnel, to moderate the user-generated online content of the Group to ensure compliance with the applicable Laws and
regulations and safeguard the Group’s business reputation. 
 3.20 Environmental and Safety Laws. None of the Group
Companies is in violation of any applicable statute, law, or regulation relating to the environment or occupational health and safety and no material expenditures are or will be required in order to comply with any such existing statute, law or
regulation. 
 3.21 Exempt Offering. The offer and sale of the Series F Preferred Shares under this Agreement, and the
issuance of the Conversion Shares upon conversion thereof are or shall be exempt from the registration requirements and prospectus delivery requirements of the Securities Act, and from the registration or qualification requirements of any other
applicable securities Laws and regulations. 

  
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 3.22 Financial Advisor Fees. Except as otherwise disclosed in
Section 3.22 of the Disclosure Schedule, there exists no agreement or understanding between any Group Company and any investment bank or other financial advisor under which any brokerage, placement or other
fees relating to this offer or sale of the Series F Preferred Shares shall be paid by any of Group Company. 
 3.23 No Other
Business. The Company was formed solely to acquire and hold an equity interest in the HK Subsidiary, and since its formation has not engaged in any business and has not incurred any liability in the course of its business of acquiring and
holding its equity interest in its operating subsidiaries. The HK Subsidiary was formed solely to acquire and hold the equity interest in the WFOEs, and since its formation has not engaged in any business and has not incurred any liability in the
course of its business of acquiring and holding its equity interest in its operating subsidiaries. The Domestic Companies are engaged solely in the Principal Business and have no other activities. Neither the Company nor any of its Subsidiaries is
engaged in insurance, banking and financial services and public utility businesses. 
 3.24 Anti-Corruption, Anti-Money Laundering,
Absence of Government Interests, and Sanctions Compliance. 
 (i) Each Warrantor and its Affiliates and its respective directors,
officers, managers, employees, agents, affiliates (collectively, the “Representatives”) are and have been in compliance with all applicable Anti-Corruption Laws. Furthermore, no Government Official (i) holds an ownership or
other economic interest, direct or indirect, in any of the Group Companies or in the contractual relationship formed by this Agreement, or (ii) serves as an officer, director or employee of any Group Company. Without limiting the foregoing,
neither any Group Company nor, any Representative has, directly or indirectly, offered, authorized, promised, condoned, participated in, consummated, or received notice of any allegation of, 

(a) the making of any gift or payment of anything of value to any Government Official by any person to obtain any improper advantage, affect
or influence any act or decision of any such Government Official, or assist any Group Company in obtaining or retaining business for, or with, or directing business to, any person, or 

(b) the taking of any action by any person which (i) would violate the FCPA, if taken by an entity subject to the FCPA, (ii) would
violate the U.K. Bribery Act, if taken by an entity subject to the U.K. Bribery Act, or (iii) could reasonably be expected to constitute a violation of any applicable Anti-Corruption Laws, or 

(c) the making of any false or fictitious entries in the books or records of any Group Company by any person, or 

(d) the using of any assets of any Group Company for the establishment of any unlawful or unrecorded fund of monies or other assets, or the
making of any unlawful or undisclosed payment. 
 (ii) No Group Company or any of its Representatives has ever been found by a Governmental
Authority to have violated any Anti-Corruption Laws or securities law or is subject to any indictment or any government investigation with respect to Anti-Corruption Laws. None of the beneficial owners of any share or other interest in any Group
Company or the current or former representatives of any Group Company are or were Government Officials. 

  
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 (iii) The operations of each Group Company are and have been conducted at all times in
compliance with applicable Money Laundering Laws. No action, suit, or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving any Group Company with respect to Money Laundering Laws is
pending or threatened. 
 (iv) No Group Company or any of its Representatives is a Prohibited Person, and no Prohibited Person will be given
an offer to become an employee, officer, consultant or director of any Group Company. No Group Company has conducted or agreed to conduct any business, or entered into or agreed to enter into any transaction with a Prohibited Person. 

3.25 Binding Effect; Enforceability. Each Transaction Document has been duly executed and delivered by ZHOU Yuan
(周源), each Key Person, each Key Person Entity and each Group Company (to the extent ZHOU Yuan (周源), such Key Person, such Key Person Entity and such Group Company is a party), constitutes valid and binding obligations of
ZHOU Yuan (周源), such Key Person, such Key Person Entity and such Group Company, enforceable against them in accordance with the terms thereof, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
and other Laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

3.26 Control Documents. Each Warrantor which is a party to the Control Documents has full power, authority and legal right to
execute, deliver and perform their respective obligations under each of the Control Documents to which it is a party, and upon the execution of the Control Documents, has authorized, executed and delivered each of the Control Documents to which it
is a party, and such obligations constitute valid, legal and binding obligations enforceable against it in accordance with the terms of each of such Control Documents. The execution, delivery and performance of each Control Documents by the parties
thereto will not be and is not reasonably expected to (i) result in any violation of the business license, articles of association or other Charter Documents (if applicable) of any Group Company; (ii) result in any violation of or penalty
under any PRC Law as in effect as of the date hereof; or (iii) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any other Contract in effect as of the date hereof and the
Closing to which any of them is a party or by which any of them is bound or to which any of their property or assets is subject. 

  
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 3.27 Status. Each Warrantor who is an Individual hereby represents and
warrants to each of the other parties hereto that (i) he or she is not a minor, and is of full age and sound mind; (ii) he or she is a citizen of such nationality, and is resident and domiciled in such locations as set forth against his or
her signature to this Agreement; (iii) he or she has such knowledge and experience in financial and business matters that he or she is capable of evaluating the risks of the transactions contemplated hereby and under the Transaction Documents;
(iv) he or she has been given a copy of the Transaction Documents, is knowledgeable regarding the structure of the transactions contemplated under the Transaction Documents including but not limited to the basis and purpose of each of the
Transaction Documents to which he or she is a party and the transactions contemplated thereby and the roles of each of the respective parties thereto, and further acknowledges that the structure of the transactions contemplated under the Transaction
Documents and the entry into the related Transaction Documents is reasonable, customary in transactions of this type, is beneficial to such Individual, accords with the intentions and objectives of such Individual and is necessary for the investment
by the Investors and the fulfilment of the purposes thereof as described in Transaction Documents; (v) he or she fully understand all of the terms, conditions, restrictions and provisions set forth in Section 7 and
Section 10; and (vi) no Individual has been induced to engage in the transactions contemplated under the Transaction Documents nor enter into any Transaction Documents by means of any fraud, manipulation, legal
manufacturing, fiction, fabrication or other deceptive means. 
 3.28 Full Disclosure. The Company has provided the Series F
Investors with all the information that the Series F Investors have requested for deciding whether to consummate the transactions contemplated under this Agreement. None of this Agreement, other Transaction Documents or any other statements or
certificates or other materials made or delivered, or to be made or delivered, to the Series F Investors in connection herewith or therewith, contains any untrue statement of a material fact or omits to state any material fact required to be stated
herein or therein or necessary to make the statements herein or therein not misleading. No representation or warranty by the Warrantors herein and no information or materials provided to the Series F Investors in connection with its due diligence
investigation of any Group Company or the negotiation and execution of this Agreement and other Transaction Documents, taken as a whole, contains any untrue statement of a material fact or omits or will omit to state any material fact required to be
stated therein or necessary in order to make the statement therein, in light of the circumstances in which they are made, not misleading. 
 4.
Representations and Warranties of the Series F Investors. Each Series F Investor hereby, separately but not jointly, represents and warrants to the Company that: 

4.1 Organization. Such Series F Investor is duly organized, validly existing and in good standing (or equivalent
status in the relevant jurisdiction) under the Laws of the place of its incorporation or establishment (if applicable). 
 4.2
Authorization. Such Series F Investor has all requisite power and authority to execute and deliver the Transaction Documents to which it/he/she is a party and to carry out and perform its/his/her obligations thereunder. All action on
the part of such Series F Investor necessary for the authorization, execution and delivery of the Transaction Documents to which it/he/she is a party, has been taken or will be taken prior to the Closing. 

4.3 Purchase for Own Account. Series F Preferred Shares being purchased by each Series F Investor will be acquired
for such Series F Investor’s or its Affiliate’s own account, and not with a view to or in connection with the sale or distribution of any part thereof.  

  
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 4.4 Restricted Securities. Such Series F Investor understands that the Series
F Preferred Shares and the Conversion Shares are restricted securities under the Securities Act, and such Series F Preferred Shares and the Conversion Shares are not registered or listed publicly and must be held indefinitely unless they are
subsequently registered or listed publicly or an exemption from such registration or listing is available. 
 4.5 Binding Effect;
Enforceability. Each Transaction Document has been duly executed and delivered by such Series F Investor (to the extent such Series F Investor is a party), constitutes valid and binding obligations of such Series F Investor, enforceable against
it/him/her in accordance with the terms thereof, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar Laws affecting creditors’ rights generally and to general equitable
principles. 
 5. Conditions of the Series F Investors’ Obligations at the Closing. The obligations of
each Series F Investor to consummate the Closing under Section 2 of this Agreement are subject to the fulfillment, to the satisfaction of such Series F Investor on or prior to the Closing, or waiver by such Series F
Investor, of the following conditions: 
 5.1 Representations and Warranties. Each of the representations and warranties
of the Warrantors contained in this Agreement shall have been true and complete when made and shall be true and complete on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date
of the Closing, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date. 

5.2 Authorizations and Waivers. All Consents of any competent Governmental Authority or of any other Person that are required to
be obtained by any Warrantor in connection with the consummation of the transactions contemplated by the Transaction Documents shall have been duly obtained and effective as of the Closing. The Group Companies have obtained the waiver by the
existing shareholders of the Company of any anti-dilution rights, rights of first refusal, preemptive rights and all similar rights in connection with the issuance of the Series F Preferred Shares and the Conversion Shares upon conversion thereof at
the Closing. 
 5.3 Proceedings. All corporate and other proceedings in connection with the transactions to be
completed at the Closing and all documents incident thereto, including without limitation written approval from all of the then current holders of equity interests of each Group Company, as applicable, with respect to this Agreement and the other
Transaction Documents and the transactions contemplated hereby and thereby, shall have been completed in form and substance reasonably satisfactory to the Series F Investors. 

5.4 Performance. Each Warrantor shall have performed and complied with all obligations and conditions contained in the
Transaction Documents that are required to be performed or complied with by them, on or before the Closing. 
 5.5 Memorandum and
Articles. The Memorandum and Articles shall have been duly adopted by all necessary action of the Board and the shareholders of the Company, and such adoption shall have become effective prior to the Closing with no alternation or amendment as
of the Closing, and reasonable evidence thereof shall have been delivered to the Series F Investors. The Memorandum and Articles shall have been duly submitted for filing with the Registry of Companies of the Cayman Islands as of the Closing as
evidenced by an email confirmation from the corporate secretary of the Company. 

