Document:

EX-4.4

 Exhibit 4.4 

Execution Version 
 SECOND
AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 THIS SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this
“Agreement”) is entered into on May 22, 2017 (the “Effective Date”), by and among 
  

	1.	 Futu Holdings Limited
(富途控股有限公司), an exempted limited liability company duly incorporated and validly existing under the Laws of Cayman Islands (the
“Company”); 

  

	2.	 Futu Securities International (Hong Kong) Limited
(富途证券国际(香港)有限公司), a company incorporated under the Laws of Hong Kong (“Futu Int’l
HK”); 

  

	3.	 Futu Securities (Hong Kong) Limited
(富途证券(香港)有限公司), a company incorporated under the Laws of Hong Kong (“Futu New HK”);

  

	4.	 Futu Network Technology Limited
(富途網絡科技有限公司), a company incorporated under the Laws of Hong Kong (“Futu Network”); 

 

	5.	 Shenzhen Futu Internet Technology Co., Ltd.
(深圳市富途网络科技有限公司), a company duly incorporated and validly existing under the Laws of the PRC
(“Futu SZ”); 

  

	6.	 Beijing Futu Internet Technology Co., Ltd.
(北京市富途网络科技有限公司), a company duly incorporated and validly existing under the Laws of the PRC
(“Futu BJ”); 

  

	7.	 Futu Internet Technology (Shenzhen) Co., Ltd.
(富途网络科技(深圳)有限公司), a company duly incorporated and validly existing under the Laws of the PRC
(“Futu Internet SZ”); 

  

	8.	 Shenzhen Shidai Futu Consulting Limited
(深圳市时代富途咨询有限公司), a company duly incorporated and validly existing under the Laws of the PRC
(“Shidai Consulting”); 

  

	9.	 Shenzhen Qianhai Fuzhitu Investment Consulting Limited
(深圳市前海富之途投资咨询有限公司), a company duly incorporated and validly existing under the
Laws of the PRC (“Qianhai Consulting”); 

  

	10.	 Shen Si Internet Technology (Beijing) Co., Ltd.
(慎思网络技术(北京)有限公司), a wholly foreign owned enterprise duly incorporated and validly existing
under the Laws of the PRC (the “WFOE”); 

  

	11.	 Futu Inc., a corporation incorporated under the laws of the State of Delaware, United States (“Futu
US”); 

  

	12.	 Futu NZ Limited, a company incorporated under the laws of New Zealand (“Futu NZ”);

	13.	 Each of the individuals listed on Schedule SCHEDULE I attached hereto (each such individual, a
“Principal” and, collectively, the “Principals”); 

  

	14.	 Qiantang River Investment Limited, a company incorporated under the Laws of the British Virgin Islands
(“Qiantang River”); 

  

	15.	 Image Frame Investment (HK) Limited
意像架構投資(香港)有限公司, a company incorporated under
the Laws of Hong Kong (“Image Frame”, and together with Qiantang River, “Tencent”); 

  

	16.	 Matrix Partners China III Hong Kong Limited, a company incorporated under the Laws of Hong Kong
(“Matrix”); 

  

	17.	 SCC Venture VI Holdco, Ltd., a company incorporated under the Laws of the Cayman Islands
(“SCC”); and 

  

	18.	 Sequoia Capital CV IV Holdco, Ltd., a company incorporated under the Laws of the Cayman Islands
(“Sequoia Holdco”, and together with SCC, “Sequoia”). 

 Each of the parties listed
above is referred to herein individually as a “Party” and collectively as the “Parties”. Tencent, Matrix and Sequoia are collectively referred to as the “Investors” and each an
“Investor”. Capitalized terms used herein without definition shall have the meanings set forth in the Purchase Agreement (as defined below). 

RECITALS 
  

	A	 The Company owns 100% of the equity interests in each of Futu New HK, Futu Int’l Hong Kong, Futu Network,
Futu US and Futu NZ. Futu New HK holds 100% of the equity interests of the WFOE and Futu Internet SZ. The equity interests in Futu SZ are held by LI Hua (defined in the Purchase Agreement) and the Existing SZ Shareholders (defined below), and the
WFOE controls Futu SZ through the Captive Structure (defined below). Futu SZ owns 100% of the equity interests of Futu BJ. Futu Int’l HK owns 100% of the equity interests in Shidai Consulting and Qianhai Consulting. 

 

	B	 Certain Investors holding Series A Preferred Shares (as defined below), Series
A-1 Preferred Shares (as defined below) and Series B Preferred Shares (as defined below) are parties to that certain Shareholders Agreement, dated May 27, 2015 (the “Prior Agreement”).

  

	C	 The Group (defined below) is engaged in the business of securities brokerage and related services (the
“Business”). The Company seeks expansion capital to grow the Business and, correspondingly, seeks to secure an investment from the Investors, on the terms and conditions set forth herein. 

 

	D	 Image Frame has agreed to purchase from the Company, and the Company has agreed to issue to Image Frame, Series
C Preferred Shares (as defined below) of the Company, and Matrix and SCC have agreed to purchase from the Company, and the Company has agreed to issue to Matrix and SCC, Series C-1 Preferred Shares (as defined
below) of the Company, on the terms and conditions set forth in the Share Purchase Agreement dated May 22, 2017 by and among the Company, the Principals, Futu Int’l HK, Futu New HK, Futu SZ, Futu BJ, Futu Internet SZ, Shidai Consulting, Qianhai
Consulting, the WFOE, Futu US, Futu NZ and the Investors (the “Purchase Agreement”). 

  
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	E	 The Purchase Agreement provides that the execution and delivery of this Agreement shall be a condition
precedent to the Closing thereunder. 

  

	F	 Pursuant to Section 12.11 of the Prior Agreement, the Prior Agreement may be amended by written consent of
(i) the Company; (ii) Persons holding at least 75% of the then issued and outstanding Preferred Shares (as defined in the Prior Agreement) (voting together as a single class and on an as-converted
basis); and (iii) Persons holding at least a majority of the Ordinary Shares held by the Principals. The Company, the holders of Series A Preferred Shares, the Series A-1 Preferred Shares and Series B
Preferred Shares, and the Principals, all of which are parties of this Agreement, meet the constituent requirements under (i)-(iii) of Section 12.11 of the Prior Agreement, respectively, to amend the Prior Agreement. 

