Document:

Exhibit 4.3

 

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OPERA
LIMITED

AND

THE BANK
OF NEW YORK MELLON

As
Depositary

AND

OWNERS
AND HOLDERS OF AMERICAN DEPOSITARY SHARES

Deposit
Agreement

__________,
2018

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TABLE OF CONTENTS

ARTICLE
1.DEFINITIONS

SECTION
1.1.American
Depositary Shares.

SECTION
1.2.Commission.

SECTION
1.3.Company.

SECTION
1.4.Custodian.

SECTION
1.5.Delisting
Event.

SECTION
1.6.Deliver;
Surrender.

SECTION
1.7.Deposit
Agreement.

SECTION
1.8.Depositary;
Depositary’s Office.

SECTION
1.9.Deposited
Securities.

SECTION
1.10.Disseminate.

SECTION
1.11.Dollars.

SECTION
1.12.DTC.

SECTION
1.13.Foreign
Registrar.

SECTION
1.14.Holder.

SECTION
1.15.Insolvency
Event.

SECTION
1.16.Owner.

SECTION
1.17.Receipts.

SECTION
1.18.Registrar.

SECTION
1.19.Replacement.

SECTION
1.20.Restricted
Securities.

SECTION
1.21.Securities
Act of 1933.

SECTION
1.22.Shares.

SECTION
1.23.SWIFT.

SECTION
1.24.Termination
Option Event.

ARTICLE
2.FORM OF
RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

SECTION
2.1.Form of
Receipts; Registration and Transferability of American Depositary Shares.

SECTION
2.2.Deposit
of Shares.

SECTION
2.3.Delivery
of American Depositary Shares.

SECTION
2.4.Registration
of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated
American Depositary Shares.

SECTION
2.5.Surrender
of American Depositary Shares and Withdrawal of Deposited Securities.

SECTION
2.6.Limitations
on Delivery, Transfer and Surrender of American Depositary Shares.

SECTION
2.7.Lost Receipts,
etc.

SECTION
2.8.Cancellation
and Destruction of Surrendered Receipts.

SECTION
2.9.[Reserved]

SECTION
2.10.DTC Direct
Registration System and Profile Modification System.

 

     

     

    

 

 

ARTICLE
3.CERTAIN
OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

SECTION
3.1.Filing
Proofs, Certificates and Other Information.

SECTION
3.2.Liability
of Owner for Taxes.

SECTION
3.3.Warranties
on Deposit of Shares.

SECTION
3.4.Disclosure
of Interests.

ARTICLE
4.THE DEPOSITED
SECURITIES

SECTION
4.1.Cash Distributions.

SECTION
4.2.Distributions
Other Than Cash, Shares or Rights.

SECTION
4.3.Distributions
in Shares.

SECTION
4.4.Rights.

SECTION
4.5.Conversion
of Foreign Currency.

SECTION
4.6.Fixing
of Record Date.

SECTION
4.7.Voting
of Deposited Shares.

SECTION
4.8.Tender
and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.

SECTION
4.9.Reports.

SECTION
4.10.Lists
of Owners.

SECTION
4.11.Withholding.

ARTICLE
5.THE DEPOSITARY,
THE CUSTODIANS AND THE COMPANY

SECTION
5.1.Maintenance
of Office and Transfer Books by the Depositary.

SECTION
5.2.Prevention
or Delay of Performance by the Company or the Depositary.

SECTION
5.3.Obligations
of the Depositary and the Company.

SECTION
5.4.Resignation
and Removal of the Depositary.

SECTION
5.5.The Custodians.

SECTION
5.6.Notices
and Reports.

SECTION
5.7.Distribution
of Additional Shares, Rights, etc.

SECTION
5.8.Indemnification.

SECTION
5.9.Charges
of Depositary.

SECTION
5.10.Retention
of Depositary Documents.

SECTION
5.11.Exclusivity.

SECTION
5.12.Information
for Regulatory Compliance.

ARTICLE
6.AMENDMENT
AND TERMINATION

SECTION
6.1.Amendment.

SECTION
6.2.Termination.

 

     

     

    

 

ARTICLE
7.MISCELLANEOUS

SECTION
7.1.Counterparts;
Signatures.

SECTION
7.2.No Third
Party Beneficiaries.

SECTION
7.3.Severability.

SECTION
7.4.Owners
and Holders as Parties; Binding Effect.

SECTION
7.5.Notices.

SECTION
7.6.Appointment
of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.

SECTION
7.7.Waiver
of Immunities.

SECTION
7.8.Governing
Law.

     

     

    

 

DEPOSIT
AGREEMENT

DEPOSIT
AGREEMENT dated as of __________, 2018 among OPERA LIMITED, a company incorporated under the laws of the Cayman Islands (herein
called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners
and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.

W I T
N E S S E T H:

WHEREAS,
the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of
the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement,
for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American
Depositary Receipts evidencing the American Depositary Shares; and

WHEREAS,
the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as set forth in this Deposit Agreement;

NOW,
THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows:

ARTICLE
1.                 
DEFINITIONS

The
following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit
Agreement:

SECTION
1.1.           
American Depositary Shares.

The
term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing
rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts
or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those
provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply
to both certificated and uncertificated American Depositary Shares.

Each
American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that,
if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section
4.8 with respect to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section
3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that
are then on deposit per American Depositary Share after giving effect to that distribution, change or sale.

     

     

    

 

SECTION
1.2.           
Commission.

The
term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States.

SECTION
1.3.           
Company.

The
term “Company” shall mean Opera Limited, a company incorporated under the laws of the Cayman Islands, and its
successors.

SECTION
1.4.           
Custodian.

The
term “Custodian” shall mean The Hongkong and Shanghai Banking Corporation Limited, as custodian for the Depositary
in Hong Kong for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section
5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively.

SECTION
1.5.           
Delisting Event.

A
“Delisting Event” occurs if the American Depositary Shares are delisted from a securities exchange on which
the American Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on
any other securities exchange.

SECTION
1.6.           
Deliver; Surrender.

(a)The
term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under
applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer
of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied
by proper instruments of transfer to, the person entitled to that delivery.

(b)The
term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares
to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares
not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing
to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution
and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those
American Depositary Shares registered in the name requested by that person.

(c)The
term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry
transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of
an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its
Office of one or more Receipts evidencing American Depositary Shares.

     

     

    

 

SECTION
1.7.           
Deposit Agreement.

The
term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance
with the provisions of this Deposit Agreement.

SECTION
1.8.           
Depositary; Depositary’s Office.

The
term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor
as depositary under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall
mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located
at 240 Greenwich Street, New York, New York 10007.

SECTION
1.9.           
Deposited Securities.

The
term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited
under this Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of
American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement.

SECTION
1.10.        Disseminate.

The
term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners,
shall mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another
procedure that has the effect of making the information available to Owners, which may include (A) sending the information by
electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information
is available and may be accessed by the Owner on an Internet website and that it will be sent in paper form upon request by the
Owner, when that information is so available and is sent in paper form as promptly as practicable upon request.

SECTION
1.11.        Dollars.

The
term “Dollars” shall mean United States dollars.

SECTION
1.12.        DTC.

The
term “DTC” shall mean The Depository Trust Company or its successor.

SECTION
1.13.        Foreign
Registrar.

The
term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and
any other agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository
for the Shares.

     

     

    

 

SECTION
1.14.        Holder.

The
term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American
Depositary Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt
or those American Depositary Shares.

SECTION
1.15.        Insolvency
Event.

An
“Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent,
consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking
reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition
of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official)
of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly
available indicating that unsecured claims against the Company are not expected to be paid.

SECTION
1.16.        Owner.

The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of
the Depositary maintained for that purpose.

SECTION
1.17.        Receipts.

The
term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing
certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this
Deposit Agreement.

SECTION
1.18.        Registrar.

The
term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register
American Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement.

SECTION
1.19.        Replacement.

The
term “Replacement” shall have the meaning assigned to it in Section 4.8.

SECTION
1.20.        Restricted
Securities.

The
term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined
in Rule 144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions,
(ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company,
(iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof
in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of the Cayman Islands, a shareholder
agreement or the articles of association or similar document of the Company.

     

     

    

 

SECTION
1.21.        Securities
Act of 1933.

The
term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

SECTION
1.22.        Shares.

The
term “Shares” shall mean ordinary shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities
of the Company; provided, however, that, if there shall occur any change in nominal or par value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion
in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting
from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion.

SECTION
1.23.        SWIFT.

The
term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor.

SECTION
1.24.        Termination
Option Event.

The
term “Termination Option Event” shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

ARTICLE
2.                 
FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN
                                         DEPOSITARY SHARES

SECTION
2.1.           
Form of Receipts; Registration and Transferability of American Depositary Shares.

Definitive
Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature
of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the
Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.
The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement
and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all
registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person
that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary,
even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.

     

     

    

 

The
Receipts and statements confirming registration of American Depositary Shares may have incorporated in or attached to them such
legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the
Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities
exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Receipts and American Depositary Shares are subject by reason
of the date of issuance of the underlying Deposited Securities or otherwise.

American
Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer,
shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares
not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.
The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute
owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have
any obligation or be subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but only
to the Owner of those American Depositary Shares).

SECTION
2.2.           
Deposit of Shares.

Subject
to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer,
or endorsement, in form satisfactory to the Custodian.

As
conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver
to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing those deposited
Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or
the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence
satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction
and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer
to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in
whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof,
such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

     

     

    

 

The
Depositary and the Custodian shall refuse to accept Shares for deposit if the Depositary has received a notice from the Company
that the Company has restricted transfer of those Shares under the Company’s constitutional documents or any applicable
laws or that the deposit would result in any violation of the Company’s constitutional documents or any applicable laws
or any agreement between the Company and the holder of those Shares.

At
the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may
receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose
of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement.

The
Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to
be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall,
as soon as transfer and recordation can be accomplished, present that certificate or those certificates to the Company or the
Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or
its nominee or that Custodian or its nominee.

Deposited
Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine.

SECTION
2.3.           
Delivery of American Depositary Shares.

The
Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together
with the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and
the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon
receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by
the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order
of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only
upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American Depositary Shares
as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the
transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers of American Depositary Shares.

SECTION
2.4.           
Registration of Transfer of American Depositary Shares; Combination and Split-up
of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares.

The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares
on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer,
the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

     

     

    

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for
any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered.

The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American
Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10)
from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary
Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing
the same number of certificated American Depositary Shares.

The
Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary
Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out
its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements
by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent
as the Depositary.

SECTION
2.5.           
Surrender of American Depositary Shares and Withdrawal of Deposited Securities.

Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment
of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes
and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to
the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery
(to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited
Securities at the time represented by those American Depositary Shares, but not any money or other property as to which
a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the
scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept
surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery of a fraction of
a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay.

 

     

     

    

 

As
a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the
Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of
transfer in blank and (ii) that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary
to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated
in that order.

Thereupon,
the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of
this Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the
person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented
by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for
giving that direction by cable (including SWIFT) or facsimile transmission.

If
Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that
delivery will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering
American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct
the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and
other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares
to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the
surrendering Owner.

SECTION
2.6.           
Limitations on Delivery, Transfer and Surrender of American Depositary Shares.

As
a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment
from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American
Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and
any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of
proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations
the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section
2.6.

The
delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended,
or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer
of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to
time because of any requirement of law or of any government or governmental body or commission, or under any provision of this
Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender
of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary
delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the
deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of
fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities.

 

     

     

    

 

The
Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted
Securities.

SECTION
2.7.           
Lost Receipts, etc.

If
a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced
by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution
for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with
the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona
fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.

SECTION
2.8.           
Cancellation and Destruction of Surrendered Receipts.

The
Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.

SECTION
2.9.           
[Reserved]

SECTION
2.10.        DTC
Direct Registration System and Profile Modification System.

(a)Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.

(b)In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a)
above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).
For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile.
The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through
the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on
the part of the Depositary.

 

     

     

    

 

ARTICLE
3.                 
CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

SECTION
3.1.           
Filing Proofs, Certificates and Other Information.

Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration
on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer
of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery
of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations
and warranties are made.

SECTION
3.2.           
Liability of Owner for Taxes.

If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection
with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection
with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary
Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and
may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or
all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or other distributions
or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale
of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency. The Depositary shall distribute
any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled
to them in accordance with Section 4.1. If the number of Shares represented by each American Depositary Share decreases as a result
of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares
to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares
to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net
proceeds of that sale to the Owners entitled to them.

     

     

    

 

SECTION
3.3.           
Warranties on Deposit of Shares.

Every
person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is
duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are
not Restricted Securities. All representations and warranties deemed made under this Section shall survive the deposit of Shares
and delivery of American Depositary Shares.

SECTION
3.4.           
Disclosure of Interests.

When
required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to:
(a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons
or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any
other matter where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide
all information known to it in response to a request made pursuant to this Section.  Each Holder consents to the disclosure
by the Depositary and the Owner or any other Holder through which it holds American Depositary Shares, directly or indirectly,
of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner
or other Holder.  The Depositary agrees to use reasonable efforts to comply with written instructions requesting that
the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it
receives in response to that request. The Depositary may charge the Company a fee and its expenses for complying with requests
under this Section 3.4.