  
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 5.6 Transaction Documents. Each of the parties to the Transaction
Documents, other than the Series F Investors, shall have executed and delivered such Transaction Documents to the Series F Investors. 

5.7 Board of Directors. The Company shall have taken all necessary corporate actions such that effective as of the Closing the
Board of Directors shall have consisted of up to fifteen (15) members, including a member designated by Kwai, and reasonable evidence of each of the foregoing shall have been delivered to the Series F Investors. 

5.8 Good Standing. The Series F Investors shall have received a certificate of good standing of the Company issued by the
Registry of Companies of the Cayman Islands, dated no earlier than ten (10) Business Days prior to the Closing. 
 5.9 No
Material Adverse Effect. There shall have been no Material Adverse Effect since the Statement Date. There shall not be on the date of the Closing any governmental order or any condition imposed under any applicable Law which would,
(a) prohibit or restrict (i) the sale and issuance of the Series F Preferred Shares being purchased or (ii) the consummation of the transactions contemplated by this Agreement and other Transaction Documents, (b) subject the
Series F Investors to any material penalty or onerous condition under or pursuant to any applicable Law if the Series F Preferred Shares being purchased were to be sold and issued hereunder or (c) restrict the operation of the Principal
Business of any Group Company in a manner that would have a Material Adverse Effect. 
 5.10 Opinion of Counsel. The Series F
Investors shall have received from Cayman Islands counsel for the Company and PRC counsel for the Company, legal opinions, dated as of the Closing, in form and substance reasonably satisfactory to the Series F Investors. 

5.11 Due Diligence. The Series F Investors shall have completed their legal, financial, and business due diligence investigation
of the Group Companies to its reasonable satisfaction. 
 5.12 Approval of Investment Committee. The Closing shall have been
duly approved by an investment committee of each Series F Investor. 
 5.13 Deposit Agreement. The Company, the Founder
(as defined in the Shareholders Agreement) and Zhizhe Sihai (the “Deposit Receiver”) shall have delivered to Baidu Online a performance deposit agreement substantially in the form attached hereto as Exhibit F (the
“Deposit Agreement”) duly executed and delivered by ZHOU Yuan (周源), the Company and Zhizhe Sihai, pursuant to which Baidu Online agrees to provide Zhizhe Sihai with a performance deposit (the
“Deposit”) in the principal amount of Renminbi equivalent to US$150,000,000 (the “Total Deposit Amount”) on and subject to the terms and conditions thereof. 

  
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 5.14 Business Cooperation Agreement. With respect to Baidu SPV only, the
Company and Baidu SPV or any of their appropriate Affiliate(s) shall have entered into a business cooperation agreement in form and substance satisfactory to both the Company and Baidu SPV. 

5.15 Closing Certificate. The Warrantors shall have executed and delivered to the Series F Investors at the Closing a
certificate, in form and substance satisfactory to the Series F Investors, dated as of the Closing (i) stating that the conditions specified in this Section 5 (except for the Sections 5.11 and 5.12) have
been fulfilled as of the Closing, and (ii) attaching thereto (a) the Charter Documents of the Group Companies as then in effect, and (b) copies of all resolutions approved by the shareholders and boards of directors of each Group
Company and each Key Person Entity related to the transactions contemplated hereby. 
 6. Conditions of the Company’s
Obligations at the Closing. The obligations of the Company to consummate the Closing with any Series F Investor under Section 2 of this Agreement, unless otherwise waived in writing by the Company, are subject to
the fulfillment on or before the Closing of each of the following conditions: 
 6.1 Representations and Warranties. The
representations and warranties of such Series F Investor contained in Section 4 shall be true and complete at and as of the date hereof and the Closing. 

6.2 Performance. Such Series F Investor shall have performed and complied with all covenants, obligations and conditions
contained in this Agreement that are required to be performed or complied with by such Series F Investor on or before the Closing. 

6.3 Execution of the Transaction Documents. Such Series F Investor shall have executed and delivered to the Company the
Transaction Documents to which it is a party. 
 7. Post-Closing Covenants. 

7.1 Filing of the Memorandum and Articles. The Company shall, and ZHOU Yuan (周源) shall cause the Company to obtain
the duly filed and stamped Memorandum and Articles within fifteen (15) days following the Closing. 
 7.2 Amendment to SAFE
Registration. If applicable, as soon as practicable after the Closing, each Key Person Entity shall, and the Warrantor shall ensure that any other direct or indirect holder or beneficial owner of any Shares, who is a “Domestic
Resident” as defined in Circular 37 and/or other SAFE rules and regulations and is subject to any of the registration or reporting requirements thereof, comply with all reporting and/or registration requirements for the amendments to existing
SAFE registrations, and obtain an updated SAFE registration certificate with respect to his/her interest in the Company within the time period required by applicable Laws after the Closing. 

  
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 7.3 Board of Directors and Charter Documents of Group
Company. Upon request of Kwai, (i) the board of directors of each Group Company shall be re-constituted, so that the board of directors of each Group Company shall consist of up to fifteen (15) directors, of which
one (1) director shall be designated by Kwai and up to eight (8) shall be designated by ZHOU Yuan (周源); and (ii) the articles of association of each Group Company other than the Company shall be amended to reflect
sections 6.2 and 6.3 of the Shareholders Agreement to the Series F Investors’ satisfactory, and the amended and restated articles of association shall be approved and filed, and the ZHOU Yuan (周源) shall cause each such Group
Company to complete the approval (if applicable) and filing of such amended and restated articles of association, with the relevant Governmental Authority as soon as possible. 

7.4 Change of Business Scope Registration and License Registration. From time to time after the Closing, the Domestic
Companies shall duly complete the change of (i) its business scope in its business license to cover the business being conducted by the Domestic Companies and proposed to be conducted by the Domestic Companies at that time, and (ii) the
registration items in its permits and licenses to be consistent with its most updated business license, including but not limited to the update of registration items in (a) Publication Business License acquired by Beijing Zhihu, and
(b) Value-Added Telecommunications Business (Internet Content Provider) Operating License, Video and Audio-visual Program Distribution License and Audio-visual Program Production License acquired by Beijing Leimeng. 

7.5 Intellectual Property Protection. The Group Companies shall establish and maintain appropriate intellectual property
protection system to protect the Intellectual Property of the Group Companies. The Group Companies shall, and ZHOU Yuan (周源) and each of the Key Person Entities shall cause the Group Companies to, make best efforts to fully comply with
the Laws and regulations in respect of the protection of the Intellectual Property and refrain from interfering the Intellectual Property of others. Without prejudice to the generality of the foregoing: 

(a) Each of the Key Persons shall, and shall cause his/her Affiliate to assign and transfer to the applicable Domestic Company any and all
his/her or his/her Affiliate’s intellectual properties related to the Group Companies’ Principal Business. 
 (b) After the
Closing, Beijing Zhihu shall register all new trademarks it uses or will use for purpose of the Principal Business in all relevant categories with the competent Governmental Authority. 

(c) Each of the Domestic Companies shall, and the Warrantors shall cause each of the Domestic Companies to, make copyright registrations for
all software and other copyrights developed and/or used by the Group Companies that are material to the Principal Business as soon as possible, including but not limited to updating the registered information with relevant mobile application stores
to register the copyright holder and developer of the software from the name of Beijing Zhihu to Zhizhe Sihai. 
 7.6 Housing
Accumulation Fund Registration. Beijing Zhihu, Chengdu Zhizhe, Tianjin Zhizhe, Jingzhun Huinong, Beijing Leimeng shall complete its housing accumulation fund registration with the relevant Governmental Authority in accordance with the Regulation
on the Administration of Housing Accumulation Funds and other applicable Laws as soon as practical after the Closing. 

  
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 7.7 Labor and Human Resources. The Domestic Companies shall comply with all
applicable PRC labor Laws. Without limiting the generality of the foregoing, the Domestic Companies shall from time to time after the Closing, pay Social Insurance for all of its employees in accordance with the Social Insurance Law, the Regulation
on the Administration of Housing Accumulation Funds and other applicable Laws. 
 7.8 Employment Agreement; Confidentiality, Non-compete, and Invention Assignment Agreement. The Group Companies shall cause all of their respective existing and future employees to enter into an employment agreement and a confidentiality, non-solicitation and invention assignment agreement or an employment agreement containing confidentiality, non-solicitation and invention assignment provisions and shall cause
all of their respective future key employees to enter into an employment agreement and a confidentiality, non-compete, non-solicitation and invention assignment
agreement or an employment agreement containing confidentiality, non-compete, non-solicitation and invention assignment provisions, provided that the terms and
conditions of such form agreements shall remain substantially the same as those reviewed and acknowledged by the holders of the Company’s Series F Preferred Shares prior to their subscription of the Company’s Series F Shares. 

7.9 Use of Proceeds. The Company shall use the proceeds from the issuance and sale of the Series F Preferred Shares (the
“Proceeds”) for injecting into the WFOEs as increased registered capital of the WFOEs unless otherwise determined by the Board (including the affirmative vote of the director designated by Kwai) and then for purpose of business
expansion, customer acquisition, product development, internal management improvement, brand building, working capital, other ordinary business activities of the Group Companies, and other general corporate purposes as approved by the Board
(including the affirmative vote of the director designated by Kwai) and shareholders of the Company. The Proceeds shall not be used in the payment of any debts or liabilities of any Group Company (except for those occurred during ordinary course of
business) or its subsidiaries or in the repurchase or cancellation of securities held by any shareholders of the Group Companies without the prior written Consent of the Series F Investors. For the avoidance of doubt and without prejudice to the
generality of the foregoing, the Proceeds shall not be used in the payment of any borrowed money of any Group Company or for the payment of any debts or liabilities of any Group Company owed to any of the Group Companies’ direct or indirect
shareholders or their Affiliates without the prior written consent of the Series F Investors. None of the Group Companies or other Warrantors or their Affiliates will directly or indirectly use the Proceeds from the Investors, or lend, contribute or
otherwise make available such Proceeds to any Subsidiary, joint venture partner or other Person for the purpose of funding of facilitating any activities or business of or with any person towards any sales or operations in Cuba, Iran, Libya, Syria,
the Democratic People’s Republic of Korea, the Crimea region of Ukraine, or any other country sanctioned by OFAC from time to time or for the purpose of funding any operations or financing any investments in, or make any payments to, any Person
targeted by or subject to any Sanctions Laws. The use of the Investors’ Proceeds will be in compliance with and will not result in the breach of the Sanctions Laws by any Group Company or any officer, employee, director, agent, Affiliate or
Person acting on behalf of any Group Companies. 