 

	G	 The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants
and agreements set forth herein on the terms and conditions set forth herein. 

 WITNESSETH 

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

	1.	 Definitions. 

1.1    The following terms shall have the meanings ascribed to them below: 

“Accounting Standards” means the International Financial Reporting Standards promulgated by the International Accounting
Standards Board (IASB) (which includes standards and interpretations approved by the IASB and International Accounting Principles issued under previous constitutions), together with its pronouncements thereon from time to time, and applied on a
consistent basis. 
 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls,
is Controlled by or is under common Control with such Person. In the case of an Investor, the term “Affiliate” also includes (i) any shareholder of such Investor, (ii) any of such shareholder’s or such
Investor’s current or retired general partners or limited partners, (iii) the fund manager managing such shareholder or such Investor (and general partners, limited partners, officers, and directors thereof) and other funds managed
by such fund manager, (iv) any venture capital fund now or hereafter existing which is Controlled by or under common Control with one or more general partners or shares the same management company with such Person, and
(iv) trusts Controlled by or for the benefit of any such Person referred to in (i), (ii), (iii), or (iv). Notwithstanding the foregoing, the parties acknowledge and agree that (a) the name “Sequoia
Capital” is commonly used to describe a variety of entities (collectively, the “Sequoia Entities”) that are affiliated by ownership or operational relationship and engaged in a broad range of activities related to investing and
securities trading and (b) notwithstanding any other provision of this Agreement to the contrary, this Agreement shall not be binding on, or restrict the activities of, any (i) Sequoia Entity outside of the Sequoia China Sector Group or
(ii) entity primarily engaged in investment and trading in the secondary securities market. For purposes of the foregoing, the “Sequoia China Sector Group” means all Sequoia Entities (whether currently existing or formed in the
future) that are principally focused on companies located in, or with connections to, the PRC. 

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

“Applicable Rate” means the average exchange rate calculated based on the average daily exchange rate between any two
currencies (as determined by reference to the rates reported by the People’s Bank of China) that prevailed during the five days’ period immediately preceding the date on which reference to the relevant currencies is made. 

“Associate” means, with respect to any Person, (i) a corporation or organization (other than the Group Companies)
of which such Person is an officer or partner or is, directly or indirectly, the beneficial owner of five percent (5%) or more of any class of Equity Securities of such corporation or organization, (ii) any trust or other estate in which
such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (iii) any relative or spouse of such Person, or any relative of such spouse. 

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

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are
required or authorized by law to be closed in the Cayman Islands, the PRC or Hong Kong. 
 “Captive Structure” means the
structure under which the WFOE Controls Futu SZ and Futu BJ through the Control Documents. 
 “CFC” means a controlled
foreign corporation as defined in the Code. 
 “Charter Documents” means, with respect to any Person, that is a legal
entity, the articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization, limited
liability company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such Person. 

  
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 “Circular 37” means Circular of the State Administration of Foreign
Exchange on Issues concerning Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles
(《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》
) issued by SAFE on July 4, 2014, including any of its applicable implementing rules or regulations. 

“Closing” means the consummation of the sale and issuance of the Series C Preferred Shares and Series C-1 Preferred Shares pursuant to the Purchase Agreement. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Commission” means (i) with respect to any offering of securities in the
United States, the Securities and Exchange Commission of the United States or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the
United States, the regulatory body of the jurisdiction with authority to supervise and regulate the offering or sale of securities in that jurisdiction. 

“Competitive Business Activity” means (i) engaging in, or managing or directing persons primarily engaged in the
business in competition with that of the Business; (ii) acquiring or having an ownership interest in any business primarily engaged in the business in competition with that of the Business; or (iii) participating in the financing,
operation, management or control of any firm, partnership, corporation, entity or business primarily engaged in the business in competition with that of the Business. Notwithstanding the foregoing provision, a passive investment in less than two
percent (2%) of the issued and outstanding shares of a publicly traded company engaged in the business in competition with the Business shall not be deemed as a Competitive Business Activity. 

“Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial
ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such
Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 
 “Control
Documents” has the meaning set forth in the Purchase Agreement. 
 “Deemed Liquidation Event” has the meaning
given to such term in the Memorandum and Articles. 
 “Director” means a director serving on the Board. 

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

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

“Existing SZ Shareholders” means the existing shareholders (excluding Li Hua) of Futu SZ as of the date of the execution of
this Agreement, consisting of LI Lei (李镭), FENG Lei
(冯磊), JIA Yan (贾岩), XIANG Wenbin (香文斌), ZHAO Dan (赵丹), ZHU Daxin (朱达欣), WANG Wenhai (王闻海), LIU Huajing (刘化静) and QIU Yuepeng (邱跃鹏). 
 “FCPA” means Foreign Corrupt Practices Act of the United
States of America, as amended from time to time. 
 “Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect. 

“Form S-3” means Form S-3 promulgated by the
Commission under the Securities Act or any successor form or substantially similar form then in effect. 
 “Governmental
Authority” means any government of any nation or any federation, province or state or any other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of the PRC, Hong Kong, United States of America, New Zealand or any other country, or any political subdivision thereof, any
court, tribunal or arbitrator, and any self-regulatory organization. 
 “Governmental Order” means any applicable order,
ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“Group Company” means each of the Company, Futu Int’l HK, Futu New HK, Futu Network, Futu US, Futu NZ, Futu SZ, Futu BJ,
Futu Internet SZ, Shidai Consulting, Qianhai Consulting and WFOE, together with each Subsidiary of any of the foregoing, and “Group” or “Group Companies” refers to all of the Group Companies collectively. 

“Holders” means the holders of Registrable Securities who are parties to this Agreement from time to time, and their
permitted transferees that become parties to this Agreement from time to time. 
 “Hong Kong” means the Hong Kong Special
Administrative Region of the People’s Republic of China. 