ARTICLE
4.                 
THE DEPOSITED SECURITIES

SECTION
4.1.           
Cash Distributions.

Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to
the provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received
(net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion
to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided,
however, that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend
or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of
the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. However, the Depositary
will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent.

The
Company or its agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and
owing to such agency.

     

     

    

 

If
a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct
the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event.

SECTION
4.2.           
Distributions Other Than Cash, Shares or Rights.

Subject
to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described
in Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities),
the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction
or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number
of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary
deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing
the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be
made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement
that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received
must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such
distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable
for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses
of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions
set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received
satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933.
The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under
this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.

If
a distribution under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities
underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require
payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event.

SECTION
4.3.           
Distributions in Shares.

Whenever
the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares,
the Depositary may, and shall if the Company so requests in writing, deliver to the Owners entitled thereto, in proportion to
the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number
of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the
terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares,
including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the
Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received
(or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution).
In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate
of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner
and subject to the conditions described in Section 4.1. If and to the extent that additional American Depositary Shares are not
delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent
the additional Shares distributed on the Deposited Securities represented thereby.

     

     

    

 

If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares
or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary
may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary
considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary
may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities
Act of 1933.

SECTION
4.4.           
Rights.

(a)If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed
of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

(b)If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i)
deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to
that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner.
The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered
under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it
to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities
Act of 1933.

     

     

    

 

(c)If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.

(d)If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to
the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

(e)Payment
or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary
and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds
under this Section 4.4.

(f)The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

SECTION
4.5.           
Conversion of Foreign Currency.

Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in
the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign
currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made
upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section 5.9.

If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license
of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or
license.

     

     

    

 

If
the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period
as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion
may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners
entitled to receive the same.

If
any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible
to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that
balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.

The
Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary
or its affiliate receives when buying or selling foreign currency for its own account.  The Depositary makes no representation
that the exchange rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate
that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners,
subject to the Depositary’s obligations under Section 5.3. The methodology used to determine exchange rates used in currency
conversions is available upon request.

SECTION
4.6.           
Fixing of Record Date.

Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of
Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be
made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company
has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against
the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall
be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for
the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those
rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting or (iii) who shall be
responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each
American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and
to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled
to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the
net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting
instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or
charge, as the case may be.

     

     

    

 

SECTION
4.7.           
Voting of Deposited Shares.

(a)Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of
which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date
will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or similar documents
of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented
by their respective American Depositary Shares, (iii) a statement as to the manner in which those instructions may be given and
(iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

(b)Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.

(c)There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

(d)In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the
Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available
to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date.

SECTION
4.8.           
Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited
Securities.

(a)The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

     

     

    

 

(b)If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that
the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon
that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute
the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares
in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section
4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding
portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted
into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted
under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately
prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary
Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination
Option Event.

(c)If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as
a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited
Securities under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration
under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems
proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a
Termination Option Event.

(d)In
the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares
represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of
the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may
sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that
exchange and distribute the net proceeds of that sale to the Owners entitled to them.

     

     

    

 

(e)If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call
for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a
Termination Option Event occurs.

SECTION
4.9.           
Reports.

The
Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the
extent those materials are required to be translated into English pursuant to any regulations of the Commission.

SECTION
4.10.        Lists
of Owners.

Upon
written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date,
of the names, addresses and American Depositary Share holdings of all Owners.

SECTION
4.11.        Withholding.

If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may
sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor)
in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall
distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively.

Services
for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld,
and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this
Deposit Agreement.

Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents
and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received
by it.

     

     

    

 

ARTICLE
5.                 
THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

SECTION
5.1.           
Maintenance of Office and Transfer Books by the Depositary.

Until
termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution
and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions
of this Deposit Agreement.

The
Depositary shall keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners
at the Depositary’s Office during regular business hours, provided that such inspection is not for the purpose of
communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to
this Deposit Agreement or the American Depositary Shares.

The
Depositary may close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the
performance of its duties under this Deposit Agreement.

If
any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar
or one or more co-registrars for registry of those American Depositary Shares in accordance with any requirements of that exchange
or those exchanges.

The
Company shall have the right, at all reasonable times, upon written request, to inspect transfer and registration records of the
Depositary, the Registrar and any co-transfer agents or co-registrars and to require them to supply, at the Company’s expense
(unless otherwise agreed in writing between the Company and the Depositary) copies of such portions of their records as the Company
may reasonably request.

SECTION
5.2.           
Prevention or Delay of Performance by the Company or the Depositary.

Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder:

(i)
if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange;
(B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document
of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution
thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the
Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited
to, earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions
or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer
systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary
or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit
Agreement or the Deposited Securities, it is provided shall be done or performed;

     

     

    

 

(ii)
for any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination
by the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take);

(iii)
for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders;
or

(iv)
for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement.

Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies,
or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose
of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall
not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

SECTION
5.3.           
Obligations of the Depositary and the Company.

The
Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except
that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad
faith.

The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder
(including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the
Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith,
and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders.

Neither
the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any
other person.

Each
of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or
other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

     

     

    

 

Neither
the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good
faith to be competent to give such advice or information.

The
Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous
act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.

The
Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in
connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

In
the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to
vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote.

The
Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither
the Company nor the Depositary shall have any liability for any tax consequences that may be incurred by Owners or Holders as
a result of owning or holding American Depositary Shares. None of the Company, the Depositary or the Custodian shall be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding
or refund of amounts withheld in respect of tax or any other tax benefit.

No
disclaimer of liability under the United States federal securities laws is intended by any provision of this Deposit
Agreement.

SECTION
5.4.           
Resignation and Removal of the Depositary.

The
Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this
Section. The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2.

The
Depositary may at any time be removed by the Company by 120 days’ prior written notice of that removal, to become effective
upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary
and its acceptance of its appointment as provided in this Section.

If
the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute
and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary
receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary,
upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective
holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor.
When the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become the Depositary and
shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor
depositary shall cease to be the Depositary and shall be discharged and released from all obligations under this Deposit Agreement,
except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the
Owners of its appointment as soon as practical after assuming the duties of Depositary.

     

     

    

 

Any
corporation or other entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act.

SECTION
5.5.           
The Custodians.

The
Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely
to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which
shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is
resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the
Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian or custodians, each of
which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall notify the Company of the appointment
of a substitute or additional Custodian as promptly as practicable. The Depositary shall require any Custodian that resigns or
is removed to deliver all Deposited Securities held by it to another Custodian.

SECTION
5.6.           
Notices and Reports.

If
the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or
that effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to
the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical
to give that notice.  The notice shall be in English and shall include all details that the Company is required to include
in any notice to any governmental or regulatory authority or securities exchange or is required to make available generally to
holders of Shares by publication or otherwise.

The
Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulations
of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other
reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing
by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to
all Owners or otherwise make them available to Owners in a manner that the Company specifies as substantially equivalent to the
manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities
exchange on which the American Depositary Shares are listed. The Company will timely provide the Depositary with the quantity
of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to
effect that Dissemination.

     

     

    

 

The
Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to
the Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are
true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of
those statements.

SECTION
5.7.           
Distribution of Additional Shares, Rights, etc.

If
the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each
a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable
and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish
to the Depositary either (i) evidence satisfactory to the Depositary that the Distribution is registered under the Securities
Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating
that the Distribution does not require, or, if made in the United States, would not require, registration under the Securities
Act of 1933.

The
Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control
with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities.

SECTION
5.8.           
Indemnification.

The
Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold
each of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking,
enforcing or collecting such indemnity and the fees and expenses of counsel) that may arise out of or in connection with (a) any
registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United
States or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American
Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian
or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence
or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.

The
Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability
or expense that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees,
agents and affiliates due to their negligence or bad faith.

     

     

    

 

SECTION
5.9.           
Charges of Depositary.

The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend
or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities
or a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT)
and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender
of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4
(where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee
for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the
deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were
Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item
6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will
be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's
or Custodian’s agents or the agents of the Depositary's or Custodian’s agents, in connection with the servicing of
Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary
in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners for those
charges or by deducting those charges from one or more cash dividends or other cash distributions).

The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities
to be distributed, to Owners that are obligated to pay those fees.

In
performing its duties under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other
service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

The
Depositary, subject to Section 2.9, may own and deal in any class of securities of the Company and its affiliates and in American
Depositary Shares.

     

     

    

 

SECTION
5.10.        Retention
of Depositary Documents.

The
Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement
at the times permitted by the laws or regulations governing the Depositary.

SECTION
5.11.        Exclusivity.

Without
prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance
of depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting
as Depositary under this Deposit Agreement.

SECTION
5.12.        Information
for Regulatory Compliance.

Each
of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise
available to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of
governmental or regulatory authorities.

ARTICLE
6.                 
AMENDMENT AND TERMINATION

SECTION
6.1.           
Amendment.

The
form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or
desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice
any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until
the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary
Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American
Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as
amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented
by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended
form or call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair
the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.

SECTION
6.2.           
Termination.

(a)The
Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4,
(ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred
or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination
to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”),
which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination
Date.

     

     

    

 

(b)After
the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9.

(c)At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account
for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and
(iii) to act as provided in paragraph (d) below.

(d)After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of
the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those
American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii)
the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under this Deposit Agreement except as provided in this Section.

     

     

    

 

ARTICLE
7.                 
MISCELLANEOUS

SECTION
7.1.           
Counterparts; Signatures.

This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians
and shall be open to inspection by any Owner or Holder during regular business hours.

Any
manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the
Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have
the same validity, legal effect and admissibility in evidence as an original manual signature, and the parties hereby waive any
objection to the contrary.

SECTION
7.2.           
No Third Party Beneficiaries.

This
Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective
successors and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

SECTION
7.3.           
Severability.

In
case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit
Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby.

SECTION
7.4.           
Owners and Holders as Parties; Binding Effect.

The
Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
of this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.

SECTION
7.5.           
Notices.

Any
and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by domestic first class or international air mail or air courier or sent by facsimile
transmission or email attaching a pdf or similar bit-mapped image of a signed writing, provided that receipt of the
facsimile transmission or email has been confirmed by the recipient, addressed to Opera Limited, Gjerdrums vei 19, 0484
Oslo, Norway or any other place to which the Company may have transferred its principal office with notice to the
Depositary.

Any
and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in
English and personally delivered or sent by first class domestic or international air mail or air courier or sent by
facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New
York Mellon, 240 Greenwich Street, New York, New York 10007, Attention: Depositary Receipt Administration, or any
other place to which the Depositary may have transferred its Office with notice to the Company.

     

     

    

 

Delivery
of a notice to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a
post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile
transmission or email shall be deemed effected when the recipient acknowledges receipt of that notice.

A
notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper
form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed
to that Owner at the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary,
or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other
address, at the address designated in that request. Dissemination in electronic form will be effective when sent in the manner
consented to by the Owner to the electronic address most recently provided by the Owner for that purpose.

SECTION
7.6.           
Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial
Waiver.

The
Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement, located in the State of New
York, as the Company's authorized agent upon which process may be served in any suit or proceeding arising out of or relating
to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”),
(ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may
be instituted and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service
of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery
of this Deposit Agreement, a written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as
process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments,
as may be necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment
of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance
by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit
Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent in the
United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service
of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to
the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed
five (5) days after the same shall have been so mailed.

EACH
PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN
DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).

     

     

    

 

SECTION
7.7.           
Waiver of Immunities.

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

SECTION
7.8.           
Governing Law.

This
Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by the laws of the State of New York.

     

     

    

 

IN
WITNESS WHEREOF, OPERA LIMITED and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year
first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares
or any interest therein.

OPERA
LIMITED

By:______________________

Name:

Title:

THE
BANK OF NEW YORK MELLON,

as
Depositary

By:______________________

Name:

Title:

 

     

     

    

 

EXHIBIT
A

AMERICAN
DEPOSITARY SHARES

(Each
American Depositary Share represents

two
deposited Shares)

THE BANK OF NEW
YORK MELLON

AMERICAN DEPOSITARY
RECEIPT

FOR ORDINARY
SHARES OF

OPERA LIMITED

(INCORPORATED
UNDER THE LAWS OF THE CAYMAN ISLANDS)

The
Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________________________,
or registered assigns IS THE OWNER OF _____________________________

AMERICAN
DEPOSITARY SHARES

representing
deposited ordinary shares (herein called “Shares”) of Opera Limited, incorporated under the laws of the Cayman Islands
(herein called the “Company”). At the date hereof, each American Depositary Share represents two Shares deposited
or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein
called the “Custodian”) that, as of the date of the Deposit Agreement, was The Hongkong and Shanghai Banking
Corporation Limited located in Hong Kong. The Depositary's Office is located at a different address than its principal executive
office. Its Office and its principal executive office are  located at 240 Greenwich Street, New York, N.Y. 10007.