  
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 7.10 Business. The business of the Company shall be restricted to the holding
of shares or equity interest in the HK Subsidiary. The business of the HK Subsidiary shall be restricted to the holding of shares or equity interest in the WFOEs. The business of each of the Domestic Companies shall be restricted to the business
that it is currently conducting within the business scope set forth on their business license or other business approved by the Board in accordance with the Shareholders Agreement and the Memorandum and Articles. 

7.11 Compliance by the Group. Each Group Company shall, and each of the other Warrantors shall cause the Group Companies to, at
its own expenses, procure necessary permits, approvals and filings with respect to their conducting of business, and to fully comply with all applicable Laws and regulations of the jurisdiction of its incorporation as well as all requirements of the
competent Governmental Authorities with respect to their conducting of business, on a continuing basis, including but not limited to applicable PRC Laws relating to its business, personal information/data privacy and protection, Intellectual
Property, anti-monopoly, taxation, employment, social welfare and benefits and foreign exchange, telecommunication, advertising, provision of news information service (if applicable), provision of audio and video program (if applicable), and any
similar statute or law, rule, regulation, official policy, administrative and procedural requirements interpretation or pronouncement of any Governmental Authority. Each Warrantor shall use its best efforts to cause all shareholders of each Group
Company, and any successor entity or controlled Affiliate of any Group Company to, timely complete all required registrations, filings and other procedures with applicable Governmental Authorities (including without limitation, the SAFE) as and when
required by applicable Laws and regulations. Each Group Company shall, and each of the other Warrantors shall cause the Group Companies to, maintain stringent content control mechanisms, including by retaining and providing training to a sufficient
number of dedicated personnel, to moderate the user-generated online content of the Group to ensure compliance with the applicable Laws and regulations and to safeguard the Group’s business reputation. The Warrantors shall ensure that, each
entity described above and its respective shareholders are in compliance with such requirements and will actively cooperate and assist with any repatriation of profits, dividends and other distributions from the WFOEs (or any successor entity) to
the Company. 
 7.12 Validity of Approvals. Each Group Company shall and each of ZHOU Yuan (周源) and Zhihu
BVI shall cause each Group Company to at all times maintain the validity of, and comply with all legal and regulatory requirements with respect to, the approvals, permits and filings that it has obtained and shall be obtained after the Closing for
the conduct of its business, including but not limited to the following: Beijing Leimeng shall and each of the other Warrantors shall cause Beijing Leimeng to, at all times maintain validity of its License for Publication of Audio-Visual Programs
through Information Network and ensure such license is renewed before its expiration. 
 7.13 Conversion Shares. The Company
covenants to at all times reserve sufficient Ordinary Shares or, if the reservation is insufficient, to take all actions necessary to authorize such additional Ordinary Shares, for issuance upon conversion of all Preferred Shares under the
Transaction Documents. 
 7.14 Lock-up. Subject to the terms and conditions
hereof, following the Qualified IPO of the Company, the Key Persons and the Key Person Entities, as the principal and management holders of the Ordinary Shares shall be subject to any customary lock-up period
to the extent requested by the lead underwriter of securities of the Company in connection with the registration relating to such initial public offering. 

  
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 7.15 D&O Insurance. Upon the request of any Investor, the Company
shall obtain, at a cost no more than the average market price of such insurance, for the Preferred Directors, insurance against liability for negligence, default, breach of duty or breach of trust incurred in the course of discharging his or her
duties as director or officer of the Company, including without limitation, director and officer liability insurance in an agreed insured amount. 

7.16 Leasehold Registration and Corrections. (i) To the extent necessary to protect the leasehold interest of the Domestic
Companies in any leased properties, or (ii) upon request of any Investor and the lead underwriter in an initial public offering, the Domestic Companies shall, and the other Warrantors shall cause the Domestic Companies to register all their
current leasehold interests with the competent Governmental Authorities for record, and after the entry into any new lease agreement, register such new leases with the competent Governmental Authorities for record as soon as possible, provided that
the relevant landlord shall provide all required cooperation and assistance in terms of such registration. The Domestic Companies shall, and the other Warrantors shall cause the Domestic Companies to, as soon as practical after the Closing use its
reasonable best efforts to obtain and provide to Series F Investors the relevant documents evidencing that the lessor is entitled to lease such leasehold interest to such Domestic Companies where the lessor is not the owner of such leasehold
interest. 
 7.17 Registration of Branch Offices of Beijing Zhihu. As soon as practicable and in any event within three
(3) months after the Closing, Beijing Zhihu shall and the other Warrantors shall, cause Beijing Zhihu to complete registration of its Shanghai branch office and Guangzhou branch office with the applicable Governmental Authority. 

7.18 Non-Compete. The Key Persons acknowledge that the Series F Investors agreed to
invest in the Company on the basis of the continued and exclusive services of and devotion and commitment by ZHOU Yuan (周源), BAI Jie (白洁) and LI Dahai (李大海) to the Group Companies, and agree that the
Series F Investors should have reasonable assurance of such basis of investment. The Key Persons undertake to the Series F Investors that neither they, any of LI Shenshen (李申申), HUANG Jixin (黄继新), ZHANG
Liang (张亮), nor any of their Associates will directly or indirectly: 
 (a) participate, render consulting service to, assist,
be concerned with, engaged or interested in, any business or entity in any manner, directly or indirectly, which is in competition with the business carried on by any Group Company at any time during the Restriction Period so long as such Key Person
holds any equity interest in, or is employed by, or serves as a director or officer of, any of the Group Companies (the “Affiliation Relationship”), whichever period is longer, and within two (2) years after the termination of
such Affiliation Relationship (together with the period of the Affiliation Relationship, the “Restriction Period”); 

  
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 (b) during the Restriction Period, solicit in any manner any person who is or has been
during the Restriction Period a customer or client of any Group Company for the purpose of offering to such person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the
Restriction Period; 
 (c) during the Restriction Period, solicit or entice away, or endeavor to solicit or entice away, any employee,
officer, manager or consultant of any Group Company; 
 (d) at any time disclose to any person, or use for any purpose, any information
concerning the business, accounts, finance, transactions or intellectual property rights of any Group Company or any trade secrets or confidential information of or relating to any of the Group Companies; 

(e) at any time hereafter, in relation to any trade, business or company, use a name including the words “Zhihu” or any other words
hereafter used by any Group Company in its name or in the name of any of its products, services or their derivative terms, or the Chinese or English equivalent or any similar word in such a way as to be capable of or likely to be confused with the
name of any Group Company or the product or services or any other products or services of any Group Company. 
 During the Restriction
Period, in the event that any entity directly or indirectly established or Controlled by the Key Persons, engages or will engage in any business which is the same or similar to or otherwise competes with the business of the Group Companies, the Key
Persons shall cause such entity, to disclose any relevant information to the Series F Investors upon request and transfer such lawful business to an Group Company or any subsidiary designated by the Group Companies immediately thereafter. 

For purpose of this Agreement, “Associate” means, in relation to an Individual, his spouse, his child or step-child, parent,
step-parent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, and any person acting under his instructions (pursuant to an agreement or arrangement, formal or otherwise) and any person or entity Controlled by him. 

7.19 Anti-Corruption, Anti-Money Laundering, and Sanctions Compliance. The Company covenants that it shall not and shall not
permit any of its subsidiaries or Affiliates or any of its or their respective Representatives to promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party, including any
Government Official, in each case, in violation of the applicable Anti-Corruption Laws. The Company further represents that it shall and shall cause each of its subsidiaries and Affiliates to cease all of its or their respective activities, as well
as remediate any actions taken by the Company, its subsidiaries or Affiliates, or any of their respective Representatives in violation of the applicable Anti-Corruption Laws. The Company further represents that it shall and shall cause each of its
subsidiaries and Affiliates to adopt and maintain systems of internal controls (including, but not limited to, an adequate anti-corruption compliance program, accounting systems, purchasing systems and billing systems) that are sufficient to provide
reasonable assurances that violations of the applicable Anti-Corruption Laws will be prevented, detected and deterred. The Company shall, and the Warrantors shall procure that the operations of each Group Company shall, conduct their respective
business in compliance with applicable Money Laundering Laws. The Company shall, and the Warrantors shall procure that none of the Group Companies will engage, directly or indirectly, in any other activities that would result in a violation of any
of the Sanctions Laws by any Person, including the Investors participating in the issuance and sale of the Purchased Shares. The Company agrees to promptly notify the Investors upon the Company receiving notification of investigations, inquiries, or
proceedings, initiated by Governmental Authorities regarding potential violations of Anti-Corruption Laws, Money Laundering Laws, and Sanctions Laws. 

  
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 7.20 Other Issues in the Disclosure Schedule. As soon as practicable after the
Closing, the Warrantors shall, in a manner reasonably acceptable to the Series F Investors, resolve the other issues which are disclosed in the Disclosure Schedule. The covenants under this Section 7.20 shall not preclude,
be prejudice to, or otherwise limit in any way, the Warrantors’ indemnification liabilities under Section 10.4 below. 

7.21 Further Assurances. Upon the terms and subject to the conditions herein, each Party 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 hereto 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 the other Transaction Documents, provided that except as expressly provided herein, no Party shall be
obligated to grant any waiver of any condition or other waiver hereunder. 
 7.22 Use of Name or Logo of Baidu. Without the
prior written consent of Baidu SPV, and whether or not Baidu SPV is then the shareholder of the Company, none of the Parties hereto (excluding Baidu SPV) shall use, publish or reproduce the name, similar names, trademarks or logos of Baidu SPV or
any of its Affiliates (collectively the “Baidu Group”), or refer any of the Baidu Group, directly or indirectly, in connection with Baidu Group’s relationship with the Group Companies or otherwise, in each case in any manner,
context or format (including without limitation, links to websites, press or news releases, marketing materials, social media or otherwise). 

7.23 Use of Name or Logo of Kwai. Notwithstanding any other provision of this Agreement to the contrary, the Parties acknowledge
and agree that, without the prior written consent of Kwai, and whether or not Kwai is then shareholder of the Company, the Parties hereto (excluding Kwai) shall not, and shall procure their respective directors, officers, employees, agents, advisors
and representatives not to (a) use any name, trademark, tradename, or logo of Kwai or any of its Affiliates, including, without limitation, “Kuaishou”, “Kuai”, “Kwai”, or “快手” and any
permutation thereof, in any manner or format (including reference on or links to websites, press releases, etc.), or (b) issue any statement or communication to any third party (other than to their legal, accounting and financial advisors, and
other than to directors, officers, employees, members, partners and existing or potential investors or acquirers under a duty of confidentiality) regarding Kwai’s investment in the Company. 