  
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 “Indebtedness” of any Person means, without duplication, each of the
following of such Person: (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the
ordinary course of business), (iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds, debentures or similar
instruments, including obligations so evidenced that are incurred in connection with the acquisition of properties, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention
agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (vi) all obligations that are capitalized in accordance with Accounting Standards, (vii) all obligations under banker’s acceptance, letter of credit or similar facilities,
(viii) all obligations to purchase, redeem, retire, defease or otherwise acquire for value any Equity Securities of such Person, (ix) all obligations in respect of any interest rate swap, hedge or cap agreement, and
(x) all guarantees issued in respect of the Indebtedness referred to in clauses (i) through (ix) above of any other Person, but only to the extent of the Indebtedness guaranteed. 

“Initiating Holders” means, with respect to a request duly made under Section 2.1 or
Section 2.2 to Register any Registrable Securities, the Holders initiating such request. 
 “Intellectual
Property” means any and all (i) patents, patent rights and applications therefor and reissues, reexaminations, continuations, continuations-in-part,
divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright
registrations and applications, mask works and registrations and applications therefor, author’s rights and works of authorship (including artwork, software, computer programs, source code, object code and executable code, firmware, development
tools, files, records and data, and related documentation), (iv) URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs,
design protocols, specifications, proprietary data, customer lists, databases, proprietary processes, technology, formulae, and algorithms and other intellectual property, (vi) trade names, trade dress, trademarks, domain names, service
marks, logos, business names, and registrations and applications therefor, and (vii) the goodwill symbolized or represented by the foregoing. 

“IPO” means the first firm underwritten registered public offering by the Company of its Ordinary Shares pursuant to a
Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or another Governmental Authority for a public offering in a jurisdiction other than the United States. 

“Key Employees” has the meaning set forth in the Purchase Agreement. 

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

“Liabilities” means, with respect to any Person, all liabilities, obligations and commitments of such Person of any nature,
whether accrued, absolute, contingent or otherwise, and whether due or to become due. 
 “Lien” means any claim, charge,
easement, encumbrance, lease, covenant, security interest, lien, option, pledge, rights of others, or restriction (whether on voting, sale, transfer, disposition or otherwise), whether imposed by Contract, understanding, law, equity or otherwise.

 “Majority Preferred Holders” means the holders of more than 50% of the voting power of the issued and outstanding Series
A Preferred Shares, Series A-1 Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series C-1 Preferred Shares (voting together as a single class
and on an as-converted basis). 
 “Memorandum and Articles” means the Memorandum of
Association of the Company and the Articles of Association of the Company, as each may be amended and/or restated from time to time. 

“Ordinary Share Equivalents” means any Equity Security which is by its terms convertible into or exchangeable or exercisable
for Ordinary Shares or other share capital of the Company, including without limitation, the Preferred Shares. 
 “Ordinary
Shares” means the Company’s ordinary shares, par value US$0.00001 per share. 
 “Person” means any
individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 

“PFIC” means passive foreign investment company as defined in the Code. 

“PRC” means the People’s Republic of China, but solely for the purposes of this Agreement, excluding Hong Kong, the
Macau Special Administrative Region and the islands of Taiwan. 
 “Preferred Holder” means any holder of the issued and
outstanding Preferred Shares. 
 “Preferred Shares” means the Series A Preferred Shares, the Series A-1 Preferred Shares, the Series B Preferred Shares, the Series C Preferred Shares and the Series C-1 Preferred Shares. 

“Public Official” means any executive, officer, official, or employee of a Governmental Authority, political party or member
of a political party, political candidate; executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly owned or partially state-owned or controlled enterprise, including a PRC
state-owned or controlled enterprise. 

  
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 “Qualified IPO” has the meaning given to such term in the Memorandum and
Articles. 
 “Registrable Securities” means (i) the Ordinary Shares issued or issuable upon conversion of the
Preferred Shares, (ii) any Ordinary Shares of the Company issued or issuable as a dividend or other distribution with respect to, in exchange for, or in replacement of, the shares referenced in (i) herein, and (iii) any
Ordinary Shares owned or hereafter acquired by the Preferred Holders; excluding in all cases, however, any of the foregoing sold by a Person in a transaction other than an assignment pursuant to Section 12.3. For purposes
of this Agreement, Registrable Securities shall cease to be Registrable Securities when such Registrable Securities have been disposed of pursuant to an effective Registration Statement. 

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

“Registration Statement” means a registration statement prepared on Form F-1, F-3, S-1, or S-3 under the Securities Act, or on any comparable form in connection with registration in a jurisdiction other than the
United States. 
 “Related Party” means any Affiliate, officer, director, supervisory board member, employee, or holder of
any Equity Security of any Group Company, and any Affiliate or Associate of any of the foregoing. 
 “SAFE” means the State
Administration of Foreign Exchange of the PRC. 
 “SAFE Rules and Regulations” means collectively, the Circular 37 and any
other applicable SAFE rules and regulations. 
 “Securities Act” means the United States Securities Act of 1933, as
amended. 
 “Series A Preferred Shares” means the Series A Preferred Shares of the Company, par value US$0.00001 per share,
with the rights and privileges as set forth in the Memorandum and Articles. 
 “Series A-1
Preferred Shares” means the Series A-1 Preferred Shares of the Company, par value US$0.00001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

“Series B Preferred Shares” means the Series B Preferred Shares of the Company, par value US$0.00001 per share, with the
rights and privileges as set forth in the Memorandum and Articles. 
 “Series C Preferred Shares” means the Series C
Preferred Shares of the Company, par value US$0.00001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

  
 9 

 “Series C-1 Preferred Shares” means
the Series C-1 Preferred Shares of the Company, par value US$0.00001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

“Shareholder” means a holder of any Shares. 

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

“Subsidiary” means, with respect to any given Person, any other Person that is Controlled directly or indirectly by such
given Person. With respect to the Company, its Subsidiaries shall include Futu Int’l HK, Futu New HK, Futu Network, Futu US, Futu NZ, Futu SZ, Futu BJ, Futu Internet SZ, Shidai Consulting, Qianhai Consulting and the WFOE. 

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

“U.K. Bribery Act” means the United Kingdom Bribery Act of 2010 which came into effect on July 1, 2011. 

“US” means the United States of America. 