THE DEPOSITARY'S
OFFICE ADDRESS IS

240 GREENWICH STREET, NEW YORK, N.Y. 10007

 

     

     

    

 

1.    
THE DEPOSIT AGREEMENT.

This
American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon
the terms and conditions set forth in the Deposit Agreement dated as of __________, 2018 (herein called the “Deposit
Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares
issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all
the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties
of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time
to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein called
“Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary's Office in New York
City and at the office of the Custodian.

The
statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified
by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined
in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

2.    
SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.

Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment
of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement
and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities,
and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled
to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount
of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property
as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered
or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be
required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery
of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities
and may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile
transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of
withdrawal, that delivery will be made at the Custodian’s office, except that, at the request, risk and expense of
the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other
property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for,
the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s
Office or to another address specified in the order received from the surrendering Owner.

     

     

    

 

3.    
REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP
OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.

The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares
on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of that Agreement), and, in either
case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration
of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled
thereto.

The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for
any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered.

The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American
Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10
of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated
American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner
a Receipt evidencing the same number of certificated American Depositary Shares.

As
a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require
payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender
of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect
to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the
production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with
any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.

The
delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended,
or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer
of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to
time because of any requirement of law or of any government or governmental body or commission, or under any provision of the
Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt,
the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only
to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable,
or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the American Depositary Shares or to the withdrawal of the Deposited Securities. The Depositary shall not knowingly accept for
deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

     

     

    

 

4.    
LIABILITY OF OWNER FOR TAXES.

If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection
with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection
with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable
by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those
American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that
payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of
the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends
or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even
after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall distribute any net proceeds
of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners
entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented by each American
Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary
may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American
Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

5.    
WARRANTIES ON DEPOSIT OF SHARES.

Every
person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is
duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are
not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive
the deposit of Shares and delivery of American Depositary Shares.

     

     

    

 

6.    
FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration
on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer
of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery
of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations
and warranties are made. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required
by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing
the Depositary to deliver to, or upon the written order of, the person or persons stated in that order, the number of American
Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been
re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of
the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any
governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the
Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares
or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon
or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to
the Depositary.

7.    
CHARGES OF DEPOSITARY.

The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend
or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities
or a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1)
taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares
to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of
the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of
American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary
Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement
or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf
of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes
of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the
Depositary or the Custodian, any of the Depositary's or Custodian’s agents or the agents of the Depositary's or Custodian’s
agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners
as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at
the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more
cash dividends or other cash distributions).

     

     

    

 

The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities
to be distributed, to Owners that are obligated to pay those fees.

The
Depositary, subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in
American Depositary Shares.

From
time to time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising
out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided
by the Depositary or share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit
Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated
with the Depositary and that may earn or share fees, spreads or commissions.

8.    
[RESERVED]

9.    
TITLE TO AMERICAN DEPOSITARY SHARES.

It
is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting
or holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly
endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the
laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may
treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled
to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes,
and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement
to any Holder of American Depositary Shares, but only to the Owner.

     

     

    

 

		10.	VALIDITY
                                         OF RECEIPT.

This
Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this
Receipt shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary
or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature
of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.

		11.	REPORTS;
                                         INSPECTION OF TRANSFER BOOKS.

The
Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain
reports with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's
EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.

The
Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including
any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the
Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company
shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement
applies, to the Depositary in English, to the extent such materials are required to be translated into English pursuant to any
regulations of the Commission.

The
Depositary will keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which
shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, provided that
such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the
business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares.

		12.	DIVIDENDS
                                         AND DISTRIBUTIONS.

Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time
of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable
basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash
distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided
in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however,
that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution
an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares
representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender
of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether
or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution
of that kind shall be a Termination Option Event.

     

     

    

 

Subject
to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other
than a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange
for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it
to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and
any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for accomplishing that
distribution (which may be a distribution of depositary shares representing the securities received); provided, however,
that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled
thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt
such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the
net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9
of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section
4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement
if it has not received satisfactory assurances from the Company that the distribution does not require registration under the
Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would
otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a
distribution under Section 4.2 of the Deposit Agreement would represent a return of all of substantially all the value of the
Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary
Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring
surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination
Option Event.

Whenever
the Depositary receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may, and
shall if the Company so requests in writing, deliver to the Owners entitled thereto, an aggregate number of American Depositary
Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of
the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding
of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses
of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public
or private sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its
fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary
may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those
Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit
Agreement. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary
Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the
Deposited Securities represented thereby.

     

     

    

 

If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares
or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary
may, after consultation with the Company, make that right of election available for exercise by Owners any manner the Depositary
considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary
may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities
Act of 1933.

If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may
sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor)
in the amounts and manner the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary
shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively.

Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents
and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received
by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess
tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the
scope of, the Deposit Agreement.

		13.	RIGHTS.

(a)If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed
of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

(b)If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i)
deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that
Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The
Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered
under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it
to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities
Act of 1933.

     

     

    

 

(c)If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.

(d)If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to
the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

(e)Payment
or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the
expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities
or payment of cash proceeds under Section 4.4 of that Agreement.

(f)The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights.

		14.	CONVERSION
                                         OF FOREIGN CURRENCY.

Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in
the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign
currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made
upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section 5.9 of the Deposit Agreement.

     

     

    

 

If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license
of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or
license.

If
the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period
as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion
may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners
entitled to receive the same.

If
any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible
to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that
balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.

The
Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary
or its affiliate receives when buying or selling foreign currency for its own account.  The Depositary makes no representation
that the exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate
that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners,
subject to the Depositary’s obligations under Section 5.3 of that Agreement. The methodology used to determine exchange
rates used in currency conversions is available upon request.

		15.	RECORD
                                         DATES.

Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of
Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance
of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect
of which the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the
Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares
that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient,
the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date
set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit
of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting
rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record
date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to
the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement,
the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with
respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter
for which that record date was fixed, or be responsible for that fee or charge, as the case may be.

     

     

    

 

		16.	VOTING
                                         OF DEPOSITED SHARES.

(a)Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of
which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date
will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or similar documents
of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented
by their respective American Depositary Shares, (iii) a statement as to the manner in which those instructions may be given and
(iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

(b)Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.

(c)There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

(d)In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the
Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available
to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date.

     

     

    

 

17.             
TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

(a)The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

(b)If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that
the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon
that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit
Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of
called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall
not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited
Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and
only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption.
The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata
to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations
may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or
substantially all of the Deposited Securities shall be a Termination Option Event.

(c)If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as
a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited
Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration
under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems
proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a
Termination Option Event.

     

     

    

 

(d)In
the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares
represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of
the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may
sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that
exchange and distribute the net proceeds of that sale to the Owners entitled to them.

(e)If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination
Option Event occurs.

		18.	LIABILITY
                                         OF THE COMPANY AND DEPOSITARY.

Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder:

(i)
if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange;
(B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document
of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution
thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the
Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited
to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions
or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer
systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary
or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit
Agreement or the Deposited Securities, it is provided shall be done or performed;

     

     

    

 

(ii)
for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination
by the Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);

(iii)
for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders;
or

(iv)
for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.

Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section
4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and
the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners,
then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable,
to lapse.

Neither
the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement
to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit
Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or
Holders. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited
Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any
action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on
behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or
non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or
information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice,
request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or
parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection
with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or
resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the
Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not
be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of
bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of
the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary
shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither the
Company nor the Depositary shall have any liability for any tax consequences that may be incurred by Owners or Holders as a
result of owning or holding American Depositary Shares. None of the Company, the Depositary or the Custodian shall be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding
or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the United States
federal securities laws is intended by any provision of the Deposit Agreement.

     

     

    

 

		19.	RESIGNATION
                                         AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered
to the Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of
that removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii)
the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary
in its discretion may at any time appoint a substitute or additional custodian or custodians.

		20.	AMENDMENT.

The
form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or
desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice
any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until
the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary
Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American
Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as
amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented
by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended
form or call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair
the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.

		21.	TERMINATION
                                         OF DEPOSIT AGREEMENT.

(a)The
Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of
that Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event
has occurred or will occur. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on
that Termination Date.

     

     

    

 

(b)After
the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9 of that Agreement.

(c)At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the
net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that
Agreement and (iii) to act as provided in paragraph (d) below.

(d)After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of
the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those
American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii)
the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under the Deposit Agreement except as provided in Section 6.2 of that Agreement.

		22.	DTC
                                         DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

(a)Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.

     

     

    

 

(b)In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above
has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).
For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from
the use of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with instructions received
by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute
negligence or bad faith on the part of the Depositary.

		23.	APPOINTMENT
                                         OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER
                                         OF IMMUNITIES.

The
Company has (i) appointed Cogency Global Inc., 10 E. 40th Street, 10th Floor, New York, New York 10016,
located in the State of New York, as the Company's authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement,
(ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit
or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every
respect effective service of process upon the Company in any such suit or proceeding.

EACH
PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN
DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).

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

     

     

    

 

		24.	DISCLOSURE
                                         OF INTERESTS.

When
required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to:
(a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons
or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any
other matter where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide
all information known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement.  Each Holder consents
to the disclosure by the Depositary and the Owner or other Holder through which it holds American Depositary Shares, directly
or indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is known
to that Owner or other Holder.EX-10.4

 Exhibit 10.4 

TENABLE HOLDINGS, INC. 

2018 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
JUNE 28, 2018 
 APPROVED BY THE STOCKHOLDERS:
JULY 6, 2018 
 IPO DATE: JULY 25, 2018 

1.    GENERAL. 

(a)    Successor to and Continuation of Prior Plan. The Plan is intended as the successor to and continuation
of the Tenable Holdings, Inc. 2016 Stock Incentive Plan, as amended and restated from time to time (the “Prior Plan”). From and after 12:01 a.m. Eastern time on the IPO Date, no additional stock awards will be granted under
the Prior Plan. All Awards granted on or after 12:01 a.m. Eastern Time on the IPO Date will be granted under this Plan. All stock awards granted under the Prior Plan will remain subject to the terms of the Prior Plan. 

(i)    Any shares that would otherwise remain available for future grants under the Prior Plan as of 12:01 a.m.
Eastern Time on the IPO Date (the “Prior Plan’s Available Reserve”) will cease to be available under the Prior Plan at such time. Instead, that number of shares of Common Stock equal to the Prior Plan’s Available
Reserve will be added to the Share Reserve (as further described in Section 3(a) below) and will be immediately available for grants and issuance pursuant to Stock Awards hereunder, up to the maximum number set forth in Section 3(a) below.

 (ii)    In addition, from and after 12:01 a.m. Eastern time on the IPO Date, any shares subject, at such time,
to outstanding stock awards granted under the Prior Plan, the Tenable Holdings, Inc. 2012 Stock Incentive Plan, as amended and restated from time to time and the Tenable Holdings, Inc. 2002 Stock Incentive Plan, as amended and restated from time to
time that (i) expire or terminate for any reason prior to exercise or settlement; (ii) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or
(iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award or to satisfy the purchase price or exercise price of a stock award (such shares the “Returning Shares”)
will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when such shares become Returning Shares, up to the maximum number set forth in Section 3(a) below. 

(b)    Eligible Award Recipients. Employees, Directors and Consultants are eligible to receive Awards. 

(c)    Available Awards. The Plan provides for the grant of the following types of Awards:
(i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, (vii) Performance Cash
Awards, and (viii) Other Stock Awards. 
 (d)    Purpose. The Plan, through the granting of Awards,
is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible
recipients may benefit from increases in value of the Common Stock. 

 2.    ADMINISTRATION. 

(a)    Administration by Board. The Board will administer the Plan. The Board may delegate administration of
the Plan to a Committee or Committees, as provided in Section 2(c). 
 (b)    Powers of Board. The
Board will have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i)    To determine (A) who will be granted Awards; (B) when and how each Award will be granted;
(C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Stock under the Award; (E) the number of
shares of Common Stock subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Stock Award. 

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

(iii)    To settle all controversies regarding the Plan and Awards granted under it. 

(iv)    To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at
which cash or shares of Common Stock may be issued in settlement thereof). 
 (v)    To suspend or terminate the
Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or termination of the Plan will not materially impair a Participant’s rights under the Participant’s then-outstanding Award without the
Participant’s written consent except as provided in subsection (viii) below. 
 (vi)    To amend the
Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing
the Plan or Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they are exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of
the Code, subject to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of
any amendment of the Plan that (A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan,
(C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or
(F) materially expands the types of Awards available for issuance under the Plan. Except as otherwise provided in the Plan or an Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding
Award without the Participant’s written consent. 
 (vii)    To submit any amendment to the Plan for
stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding incentive stock options or (B) Rule
16b-3. 

  
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 (viii)    To approve forms of Award Agreements for use under the Plan
and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not
subject to Board discretion; provided however, that a Participant’s rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such
Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a
whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent (A) to
maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the
qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D) to comply with
other applicable laws or listing requirements. 
 (ix)    Generally, to exercise such powers and to perform such
acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 

(x)    To adopt such procedures and sub-plans as are necessary or
appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or
any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction). 