  
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 7.24 Beijing Leimeng. As soon as practical following the Closing, the
Warrantors shall cause Beijing Leimeng to (i) complete the removal of WANG Yifu (王毅夫) as its legal representative in its business license, Video and Audio-visual Program Distribution License, ICP License and other permits
and licenses, (ii) complete the changes of the website and domain name in its Video and Audio-visual Program Distribution License from “www.vzuu.com/vzuu.com” to “www.zhihu.com/zhihu.com” operated and owned by Beijing Zhihu,
or implement the link from “www.zhihu.com” to “www.vzuu.com” in a compliant way which is acceptable by competent Governmental Authority, (iii) remove from “www.vzuu.com” the contents not
related to the Principal Business operated by the Group Companies. 
 7.25 Governmental Approvals to be obtained. As soon as
practical following the Closing, Beijing Zhihu shall, and the other Warrantors shall cause Beijing Zhihu to, (i) submit the application of Internet Publication Service License
(网络出版服务许可证) to the competent Governmental Authority with the licensing scope covering, including without limitation, online magazine, online electronic publication and mobile publishing
for its Internet publication business, and use its reasonable best efforts to obtain the Internet Publication Service License as soon as possible thereafter, and (ii) complete the change of the business scope in Beijing Zhihu’s business
license as well as the business scope as shown in the ICP License (电信与信息服务业务经营许可证) accordingly within thirty (30) days after obtaining the
aforementioned licenses and satisfactory evidence thereof shall be delivered to the Series F Investors. 
 7.26 Review of
Marketing Expenses. From time to time after the Closing, the Group Companies shall and ZHOU Yuan (周源) and each of the Key Persons and Key Person Entities shall cause the Group Companies to conduct quarterly review of the marketing
expenses, evaluate the effectiveness of each channel and market, and adjust the budget and strategy accordingly, and provide the final reports reflecting the foregoing to the satisfaction of the Series F Investors within twenty (20) Business
Days after the end of each quarter. 
 7.27 Disposition of Investments by Group Companies. As soon as practicable and in any
event within twelve (12) months after the Closing, the applicable Group Company shall and the other Warrantors shall cause such Group Company to dispose of its investment to such other Persons to the satisfactory of the Series F Investors,
including but not limited to (i) the investment by Beijing Zhihu in Beijing Dianji Hechuang Investment Management Center (Limited Partnership) (北京点极合创投资管理中心),
(ii) the investment by Zhizhe Sihai (relevant interest held under the name of third party) in Yajiehui (Beijing) Network Technology Service Co. Limited
(亚杰汇(北京)网络科技服务有限公司) and (iii) the investment by the Company in Think Technology Co., Ltd. 

8. Confidentiality and Non-Disclosure. 

8.1 Disclosure of Terms. The terms and conditions of this Agreement, the other Transaction Documents and all exhibits and
schedules attached hereto and thereto (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any Party hereto to any third party except in
accordance with the provisions set forth below; provided that such confidential information shall not include any information that is in the public domain other than caused by the breach of the confidentiality obligations hereunder. 

  
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 8.2 Press Releases, Etc. No announcement regarding any confidential
information (including the existence of, and terms of this Agreement) shall be made in a press release, conference, advertisement, announcement, professional or trade publication, mass marketing materials or otherwise to the general public without
mutual written consent of both the Company and the Series F Investors. 
 8.3 Permitted Disclosures. Notwithstanding the
foregoing, 
 (i) any party may disclose confidential information to its Affiliates and its and their respective directors, officers,
employees, current or bona fide prospective partners, co-investors, investors, financing sources, transferees, investment bankers, lenders, business partners, accountants, attorneys, representatives or
advisors who need to know such information, in each case as any party deems appropriate and only where such Persons or entities are under appropriate nondisclosure obligations; without limiting the generality of the foregoing, the Investors shall be
entitled to disclose the confidential information for the purposes of fund reporting or inter-fund reporting or to their fund manager, other funds managed by their fund manager and their respective auditors, counsel, directors, officers, employees,
shareholders or investors; 
 (ii) any party may disclose any confidential information pursuant to any Law, regulation, legal process,
subpoena, civil investigative demand (or similar process), order, statute, rule, request or other legal or similar requirement made, promulgated or imposed by a court or by a judicial, governmental, regulatory, self-regulatory (including stock
exchange) or legislative body, organization, commission, agency or committee or otherwise in connection with any judicial or administrative proceeding (including, in response to oral questions, interrogatories or requests for information or
documents); 
 (iii) the Disclosing Party may disclose any confidential information as required or requested to be disclosed to any
Governmental Authority, in each case as such Disclosing Party deems appropriate; 
 (iv) each Series F Investor and the Company may disclose
the Series F Investors’ investments in the Company to third parties or to the public in a press release, conference, advertisement, announcement, professional or trade publication which is mutually agreed by the Series F Investors and the
Company in substance; and 
 (v) any party may disclose confidential information provided that the party providing such confidential
information has given its approval in writing. 
 8.4 Legally Compelled Disclosure. In the event that any Party is requested
or becomes legally compelled (including without limitation, pursuant to securities Laws and regulations) to disclose the existence of this Agreement or any of the Financing Terms in contravention of the provisions of this
Section 8, such party (the “Disclosing Party”) shall provide the other parties (the “Non-Disclosing Parties”) with prompt written notice of that
fact, to the extent such notice is permissible under applicable Laws, so that the appropriate party may seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy.
The Disclosing Party shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information to the extent reasonably requested by any Non-Disclosing Party.

  
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	9.	 Governing Law and Dispute Resolution. 

9.1 Governing Law. This Agreement shall be governed by and construed under the Laws of Hong Kong, without regard to
principles of conflict of laws thereunder. 
 9.2 Dispute Resolution. 

(i) In the event the parties hereto are unable to settle a dispute between them regarding this Agreement through friendly negotiation, such
dispute shall be referred to and finally settled by arbitration in English at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (“HKIAC
Rules”) in effect when the arbitration notice is submitted in accordance with the HKIAC Rules, before one arbitrator to be appointed according to the HKIAC Rules. 

(ii) Notwithstanding anything in this Agreement or in the HKIAC Rules or otherwise, the arbitration tribunal shall not have the power to award
injunctive relief or any other equitable remedy of any kind against any Series F Investor unless such award both (x) is expressly appealable to and subject to de novo review by the courts of Hong Kong, and (y) would not, if upheld, have
the effect of impairing, restricting, or imposing any conditions on the right or ability of such Series F Investor or its Affiliates to conduct its respective business operations or to make or dispose of any other investments. 

(iii) The prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled. 
 10. Miscellaneous. 

10.1 Survival of Warranties. The representations and warranties made herein shall survive the execution and delivery of this
Agreement and the Closing for as long as permitted by the applicable Laws, provided that the representations and warranties made herein, except for Sections 3.1, 3.2, 3.3, 3.6, 3.8, 3.9, 3.14 and
3.19, shall survive for a period of three (3) years with respect to ZHOU Yuan (周源). 
 10.2 Entire
Agreement. This Agreement and the Transaction Documents, together with all schedules and exhibits hereto and thereto, constitute the full and entire understanding and agreement among the Parties with regard to the subjects hereof and
thereof, and supersede all other agreements between or among any of the Parties with respect to the subject matters hereof and thereof. 

  
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 10.3 Notices. Any notice required 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 VII (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 10.3). 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 organization, 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. 

10.4 Indemnification. 

(i) The Warrantors shall, jointly and severally, indemnify, defend and hold harmless each Series F Investor (each, an “Indemnified
Party”) from and against any and all Losses arising out of, relating to, connected with or incidental to: (a) any inaccuracy, breach of its representation or warranty in the Transaction Documents, the Financial Statements, or
certificate delivered pursuant to this Agreement (including the closing certificate delivered pursuant to Section 5.16), or (b) any failure by it to comply with any covenant or agreement contained in the Transaction
Documents or in any other documents or agreements contemplated hereby. The provisions of this Section 10.4 shall survive any termination of this Agreement. As used in this Agreement, “Losses” means all
losses, damages, deficiencies, diminution in value, Actions, debts, obligations, interest, penalties, expenses, judgments or settlements of any nature or kind, including without limitation reasonable attorneys’ fees and disbursements, court
costs, amounts paid in settlement and expenses of investigation. 
 (ii) Without limiting the generality of the foregoing, the Warrantors
shall jointly and severally indemnify and hold harmless any Indemnified Party from and against any and all Losses arising out of, relating to, connected with or incidental to: (a) any Group Company’s failure to withhold any tax, or pay any
tax or Social Insurance in accordance with the applicable Laws; (b) any liability incurred by any Group Company arising out of or in connection with any infringement upon any other person’s Intellectual Properties; (c) any liability
incurred by any Group Company resulting from its failure to obtain all approvals, permits, consents, exemptions, licenses and authorizations necessary for the conduct of its business as currently conducted and as contemplated to be conducted,
(d) any failure of the Key Persons, the Key Person Entities or other direct or indirect shareholders of the Company who are PRC residents to register and/or update his/her respective holding of equity interest in the Group Companies with SAFE
or its competent local counterparts as required under Circular 37 and/or any other applicable SAFE rules and regulations, (e) any liability incurred by any Group Company arising out of or in connection with any Action related to infringement of
reputation right and personal information due to any facts or circumstances existing prior to the Closing even if the liability is actually incurred after the Closing, (f) any liability incurred by any Group Company arising out of or in
connection with any administrative penalty or liabilities caused by any noncompliance with applicable Laws and regulations existing prior to the Closing even if the liability is actually incurred after the Closing. For the avoidance of doubt, the
indemnification referenced in clauses (a) through (f) under this Section 10.4(ii) shall not be prejudiced by or be otherwise subject to any disclosure (in the Disclosure Schedule or otherwise) and shall
apply regardless of whether the Warrantors have any actual or constructive knowledge with respect thereto, and in any event ZHOU Yuan (周源)’s indemnification obligation with respect to any underpayment of Social Insurance
referenced in clause (a) under this Section 10.4(ii) is secondary to the Group Companies. 

  
 44 

 (iii) Notwithstanding anything contained herein, each Warrantor shall jointly and severally
indemnify at all times and hold harmless each Indemnified Party from and against (i) any Taxes imposed on the Indemnified Party by any Governmental Authority in connection with the transactions contemplated hereunder, and (ii) any
Indemnifiable Losses attributable to (x) any Taxes of any Group Company for all taxable periods ending on or before the Closing and the portion through the end of the Closing for any taxable period that includes (but does not end on) Closing,
(y) all liability for any Taxes of any other person imposed by any Governmental Authority on any Group Company as a transferee, successor, withholding agent, or accomplice in connection with an event or transaction occurring before the Closing,
and (z) all liability for Taxes attributable to any misrepresentation or breach of warranty made in Section 3.14 of this Agreement. 