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

  
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 1.2    Other Defined Terms. The following terms shall have
the meanings defined for such terms in the Sections set forth below: 
  

			
	Additional Number	  	Section 7.4(b)
	Agreement	  	Preamble
	Business	  	Recitals
	Chairman	  	Section 9.1(b)
	Company	  	Preamble
	Deferral Period	  	Section 2.3(b)
	Direct US Investor	  	Section 11.10(c)
	Dispute	  	Section 12.5
	Effective Date	  	Preamble
	ESOP	  	Section 7.3(a)
	Exempt Registrations	  	Section 3.4
	First Participation Notice	  	Section 7.4(a)
	Futu BJ	  	Preamble
	Futu Int’l HK	  	Preamble
	Futu Internet SZ	  	Preamble
	Futu Network	  	Preamble
	Futu New HK	  	Preamble
	Futu NZ	  	Preamble
	Futu SZ	  	Preamble
	Futu US	  	Preamble
	Image Frame	  	Preamble
	Indirect US Investor	  	Section 11.10(c)
	Information	  	Section 11.14
	Investor	  	Preamble
	Investor Party	  	Section 11.14
	Matrix	  	Preamble
	New Securities	  	Section 7.3
	Observer	  	Section 9.1(c)
	Ordinary Director	  	Section 9.1
	Oversubscription Participants	  	Section 7.4(b)
	Party	  	Preamble
	PFIC Shareholder	  	Section 11.10(c)
	Preemptive Right	  	Section 7.1
	Principal	  	Preamble
	Prior Agreement	  	Recitals
	Pro Rata Share	  	Section 7.2
	Purchase Agreement	  	Recitals
	Qianhai Consulting	  	Preamble
	Qiantang River	  	Preamble
	Restricted Period	  	Section 11.13
	Rights Holder	  	Section 7.1
	SCC	  	Preamble
	Second Participation Notice	  	Section 7.4(b)
	Second Participation Period	  	Section 7.4(b)
	Security Holder	  	Section 11.2
	Sequoia Holdco	  	Preamble
	Shidai Consulting	  	Preamble
	Tencent	  	Preamble
	Tencent Director	  	Section 9.1(a)
	Violation	  	Section 5.1(a)
	WFOE	  	Preamble

  
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 1.3    Interpretation. For all purposes of this
Agreement, except as otherwise expressly herein provided, (i) the terms defined in this Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular, (ii) all
accounting terms not otherwise defined herein have the meanings assigned under the Accounting Standards, (iii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and
other subdivisions of the body of this Agreement, (iv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, (vi) all references in this Agreement to designated Schedules, Exhibits and Appendices are to the Schedules,
Exhibits and Appendices attached to this Agreement, (vii) references to this Agreement, any other Transaction Documents and any other document shall be construed as references to such document as the same may be amended, supplemented or
novated from time to time, (viii) the term “or” is not exclusive, (ix) the term “including” will be deemed to be followed by “, but not limited to,” (x) the terms “shall,”
“will,” and “agrees” are mandatory, and the term “may” is permissive, (xi) the phrase “directly or indirectly” means directly, or indirectly through one or more intermediate Persons or through
contractual or other arrangements, and “direct or indirect” has the correlative meaning, (xii) the term “voting power” refers to the number of votes attributable to the Shares (on an
as-converted basis) in accordance with the terms of the Memorandum and Articles, (xiii) the headings used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement, (xiv) references to laws include any such law modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted, or extended by the
same or pursuant to which the same is made, (xv) all references to dollars or to “US$” are to currency of the United States of America and all references to RMB are to currency of the PRC (and each shall be deemed to include
reference to the equivalent amount in other currencies calculated in accordance with the Applicable Rate), (xvi) references to “Qiantang River” and “Image Frame” shall include any of their respective assignees, and
(xvii) references to “Tencent” shall mean collectively Qiantang River and Image Frame (and any of their respective assignees), and for the purpose of calculating any voting rights or shareholding of Tencent, such voting rights
or shareholding shall be a reference to the voting rights or shareholding of Qiantang River and Image Frame (and any of their respective assignees) taken in aggregate. 

  
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	2.	 Demand Registration. 

2.1    Registration Other Than on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time or from time to time after the earlier of (i) May 27, 2023, and (ii) the date that is six (6) months after the closing
of the IPO, the Holders holding ten percent (10%) or more of the voting power of the then outstanding Registrable Securities held by all the Holders may request in writing that the Company effect a Registration of the Registrable Securities. Upon
receipt of such a request, the Company shall (i) promptly give written notice of the proposed Registration to all the other Holders, and (ii) as soon as practicable, use its best efforts to cause the Registrable Securities
specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) Business Days after the Company’s delivery of written notice, to be Registered and/or
qualified for sale and distribution in such jurisdiction as the Initiating Holders may request. The Company shall be obligated to effect no more than three (3) Registrations pursuant to this Section 2.1 that have been
declared and ordered effective; provided that if the sale of all of the Registrable Securities sought to be included pursuant to this Section 2.1 is not consummated, such Registration shall not be deemed to constitute one
of the Registration rights granted pursuant to this Section 2.1. 

2.2    Registration on Form F-3 or Form S-3. The
Company shall use its best efforts to qualify for Registration on Form F-3 or Form S-3. Subject to the terms of this Agreement, if the Company qualifies for Registration
on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), the Holders holding ten percent (10%) or more of the
voting power of the then outstanding Registrable Securities held by all the Holders may request the Company to file, in any jurisdiction in which the Company has had a Registered underwritten public offering, a Registration Statement on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including without limitation any Registration Statement filed under
the Securities Act providing for the Registration of, and the sale on a continuous or a delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by
the Commission. Upon receipt of such a request, the Company shall (i) promptly give written notice of the proposed Registration to all the other Holders and (ii) as soon as practicable, use its best efforts to cause the
Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) Business Days after the Company’s delivery of written notice, to
be Registered and qualified for sale and distribution in such jurisdiction. 

  
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	 	2.3	 Right of Deferral. 

(a)    The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this
Section 2: 
 (i)    if, within ten (10) Business Days of the receipt of
any request of the Holders to Register any Registrable Securities under Section 2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the
filing for its own account of a Registration Statement of Ordinary Shares within sixty (60) days upon receipt of that request; provided, that the Company is actively employing in good faith its best efforts to cause that Registration
Statement to become effective within sixty (60) days upon receipt of that request; provided, further, that the Holders are entitled to join such Registration in accordance with Section 3 (other than an
Exempt Registration); 
 (ii)    during the period starting with the date of filing by the Company of,
and ending six (6) months following the effective date of any Registration Statement pertaining to the Ordinary Shares of the Company other than an Exempt Registration; provided, that the Holders are entitled to join such Registration in
accordance with Section 3; or 
 (iii)    in any jurisdiction in which the
Company would be required to execute a general consent to service of process in effecting such Registration or qualification, unless the Company is already subject to service of process in such jurisdiction. 