(xi)    To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise,
purchase or strike price of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new (1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit
Award, (4) Other Stock Award, (5) cash and/or (6) other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of shares of Common Stock
as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles. 

(c)    Delegation to Committee. 

(i)    General. The Board may delegate some or all of the administration of the Plan to a Committee or
Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the
power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any
delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee
and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously
delegated. 
 (ii)    Rule 16b-3 Compliance. The Committee may
consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3. 

  
 3 

 (d)    Delegation to an Officer. The Board may delegate
to one or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent
permitted by applicable law, the terms of such Awards, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such
delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the
form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in
the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(w)(iii) below. 

(e)    Effect of Board’s Decision. All determinations, interpretations and constructions made by the
Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

3.    SHARES SUBJECT TO THE PLAN.  
 (a)    Share Reserve. Subject to Section 9(a)
relating to Capitalization Adjustments, and the following sentence regarding the annual increase, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards will not exceed 31,520,894 shares (the “Share
Reserve”), which number is the sum of (i) 9,900,000 new shares, plus (ii) the number of shares subject to the Prior Plan’s Available Reserve plus (iii) the number of shares that are Returning Shares, as such
shares become available from time to time. In addition, the Share Reserve will automatically increase on January 1st of each year, for a period of not more than ten years, commencing on January 1st of the year following the year in which the IPO Date occurs and ending on (and including) January 1, 2028, in an amount equal to 5% of the total number of shares of Capital Stock outstanding on
December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the
preceding sentence. 
 For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that
may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a). Shares may be issued in connection with a merger or acquisition as permitted by NASDAQ
Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan. 

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

  
 4 

 (c)    Incentive Stock Option Limit. Subject to the Share
Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 90,000,000 shares of Common Stock.  
 (d)    Source of Shares. The stock issuable under the
Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise. 

4.    ELIGIBILITY. 

(a)    Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the
Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors
and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405 of the
Securities Act, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such
as a spin off transaction), (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel,
has determined that such Stock Awards comply with the distribution requirements of Section 409A of the Code. 

(b)    Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option
unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant. 

5.    PROVISIONS RELATING TO OPTIONS AND
STOCK APPRECIATION RIGHTS. 
 Each Option or SAR will be in such form and will contain such
terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will
be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the
Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however,
that each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions: 

(a)    Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or
SAR will be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement. 

  
 5 

 (b)    Exercise Price. Subject to the provisions of
Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted.
Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution
for another option or stock appreciation right pursuant to a corporate transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in
shares of Common Stock equivalents. 
 (c)    Purchase Price for Options. The purchase price of Common
Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the
authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The
permitted methods of payment are as follows: 
 (i)    by cash, check, bank draft or money order payable to the
Company; 
 (ii)    pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board that, prior to the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales
proceeds; 
 (iii)    by delivery to the Company (either by actual delivery or attestation) of shares of Common
Stock; 
 (iv)    if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant
to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company
will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be
subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a
result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or 
 (v)    in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement. 

(d)    Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written
notice of exercise to the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess
of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR, and with respect to which
the Participant is exercising the SAR on such date, over (B) the aggregate strike price of 

  
 6 

 
the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any
combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR. 

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

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

(ii)    Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an
Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation
Section 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(iii)    Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a
Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the Participant, will thereafter be entitled to exercise the Option or SAR and
receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the
Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be
inconsistent with the provisions of applicable laws. 
 (f)    Vesting Generally. The total number of
shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not
be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to
any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised. 

(g)    Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or
other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or
SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date that is three (3) months following the
termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Award Agreement) and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after
termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate. 

  
 7 

 (h)    Extension of Termination Date. Except as otherwise
provided in the applicable Award Agreement or other written agreement between the Participant and the Company, tf the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other
than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate
on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during which the exercise
of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a
Participant’s Award Agreement, if the sale of any Common Stock received on exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider
trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the
Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option
or SAR as set forth in the applicable Award Agreement. 
 (i)    Disability of Participant. Except as
otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his
or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve
(12) months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement) and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after
termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(j)    Death of Participant. Except as otherwise provided in the applicable Award Agreement or other
agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award
Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of
the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only
within the period ending on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Award Agreement) and (ii) the expiration of the term of such Option or SAR as
set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(k)    Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award
Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s
termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service. 

  
 8 

 (l)    Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for
any shares of Common Stock until at least six (6) months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon
the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement, in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company’s then current
employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic
Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s
regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements. 

6.    PROVISIONS OF STOCK AWARDS OTHER THAN
OPTIONS AND SARS. 
 (a)    Restricted Stock Awards. Each
Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock may be
(i) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will be held in such form and manner as
determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock Award
Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 

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

(iii)    Termination of Participant’s Continuous Service. If a Participant’s Continuous Service
terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant as of the date of termination of Continuous Service under the terms of the Restricted Stock
Award Agreement. 
 (iv)    Transferability. Rights to acquire shares of Common Stock under the Restricted
Stock Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common Stock awarded under the
Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement. 

  
 9 

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

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

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

(ii)    Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such
restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 

(iii)    Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock,
their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. 

(iv)    Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it
deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 (v)    Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock
covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock
covered by the Restricted Stock Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and
conditions of the underlying Restricted Stock Unit Award Agreement to which they relate. 

(vi)    Termination of Participant’s Continuous Service. Except as otherwise provided in
the applicable Restricted Stock Unit Award Agreement or other written agreement between a Participant and the Company or an Affiliate, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service. 
 (c)    Performance Awards. 

(i)    Performance Stock Awards. A Performance Stock Award is a Stock Award that is payable (including that
may be granted, may vest or may be exercised) contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Stock Award may, but need not, require the Participant’s completion of a specified period of
Continuous Service. The length of any 

  
 10 

 
Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be
conclusively determined by the Board or Committee , in its sole discretion. In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board or the Committee may determine that cash may be used in payment of
Performance Stock Awards. 
 (ii)    Performance Cash Awards. A Performance Cash Award is a cash award
that is payable contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash
Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Board or
Committee, in its sole discretion. The Board or Committee may specify the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Performance Cash Award, or
such portion thereof as the Board may specify, to be paid in whole or in part in cash or other property. 

(iii)    Board Discretion. The Board retains the discretion to adjust or eliminate the compensation or
economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period. Partial achievement of the specified criteria may result in the payment or vesting
corresponding to the degree of achievement as specified in the Stock Award Agreement or the written terms of a Performance Cash Award. 

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

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

  
 11 

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

8.    MISCELLANEOUS. 

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

(c)    Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any shares of Common Stock subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Award pursuant to its terms,
and (ii) the issuance of the Common Stock subject to such Award has been entered into the books and records of the Company. 

(d)    No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other
instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or will
affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement
with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the Company or the
Affiliate is domiciled or incorporated, as the case may be. 
 (e)    Change in Time Commitment. In the
event a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the
Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x) make a
corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a
reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended. 

  
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 (f)    Incentive Stock Option Limitations. To the extent that
the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any
Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they
were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 

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

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

(i)    Electronic Delivery. Any reference herein to a “written” agreement or document will include
any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has
access). 
 (j)    Deferrals. To the extent permitted by applicable law, the Board, in its sole
discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made
by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise
providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination
of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 

  
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 (k)    Clawback/Recovery. All Awards granted under the Plan
will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as
is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines
necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of an event constituting Cause. No recovery of compensation under
such a clawback policy will be an event giving rise to a right to voluntary terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with
the Company. 
 (l)    Compliance with Section 409A of the Code. Unless otherwise
expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the
extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award
will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by
reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that
constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation
from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from
service” or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day
after such six month period elapses, with the balance paid thereafter on the original schedule. 
 9.    ADJUSTMENTS
UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS. 

(a)    Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately
and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the share reserve is to increase automatically each
year pursuant to Section 3(a), (iii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and (iv) the class(es) and number of securities and
price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive. 

(b)    Dissolution. Except as otherwise provided in the Stock Award Agreement, in the event of a Dissolution
of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to
the completion of such Dissolution, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition 

  
 14 

 
may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service; provided, however, that the Board may, in its
sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the Dissolution is completed
but contingent on its completion. 
 (c)    Transaction. The following provisions will apply to Stock
Awards in the event of a Transaction unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board
at the time of grant of a Stock Award. In the event of a Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent upon the closing or
completion of the Transaction: 
 (i)    arrange for the surviving corporation or acquiring corporation (or the
surviving or acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the
stockholders of the Company pursuant to the Transaction); 
 (ii)    arrange for the assignment of any
reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii)    accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the
Stock Award may be exercised) to a date prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the Transaction), with
such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before
the effective date of a Transaction, which exercise is contingent upon the effectiveness of such Transaction; 

(iv)    arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company
with respect to the Stock Award; 
 (v)    cancel or arrange for the cancellation of the Stock Award, to the
extent not vested or not exercised prior to the effective time of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and 

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

  
 15 

 (d)    Change in Control. A Stock Award may be subject to
additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the Company or any Affiliate
and the Participant, but in the absence of such provision, no such acceleration will occur. 
 10.    PLAN
TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN. 

The Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier
of (i) the date the Plan is adopted by the Board (the “Adoption Date”), or (ii) the date the Plan is approved by the stockholders of the Company. No Awards may be granted under the Plan while the Plan is suspended
or after it is terminated. 
 11.    EXISTENCE OF THE PLAN;
TIMING OF FIRST GRANT OR EXERCISE. 
 The Plan
will come into existence on the Adoption Date; provided, however, that no Stock Award may be granted prior to the IPO Date. In addition, no Stock Award will be exercised (or, in the case of a Restricted Stock Award, Restricted Stock Unit
Award, Performance Share Award, or Other Stock Award, no Stock Award will be granted) and no Performance Cash Award will be settled unless and until the Plan has been approved by the stockholders of the Company, which approval will be within 12
months after the date the Plan is adopted by the Board. 
 12.    CHOICE OF LAW.

 The laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan,
without regard to that state’s conflict of laws rules. 
 13.    DEFINITIONS. As used in the Plan, the
following definitions will apply to the capitalized terms indicated below: 

(a)    “Affiliate” means, at the time of determination, any “parent” or
“subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the
foregoing definition. 
 (b)    “Award” means a Stock Award or a Performance Cash Award.

 (c)    “Award Agreement” means a written agreement between the Company and a
Participant evidencing the terms and conditions of an Award. 
 (d)    “Board” means the
Board of Directors of the Company. 
 (e)    “Capital Stock” means each and every class
of common stock of the Company, regardless of the number of votes per share. 
 (f)    “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company
through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares,
exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto).
Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment. 

  
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 (g)    “Cause” shall have the
meaning ascribed to such term in any written agreement between the Participant and the Company or any of its Affiliates defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any
of the following events: (i) the Participant’s conviction of or indictment for any crime (whether or not involving the Company or any of its Affiliates) (A) constituting a felony or (B) that has, or could reasonably be expected
to result in, an adverse impact on the performance of the Participant’s duties to the Company or any of its Affiliates, or otherwise has, or could reasonably be expected to result in, an adverse impact on the business or reputation of the
Company or any of its Affiliates; (ii) conduct of the Participant, in connection with his or her employment or service, that has resulted, or could reasonably be expected to result, in material injury to the business or reputation of the
Company or any of its Affiliates; (iii) any material violation of the policies of the Company or any of its Affiliates, including, but not limited to, those relating to sexual harassment or the disclosure or misuse of confidential information,
or those set forth in the manuals or statements of policy of the Company or any of its Affiliates; (iv) the Participant’s act(s) of gross negligence or willful misconduct in the course of his or her employment or service with the Company
or any of its Affiliates; (v) misappropriation by the Participant of any material assets or any business opportunities of the Company or any of its Affiliates; (vi) embezzlement or fraud committed by the Participant, at the
Participant’s direction, or with the Participant’s prior actual knowledge; or (vii) willful neglect in the performance of the Participant’s duties for the Company or any of its Affiliates or willful or repeated failure or refusal
to perform such duties; provided, however, that with respect to any termination of Continuous Service for Cause relying on clause (ii), (iii) or (vii) of this sentence, to the extent that such act or acts or failure or failures to act are
curable, the Participant shall be given not less than ten (10) days’ written notice of the Company’s or any of its Affiliates’ intention to terminate the Participant for Cause, such notice to state in detail the particular act or
acts or failure or failures to act that constitute the grounds on which the proposed termination of Continuous Service for Cause is based, and such termination shall be effective at the expiration of such ten (10) day notice period unless the
Board determines in its sole discretion that the Participant has cured or taken steps designed to result in cure of such act or acts or failure or failures to act that give rise to Cause during such period. If, within ninety (90) days
subsequent to the termination of Continuous Service of a Participant for any reason other than by the Company or any of its Affiliates for Cause, it is discovered that the Participant’s Continuous Service could have been terminated for Cause
pursuant to clause (v) or (vi) of the immediately preceding sentence, such Participant’s Continuous Service shall, at the discretion of the Board, be deemed to have been terminated by the Company or any of its Affiliates, as applicable,
for Cause for all purposes under the Plan, and the Participant shall be required to repay to the Company all amounts received by him or her in connection with Awards following such termination of Continuous Service that would have been forfeited
under the Plan had such termination been by the Company or any of its Affiliates for Cause. In the event that there is an Award Agreement or other written agreement between the Participant and the Company or any of its Affiliate otherwise defining
Cause, “Cause” shall have the meaning provided in such agreement, and a termination of the Participant’s Continuous Service by the Company or any of its Affiliates for Cause hereunder shall not be deemed to have occurred unless all
applicable notice and cure periods in such Award Agreement or other written agreement are complied with. 