10.5 Fees and Expenses. The Company shall pay all of its own costs and expenses incurred in connection with the
negotiation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby (including the fees and expenses incurred by its agents or other intermediaries), and
additionally the Company shall pay or reimburse all reasonable costs and expenses (including fees and expenses for lawyers, accountants, auditors, financial advisors, technical consultants and other professions) actually incurred by Baidu Group up
to a maximum of US$150,000 in connection therewith and in connection with the preparation, negotiation, execution and delivery of the Transaction Documents and Baidu’s due diligence investigation if the Closing with respect to subscription of
Series F Preferred Shares by Baidu Group occurs. The Company shall pay or reimburse all reasonable costs and expenses (including fees and expenses for lawyers, accountants, auditors, financial advisors, technical consultants and other professions)
actually incurred by Kwai up to a maximum of US$100,000 in connection therewith and in connection with the preparation, negotiation, execution and delivery of the Transaction Documents and Kwai’s due diligence investigation if the Closing with
respect to subscription of Series F Preferred Shares by Kwai occurs. 
 10.6 Exclusivity. From the date hereof until the
Closing, the Warrantors shall not, and they shall not permit any of their Representatives or any Group Company to, issue, sell, or grant any Equity Security unless otherwise pursuant to the Transaction Documents, or directly or indirectly solicit,
initiate or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or approve or authorize any transaction with any Person that would involve an investment
in, purchase of shares of, or acquisition of any Group Company or any material assets thereof or would be in substitution or an alternative for or would impede or interfere with the transactions contemplated hereby. The Warrantors shall, and shall
cause their Representatives and the other Group Companies to, immediately terminate all existing activities, discussions and negotiations with any third parties with respect to the foregoing, and if any of them hereafter receives any correspondence
or communication that constitutes, or could reasonably be expected to lead to, any such transaction they shall immediately give notice thereof (including the third party and the material terms of such transaction) to the Series F Investors. 

  
 45 

 10.7 Successors and Assigns. Except as otherwise provided herein, the
terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties whose rights or obligations hereunder are affected by such terms and conditions. Any Investor may assign
its rights and obligations herein to one or more Affiliates of such Investor without any consent of the other Parties to this Agreement. 

10.8 Rights Cumulative. 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. 

10.9 Amendments. Any term of this Agreement may be amended, only with the written Consent of the Company and the Series F
Investors. Any amendment effected in accordance with this paragraph shall be binding upon each of the Parties hereto. 
 10.10
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. 
 10.11 Waiver. Any waiver must be in writing
and shall be effective only to the extent specifically set forth in such writing. No delay or omission to exercise any right, power or remedy accruing to any Warrantor or the Series F Investors, upon any breach or default of any party hereto under
this Agreement, shall impair any such right, power or remedy of such Warrantor or the Series F Investors, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach of default
thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. 
 10.12 Headings
and Subtitles; Interpretation. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. The rule of construction to the effect
that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement and the other Transaction Documents. 

10.13 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, PDF, e-mailed or other electronic copies of signatures shall be deemed to be originals for purposes of the
effectiveness of this Agreement. 

  
 46 

 10.14 Specific Performance. Each of the Parties hereto acknowledges and agrees
that a breach of this Agreement would cause irreparable damage to each Investor and that each Investor will not have an adequate remedy at Law. Therefore, the obligations of the Warrantors under this Agreement shall be enforceable by a decree of
specific performance issued by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. Such remedies shall, however, be cumulative and not exclusive and shall be in addition to
any other remedies which any party may have under this Agreement or otherwise. 
 10.15 Independent Nature of Investors’
Obligations and Rights. The purchase of the Series F Preferred Shares by each of the Series F Investors at the Closing as set forth in Section 2 shall be a separate and independent transaction and may be consummated or
terminated separately and severally in accordance with the terms of this Agreement. The obligations of each Investor under this Agreement are several and not joint, 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. 

[The remainder of this page has been left intentionally blank] 

  
 47 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	Zhihu Technology Limited
		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Director

  

			
	Zhihu Technology (HK) Limited
		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Director

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	 Beijing Zhihu Technology Co., Ltd.

(北京智者天下科技有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  

			
	 Zhizhe Sihai (Beijing) Technology Co., Ltd.

(智者四海(北京)技术有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	 (Company Seal)

  

			
	 Zhizhe Information Technology and Service Chengdu Co., Ltd.

(知者信息技术服务成都有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  

			
	 Beijing Shishuo Xinyu Technology Co., Ltd.

(北京视说新语科技有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  

			
	 Tianjin Zhizhe Wanjuan Culture Co., Ltd.

(天津知者万卷文化有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	 Beijing Zhihu Network Technology Co., Ltd. 

(北京知乎网技术有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  

			
	 Chengdu Zhizhe Wanjuan Technology Co., Ltd.

(成都知者万卷科技有限公司)

		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  

			
	Jingzhun Huinong (Beijing) Network Technology Co., Ltd. (精准惠农(北京)网络科技有限公司)
		
	By:	 	/s/ ZHOU Yuabn
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  

			
	Beijing Leimeng Shengtong Culture Development Co., Ltd. (北京雷盟盛通文化发展有限公司)
		
	By:	 	/s/ ZHOU Yuabn
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Authorized Signatory
	(Company Seal)

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	Zhihu Holdings Inc
		
	By:	 	/s/ ZHOU Yuan
	Name:	 	ZHOU Yuan (周源)
	Title:	 	Director

  

			
	ZHOU Yuan (周源)
		
	By:	 	/s/ ZHOU Yuan
		 	

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	BAI Jie (白洁)
		
	By:	 	/s/ BAI Jie
	Name:	 	BAI Jie (白洁)

  

			
	Sylvia Global Limited
		
	By:	 	/s/ BAI Jie
	Name:	 	BAI Jie (白洁)
	 Title:
	 	 Director

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	 LI Dahai (李大海)

		
	 By:
	 	 /s/ LI Dahai

	 Name:
	 	 LI Dahai (李大海)

  

			
	Sea & Sandra Global Limited
		
	By:	 	/s/ LI Dahai
	Name:	 	LI Dahai (李大海)
	Title:	 	Director

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	 Cosmic Blue Investments Limited

廣海投資有限公司

		
	By:	 	/s/ Su Hua
	Name:	 	Su Hua (宿华)
	Title:	 	Director

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	Fresco Mobile Limited
		
	By:	 	/s/ LIANG Zhixiang
	Name:	 	LIANG Zhixiang (梁志祥)
	Title:	 	Authorized Signatory

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	百度在线网络技术(北京)有限公司
		
	By:	 	/s/ CUI Shanshan
	Name: CUI Shanshan (崔珊珊)
	Title: Legal Representative
	(Company Seal)

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	CTG Evergreen Investment XX Limited
		
	By:	 	 /s/ XU Xin

	 Name: XU Xin

	Title: Authorized Signatory

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this SERIES F PREFERRED SHARE PURCHASE AGREEMENT on the date first above written. 
  

			
	Image Frame Investment (HK) Limited
		
	By:	 	/s/ MA Huateng
	Name: MA Huateng (马化腾)
	Title: Authorized Signatory

  
 Signature Page to Series
F Preferred Share Purchase Agreement 

 SCHEDULE I 

 

					
	 	  	 PRC ID No.
	  	 Notes

	ZHOU Yuan (周源)	  	******************	  	CEO

 SCHEDULE II 

 

			
	 Key Person Entities
	  	 Description

	 Zhihu Holdings Inc (“Zhihu BVI”)
	  	A business company incorporated under the Laws of British Virgin Islands, held by ZHOU Yuan (周源)
		
	 Sylvia Global Limited (“Sylvia”)
	  	An international business company incorporated under the Laws of Seychelles held by BAI Jie (白洁)
		
	 Sea & Sandra Global Limited (“Sea & Sandra”)
	  	An international business company incorporated under the Laws of Seychelles held by LI Dahai (李大海)

 SCHEDULE III 

List of the Series F Investors 
  

							
	 Name of Series F Investor
	  	 Number of Purchased
Shares
	  	Consideration
for
Purchased
Shares (US$)	 
	 Cosmic Blue Investments Limited
廣海投資有限公司
	  	19,975,733 Series F-1 Preferred Shares	  	 	250,000,000	 
	 Fresco Mobile Limited
	  	1 Series F-2 Preferred Share	  	 	1	 
	 CTG Evergreen Investment XX Limited
	  	799,029 Series F-1 Preferred Shares	  	 	10,000,000	 
	 Image Frame Investment (HK) Limited
	  	1,917,670 Series F-1 Preferred Shares	  	 	24,000,000	 

 Designated Warrant Holder 
  

							
	 Name of Designated

Warrant Holder
	  	 Number and Class of
Warrant Shares to be
Purchased
by Exercise of the
Warrant in full
	  	Warrant
Aggregate
Exercise
Price (US$)	 
	
百度在线网络技术(北京)有限公司

	  	11,985,440 Series F-1 Preferred Shares	  	 	150,000,000	 

 SCHEDULE IV 

Capitalization Table of the Company 
  

																	
	 Shareholder
	  	Immediately Before the
Closing	 	 	Immediately After the
Closing
(On a Fully-Diluted Basis)	 
	  	# of Shares	 	  	% (rounded
to the
nearest
0.01%)	 	 	# of Shares	 	  	%
(rounded to
the nearest
0.01%)	 
	 class A ordinary shares
	  

	 Mohan Global Ltd.
	  	 	6,321,802	 	  	 	2.64	% 	 	 	6,321,802	 	  	 	2.30	% 
	 Besixdouze Limited
	  	 	6,212,114	 	  	 	2.59	% 	 	 	6,212,114	 	  	 	2.26	% 
	 Amon Global Ltd.
	  	 	7,769,130	 	  	 	3.24	% 	 	 	7,769,130	 	  	 	2.83	% 
	 Modern Code Limited
	  	 	9,000,000	 	  	 	3.75	% 	 	 	9,000,000	 	  	 	3.28	% 
	 Innovation Works Holdings Limited
	  	 	7,794,558	 	  	 	3.25	% 	 	 	7,794,558	 	  	 	2.84	% 
	 YANG Dong
	  	 	355,841	 	  	 	0.15	% 	 	 	355,841	 	  	 	0.13	% 
	 Sylvia Global Limited
	  	 	1,970,835	 	  	 	0.82	% 	 	 	1,970,835	 	  	 	0.72	% 
	 Sea & Sandra Global Limited
	  	 	656,198	 	  	 	0.27	% 	 	 	656,198	 	  	 	0.24	% 
	 ESOP
	  	 	35,241,876	 	  	 	14.70	% 	 	 	35,241,876	 	  	 	12.85	% 
	 class B ordinary shares
	  