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

  
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 2.4    Underwritten Offerings. If, in connection with a
request to Register the Registrable Securities under Section 2.1 or Section 2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so
advise the Company as a part of the request, and the Company shall include such information in the written notice to the other Holders described in Section 2.1 and Section 2.2. In such event, the
right of any Holder to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the
underwritten offering (unless otherwise mutually agreed by the Initiating Holders and such Holder) to the extent provided herein. All the Holders proposing to distribute their Registrable Securities through such underwritten offering shall enter
into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected for such underwritten offering by the Company and reasonably acceptable to the Holders of at least a majority of
the voting power of all the Registrable Securities proposed to be included in such Registration. Notwithstanding any other provision of this Agreement, if the managing underwriters advise the Company that marketing factors (including without
limitation the aggregate number of the Registrable Securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the
number of the Registrable Securities to be underwritten in a Registration pursuant to Section 2.1 or Section 2.2, the number of shares that may be included in the Registration and the underwriting
shall be allocated, first, to each of the Holders requesting inclusion of their Registrable Securities in such Registration Statement on a pro rata basis based on the total number of the Registrable Securities then held by each such Holder,
and second, to holders of other Equity Securities of the Company; provided, however, that the right of the underwriter(s) to exclude shares (including the Registrable Securities) from the Registration and underwriting as
described above shall be restricted so that (i) the number of the Registrable Securities included in any such registration is not reduced below thirty percent (30%) of the aggregate number of the Registrable Securities, on a pro rata
basis, for which inclusion has been requested; (ii) all the shares that are not the Registrable Securities and are held by any other Person, including, without limitation, any Person who is an employee, officer or director of the Company
(or any Subsidiary of the Company) shall first be excluded from such Registration and underwriting before any Registrable Securities are so excluded; and (iii) in any case at least 30% of the Registrable Securities requested to be
Registered by the Preferred Holder will not be subject to such cutback. If any Holder disapproves the terms of any underwriting, the Holder may also elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least
ten (10) Business Days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from such underwritten offering shall be withdrawn from the Registration. To facilitate the allocation of shares
in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares. 

  
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	3.	 Piggyback Registrations. 

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

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

	 	3.3	 Underwriting Requirements. 

(a)    In connection with any offering involving an underwriting of the Company’s Equity Securities, the Company shall
not be required to Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwritten offering and such Holder enters into an underwriting
agreement in customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering as have been agreed upon between the Company and the
underwriters. In the event the managing underwriters advise the Holders seeking Registration of the Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of the
Registrable Securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of the Registrable Securities to be
underwritten, the number of shares that may be included in the Registration and the underwriting shall be allocated, first, to the Company, second, to each of the Holders requesting inclusion of their Registrable Securities in such
Registration Statement on a pro rata basis based on the total number of the Registrable Securities then held by each such Holder, and third, to holders of other Equity Securities of the Company; provided, however, that the right
of the underwriter(s) to exclude shares (including the Registrable Securities) from the Registration and underwriting as described above shall be restricted so that (i) the number of the Registrable Securities included in any such
registration is not reduced below thirty percent (30%) of the aggregate number of the Registrable Securities, on a pro rata basis, for which inclusion has been requested; (ii) all the shares that are not the Registrable Securities and
are held by any other Person, including, without limitation, any Person who is an employee, officer or director of the Company (or any Subsidiary of the Company) shall first be excluded from such Registration and underwriting before any Registrable
Securities are so excluded; and (iii) in any case at least 30% of the Registrable Securities requested to be Registered by the Preferred Holder will not be subject to such cutback. If any Holder disapproves the terms of any underwriting,
the Holder may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) Business Days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or
withdrawn from the underwritten offering shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder
to the nearest one hundred (100) shares. 

  
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 (b)    If any Holder disapproves the terms of any underwriting, the
Holder may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) Business Days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn
from the underwritten offering shall be withdrawn from the Registration. 
 3.4    Exempt Registrations.
The Company shall have no obligation to Register any Registrable Securities under this Section 3 in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in
a Company share option plan, (ii) relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the Laws of another jurisdiction, as applicable), or (iii) on
any form that does not include substantially the same information as would be required to be included in a Registration Statement covering the sale of the Registrable Securities and does not permit secondary sales (collectively, “Exempt
Registrations”). 
  

	4.	 Registration Procedures. 

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

(a)    Prepare and file with the Commission a Registration Statement with respect to those Registrable Securities and use
its best efforts to cause that Registration Statement to become effective, and, upon the request of the Holders holding at least a majority of the voting power of the Registrable Securities Registered thereunder, keep the Registration Statement
effective for a period ending on the earlier of the date which is one hundred and eighty (180) days from the effective date of the Registration Statement or until the distribution thereunder has been completed; 

(b)    Prepare and file with the Commission amendments and supplements to that Registration Statement and the prospectus
used in connection with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition of all securities covered by the Registration Statement; 

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

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

  
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 (e)    In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in customary form, with the underwriter(s) of the offering; 

(f)    Promptly notify each Holder of the Registrable Securities covered by the Registration Statement at any time when a
prospectus relating thereto is required to be delivered under Applicable Securities Laws of (A) the issuance of any stop order by the Commission, or (B) the happening of any event or the existence of any condition as a result of
which any prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or amend such prospectus to comply with applicable Law, and at the request of any such Holder
promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made or such prospectus, as
supplemented or amended, shall comply with Law; 
 (g)    Furnish, at the request of any Holder requesting Registration
of Registrable Securities pursuant to this Agreement, on the date that such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (A) an opinion, dated the date of the sale, of the
counsel representing the Company for the purposes of the Registration, in form and substance as is customarily given to underwriters in an underwritten public offering; and (B) comfort letters dated as of (x) the
effective date of the registration statement covering such Registrable Securities, and (y) the date of the sale as contemplated in Rule 159 under the Securities Act, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 