(h)    “Change in Control” means the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the following events:  

(i)    any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing
more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur
(A) on account of the 

  
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acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange
Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, (C) on account of the
acquisition of securities of the Company by any individual who is, on the IPO Date, either an executive officer or a Director (either, an “IPO Investor”) and/or any entity in which an IPO Investor has a direct or indirect
interest (whether in the form of voting rights or participation in profits or capital contributions) of more than 50% (collectively, the “IPO Entities”) or on account of the IPO Entities continuing to hold shares that come to
represent more than 50% of the combined voting power of the Company’s then outstanding securities as a result of the conversion of any class of the Company’s securities into another class of the Company’s securities having a different
number of votes per share pursuant to the conversion provisions set forth in the Company’s Amended and Restated Certificate of Incorporation; or (D) solely because the level of Ownership held by any Exchange Act Person (the
“Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares
outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any
additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change
in Control will be deemed to occur; 
 (ii)    there is consummated a merger, consolidation or similar
transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly,
either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding
voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to
such transaction; provided, however, that a merger, consolidation or similar transaction will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the
combined voting power of the surviving Entity or its parent are owned by the IPO Entities; 
 (iii)    there is
consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of
the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; provided, however, that a sale, lease, exclusive license or other disposition of all or substantially all of the
consolidated assets of the Company and its Subsidiaries will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the acquiring Entity
or its parent are owned by the IPO Entities; 
 (iv)    individuals who, on the IPO Date, are members of the
Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination
for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board. 

  
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 Notwithstanding the foregoing definition or any other provision of the Plan, the term Change in
Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company and the definition of Change in Control (or any analogous term) in an individual written agreement
between the Company or any Affiliate and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set
forth in such an individual written agreement, the foregoing definition will apply. 

(i)    “Code” means the Internal Revenue Code of 1986, as amended, including any applicable
regulations and guidance thereunder. 
 (j)    “Committee” means a committee of one or
more Directors to whom authority has been delegated by the Board in accordance with Section 2(c). 

(k)    “Common Stock” means, as of the IPO Date, the common stock of the Company, having
one vote per share. 
 (l)    “Company” means Tenable Holdings, Inc., a Delaware
corporation. 
 (m)    “Consultant” means any person, including an advisor, who is
(i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However,
service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under
this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person. 

(n)    “Continuous Service” means that the Participant’s service with the Company or
an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in
the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service;
provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to
have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will
be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or
their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms
of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. 

  
 19 

 (o)    “Corporate Transaction” means the
consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i)    a sale or other disposition of all or substantially all, as determined by the Board, in its sole
discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii)    a sale or other
disposition of more than 50% of the outstanding securities of the Company; 
 (iii)    a merger, consolidation or
similar transaction following which the Company is not the surviving corporation; or 
 (iv)    a merger,
consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise. 

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

(q)    “Disability” means, with respect to a Participant, the inability of such Participant
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12
months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(r)    “Dissolution” means when the Company, after having executed a certificate of
dissolution with the State of Delaware (or other applicable state), has completely wound up its affairs. Conversion of the Company into a Limited Liability Company (or any other pass-through entity) will not be considered a “Dissolution”
for purposes of the Plan. 
 (s)    “Employee” means any person employed by the Company
or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

(t)    “Entity” means a corporation, partnership, limited liability company or other
entity. 
 (u)    “Exchange Act” means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder. 
 (v)    “Exchange Act
Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or
any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company,
(iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the IPO Date, is the Owner, directly or indirectly, of
securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities. 

  
 20 

 (w)    “Fair Market Value” means, as of any
date, the value of the Common Stock determined as follows: 
 (i)    If the Common Stock is listed on any
established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the
exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable. 

(ii)    Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date
of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

(iii)    In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board
in good faith and in a manner that complies with Sections 409A and 422 of the Code. 

(x)    “Incentive Stock Option” means an option granted pursuant to Section 5 of the
Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

(y)    “IPO Date” means the date of the underwriting agreement between the Company and the
underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

(z)    “Non-Employee Director” means a
Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity
other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a
business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3. 

(aa)    “Nonstatutory Stock Option” means any Option granted pursuant to Section 5 of
the Plan that does not qualify as an Incentive Stock Option. 
 (bb)    “Officer” means a
person who is an officer of the Company within the meaning of Section 16 of the Exchange Act. 

(cc)    “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase
shares of Common Stock granted pursuant to the Plan. 
 (dd)    “Option Agreement” means
a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(ee)    “Optionholder” means a person to whom an Option is granted pursuant to the Plan or,
if applicable, such other person who holds an outstanding Option. 

  
 21 

 (ff)    “Other Stock Award” means an award
based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(d). 

(gg)    “Other Stock Award Agreement” means a written agreement between the
Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(hh)    “Own,” “Owned,”
“Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired
“Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities. 
 (ii)    “Participant” means a person to whom an Award
is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock Award. 

(jj)    “Performance Cash Award” means an award of cash granted pursuant to the terms and
conditions of Section 6(c)(ii). 
 (kk)    “Performance Criteria” means the one or
more criteria that the Board will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the
following as determined by the Board: (i) earnings (including earnings per share and net earnings); (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization;
(iv) earnings before interest, taxes, depreciation, amortization and legal settlements; (v) earnings before interest, taxes, depreciation, amortization, legal settlements and other income (expense); (vi) earnings before interest, taxes,
depreciation, amortization, legal settlements, other income (expense) and stock-based compensation; (vii) earnings before interest, taxes, depreciation, amortization, legal settlements, other income (expense), stock-based compensation and
changes in deferred revenue; (viii) total stockholder return; (ix) return on equity or average stockholders’ equity; (x) return on assets, investment, or capital employed; (xi) stock price; (xii) margin (including gross
margin); (xiii) income (before or after taxes); (xiv) operating income; (xv) operating income after taxes; (xvi) pre-tax profit; (xvii) operating cash flow; (xviii) sales or revenue
targets; (xix) increases in revenue or product revenue; (xx) expenses and cost reduction goals; (xxi) improvement in or attainment of working capital levels; (xxii) economic value added (or an equivalent metric); (xxiii) market
share; (xxiv) cash flow; (xxv) cash flow per share; (xxvi) share price performance; (xxvii) debt reduction; (xxviii) implementation or completion of projects or processes; (xxix) stockholders’ equity;
(xxx) capital expenditures; (xxxi) debt levels; (xxxii) operating profit or net operating profit; (xxxiii) workforce diversity; (xxxiv) growth of net income or operating income; (xxxv) billings; (xxxvi) bookings;
(xxxvii) employee retention; (xxxviii) user satisfaction, including customer satisfaction or net promoter score measures; (xxxix) the number of users, including unique users; (xl) budget management; (xli) partner
satisfaction; (xlii) entry into or completion of strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property); (xliii)
active clients; (xliv) keep rate; (xlv) average order value; (xlvi) client signups; (xlvii) client retention; (xlviii) conversion metrics; (xlix) client order metrics; (xlx) inventory metrics; and (xlxi) other measures
of performance selected by the Board. 
 (ll)    “Performance Goals” means, for a
Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions,
Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. The Board is authorized

  
 22 

 
at any time in its sole discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period in order to prevent the dilution or enlargement of the rights of
Participants, (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development; (b) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the
Company, or the financial statements of the Company in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; or (c) in view of the Board’s assessment of the business
strategy of the Company, performance of comparable organizations, economic and business conditions, and any other circumstances deemed relevant. Specifically, the Board is authorized to make adjustment in the method of calculating attainment of
Performance Goals and objectives for a Performance Period as follows: (i) to exclude the dilutive effects of acquisitions or joint ventures; (ii) to assume that any business divested by the Company achieved performance objectives at
targeted levels during the balance of a Performance Period following such divestiture; and (iii) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock
repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than
regular cash dividends. In addition, the Board is authorized to make adjustment in the method of calculating attainment of Performance Goals and objectives for a Performance Period as follows: (i) to exclude restructuring and/or other
nonrecurring charges; (ii) to exclude exchange rate effects, as applicable, for non-U.S. dollar denominated net sales and operating earnings; (iii) to exclude the effects of changes to generally
accepted accounting standards required by the Financial Accounting Standards Board; (iv) to exclude the effects of any items that are “unusual” in nature or occur “infrequently” as determined under generally accepted
accounting principles; (v) to exclude the effects to any statutory adjustments to corporate tax rates; and (vi) to make other appropriate adjustments determined by the Board. 

(mm)    “Performance Period” means the period of time selected by the Board over which the
attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance Cash Award. Performance Periods may be of varying and overlapping duration,
at the sole discretion of the Board. 
 (nn)    “Performance Stock Award” means a Stock
Award granted under the terms and conditions of Section 6(c)(i). 
 (oo)    “Plan”
means this Tenable Holdings, Inc. 2018 Equity Incentive Plan. 
 (pp)    “Restricted Stock
Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a). 

(qq)    “Restricted Stock Award Agreement” means a written agreement between the Company
and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(rr)    “Restricted Stock Unit Award” means a right to receive shares of
Common Stock which is granted pursuant to the terms and conditions of Section 6(b). 

(ss)    “Restricted Stock Unit Award Agreement” means a written agreement
between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will be subject to the terms and conditions of the Plan. 

  
 23 

 (tt)    “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to
time. 
 (uu)    “Securities Act” means the Securities Act of 1933, as amended. 

(vv)    “Stock Appreciation Right” or “SAR” means a
right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5. 

(ww)    “Stock Appreciation Right Agreement” means a written agreement between the Company
and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan. 

(xx)    “Stock Award” means any right to receive Common Stock granted under the Plan,
including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any Other Stock Award. 

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

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

(aaa)    “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to
Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate. 

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

  
 24 

 Standard Form 
  

TENABLE HOLDINGS, INC. 

STOCK OPTION GRANT NOTICE 

(2018 EQUITY INCENTIVE PLAN) 

Tenable Holdings, Inc. (the “Company”), pursuant to its 2018 Equity Incentive Plan (the “Plan”), hereby
grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice, in the Option Agreement,
the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Agreement will have the same definitions as in the
Plan or the Option Agreement. If there is any conflict between the terms in this Stock Option Grant Notice and the Plan, the terms of the Plan will control. 
  

			
	 Optionholder:
	  	  

	 Date of Grant:
	  	  

	 Vesting Commencement Date:
	  	  

	 Number of Shares Subject to Option:
	  	  

	 Exercise Price (Per Share):
	  	  

	 Total Exercise Price:
	  	  

	 Expiration Date:
	  	  

  

					
	Type of Grant:	  	☐  Incentive Stock Option1	  	☐  Nonstatutory Stock Option
			
	Exercise Schedule:	  	Same as Vesting Schedule	  	
		
	Vesting Schedule:	  	[                    , subject to Optionholder’s Continuous Service as of each such
date]
		
	Payment:	  	By one or a combination of the following items (described in the Option Agreement):
		
		  	☒    By cash, check, bank draft or money order payable to the Company
		  	☒    Pursuant to a Regulation T Program if the shares are publicly traded
		  	☐    By delivery of already-owned shares if the shares are publicly traded
		  	☐    If and only to the extent this option is a Nonstatutory Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise”
arrangement

  

	1 	If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess
over $100,000 is a Nonstatutory Stock Option. 

  
 25 

 Standard Form 
  

Additional Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice, the Option
Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan. Optionholder further acknowledges that as of the Date
of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding this option award and supersede all prior oral and written agreements, promises and/or
representations on that subject with the exception of, if applicable, (i) equity awards previously granted and delivered to Optionholder, (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by
applicable law and (iii) any written employment or severance arrangement or other written agreement entered into between the Company and Optionholder specifying the terms that should govern this option upon the terms and conditions set forth
therein. 
 By accepting this option, Optionholder acknowledges having received and read the Stock Option Grant Notice, the Option Agreement and the Plan
and agrees to all of the terms and conditions set forth in these documents. Optionholder consents to receive Plan and related documents by electronic delivery and to participate in the Plan through an on-line
or electronic system established and maintained by the Company or another third party designated by the Company. 
  

									
	TENABLE HOLDINGS, INC.	 		 	OPTIONHOLDER:
				
	By:	 	  
	 		 	     

		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

 ATTACHMENTS: Option Agreement, 2018 Equity Incentive Plan and Notice of Exercise

  
 26 

 Standard Form 
  

ATTACHMENT I 

TENABLE HOLDINGS, INC. 

OPTION AGREEMENT 

(2018 EQUITY INCENTIVE PLAN) 

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK
OPTION) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this Option Agreement,
Tenable Holdings, Inc. (the “Company”) has granted you an option under its 2018 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your
Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). If there is any conflict between the terms
in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan. 