	 Zhihu Holdings Inc
	  	 	18,727,592	 	  	 	7.81	% 	 	 	18,727,592	 	  	 	6.83	% 
	 Series A Preferred Shares
	  

	 Qiming Venture Partners III, L.P.
	  	 	18,465,608	 	  	 	7.71	% 	 	 	18,465,608	 	  	 	6.73	% 
	 Qiming Managing Directors Fund III, L.P.
	  	 	582,008	 	  	 	0.24	% 	 	 	582,008	 	  	 	0.21	% 
	 Innovation Works Development Fund, L.P.
	  	 	16,200,082	 	  	 	6.76	% 	 	 	16,200,082	 	  	 	5.90	% 
	 LONG GREAT HOLDINGS LIMITED
	  	 	380,952	 	  	 	0.16	% 	 	 	380,952	 	  	 	0.14	% 
	 Longling Capital Ltd
	  	 	380,952	 	  	 	0.16	% 	 	 	380,952	 	  	 	0.14	% 
	 Series B Preferred Shares
	  

	 Qiming Venture Partners III, L.P.
	  	 	3,847,001	 	  	 	1.61	% 	 	 	3,847,001	 	  	 	1.41	% 
	 Qiming Managing Directors Fund III, L.P.
	  	 	121,252	 	  	 	0.05	% 	 	 	121,252	 	  	 	0.04	% 
	 Innovation Works Development Fund, L.P.
	  	 	3,760,222	 	  	 	1.57	% 	 	 	3,760,222	 	  	 	1.37	% 
	 SAIF IV MOBILE APPS (BVI) LIMITED
	  	 	17,436,222	 	  	 	7.27	% 	 	 	17,436,222	 	  	 	6.35	% 
	 Series C Preferred Shares
	  

	 Dandelion Investment Limited
	  	 	17,084,408	 	  	 	7.13	% 	 	 	17,084,408	 	  	 	6.23	% 
	 Sogou Technology Hong Kong Limited
	  	 	5,540,889	 	  	 	2.31	% 	 	 	5,540,889	 	  	 	2.02	% 
	 Innovation Works Development Fund, L.P.
	  	 	2,154,894	 	  	 	0.90	% 	 	 	2,154,894	 	  	 	0.79	% 
	 Qiming Venture Partners III Annex Fund, L.P.
	  	 	1,894,672	 	  	 	0.79	% 	 	 	1,894,672	 	  	 	0.69	% 
	 SAIF IV MOBILE APPS (BVI) LIMITED
	  	 	1,260,453	 	  	 	0.53	% 	 	 	1,260,453	 	  	 	0.46	% 

																	
	 Shareholder
	  	Immediately Before the
Closing	 	 	Immediately After the
Closing
(On a Fully-Diluted Basis)	 
	  	# of Shares	 	  	% (rounded
to the
nearest
0.01%)	 	 	# of Shares	 	  	%
(rounded to
the nearest
0.01%)	 
	 Series D Preferred Shares
	  

	 CTG Evergreen Investment XX Limited
	  	 	12,966,342	 	  	 	5.41	% 	 	 	12,966,342	 	  	 	4.73	% 
	 Dandelion Investment Limited
	  	 	3,373,486	 	  	 	1.41	% 	 	 	3,373,486	 	  	 	1.23	% 
	 Sogou Technology Hong Kong Limited
	  	 	1,094,104	 	  	 	0.46	% 	 	 	1,094,104	 	  	 	0.40	% 
	 Qiming Venture Partners III Annex Fund, L.P.
	  	 	864,423	 	  	 	0.36	% 	 	 	864,423	 	  	 	0.32	% 
	 SAIF IV MOBILE APPS (BVI) LIMITED
	  	 	2,415,377	 	  	 	1.01	% 	 	 	2,415,377	 	  	 	0.88	% 
	 Innovation Works Development Fund, L.P.
	  	 	1,620,793	 	  	 	0.68	% 	 	 	1,620,793	 	  	 	0.59	% 
	 Series D1 Preferred Shares
	  

	 STAR WINNER LIMITED
	  	 	2,977,427	 	  	 	1.24	% 	 	 	2,977,427	 	  	 	1.09	% 
	 Image Frame Investment (HK) Limited
	  	 	1,097,810	 	  	 	0.46	% 	 	 	1,097,810	 	  	 	0.40	% 
	 Sogou Technology Hong Kong Limited
	  	 	356,046	 	  	 	0.15	% 	 	 	356,046	 	  	 	0.13	% 
	 Qiming Venture Partners III Annex Fund, L.P.
	  	 	1,383,134	 	  	 	0.58	% 	 	 	1,383,134	 	  	 	0.50	% 
	 SAIF IV MOBILE APPS (BVI) LIMITED
	  	 	1,132,913	 	  	 	0.47	% 	 	 	1,132,913	 	  	 	0.41	% 
	 Series E Preferred Shares
	  

	 Advantech Capital II Zhihu Partnership L.P.
	  	 	9,610,445	 	  	 	4.01	% 	 	 	9,610,445	 	  	 	3.50	% 
	 Oceanpine Capital Inc.
	  	 	505,813	 	  	 	0.21	% 	 	 	505,813	 	  	 	0.18	% 
	 Sunshine Life Insurance Corporation Limited
(阳光人寿保险股份有限公司)
	  	 	3,034,877	 	  	 	1.27	% 	 	 	3,034,877	 	  	 	1.11	% 
	 Image Frame Investment (HK) Limited
	  	 	3,595,337	 	  	 	1.50	% 	 	 	3,595,337	 	  	 	1.31	% 
	 Infinite Lighthouse L.P.
	  	 	1,517,439	 	  	 	0.63	% 	 	 	1,517,439	 	  	 	0.55	% 
	 Joyful Investment Cayman Limited
	  	 	2,427,902	 	  	 	1.01	% 	 	 	2,427,902	 	  	 	0.88	% 
	 CTG Evergreen Investment XX Limited
	  	 	2,529,064	 	  	 	1.06	% 	 	 	2,529,064	 	  	 	0.92	% 
	 Mercer Investments (Singapore) Pte. Ltd.
	  	 	4,046,503	 	  	 	1.69	% 	 	 	4,046,503	 	  	 	1.47	% 
	 Series F-1 Preferred Shares
	  

	 Cosmic Blue Investments Limited

廣海投資有限公司
	  	 	—  	 	  	 	—  	 	 	 	19,975,733	 	  	 	7.28	% 
	
百度在线网络技术(北京)有限公司

	  	 	—  	 	  	 	—  	 	 	 	11,985,440	 	  	 	4.37	% 
	 CTG Evergreen Investment XX Limited
	  	 	—  	 	  	 	—  	 	 	 	799,029	 	  	 	0.29	% 
	 Image Frame Investment (HK) Limited
	  	 	—  	 	  	 	—  	 	 	 	1,917,670	 	  	 	0.70	% 
	 Series F-2 Preferred Share
	  

	 Fresco Mobile Limited
	  	 	—  	 	  	 	—  	 	 	 	1	 	  	 	—  	 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total:
	  	 	239,708,796	 	  	 	100.00	% 	 	 	274,386,669	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

 SCHEDULE V 

List of Key Employees 
  

					
	 Name
	  	 Passport / PRC ID No.
	  	 Title

	 周源
	  	******************	  	CEO
			
	 白洁
	  	******************	  	SVP
			
	 李大海
	  	******************	  	SVP
			
	 孙伟
	  	******************	  	CFO
			
	 高强
	  	******************	  	Commercial Advertisement VP
			
	 李大任
	  	******************	  	Technology VP
			
	 张宁
	  	******************	  	Strategy VP
			
	 张荣乐
	  	******************	  	Knowledge Realization VP
			
	 段晓庆
	  	******************	  	Human Resources VP

 SCHEDULE VI 

Disclosure Schedule 

 SCHEDULE VII 

Address for Notices 
 If to the Group
Companies, Key Person Entities and shareholders not otherwise listed below: 
  

			
	 Address:
	  	北京市海淀区学院路甲5号768创意园
A座西区3-010,邮编:100083
	 Tel:
	  	******************
	 Attention:
	  	******************
	 Email:
	  	******************
		
	If to Kwai:	  	
		
	 Address:
	  	No.6, Shangdi West Road, Haidian District, Beijing, P.R. China
	 Tel:
	  	******************
	 Attention:
	  	******************
	 Email:
	  	******************

  

			
	If to Baidu Group:	  	

  

			
	 Address:
	  	北京市海淀区上地十街百度大厦F7 AC118
	 Tel:
	  	******************
	 Attention:
	  	******************
	 Email:
	  	******************

  

			
	 If to CTG Evergreen Investment XX Limited:
	  	

  

			
	 Address:
	  	Unit 908. Level 9, Cyberport 2, 100 Cyberport Road, Hong Kong (香港数码港道100号数码港2座9楼908室)
	 Tel:
	  	******************
	 Attention:
	  	******************
	 Email:
	  	******************

  

			
	If to Image Frame Investment (HK) Limited:	  	

  

			
	 c/o Tencent Holdings Limited
	  	
	 Level 29, Three Pacific Place
	  	
	 1 Queen’s Road East
	  	
	 Wanchai, Hong Kong
	  	

			
	 Attention:
	  	******************
	 Email:
	  	******************

  

			
	 with a copy to:
	  	
		
	 Tencent Building, Keji Zhongyi Avenue,
	  	
	 Hi-tech Park, Nanshan District,
	  	
	 Shenzhen 518057, PRC
	  	

			
	 Attention:
	  	 ******************

	 Email:
	  	 ******************

 EXHIBIT A 

Form of Indemnification Agreement 

 EXHIBIT B 

Form of Management Rights Letter 

 EXHIBIT C 

Memorandum and Articles 

 EXHIBIT D 

Form of Shareholders Agreement 

 EXHIBIT E 

Form of the Warrant 

 EXHIBIT F 

Form of the Deposit AgreementEX-4.1

 Exhibit 4.1 

Execution Version 

WARRANT AGREEMENT 

between 
 LIVE OAK
MOBILITY ACQUISITION CORP. 
 and 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY 