(h)    Otherwise comply with all applicable rules and regulations of the Commission to the extent applicable to the
applicable registration statement and use its best efforts to make generally available to its securities holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the first month of the Company’s first
fiscal quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month period, subject to any proper and necessary extensions; 

(i)    Not, without the written consent of the Holders of at least a majority of the voting power of the then outstanding
Registrable Securities, make any offer relating to the securities that would constitute a “free writing prospectus,” as defined in Rule 405 promulgated under the Act; 

  
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 (j)    Provide a transfer agent and registrar for all Registrable
Securities Registered pursuant to the Registration Statement and, where applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective
date of the Registration; and 
 (k)    Take all reasonable action necessary to list the Registrable Securities on the
primary exchange on which the Company’s securities are then traded or, in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

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

4.3    Expenses of Registration. All expenses, other than the underwriting discounts and selling
commissions applicable to the sale of any Registrable Securities pursuant to this Agreement (which shall be borne by the Holders requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in
such Registration), incurred in connection with Registrations, filings or qualifications pursuant to this Agreement, including (without limitation) all Registration, filing and qualification fees, printers’ and accounting fees, fees charges by
depository banks, transfer agents, and share registrars, fees and disbursements of counsel for the Company and reasonable fees and disbursement of one counsel for all the selling Holders, shall be borne by the Company. The Company shall not,
however, be required to pay for any expenses of any Registration proceeding begun pursuant to Section 2.1 or Section 2.2 of this Agreement if the Registration request is subsequently withdrawn at
the request of the Holders holding at least a majority of the voting power of the Registrable Securities requested to be Registered by all the Holder in such Registration (in which case all the participating Holders shall bear such expenses pro rata
based upon the number of the Registrable Securities that were to be thereby Registered in the withdrawn Registration) unless the Holders of at least a majority of the voting power of the Registrable Securities then outstanding agree that such
Registration constitutes the use by the Holders of one (1) demand Registration pursuant to Section 2.1 (in which case such Registration shall also constitute the use by all the Holders of Registrable Securities of one
(1) such demand Registration); provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders
at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and the Company shall pay
any and all such expenses; and further, such Registration shall not constitute the use of one (1) demand Registration pursuant to Section 2.1. 

  
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	5.	 Registration-Related Indemnification. 

 

	 	5.1	 Company Indemnity. 

(a)    To the maximum extent permitted by Law, the Company will indemnify and hold harmless each Holder, such Holder’s
partners, officers, directors, shareholders, members, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses,
claims, damages or liabilities (joint or several) to which they may become subject under Laws which are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification, or
compliance, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such Registration Statement, on the effective date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto),
(ii) the omission or alleged omission to state in the Registration Statement, on the effective date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), a material fact
required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of Applicable Securities Laws, or any rule or regulation promulgated under Applicable
Securities Laws. The Company will reimburse, as incurred, each such Holder, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action. 
 (b)    The indemnity agreement contained in this Section 5.1 shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditional, or delayed), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information furnished
for use in connection with such Registration by any such Holder, such Holder’s partners, officers, directors, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the
Securities Act) such Holder or underwriter. 
  

	 	5.2	 Holder Indemnity. 

(a)    To the maximum extent permitted by Law, each selling Holder that has included any Registrable Securities in a
Registration will, severally and not jointly, indemnify and hold harmless the Company, its directors and officers, any other Holder selling securities in connection with such Registration and each Person, if any, who controls (as defined in the
Securities Act) the Company, such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or
regulation promulgated under Applicable Securities Laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that
such Violation occurs solely in reliance upon and in conformity with written information furnished by such Holder for use in connection with such Registration; and each such Holder will reimburse, as incurred, any Person intended to be indemnified
pursuant to this Section 5.2, for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action. None of the Holder’s
liabilities under this Section 5.2 (when combined with any amounts paid by such Holder pursuant to Section 5.4) shall exceed the net proceeds received by such Holder from the offering of securities
made in connection with that Registration. 

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

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

  
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 5.5    Underwriting Agreement. To the extent that the
provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall
prevail. 
 5.6    Survival. The obligations of the Company and the Holders under this
Section 5 shall survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement, regardless of the expiration of any statutes of limitation or extensions of such statutes.

  

	6.	 Additional Registration-Related Undertakings. 

6.1    Reports under the Exchange Act. With a view to making available to the Holders the benefits of Rule
144 promulgated under the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit a Holder to sell securities of the Company to the public without Registration or pursuant to a Registration on Form F-3 or Form S-3 (or any comparable form in a jurisdiction other than the United States), the Company agrees to: 

(a)    make and keep public information available, as those terms are understood and defined in Rule 144 (or comparable
provision, if any, under Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following 90 days after the effective date of the first Registration under the Securities Act filed by the Company
for an offering of its securities to the general public; 
 (b)    file with the Commission in a timely manner all
reports and other documents required of the Company under all Applicable Securities Laws; and 
 (c)    at any time
following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the Company for an offering of its securities to the general public by the Company, promptly furnish to any Holder holding
Registrable Securities, upon request (i) a written statement by the Company that it has complied with the reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or,
at any time after so qualified, that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under
Applicable Securities Laws of any jurisdiction where the Company’s securities are listed), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents as filed by the Company with the
Commission, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the Commission, that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s Securities are listed). 