The details of your option, in addition to those set forth in the Grant Notice and the Plan, are as follows: 

1.    VESTING. Subject to the provisions contained herein, your option will vest as provided
in your Grant Notice. Vesting will cease upon the termination of your Continuous Service. 

2.    NUMBER OF SHARES AND EXERCISE
PRICE. The number of shares of Common Stock subject to your option and your exercise price per share in your Grant Notice will be adjusted for Capitalization Adjustments. 

3.    EXERCISE RESTRICTION FOR NON-EXEMPT EMPLOYEES. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service measured from the Date
of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six (6) month
anniversary in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of Continuous Service on your
“retirement” (as defined in the Company’s benefit plans). 
 4.    METHOD
OF PAYMENT. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the exercise price in cash or by check, bank draft or money order payable to the Company or in any
other manner permitted by your Grant Notice, which may include one or more of the following: 

(a)    Provided that at the time of exercise the Common Stock is publicly traded, pursuant to a program developed
under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise
price to the Company from the sales proceeds. This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell to cover”. 

  
 27 

 Standard Form 
  

(b)    Provided that at the time of exercise the Common Stock is publicly traded, by delivery to the Company (either
by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery”
for these purposes, in the sole discretion of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of such shares of Common Stock in a form approved by the Company. You may not
exercise your option by delivery to the Company of Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 

(c)    If this option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of
exercise, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option by the largest whole number of shares with a Fair Market Value that does not
exceed the aggregate exercise price. You must pay any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment. Shares of Common Stock will no longer be outstanding
under your option and will not be exercisable thereafter if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as a result of such exercise, and (iii) are withheld to
satisfy your tax withholding obligations. 
 5.    WHOLE SHARES. You may
exercise your option only for whole shares of Common Stock. 
 6.    SECURITIES
LAW COMPLIANCE. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that
your exercise and the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not
exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg.
1.401(k)-1(d)(3), if applicable). 
 7.    TERM.
You may not exercise your option before the Date of Grant or after the expiration of the option’s term. The term of your option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following: 

(a)    immediately upon the termination of your Continuous Service for Cause; 

(b)    three (3) months after the termination of your Continuous Service for any reason other than Cause,
your Disability or your death (except as otherwise provided in Section 7(d) below); provided, however, that if during any part of such three (3) month period your option is not exercisable solely because of the condition set
forth in the section above regarding “Securities Law Compliance,” your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination
of your Continuous Service; provided further, if during any part of such three (3) month period, the sale of any Common Stock received upon exercise of your option would violate the Company’s insider trading policy, then your option
will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination of your Continuous Service during which the sale of the Common Stock received upon
exercise of your option would not be in violation of the Company’s insider trading policy. Notwithstanding the foregoing, if (i) you are a Non-Exempt Employee, (ii) your Continuous Service
terminates within six (6) months after the Date of Grant, and (iii) you have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of
(A) the date that is seven (7) months after the Date of Grant, and (B) the date that is three (3) months after the termination of your Continuous Service, and (y) the Expiration Date; 

  
 28 

 Standard Form 
  

(c)    twelve (12) months after the termination of your Continuous Service due to your Disability (except as
otherwise provided in Section 7(d) below); 
 (d)    eighteen (18) months after your death if you die
either during your Continuous Service or within three (3) months after your Continuous Service terminates for any reason other than Cause; 

(e)    the Expiration Date indicated in your Grant Notice; or 

(f)    the day before the tenth (10th) anniversary of the Date of Grant. 

If your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option,
the Code requires that at all times beginning on the Date of Grant and ending on the day three (3) months before the date of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death
or Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide
services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option more than three (3) months after the date your employment with the Company or an Affiliate terminates.

 8.    EXERCISE. 

(a)    You may exercise the vested portion of your option (and the unvested portion of your option if your Grant
Notice so permits) during its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the Company for exercise and (ii) paying the exercise price
and any applicable withholding taxes to the Company’s Secretary, stock plan administrator, or such other person as the Company may designate, together with such additional documents as the Company may then require. 

(b)    By exercising your option you agree that, as a condition to any exercise of your option, the Company may
require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of
forfeiture to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise. 

(c)    If your option is an Incentive Stock Option, by exercising your option you agree that you will notify the
Company in writing within fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two (2) years after the Date of Grant or within one (1) year
after such shares of Common Stock are transferred upon exercise of your option. 
 (d)    By accepting your
option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of
Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer

  
 29 

 Standard Form 
  

period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the
Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to
give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any shares of
Common Stock (or other securities) of the Company held by you will be bound by this Section 8(d). The underwriters of the Company’s stock are intended third party beneficiaries of this Section 8(d) and will have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. 

9.    TRANSFERABILITY. Except as otherwise provided in this Section 9, your option is
not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. 

(a)    Certain Trusts. Upon receiving written permission from the Board or its duly authorized designee, you
may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee must enter into transfer
and other agreements required by the Company. 
 (b)    Domestic Relations Orders. Upon receiving written
permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic
relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to
effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is
contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(c)    Beneficiary Designation. Upon receiving written permission from the Board or its duly authorized
designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to
exercise this option and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on
behalf of your estate, the Common Stock or other consideration resulting from such exercise. 

10.    OPTION NOT A SERVICE
CONTRACT. Your option is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of
the Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees to continue any relationship that you
might have as a Director or Consultant for the Company or an Affiliate. 

  
 30 

 Standard Form 
  

11.    WITHHOLDING OBLIGATIONS. 

(a)    At the time you exercise your option, in whole or in part, and at any time thereafter as requested by the
Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day sale” pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with
the exercise of your option. 
 (b)    If this option is a Nonstatutory Stock Option, then upon your request and
subject to approval by the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole
shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the amount necessary to satisfy the withholding obligation using the maximum statutory withholding rates for federal, state,
local and foreign tax purposes, including payroll taxes, that are applicable to supplemental income. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

(c)    You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate
are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common
Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied. 

12.    TAX CONSEQUENCES. You hereby agree that the Company does
not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related
to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal
to the “fair market value” per share of the Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with the option. 

13.    NOTICES. Any notices provided for in your option or the Plan will be given in writing
(including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the
last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means or to request your consent to participate in the Plan by
electronic means. By accepting this option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the
Company or another third party designated by the Company. 
 14.    GOVERNING
PLAN DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and
regulations, which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control. In addition, your option (and
any compensation paid or shares issued under your option) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the
Company and any compensation recovery policy otherwise required by applicable law. 

  
 31 

 Standard Form 
  

15.    OTHER DOCUMENTS. You hereby acknowledge receipt of and the right to
receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to
sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time. 

16.    EFFECT ON OTHER EMPLOYEE
BENEFIT PLANS. The value of this option will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company
or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

17.    VOTING RIGHTS. You will not have voting or any other rights as a
stockholder of the Company with respect to the shares to be issued pursuant to this option until such shares are issued to you. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in
this option, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 

18.    SEVERABILITY. If all or any part of this Option Agreement or the Plan is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Option Agreement (or part
of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

19.    MISCELLANEOUS. 

(a)    The rights and obligations of the Company under your option will be transferable to any one or more persons
or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b)    You agree upon request to execute any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of your option. 
 (c)    You acknowledge and
agree that you have reviewed your option in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your option, and fully understand all provisions of your option. 

(d)    This Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 
 (e)    All obligations of
the Company under the Plan and this Option Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company. 
 *     *     * 

  
 32 

 Standard Form 
  

This Option Agreement will be deemed to be signed by you upon the signing by you of the Stock Option Grant Notice to which it is attached. 

  
 33 

 Standard Form 
  

ATTACHMENT II 

2018 EQUITY INCENTIVE PLAN 

  
 34 

 ATTACHMENT III 

NOTICE OF EXERCISE 

 

					
	TENABLE HOLDINGS, INC.	 		  	
	7021 Columbia Gateway Dr.	 		  	Date of Exercise:                                 
	Columbia, MD 21046	 		  	

 This constitutes notice to Tenable Holdings, Inc. (the “Company”) under my stock
option that I elect to purchase the below number of shares of Common Stock of the Company (the “Shares”) for the price set forth below. 
  

									
	 Type of option (check one):
	  	 	Incentive ☐	 	 	 	Nonstatutory ☐	 
			
	 Stock option dated:
	  				 			
		  	  
	  
	 	 	  
	  
	 
			
	 Number of Shares as to which option is exercised:
	  				 			
		  	  
	  
	 	 	  
	  
	 
			
	 Certificates to be issued in name of:
	  				 			
		  	  
	  
	 	 	  
	  
	 
			
	 Total exercise price:
	  	$	                    	 	 	$	                        	 
			
	 Cash payment delivered herewith:
	  	$	                    	 	 	$	                        	 
			
	 [Value of
                 Shares delivered herewith1:
	  	$	                    	 	 	$	                        	] 
			
	 [Value of
                 Shares pursuant to net exercise2:
	  	$	                    	 	 	$	                        	] 
			
	 [Regulation T Program (cashless
exercise3):
	  	$	                    	 	 	$	                        	] 

  

	1 	Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any liens, claims,
encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate. 

	2 	The option must be a Nonstatutory Stock Option, and the Company must have established net exercise procedures at the time of exercise, in order to utilize this payment method. 

	3 	Shares must meet the public trading requirements set forth in the option. 

  
 35 

 By this exercise, I agree (i) to provide such additional documents as you may require
pursuant to the terms of the Tenable Holdings, Inc. 2018 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, and
(iii) if this exercise relates to an incentive stock option, to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise of this option that occurs within two (2) years
after the date of grant of this option or within one (1) year after such Shares are issued upon exercise of this option. 
 I further
agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer,
make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one
hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request to facilitate compliance with FINRA Rule
2241 or any successor or similar rule or regulation) (the “Lock-Up Period”). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company
or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to securities subject to the foregoing restrictions until the end of such period. 
  

	
	Very truly yours,
	
	  

  
 36 

 Director/Executive Officer Form 

 
 TENABLE HOLDINGS, INC.

 STOCK OPTION GRANT NOTICE 

(2018 EQUITY INCENTIVE PLAN) 

Tenable Holdings, Inc. (the “Company”), pursuant to its 2018 Equity Incentive Plan (the “Plan”), hereby
grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice, in the Option Agreement,
the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Agreement will have the same definitions as in the
Plan or the Option Agreement. If there is any conflict between the terms in this Stock Option Grant Notice and the Plan, the terms of the Plan will control. 
  

							
		 	Optionholder:	 	  
	 	
		 	Date of Grant:	 	  
	 	
	
                   
                 
	 	Vesting Commencement Date:	 	  
	 	
                   
                 

		 	Number of Shares Subject to Option:	 	  
	 	
		 	Exercise Price (Per Share):	 	  
	 	
		 	Total Exercise Price:	 	  
	 	
		 	Expiration Date:	 	  
	 	

  

			
	Type of Grant:	  	☐   Incentive Stock Option1                     ☐
  Nonstatutory Stock Option
		
	Exercise Schedule:	  	Same as Vesting Schedule
		
	Vesting Schedule:	  	[                    , subject to Optionholder’s Continuous Service as of each such date and the potential
vesting acceleration described in Section 1 of the Option Agreement]
		
	Payment:	  	By one or a combination of the following items (described in the Option Agreement):
		
		  	☒     By cash, check, bank draft or money order payable to the Company
		  	☒     Pursuant to a Regulation T Program if the shares are publicly traded
		  	☐     By delivery of already-owned shares if the shares are publicly traded
		  	☐     If and only to the extent this option is a Nonstatutory Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement

  

	1 	If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess
over $100,000 is a Nonstatutory Stock Option. 

  
 37 

 Director/Executive Officer Form 

 
 Additional Terms/Acknowledgements: Optionholder acknowledges receipt of, and
understands and agrees to, this Stock Option Grant Notice, the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except as
provided in the Plan. Optionholder further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding this option
award and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of, if applicable, (i) equity awards previously granted and delivered to Optionholder, (ii) any compensation
recovery policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance arrangement or other written agreement entered into between the Company and Optionholder specifying the
terms that should govern this option upon the terms and conditions set forth therein. 
 By accepting this option, Optionholder acknowledges having received
and read the Stock Option Grant Notice, the Option Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. Optionholder consents to receive Plan and related documents by electronic delivery and to
participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

 

									
	TENABLE HOLDINGS, INC.	 		 	OPTIONHOLDER:
				
	By:	 	  
	 		 	     

		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

 ATTACHMENTS: Option Agreement, 2018 Equity Incentive Plan and Notice of Exercise

  
 38 

 Director/Executive Officer Form 

 
 ATTACHMENT I 

TENABLE HOLDINGS, INC. 

OPTION AGREEMENT 

(2018 EQUITY INCENTIVE PLAN) 

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK
OPTION) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this Option Agreement,
Tenable Holdings, Inc. (the “Company”) has granted you an option under its 2018 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your
Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). If there is any conflict between the terms
in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan. 