THIS WARRANT AGREEMENT (this “Agreement”), dated as of March 1, 2021, is by and between Live Oak Mobility
Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”,
also referred to herein as the “Transfer Agent”). 
 WHEREAS, on March 1,
2021, the Company entered into that certain Private Placement Warrants Purchase Agreement with Live Oak Mobility Sponsor Partners, LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor
agreed to purchase an aggregate of 4,666,666 warrants (or up to 5,000,000 warrants if the Over-allotment Option (as defined below) in connection with the Offering (as defined below) is exercised in full) simultaneously with the closing of the
Offering (and the closing of the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price
of $1.50 per Private Placement Warrant (as defined below); and 
 WHEREAS, in order to finance the Company’s transaction costs in
connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may
require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,000,000 Private Placement Warrants at a price of $1.50 per warrant (the “Working Capital
Warrants”); and 
 WHEREAS, the Company is engaged in an initial public offering (the
“Offering”) of units of the Company’s equity securities, each such unit comprised of one share of Common Stock (as defined below) and one-fifth of one Public Warrant (as defined
below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 4,400,000 warrants (or up to 5,060,000 warrants to the extent the Over-allotment Option (as defined below) is exercised) to public
investors in the Offering (the “Public Warrants”). Each whole Warrant entitles the holder thereof to purchase one share of Class A common stock of the Company, par value $0.0001
per share (“Common Stock”), for $11.50 per share, subject to adjustment as described herein. Only whole warrants are exercisable; and 

WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-252453 (the “Registration Statement”) and prospectus (the
“Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, and the Public Warrants and the Common Stock included
in the Units; and 

 WHEREAS, following consummation of the Offering, the Company may issue additional warrants
(“Post-IPO Warrants” and, together with the Private Placement Warrants, the Working Capital Warrants and the Public Warrants, the
“Warrants”) in connection with, or following the consummation by the Company of, a Business Combination; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 
 2.1
Form of Warrant. Each Warrant shall be issued in registered form only. 
 2.2 Effect of Countersignature. If a physical
certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant represented by such physical certificate shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3 Registration. 

2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book entry form, the Warrant Agent shall issue and register the Warrants
in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the
transfer of such ownership shall be effected through, records maintained by institutions that have accounts with the Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a
“Participant”). 

  
 2 

 If the Depositary subsequently ceases to make its book-entry settlement system available for
the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 

Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors of the
Company, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant
represented thereby (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither
the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.4 Detachability of Warrants. The Common Stock
and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are
generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the
“Detachment Date”) with the consent of Jefferies LLC and BofA Securities, Inc., as representatives of the several underwriters, but in no event shall the Common Stock and the Public
Warrants comprising the Units be separately traded until (a) the Company has filed a current report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the
Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment
Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (b) the Company issues a press release and files with the Commission a current
report on Form 8-K announcing when such separate trading shall begin. 
 2.5 No Fractional
Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one share of Common Stock and one-fifth of one Public
Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such
holder. 

  
 3 

 2.6 Private Placement Warrants and Working Capital Warrants. The Private Placement
Warrants and the Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any Permitted Transferees (as defined below), as applicable, the Private Placement Warrants and the Working
Capital Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an
initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company (except as set forth in Section 6.2 herein); provided, however, that in the case of (ii), the Private Placement
Warrants, the Working Capital Warrants and any shares of Common Stock issued upon exercise of the Private Placement Warrants or the Working Capital Warrants and held by the Sponsor or any Permitted Transferees, may be transferred by the holders
thereof: 
  

	 	(a)	 to the Company’s officers or directors, any affiliates or family members of any of the Company’s
officers or directors, any affiliate of the Sponsor or any member(s) of the Sponsor; 

  

	 	(b)	 in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the
beneficiary of which is a member of the individual’s immediate family, or an affiliate of such person, or to a charitable organization; 

  

	 	(c)	 in the case of an individual, by virtue of the laws of descent and distribution upon death of such individual;

  

	 	(d)	 in the case of an individual, pursuant to a qualified domestic relations order; 

 

	 	(e)	 by private sales or transfers made in connection with the consummation of the Company’s initial Business
Combination at prices no greater than the price at which the Warrants were originally purchased; 

  

	 	(f)	 in the event of the Company’s liquidation prior to the completion of the Company’s initial Business
Combination; 

  

	 	(g)	 by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon
dissolution of the Sponsor; or 

  

	 	(h)	 in the event that, subsequent to the consummation of a Business Combination, the Company completes a
liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their Common Stock for cash, securities or other property; 

  
 4 

 provided, however, that, in the case of clauses (a) through (e) or (g), these transferees
(the “Permitted Transferees”) must enter into a written agreement agreeing to be bound by the transfer restrictions in this Agreement and the other restrictions contained in the
letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and the Company’s directors and officers and by the same agreements entered into by the Sponsor with respect to such securities (including provisions relating
to voting, the trust account and liquidation distributions described elsewhere in the Prospectus). 
 2.7 Working Capital Warrants.
The Working Capital Warrants shall be identical to the Private Placement Warrants. 
 2.8
Post-IPO Warrants. The Post-IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed
upon by the Company. 
 3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent (if a physical certificate is issued), entitle the
Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in
Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which
shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty
(20) Business Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be
identical among all of the Warrants. 
 3.2 Duration of Warrants. A Warrant may be exercised only during the period (the
“Exercise Period”) commencing on the later of: (a) the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), and (b) the date that is twelve
(12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its Business
Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated certificate of incorporation (the “Charter”), as amended from time to time, if the
Company fails to complete a Business Combination or (z) other than with respect to the Private Placement Warrants and the Working Capital Warrants then held by the Sponsor or any officers or directors of the Company, or any of their Permitted
Transferees as provided in Section 6.1 (or in certain circumstances in Section 6.2), the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective
registration statement. Except with respect to the right to receive the Redemption Price (as defined below), in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement
Warrant or a Working Capital Warrant held by the Sponsor, or any officers or directors of the Company, or their Permitted Transferees) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease at 5:00 p.m. 

  
 5 

 New York City time on the Expiration Date. The Company in its sole discretion may extend the
duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided
further that any such extension shall be identical in duration among all the Warrants. 
 3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent (if a
physical certificate is issued), may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York,
with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the
exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows: 
  

	 	(a)	 in lawful money of the United States, in good certified check or good bank draft payable to the Warrant Agent
or by wire transfer of immediately available funds; 

  

	 	(b)	 [Reserved]; 

  

	 	(c)	 with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement
Warrant or Working Capital Warrant is held by the Sponsor or any officer or director of the Company, or their Permitted Transferees, by surrendering the Warrants for that number of shares of Common Stock equal to (i) if in connection with a
redemption of Private Placement Warrants or Working Capital Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2 hereof with respect to a Make-Whole Exercise (as defined below) and (ii) in all other
scenarios, the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market Value”, as defined in this subsection
3.3.1(c), over the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor Exercise Fair Market
Value” shall mean the average reported closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Private Placement Warrant or
Working Capital Warrant is sent to the Warrant Agent; or 

  

	 	(d)	 as provided in Section 6.2 hereof with respect to a Make Whole Exercise; or 

 

	 	(e)	 as provided in Section 7.4 hereof. 

  
 6 

 3.3.2 Issuance of Shares of Common Stock on Exercise. As soon as practicable after
the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate,
as applicable, for the number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry
position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a book-entry position are exercised, a notation shall be
made to the records maintained by the Depositary, its nominee for each such book-entry position, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall
not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common
Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not be
obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of
the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise
such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such
Unit. In no event will the Company be required to net cash settle the Warrant exercise. Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of Common Stock. The
Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder. 

3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and non-assessable. 
 3.3.4 Date of Issuance. Each person in
whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or
book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and
payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding
date on which the share transfer books or book-entry system are open. 

  
 7 

 3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in
the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a
holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person and any of its affiliates
or any other person subject to aggregation with such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)
(the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall
exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding
shares of Common Stock as reflected in (a) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (b) a more recent public announcement by the Company or (c) any other notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of
Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as
of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage
specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company. 

4. Adjustments. 
 4.1
Stock Dividends. 
 4.1.1 Split-Ups. If after the date hereof, and subject to the
provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or
other 

  
 8 

 
similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of
each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair
Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (a) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for the Common Stock) and (b) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by
(y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into
account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average
price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way,
without the right to receive such rights. 
 4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are
outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which
the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection with a
proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s Charter (i) to modify the substance or timing of the
Company’s obligation to provide for the redemption of its public shares of Common Stock in connection with an initial Business Combination or to redeem 100% of such shares if the Company has not consummated an initial Business Combination
within such time as is described in the Charter or (ii) with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, or, (e) in
connection with the redemption of the shares of Common Stock included in the Units sold in the Offering upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation
(any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board of Directors of the Company, in good faith) of any securities or other assets paid on each share of
Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which,
when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such
dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or
to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering). 

  
 9 

 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of
such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common
Stock. 
 4.3 Adjustments in Warrant Price. 

4.3.1 Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares
of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 

4.3.2 If the Company issues additional shares of Common Stock or equity-linked securities for capital raising purposes in connection with the
closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) of
Common Stock, with such issue price or effective issue price to be determined in good faith by the Board of Directors of the Company (and in the case of any such issuance to the initial stockholders (as defined in the Prospectus) or their
affiliates, without taking into account any Founder Shares (as defined below) held by such stockholders or their affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y)
the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial business combination on the date of the consummation of the
Company’s initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions,
reorganizations, recapitalizations and the like), then the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price and the $18.00 Redemption Trigger Price described in
Section 6.1 shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 Redemption Trigger Price described in Section 6.2 shall be adjusted (to the
nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. 
 4.4 Replacement of Securities upon
Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares
of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation (and
is not a subsidiary of another 

  
 10 

 
entity whose stockholders did not own all or substantially all of the Common Stock of the Company in substantially the same proportions immediately before such transaction) and that does not
result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as
an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares
of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to
such event (the “Alternative Issuance”); provided, however, that (a) if the holders of the Common Stock were entitled to exercise a right of election as to the kind
or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be
deemed to be the weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation or merger that affirmatively make such election, and (b) if a tender, exchange or redemption offer shall have
been made to and accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Charter or as a
result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any
affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own
beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as
the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly
equivalent as possible to the adjustments provided for in this Section 4; provided, further, that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in the form
of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be
so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company
pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant
Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). 

  
 11 

 The “Black-Scholes Warrant Value” means the value of a
Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes
of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten
(10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day
immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant.
“Per Share Consideration” means (I) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and
(II) in all other cases, the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or
reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable
upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock
purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2,
4.3 or 4.4, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the
event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 4.6 No Fractional
Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this
Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of
Common Stock to be issued to such holder. 
 4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment
pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this Agreement;
provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

  
 12 

 4.8 Other Events. In case any event shall occur affecting the Company as to which
none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (a) avoid an adverse impact on the Warrants and
(b) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which
shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of
such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8 (i) as a result of any issuance of securities in connection with a Business Combination or
(ii) solely as a result of an adjustment to the conversion ratio of the Company’s Class B common stock, $0.0001 par value per share (the “Founder Shares”), into Common
Stock. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of certificated Warrant, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant
representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company
from time to time upon request. 
 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and Working Capital Warrants), the Warrant Agent shall not
cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive
legend. 
 5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 

5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

  
 13 

 5.5 Warrant Execution and Countersignature. If a physical certificate is issued, the
Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued, pursuant to the provisions of this Section 5, and the Company, whenever required by the
Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 5.6 Transfer of
Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of
such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no
effect on any transfer of Warrants on and after the Detachment Date. 
 6. Redemption. 