  
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 6.2    Limitations on Subsequent Registration Rights. From
and after the date of this Agreement, the Company shall not, without the written consent of the holders of a majority of the Registrable Securities issued or issuable upon conversion of the Series A Preferred Shares, the Series A-1 Preferred Shares, the Series B Preferred Shares, the Series C Preferred Shares and the Series C-1 Preferred Shares (voting together as a single class and on an as-converted basis), enter into any agreement with any holder or prospective holder of any Equity Securities of the Company that would allow such holder or prospective holder (i) to include such Equity
Securities in any Registration filed under Section 2 or Section 3, unless under the terms of such agreement such holder or prospective holder may include such Equity Securities in any such
Registration only to the extent that the inclusion of such Equity Securities will not reduce the amount of the Registrable Securities of the Holders that are included, (ii) to demand Registration of their Equity Securities, or
(iii) cause the Company to include such Equity Securities in any Registration filed under Section 2 or Section 3 hereof on a basis pari passu with or more favorable to such holder or
prospective holder than is provided to the Holders of Registrable Securities. 
 6.3    “Market Stand-Off” Agreement. If so required by the underwriter(s), each holder of the Registrable Securities agrees to enter into an agreement in reasonable and customary form agreeing that the holder of
the Registrable Securities, will not sell, transfer or otherwise dispose of any Equity Securities of the Company (other than those included in the offering) without the prior written consent of the Company or such underwriter(s) during the period
commencing on the date of the final prospectus relating to the Company’s IPO and ending on the date specified by the Company and the underwriter(s) (such period not to exceed one hundred eighty (180) days from the date of such final
prospectus, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports; and (ii) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto); provided, that (i) the foregoing provisions of this
Section shall not apply to the sale of any securities of the Company to an underwriter pursuant to any underwriting agreement, and shall not be applicable to any Holder unless all directors, officers and all the other holders of at least one percent
(1%) of the issued and outstanding share capital of the Company (calculated on an as-converted to Ordinary Share basis) must be bound by restrictions at least as restrictive as those applicable to any such
Holder pursuant to this Section, (ii) this Section shall not apply to a Holder to the extent that any other Person subject to substantially similar restrictions is released in whole or in part, and (iii) the lockup agreements
shall permit a Holder to transfer their Registrable Securities to their respective Affiliates so long as the transferees enter into the same lockup agreement. Each Investor, severally but not jointly, agrees to execute and deliver to the
underwriters a lock-up agreement containing reasonable and customary terms and qualifications substantially similar as those contained herein, provided that such lockup agreement shall terminate no later than
ninety (90) days after the execution of such lockup agreement if the consummation of the IPO has not occurred. 

  

					
		  	23	  	

 6.4    Termination of Registration Rights. The
registration rights set forth in Section 2 and Section 3 of this Agreement shall terminate on the earlier of (i) the date that is five (5) years from the date of closing of a
Qualified IPO, (ii) with respect to any Holder, the date on which such Holder may sell all of such Holder’s Registrable Securities under Rule 144 of the Securities Act in any ninety (90)-day
period. 
 6.5    Exercise of Ordinary Share Equivalents. Notwithstanding anything to the contrary
provided in this Agreement, the Company shall have no obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted or exchanged, as applicable, for Ordinary Shares as of the
effective date of the applicable Registration Statement, but the Company shall cooperate and facilitate any such exercise, conversion or exchange as requested by the applicable Holder. 

6.6    Further Assurance. After the launch of the Company’s IPO, the Company shall take all necessary
actions to minimize the lock-up period of the Investors to the maximum permitted under applicable Law. 

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

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

(b)    it is agreed that the Company will not undertake any listing of American Depositary Receipts, American Depositary
Shares or any other security derivative of the Ordinary Shares unless arrangements have been made reasonably satisfactory to the Majority Preferred Holders to ensure that the spirit and intent of this Agreement will be realized and that the Company
is committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the United States of America as if the Company had listed
Ordinary Shares in lieu of such derivative securities. 

  

					
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	7.	 Preemptive Right. 

7.1    General. The Company hereby grants to Preferred Holder (“Rights Holder”) the
preemptive right to subscribe for such Rights Holder’s Pro Rata Share (as defined below) (and any oversubscription, as provided below), of all (or any part) of any New Securities (as defined below) that the Company may from time to time issue
after the date of this Agreement (the “Preemptive Right”). 
 7.2    Pro Rata Share. A
Rights Holder’s “Pro Rata Share” for purposes of the Preemptive Rights is the ratio of (i) the number of Ordinary Shares (including Preferred Shares on an as-converted basis
and assuming full conversion and exercise of all options and other then issued and outstanding convertible and exercisable securities) held by such Rights Holder, to (ii) the total number of Ordinary Shares (including Preferred Shares on
an as-converted basis and assuming full conversion and exercise of all options and other outstanding convertible and exercisable securities), then issued and outstanding immediately prior to the issuance of
New Securities giving rise to the Preemptive Rights. 
 7.3    New Securities. For purposes hereof,
“New Securities” shall mean any Equity Securities of the Company issued after the date hereof, except for: 

(a)    up to 135,032,132 Ordinary Shares (as adjusted in connection with share splits or share consolidation,
reclassification or other similar event) and/or options or warrants therefor issued to employees, officers, directors, contractors, advisors or consultants of the Group Companies reserved for the Company’s employee share option plan to be
adopted by the Company (“ESOP”); 
 (b)    any Equity Securities of the Company issued in connection
with any share split, share dividend, reclassification or other similar event duly approved by the Board (which approval includes the consent of the Tencent Director); 

(c)    any Ordinary Shares issued or issuable upon the conversion of the Preferred Shares; 

(d)    any Equity Securities of the Company issued pursuant to a Qualified IPO; 

(e)    any Equity Securities of the Company issued as dividend or distribution solely on the Preferred Shares in
accordance with the Memorandum and Articles, or in connection with a subdivision, combination, reclassification or similar event of the Preferred Shares; and 

(f)    any other Equity Securities of the Company which the Majority Preferred Holders shall have agreed in writing shall
not be deemed “New Securities”. 

  

					
		  	25	  	

	 	7.4	 Procedures. 

(a)    First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities
(in a single transaction or a series of related transactions), it shall give to each Rights Holder written notice of its intention to issue New Securities (the “First Participation Notice”), describing the amount and type of New
Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Rights Holder shall have twenty (20) Business Days from the date of receipt of any such First Participation Notice to agree in
writing to subscribe for up to such Rights Holder’s Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving written notice to the Company and stating therein
the quantity of New Securities to be subscribed for (not to exceed such Rights Holder’s Pro Rata Share). If any Rights Holder fails to so respond in writing within such twenty (20) Business Day period, then such Rights Holder shall forfeit
the right hereunder to subscribe for its Pro Rata Share of such New Securities, but shall not be deemed to forfeit any right with respect to any other issuance of New Securities. 