The details of your option, in addition to those set forth in the Grant Notice and the Plan, are as follows: 

1.    VESTING. Subject to the provisions contained herein, your option will vest as provided
in your Grant Notice. Vesting will cease upon the termination of your Continuous Service. Notwithstanding the foregoing, if your Continuous Service terminates due to an involuntary termination by the Company (not including death or Disability)
without Cause or due to your voluntary termination with Good Reason, effective after the first anniversary of the Vesting Commencement Date, and as of the date of your termination of Continuous Service the shares subject to the option have not
already become fully vested, you will be credited with an additional vesting percentage equal to 25% multiplied by a fraction, the numerator of which is equal to the number of completed months of Continuous Service elapsed since the preceding
anniversary of the Vesting Commencement Date on which additional vesting was received and the denominator of which is twelve (12). For the avoidance of doubt if the effective date of the termination of your Continuous Service without Cause or for
Good Reason occurs on an anniversary date of the Vesting Commencement Date, no additional vesting for a partial year will be provided under the preceding sentence. In addition to the foregoing, (i) if you remain in Continuous Service through
the closing of a Change in Control and the option is not continued, assumed or a substituted option is not granted as permitted by Section 9(c) of the Plan in connection with a Change in Control, or if your Continuous Service terminates due to
an involuntary termination by the Company (not including death or Disability) without Cause or due to your voluntary termination with Good Reason at any time between the date a definitive agreement providing for a Change in Control is entered into
and on or before the closing of a Change in Control, then the remaining unvested shares subject to the option will become fully vested as of the closing of the Change in Control and (ii) if the option is continued, assumed or a substituted
option is granted as permitted by Section 9(c) of the Plan in connection with a Change in Control and if at any time between the closing of a Change in Control and the date which is twelve (12) months after the closing of such Change in
Control, your Continuous Service terminates due to an involuntary termination by the Company (not including death or Disability) without Cause or due to your voluntary termination with Good Reason, then the remaining unvested portion of the shares
subject to the option will accelerate and be deemed to be vested in full upon such termination of Continuous Service. 

(a)    “Good Reason” shall mean that any of following actions are taken by the Company
without your prior written consent: (i) a material reduction by the Company of your base salary (other than in a broad based reduction similarly affecting all other members of Company’s executive

  
 39 

 Director/Executive Officer Form 

 
 management); (ii) a material breach by the Company of your employment agreement or any
other material written agreement between you and the Company concerning the terms and conditions of your employment with the Company; (iii) the relocation of your principal place of employment, without your consent, to a place that increases
your one-way commute by more than fifty (50) miles as compared to your then-current principal place of employment immediately prior to such relocation; or (iv) a material reduction in your duties,
authority, or responsibilities relative to your duties, authority, or responsibilities in effect immediately prior to such reduction; provided, however, that, any such termination by you shall only be deemed for Good Reason pursuant to this
definition if: (1) you give the Company written notice of your intent to terminate for Good Reason within thirty (30) days following your learning of the occurrence of the condition(s) that you believe constitute(s) Good Reason, which
notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); and (3) you voluntarily terminate your
employment within sixty (60) days following the end of the Cure Period. 
 (b)    If any payment or benefit
you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of
Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment (a “Payment”)
shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or
(y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes,
income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion
of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the
manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the
“Pro Rata Reduction Method”). 
 Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction
Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata
Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the
greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or
eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before
Payments that are not deferred compensation within the meaning of Section 409A of the Code. 
 Unless you and the Company agree on an
alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing
calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to
make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting
firm engaged to make the 

  
 40 

 Director/Executive Officer Form 

 
 determinations hereunder to provide its calculations, together with detailed supporting
documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as requested by
you or the Company. 
 If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first
paragraph of this Section 1(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the Payment (after reduction
pursuant to clause (x) of the first paragraph of this Section 1(b) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) in
the first paragraph of this Section 1(b), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

2.    NUMBER OF SHARES AND EXERCISE
PRICE. The number of shares of Common Stock subject to your option and your exercise price per share in your Grant Notice will be adjusted for Capitalization Adjustments. 

3.    EXERCISE RESTRICTION FOR NON-EXEMPT EMPLOYEES. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service measured from the Date
of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six (6) month
anniversary in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of Continuous Service on your
“retirement” (as defined in the Company’s benefit plans). 
 4.    METHOD
OF PAYMENT. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the exercise price in cash or by check, bank draft or money order payable to the Company or in any
other manner permitted by your Grant Notice, which may include one or more of the following: 

(a)    Provided that at the time of exercise the Common Stock is publicly traded, pursuant to a program developed
under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise
price to the Company from the sales proceeds. This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell to cover”. 

(b)    Provided that at the time of exercise the Common Stock is publicly traded, by delivery to the Company
(either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise.
“Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of such shares of Common Stock in a form approved by the
Company. You may not exercise your option by delivery to the Company of Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 

  
 41 

 Director/Executive Officer Form 

 
 (c)    If this option is a Nonstatutory Stock
Option, subject to the consent of the Company at the time of exercise, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option by the largest whole
number of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment.
Shares of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as a result
of such exercise, and (iii) are withheld to satisfy your tax withholding obligations. 

5.    WHOLE SHARES. You may exercise your option only for whole shares of
Common Stock. 
 6.    SECURITIES LAW COMPLIANCE. In no event
may you exercise your option unless the shares of Common Stock issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt
from the registration requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such
exercise would not be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable). 

7.    TERM. You may not exercise your option before the Date of Grant or after the expiration
of the option’s term. The term of your option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following: 

(a)    immediately upon the termination of your Continuous Service for Cause; 

(b)    three (3) months after the termination of your Continuous Service for any reason other than Cause,
your Disability or your death (except as otherwise provided in Section 7(d) below); provided, however, that if during any part of such three (3) month period your option is not exercisable solely because of the condition set
forth in the section above regarding “Securities Law Compliance,” your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination
of your Continuous Service; provided further, if during any part of such three (3) month period, the sale of any Common Stock received upon exercise of your option would violate the Company’s insider trading policy, then your option
will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination of your Continuous Service during which the sale of the Common Stock received upon
exercise of your option would not be in violation of the Company’s insider trading policy. Notwithstanding the foregoing, if (i) you are a Non-Exempt Employee, (ii) your Continuous Service
terminates within six (6) months after the Date of Grant, and (iii) you have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of
(A) the date that is seven (7) months after the Date of Grant, and (B) the date that is three (3) months after the termination of your Continuous Service, and (y) the Expiration Date; 

(c)    twelve (12) months after the termination of your Continuous Service due to your Disability (except as
otherwise provided in Section 7(d) below); 
 (d)    eighteen (18) months after your death if you die
either during your Continuous Service or within three (3) months after your Continuous Service terminates for any reason other than Cause; 

  
 42 

 Director/Executive Officer Form 

 
 (e)    the Expiration Date indicated in your
Grant Notice; or 
 (f)    the day before the tenth (10th) anniversary of the Date of Grant. 

If your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option,
the Code requires that at all times beginning on the Date of Grant and ending on the day three (3) months before the date of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death
or Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide
services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option more than three (3) months after the date your employment with the Company or an Affiliate terminates.

 8.    EXERCISE. 

(a)    You may exercise the vested portion of your option (and the unvested portion of your option if your Grant
Notice so permits) during its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the Company for exercise and (ii) paying the exercise price
and any applicable withholding taxes to the Company’s Secretary, stock plan administrator, or such other person as the Company may designate, together with such additional documents as the Company may then require. 

(b)    By exercising your option you agree that, as a condition to any exercise of your option, the Company may
require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of
forfeiture to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise. 

(c)    If your option is an Incentive Stock Option, by exercising your option you agree that you will notify the
Company in writing within fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two (2) years after the Date of Grant or within one (1) year
after such shares of Common Stock are transferred upon exercise of your option. 
 (d)    By accepting your
option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of
Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the
underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing
contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be
reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 8(d). The underwriters of the
Company’s stock are intended third party beneficiaries of this Section 8(d) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

  
 43 

 Director/Executive Officer Form 

 
 9.    TRANSFERABILITY.
Except as otherwise provided in this Section 9, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. 

(a)    Certain Trusts. Upon receiving written permission from the Board or its duly authorized designee, you
may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee must enter into transfer
and other agreements required by the Company. 
 (b)    Domestic Relations Orders. Upon receiving written
permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic
relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to
effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is
contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(c)    Beneficiary Designation. Upon receiving written permission from the Board or its duly authorized
designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to
exercise this option and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on
behalf of your estate, the Common Stock or other consideration resulting from such exercise. 

10.    OPTION NOT A SERVICE
CONTRACT. Your option is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of
the Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees to continue any relationship that you
might have as a Director or Consultant for the Company or an Affiliate. 
 11.    WITHHOLDING
OBLIGATIONS. 
 (a)    At the time you exercise your option, in whole or in part, and at any
time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day sale” pursuant to a
program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate,
if any, which arise in connection with the exercise of your option. 
 (b)    If this option is a Nonstatutory
Stock Option, then upon your request and subject to approval by the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the

  
 44 

 Director/Executive Officer Form 

 
 exercise of your option a number of whole shares of Common Stock having a Fair Market
Value, determined by the Company as of the date of exercise, not in excess of the amount necessary to satisfy the withholding obligation using the maximum statutory withholding rates for federal, state, local and foreign tax purposes, including
payroll taxes, that are applicable to supplemental income. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

(c)    You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate
are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common
Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied. 

12.    TAX CONSEQUENCES. You hereby agree that the Company does
not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related
to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal
to the “fair market value” per share of the Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with the option. 

13.    NOTICES. Any notices provided for in your option or the Plan will be given in writing
(including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the
last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means or to request your consent to participate in the Plan by
electronic means. By accepting this option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the
Company or another third party designated by the Company. 
 14.    GOVERNING
PLAN DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and
regulations, which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control. In addition, your option (and
any compensation paid or shares issued under your option) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the
Company and any compensation recovery policy otherwise required by applicable law. 

15.    OTHER DOCUMENTS. You hereby acknowledge receipt of and the right to
receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to
sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time. 

16.    EFFECT ON OTHER EMPLOYEE
BENEFIT PLANS. The value of this option will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company
or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

  
 45 

 Director/Executive Officer Form 

 
 17.    VOTING
RIGHTS. You will not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this option until such shares are issued to you. Upon such issuance, you will obtain full
voting and other rights as a stockholder of the Company. Nothing contained in this option, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the
Company or any other person. 
 18.    SEVERABILITY. If all or any part of this Option
Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any
Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid. 
 19.    MISCELLANEOUS. 

(a)    The rights and obligations of the Company under your option will be transferable to any one or more persons
or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b)    You agree upon request to execute any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of your option. 
 (c)    You acknowledge and
agree that you have reviewed your option in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your option, and fully understand all provisions of your option. 

(d)    This Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 
 (e)    All obligations of
the Company under the Plan and this Option Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company. 
 *        *    
    * 
 This Option Agreement will be deemed to be signed by you upon the signing by you of the Stock Option Grant
Notice to which it is attached. 

  
 46 

 Director/Executive Officer Form 

 
 ATTACHMENT II 

2018 EQUITY INCENTIVE PLAN 

 

  
 47 

 ATTACHMENT III 

NOTICE OF EXERCISE 

TENABLE HOLDINGS, INC. 

			
	7021 Columbia Gateway Dr.	  	Date of Exercise:                         

 Columbia, MD 21046 

This constitutes notice to Tenable Holdings, Inc. (the “Company”) under my stock option that I elect to purchase the
below number of shares of Common Stock of the Company (the “Shares”) for the price set forth below. 
  

									
	 Type of option (check one):
	  	 	Incentive ☐	 	 	 	Nonstatutory ☐	 
			
	 Stock option dated:
	  				 			
		  	  
	  
	 	 	  
	  
	 
			
	 Number of Shares as to which option is exercised:
	  				 			
		  	  
	  
	 	 	  
	  
	 
			
	 Certificates to be issued in name of:
	  				 			
		  	  
	  
	 	 	  
	  
	 
	 Total exercise price:
	  	$	                    	 	 	$	                        	 
			
	 Cash payment delivered herewith:
	  	$	                    	 	 	$	                        	 
			
	 [Value of
                 Shares delivered herewith1:
	  	$	                    	 	 	$	                        	] 
			
	 [Value of
                 Shares pursuant to net exercise2:
	  	$	                    	 	 	$	                        	] 
			
	 [Regulation T Program (cashless
exercise3):
	  	$	                    	 	 	$	                        	] 

  

	1 	Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any liens, claims,
encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate. 

	2 	The option must be a Nonstatutory Stock Option, and the Company must have established net exercise procedures at the time of exercise, in order to utilize this payment method. 

	3 	Shares must meet the public trading requirements set forth in the option. 

  
 48 

 By this exercise, I agree (i) to provide such additional documents as you may require
pursuant to the terms of the Tenable Holdings, Inc. 2018 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, and
(iii) if this exercise relates to an incentive stock option, to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise of this option that occurs within two (2) years
after the date of grant of this option or within one (1) year after such Shares are issued upon exercise of this option. 
 I further
agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer,
make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one
hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request to facilitate compliance with FINRA Rule
2241 or any successor or similar rule or regulation) (the “Lock-Up Period”). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company
or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to securities subject to the foregoing restrictions until the end of such period. 
  