6.1 Redemption of Warrants for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be
redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at the price of $0.01 per
Warrant (the “Redemption Price”), provided that the reported closing price of the Common Stock has been at least $18.00 per share (subject to adjustment in compliance with
Section 4 hereof) (the “$18.00 Redemption Trigger Price”), for any twenty (20) trading days within a thirty (30) trading-day period ending three
Business Days prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus
relating thereto (or the Company has qualified such shares of Common Stock under applicable state blue sky laws), available throughout the 30-day Redemption Period (as defined in Section 6.3
below). 
 6.2 Redemption of Warrants for $0.10. Subject to Section 6.5 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption
Price of $0.10 per Warrant, provided that the reported closing price of the Common Stock has been at least $10.00 per share (subject to adjustment in compliance with Section 4 hereof) (the “$10.00 Redemption Trigger
Price”) for any twenty (20) trading days within a thirty (30) trading-day period ending three Business Days prior to the date on which notice of the redemption is given and
(ii) if the reported closing price of the Common Stock for any twenty (20) trading days within a thirty (30) trading-day period ending three Business Days prior to the date on which notice of
the redemption is given is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants, the Working Capital Warrants and the Post-IPO
Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period in connection with a redemption pursuant to this
Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of shares of Common Stock determined by reference to the table
below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is defined in this
Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this 

  
 14 

 
Section 6.2, the “Redemption Fair Market Value” shall mean the volume weighted average price of the Common Stock for the ten (10) trading days immediately
following the date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders
with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends. 
  

																																					
	 Redemption Date (period

to expiration of warrants)
	  	Fair Market Value of Class A Common Stock	 
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	  	£10.00	 	  	11.00	 	  	12.00	 	  	13.00	 	  	14.00	 	  	15.00	 	  	16.00	 	  	17.00	 	  	318.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which
case, if the Redemption Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of shares of Common Stock to be issued for each Warrant exercised in a Make-Whole Exercise
shall be determined by a straight-line interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a
365- or 366-day year, as applicable. 
 The share prices set
forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Warrant Price is adjusted pursuant to Section 4 hereof. If the number of shares
issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of
which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table
above shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the Warrant Price of a warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.3.2
hereof, the adjusted share prices in the column headings shall equal the share prices 

  
 15 

 
immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and
(b) in the case of an adjustment pursuant to subsection 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the Warrant Price pursuant to
such Warrant Price adjustment. In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common Stock per Warrant (subject to adjustment). 

6.3 Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to
Section 6.1 or Section 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the
Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such
notice. 
 6.4 Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in
accordance with subsection 3.3.1 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the
record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 
 6.5
Exclusion of Certain Warrants. The Company agrees that the redemption rights provided in Section 6.1 and Section 6.2 (except as set forth therein) shall not apply to the Private Placement Warrants, the Working Capital
Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they are non-redeemable by the Company) if at the time
of the redemption such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants continue to be held by the Sponsor or any officers or directors of the Company, or any of their Permitted
Transferees, as applicable. However, once such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants are transferred (other than to Permitted Transferees under Section 2.6), the
Company may redeem the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if the Post-IPO Warrants permit such redemption by their terms)
pursuant to Section 6.1 or 6.2 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants to exercise the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants prior to redemption pursuant to Section 6.4
hereof. The Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they are non-redeemable by the Company) that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants and shall become Public Warrants under this Agreement. 

  
 16 

 7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as a stockholder in respect of the meetings of stockholders or the election of
directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of
like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Common Stock. The Company shall at all times reserve and
keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4 Registration of Common Stock; Cashless Exercise at Company’s Option. 

7.4.1 Registration of the Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen
(15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the issuance of the shares of Common
Stock issuable upon exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the
expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of
the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period
when the Company shall fail to have maintained an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of
shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1,
“Fair Market Value” shall mean the average last reported sales price of the Common Stock for the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received
by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the
“cashless exercise” of a 

  
 17 

 
Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating
that (a) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (b) the shares of Common Stock issued upon such exercise shall be
freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a
restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration
obligations under the first three sentences of this subsection 7.4.1. 
 7.4.2 Cashless Exercise at Company’s Option. If
the Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor
rule), the Company may, at its option, (a) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any
successor rule) as described in subsection 7.4.1 and (b) in the event the Company so elects, the Company shall not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the
Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not so elect, the Company agrees to use its best efforts to register or qualify for sale the Common Stock issuable
upon exercise of the Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock. 

8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such 

  
 18 

 
court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New
York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor
Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations. 
 8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the
Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment. 

8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4 Liability of Warrant Agent. 

8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may rely
upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

  
 19 

 8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own gross
negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant
Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. 

8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of
Common Stock shall, when issued, be valid and fully paid and non-assessable. 
 8.5 Acceptance of
Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to
Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants. 

8.6 Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or
claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as
trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and
any and all rights to seek access to the Trust Account. 
 9. Miscellaneous Provisions. 

9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns. 

  
 20 

 9.2 Notices. Any notice, statement or demand authorized by this Agreement to be given
or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Live Oak Mobility Acquisition Corp. 

4921 William Arnold Road 

Memphis, Tennessee 38117 
 Attn.:
Gary Wunderlich 
 in each case, with copies to: 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002 
 Attn: Sarah
Morgan 
 Email: smorgan@velaw.com 

White & Case LLP 
 1221
Avenue of the Americas 
 New York, New York 10020 

Attn: Joel L. Rubinstein 
 Email:
joel.rubinstein@whitecase.com 
 Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the
Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, NY 10004 
 Attention:
Compliance Department 
 9.3 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and
of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby
agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United
States of America are the sole and exclusive forum. 

  
 21 

 Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be
deemed to have notice of and to have consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within
the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have
consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court
to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant
holder’s counsel in the foreign action as agent for such warrant holder. 
 9.4 Persons Having Rights under this Agreement.
Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and
assigns and of the Registered Holders of the Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be
available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such
holder’s Warrant for inspection by the Warrant Agent. 
 9.6 Counterparts. This Agreement may be executed in any number of
original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.7 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof. 
 9.8 Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered
Holder for the purpose of (a) curing any ambiguity or to correct any defective provision or mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus or
(b) adding or changing any provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders.
All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of a majority of the then-outstanding Public Warrants
and, solely with respect to any amendment to the terms of, or any provision of, this Agreement with respect to the Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants, a majority of the
number of the then outstanding Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the
Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

  
 22 

 9.9 Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A Form of Warrant Certificate 
 Exhibit B Legend —
Private Placement Warrants 
 [Signature page follows] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	LIVE OAK MOBILITY ACQUISITION CORP.
		
	By:	 	/s/ Gary K. Wunderlich, Jr.
	Name:	 	Gary K. Wunderlich, Jr.
	Title:	 	Chief Financial Officer, President and Secretary

  

			
	CONTINENTAL STOCK TRANSFER & TRUST
	COMPANY, as Warrant Agent

 
			
		
	By:	 	/s/ Margaret B. Lloyd

 
			
	Name:	 	Margaret B. Lloyd
	Title:	 	Vice President

  
 Signature Page to 

Warrant Agreement 

 EXHIBIT A 

  
 A-1 

 [FACE] 

Number 
 Warrants 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO 

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

LIVE OAK MOBILITY ACQUISITION CORP. 

Incorporated Under the Laws of the State of Delaware 

CUSIP 538126 111 
 Warrant
Certificate 
 This Warrant Certificate certifies
that                 , or registered assigns, is the registered holder
of                warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of Class A
common stock, $0.0001 par value per share (“Common Stock”), of Live Oak Mobility Acquisition Corp., a Delaware corporation (the “Company”). Each whole Warrant entitles the holder, upon exercise during the period set
forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the
“Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon
surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 
 Each whole Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of a Warrant, a holder would be entitled to
receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number of the number of shares of Common Stock to be issued to the holder. The number of shares of Common Stock issuable upon exercise of the
Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
 The initial Exercise Price
per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent
not exercised by the end of such Exercise Period, such Warrants shall become void. 

  
 A-2 

 The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant
Agreement. 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such
further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be
governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 
  

			
	LIVE OAK MOBILITY ACQUISITION CORP.

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	CONTINENTAL STOCK TRANSFER & TRUST
	COMPANY, as Warrant Agent

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 A-3 

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                shares of Common Stock
and are issued or to be issued pursuant to a Warrant Agreement dated as of                , 2021 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer& Trust Company, a New York corporation, as warrant agent (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may
be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement
(or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the shares of Common Stock is current, except through
“cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon the occurrence of
certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive
a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

  
 A-4 

 Upon due presentation for registration of transfer of this Warrant Certificate at the office
of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations
provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 
 The
Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise
hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder
hereof to any rights of a stockholder of the Company. 

  
 A-5 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock
and herewith tenders payment for such shares of Common Stock to the order of Live Oak Mobility Acquisition Corp. (the “Company”) in the amount of
$                 in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name
of                 , whose address is                and that such shares of Common Stock
be delivered to                whose address is                 . If said number of
shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name
of                 , whose address is                and that such Warrant Certificate be
delivered to                 , whose address is                 . 

In the event that the Warrant has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a
holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 6.2 of the Warrant Agreement. 

In the event that the Warrant is a Private Placement Warrant or a Working Capital Warrant that is to be exercised on a “cashless”
basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement,
the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following:
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all
of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name
of                 , whose address is                and that such Warrant Certificate be
delivered to                 , whose address is                 . 

[Signature Page Follows] 

  
 A-6 

							
	Date:                 , 20	 		 		 	 
		 		 		 	 (Signature)
  

		 		 		 	 
		 		 		 	 
		 		 		 	 (Address)
  

		 		 		 	(Tax Identification Number)

  

			
	Signature Guaranteed:
		
		 	 

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)). 

  
 A-7 

 EXHIBIT B 

PRIVATE PLACEMENT WARRANTS LEGEND 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY
ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG LIVE OAK MOBILITY ACQUISITION CORP. (THE “COMPANY”), LIVE OAK MOBILITY SPONSOR PARTNERS, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT
REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO
REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

  
 B-1

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