	
	Very truly yours,
	    
	  

  
 49 

 TENABLE HOLDINGS, INC. 

RESTRICTED STOCK UNIT GRANT NOTICE 

(2018 EQUITY INCENTIVE PLAN) 

Tenable Holdings, Inc. (the “Company”), pursuant to its 2018 Equity Incentive Plan (the “Plan”), hereby awards
to Participant a Restricted Stock Unit Award for the number of shares of the Company’s Common Stock (“Restricted Stock Units”) set forth below (the “Award”). The Award is subject to all of the
terms and conditions as set forth in this notice of grant (this “Restricted Stock Unit Grant Notice”), and in the Plan and the Restricted Stock Unit Award Agreement (the “Award Agreement”), both of
which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein shall have the meanings set forth in the Plan or the Award Agreement. In the event of any conflict between the terms in this
Restricted Stock Unit Grant Notice or the Award Agreement and the Plan, the terms of the Plan shall control. 
  

			
	 Participant:
	  	  

	 Date of Grant:
	  	  

	 Vesting Commencement Date:
	  	  

	 Number of Restricted Stock Units:
	  	  

  

			
	Vesting Schedule:	  	[                    , subject to Participant’s Continuous Service through each such vesting date.]
		
	Issuance Schedule:	  	Subject to any Capitalization Adjustment, one share of Common Stock (or its cash equivalent, at the discretion of the Company) will be issued for each Restricted Stock Unit that vests at the time set forth in Section 6 of
the Award Agreement.

 Additional Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees to, this Restricted
Stock Unit Grant Notice, the Award Agreement and the Plan. Participant acknowledges and agrees that this Restricted Stock Unit Grant Notice and the Award Agreement may not be modified, amended, or revised except as provided in the Plan. Participant
further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Award Agreement and the Plan set forth the entire understanding between Participant and the Company regarding the acquisition of the Common Stock
pursuant to the Award specified above and supersede all prior oral and written agreements on the terms of this Award, with the exception, if applicable, of (i) equity awards previously granted and delivered to Participant, (ii) any
compensation recovery policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance arrangement or other written agreement entered into between the Company and Participant
specifying the terms that should govern this Award upon the terms and conditions set forth therein. 

  
 50 

 By accepting this Award, Participant acknowledges having received and read the Restricted Stock Unit Grant
Notice, the Award Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. Participant consents to receive Plan and related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 
  

									
	TENABLE HOLDINGS, INC.	 		 	PARTICIPANT
				
	By:	 	  
	 		 	     

		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

 ATTACHMENTS: Award Agreement and 2018 Equity Incentive Plan 

  
 51 

 ATTACHMENT I 

TENABLE HOLDINGS, INC. 

2018 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement
(the “Agreement”), Tenable Holdings, Inc. (the “Company”) has awarded you (“Participant”) a Restricted Stock Unit Award (the “Award”) pursuant to the
Company’s 2018 Equity Incentive Plan (the “Plan”) for the number of Restricted Stock Units/shares indicated in the Grant Notice. Capitalized terms not explicitly defined in this Agreement or the Grant Notice shall have
the same meanings given to them in the Plan. The terms of your Award, in addition to those set forth in the Grant Notice, are as follows. 

1.    GRANT OF THE AWARD. This Award represents
the right to be issued on a future date one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 below) as indicated in the Grant Notice. As of the
Date of Grant, the Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of Restricted Stock Units/shares of Common Stock subject to the Award. Notwithstanding the
foregoing, the Company reserves the right to issue you the cash equivalent of Common Stock, in part or in full satisfaction of the delivery of Common Stock in connection with the vesting of the Restricted Stock Units, and, to the extent applicable,
references in this Agreement and the Grant Notice to Common Stock issuable in connection with your Restricted Stock Units will include the potential issuance of its cash equivalent pursuant to such right. This Award was granted in consideration of
your services to the Company. 
 2.    VESTING. Subject to the limitations contained
herein, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice. Vesting will cease upon the termination of your Continuous Service and the Restricted Stock Units credited to the Account that were not
vested on the date of such termination will be forfeited at no cost to the Company and you will have no further right, title or interest in or to such Award or the shares of Common Stock to be issued in respect of such portion of the Award. 

3.    NUMBER OF SHARES. The number of Restricted Stock Units
subject to your Award may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan. Any additional Restricted Stock Units, shares, cash or other property that becomes subject to the Award pursuant to this Section 3,
if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units and shares covered by your Award.
Notwithstanding the provisions of this Section 3, no fractional shares or rights for fractional shares of Common Stock shall be created pursuant to this Section 3. Any fraction of a share will be rounded down to the nearest whole share.

 4.    SECURITIES LAW COMPLIANCE. You may
not be issued any Common Stock under your Award unless the shares of Common Stock underlying the Restricted Stock Units are either (i) then registered under the Securities Act, or (ii) the Company has determined that such issuance would be
exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you shall not receive such Common Stock if the Company determines that such receipt
would not be in material compliance with such laws and regulations. 

  
 52 

 5.    TRANSFER
RESTRICTIONS. Prior to the time that shares of Common Stock have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your Award, except
as expressly provided in this Section 5. For example, you may not use shares that may be issued in respect of your Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery to you of
shares in respect of your vested Restricted Stock Units. 
 (a) Death. Your Award is transferable by will and by the laws of descent
and distribution. At your death, vesting of your Award will cease and your executor or administrator of your estate shall be entitled to receive, on behalf of your estate, any Common Stock or other consideration that vested but was not issued before
your death. 
 (b) Domestic Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and
provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive the distribution of Common Stock or other consideration hereunder, pursuant to a domestic
relations order, marital settlement agreement or other divorce or separation instrument as permitted by applicable law that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms
of any division of this Award with the Company General Counsel prior to finalizing the domestic relations order or marital settlement agreement to verify that you may make such transfer, and if so, to help ensure the required information is
contained within the domestic relations order or marital settlement agreement. 
 6.    DATE
OF ISSUANCE. 
 (a) The issuance of shares in respect of the Restricted Stock Units is intended to
comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation set forth in Section 11 of
this Agreement, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under
Section 3 above, and subject to any different provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date”. 

(b) If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if: 
 (i) the Original Issuance Date does not occur (1) during an “open window period”
applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an established
stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in
compliance with the Company’s policies (a “10b5-1 Arrangement”)), and 

(ii) either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date,
(A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this Award, and (B) not to permit you to enter into a “same day sale”
commitment with a broker-dealer pursuant to Section 11 of this Agreement (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding
Obligation in cash, 

  
 53 

 then the shares that would otherwise be issued to you on the Original Issuance Date will
not be delivered on such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market, but in no event later than
December 31 of the calendar year in which the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury
Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock under this Award
are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

(c) The form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the
Company. 
 7.    DIVIDENDS. You shall receive no benefit or adjustment to your Award with
respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment; provided, however, that this sentence will not apply with respect to any shares of Common Stock that are delivered to you in
connection with your Award after such shares have been delivered to you. 
 8.    RESTRICTIVE
LEGENDS. The shares of Common Stock issued in respect of your Award shall be endorsed with appropriate legends as determined by the Company. 

9.    EXECUTION OF DOCUMENTS. You hereby acknowledge and agree
that the manner selected by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice and of this Agreement. You further agree that such manner of indicating consent may be relied
upon as your signature for establishing your execution of any documents to be executed in the future in connection with your Award. 

10.    AWARD NOT A SERVICE
CONTRACT. 
 (a) Nothing in this Agreement (including, but not limited to, the vesting of your Award
or the issuance of the shares in respect of your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Agreement or the Plan shall: (i) confer upon you any right to continue in the employ or service
of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or
condition of employment or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan; or (iv) deprive the Company of the
right to terminate you at will and without regard to any future vesting opportunity that you may have. 
 (b) By accepting this
Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to the vesting schedule provided in the Grant Notice may not be earned unless (in addition to any other conditions described in the Grant Notice and this
Agreement) you continue as an employee, director or consultant at the will of the Company and affiliate, as applicable (not through the act of being hired, being granted this Award or any other award or benefit) and that the Company has the right to
reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). You
acknowledge and agree that such a reorganization could result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Agreement, including but not
limited to, the termination of the right to continue vesting in the Award. You further acknowledge and agree that this Agreement, the Plan, the transactions contemplated 

  
 54 

 
hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of
continued engagement as an employee or consultant for the term of this Agreement, for any period, or at all, and shall not interfere in any way with the Company’s right to terminate your Continuous Service at any time, with or without your
cause or notice, or to conduct a reorganization. 
 11.    WITHHOLDING OBLIGATION.

 (a) On each vesting date, and on or before the time you receive a distribution of the shares of Common Stock in respect of your
Restricted Stock Units, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate
provision, including in cash, for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding
Obligation”). 
 (b) By accepting this Award, you acknowledge and agree that the Company or any Affiliate may, in its sole
discretion, satisfy all or any portion of the Withholding Obligation relating to your Restricted Stock Units by any of the following means or by a combination of such means: (i) causing you to pay any portion of the Withholding Obligation in
cash; (ii) withholding from any compensation otherwise payable to you by the Company; (iii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair
Market Value (measured as of the date shares of Common Stock are issued pursuant to Section 6) equal to the amount of such Withholding Obligation; provided, however, that the number of such shares of Common Stock so withheld will not exceed the
amount necessary to satisfy the Withholding Obligation using the maximum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and
provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Board
or the Company’s Compensation Committee; and/or (iv) permitting or requiring you to enter into a “same day sale” commitment, if applicable, with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a
“FINRA Dealer”), pursuant to this authorization and without further consent, whereby you irrevocably elect to sell a portion of the shares to be delivered in connection with your Restricted Stock Units to satisfy the
Withholding Obligation and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Obligation directly to the Company and/or its Affiliates. Unless the Withholding Obligation is satisfied, the
Company shall have no obligation to deliver to you any Common Stock or any other consideration pursuant to this Award. 
 (c) In the event
the Withholding Obligation arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree
to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 

12.    TAX CONSEQUENCES. The Company has no duty or obligation to minimize the
tax consequences to you of this Award and shall not be liable to you for any adverse tax consequences to you arising in connection with this Award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors
regarding the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so. You understand that you (and not the Company) shall be responsible for your own tax
liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

  
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 13.    UNSECURED OBLIGATION. Your
Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property pursuant to this Agreement. You shall not
have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain
full voting and other rights as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and
the Company or any other person. 
 14.    NOTICES. Any notice or request
required or permitted hereunder shall be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Award by electronic means or to
request your consent to participate in the Plan by electronic means. By accepting this Award, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or
electronic system established and maintained by the Company or another third party designated by the Company. 

15.    HEADINGS. The headings of the Sections in this Agreement are inserted
for convenience only and shall not be deemed to constitute a part of this Agreement or to affect the meaning of this Agreement. 

16.    MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Award shall be transferable by the Company to any one or more persons or
entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s successors and assigns. 

(b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. 

(d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan and this Agreement shall be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

17.    GOVERNING PLAN DOCUMENT. Your Award is
subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant
to the Plan. Your Award (and any compensation paid or shares issued under your Award) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any
clawback policy adopted by the Company and any 

  
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compensation recovery policy otherwise required by applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntarily terminate
employment upon a resignation for “good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company. 

18.    EFFECT ON OTHER EMPLOYEE
BENEFIT PLANS. The value of the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan (other
than the Plan) sponsored by the Company or any Affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all of the employee benefit plans of the Company or any
Affiliate. 
 19.    SEVERABILITY. If all or any part of this Agreement or
the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this
Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful
and valid. 
 20.    OTHER DOCUMENTS. You hereby acknowledge
receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act. In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares
only during certain “window” periods and the Company’s insider trading policy, in effect from time to time. 

21.    AMENDMENT. This Agreement may not be modified, amended or terminated except by an
instrument in writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Agreement,
so long as a copy of such amendment is delivered to you, and provided that, except as otherwise expressly provided in the Plan, no such amendment materially adversely affecting your rights hereunder may be made without your written consent. Without
limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the Award as a result of any change in applicable
laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein. 

22.    COMPLIANCE WITH
SECTION 409A OF THE CODE. This Award is intended to be exempt from the application of Section 409A of the
Code, including but not limited to by reason of complying with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) and any ambiguities herein shall be
interpreted accordingly. Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise not exempt from, and determined to be deferred compensation subject to
Section 409A of the Code, this Award shall comply with Section 409A to the extent necessary to avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly. If it is determined that the Award is
deferred compensation subject to Section 409A and you are a “Specified Employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “Separation from Service” (as defined in
Section 409A), then the issuance of any shares that would otherwise be made upon the date of your Separation from Service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead
be issued in a lump sum on the date that is six (6) months and one day after the date of the Separation from Service, with the balance of the shares issued thereafter 

  
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in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of adverse taxation
on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation
Section 1.409A-2(b)(2).  
 * * * * * 

This Restricted Stock Unit Award Agreement shall be deemed to be signed by the Company and the Participant upon the signing by the Participant
of the Restricted Stock Unit Grant Notice to which it is attached. 

  
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 ATTACHMENT II 

2018 EQUITY INCENTIVE PLAN 

  
 59

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