(b)    Second Participation Notice; Oversubscription. If any Rights Holder fails or declines to exercise its
Preemptive Rights in accordance with subsection 7.4(a) above, the Company shall promptly give notice (the “Second Participation Notice”) to the other Rights Holders who exercised in full their Preemptive Rights (the
“Oversubscription Participants”) in accordance with subsection 7.4(a) above. Each Oversubscription Participant shall have five (5) Business Days from the date of the Second Participation Notice (the “Second
Participation Period”) to notify the Company of its desire to subscribe for more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to subscribe for (the “Additional
Number”). Such notice may be made by telephone if confirmed in writing within two (2) Business Days. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available for subscription,
each Oversubscription Participant will be cut back by the Company with respect to its oversubscription to such number of remaining New Securities equal to the lesser of (i) the Additional Number and (ii) the product obtained
by multiplying (A) the number of the remaining New Securities available for subscription by (B) a fraction, the numerator of which is the number of Ordinary Shares (including Preferred Shares on an as-converted basis) held by such Oversubscription Participant and the denominator of which is the total number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by all the Oversubscription Participants. 

7.5    Failure to Exercise. Upon the expiration of the Second Participation Period, or in the event no
Rights Holder exercises the Preemptive Rights within twenty (20) Business Days following the issuance of the First Participation Notice, the Company shall have ninety (90) days thereafter to complete the sale of the New Securities
described in the First Participation Notice with respect to which the Preemptive Rights hereunder were not exercised at the same or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in the First
Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety (90) day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New
Securities to the Rights Holders pursuant to this Section 7. 

  

					
		  	26	  	

	8.	 Information and Inspection Rights. 

8.1    Delivery of Financial Statements. The Group Companies shall deliver to each Rights Holder the
following documents or reports: 
 (a)    within ninety (90) days after the end of each fiscal year of the Company,
a consolidated income statement and statement of cash flows for the Company for such fiscal year and a consolidated balance sheet for the Company as of the end of the fiscal year, audited and certified by a
“Big-4” international accounting firms or any other accounting firm acceptable to the Majority Preferred Holders , and a management report including a comparison of the financial
results of such fiscal year with the corresponding annual budget, all prepared in Chinese or in English upon the request of the Rights Holders, as approved by the Board and in accordance with the Accounting Standards consistently applied throughout
the period; 
 (b)    within forty-five (45) days of the end of each fiscal quarter, a consolidated unaudited
income statement and statement of cash flows for such quarter and a consolidated balance sheet for the Company as of the end of such quarter, and a comparison of the financial results of each month with the corresponding monthly budget, all prepared
in Chinese or in English upon the request of the Rights Holders, as approved by the Board and in accordance with the Accounting Standards consistently applied throughout the period (except for customary
year-end adjustments and except for the absence of notes), and certified by the chief financial officer of the Company; 

(c)    as soon as practicable, but in any event within thirty (30) days after the end of each month during each
fiscal year of the Company, unaudited consolidated management accounts of the Company prepared in Chinese or in English upon the request of the Rights Holders, and which at minimum shall contain (i) statements of income and of cash flows for
such month; (ii) a balance sheet as of the end of such month; and (iii) a statement of shareholders’ equity as of the end of such month, all of which shall be prepared in accordance with the Accounting Standards consistently applied
throughout the period (except for customary year-end adjustments and except for the absence of notes), and certified by the chief financial officer of the Company; 

(d)    an annual budget and business plan within thirty (30) days prior to the beginning of each fiscal year, setting
forth: the projected balance sheets, income statements and statements of cash flows for each month during such fiscal year of each Group Company; projected detailed budgets for each such month; any dividend or distribution projected to be declared
or paid; the projected incurrence, assumption or refinancing of indebtedness; and all other material matters relating to the operation, development and business of the Group Companies; 

(e)    copies of all documents or other information sent to all other shareholders and any reports or documents filed by
the Company with any relevant securities exchange or Governmental Authority, no later than five (5) Business Days after such documents or information are filed by the Company; and 

(f)    as soon as practicable, any other information, including operational data, reasonably requested by any such Rights
Holder. 

  

					
		  	27	  	

 8.2    Inspection Rights. Each of the Group Companies and
the Principals covenant and agree that each Rights Holder shall have the right, at its own expense, at any time during regular working hours with reasonable prior notice to such Group Company to: (i) visit and inspect the properties of such
Group Company, (ii) examine its books of account and records, (iii) to obtain copies of any document or other information held by such Group Company, and (iv) to discuss the affairs, finances, operations, compliance, employee matters,
and accounts of any Group Company with its officers, directors, auditors, accountants, legal counsels, and investment bankers; provided, however, that such Rights Holder may be excluded from access to any material, records or other
information if such disclosure will jeopardize the attorney-client privilege, except to the extent such Rights Holder agrees in writing to keep all such information confidential upon terms acceptable to the Company on advice of counsel (such
acceptance shall not be unreasonably withheld). No such inspection, examination or inquiry, the failure to conduct same, nor any knowledge of any Rights Holder, including without limitation, any knowledge obtained by such Rights Holder in connection
with any such inspection, investigation or inquiry, shall constitute a waiver of any rights such Rights Holder may have under any representation, warranty, covenant, term or agreement under this Agreement or the Purchase Agreement. Each Group
Company and Principal shall use best efforts to promptly comply with any request made by a Preferred Holder relating to this Section 8.2. 
  

	9.	 Election of Directors. 

 

	 	9.1	 Board of Directors and Observers. 

(a)    The Company shall have, and the Parties hereto agree to cause the Company to have, a Board consisting of three
(3) Directors with the composition of the Board determined as follows: (i) the holders of a majority of the voting shares of the then issued and outstanding Ordinary Shares (excluding the Ordinary Shares issuable upon conversion of
such Preferred Shares and voting as a separate class), shall be entitled to designate, appoint, remove, replace and reappoint at any time or from time to time two (2) Directors on the Board (each an “Ordinary Director”);
initially being LI Hua (李华) and ZHANG Jie
(张杰); and (ii) Tencent shall be exclusively entitled to appoint, remove, replace and reappoint at any
time or from time to time one (1) Director to the Board (so long as Tencent continues to hold at least 10% of the then issued and outstanding Ordinary Shares (on an as-converted basis). For the avoidance
of doubt, the Shares held by both Qiantang River and Image Frame (and their respective assignees) shall be taken into account when calculating the percentage of Shares held by Tencent) (the “Tencent Director”). 

(b)    The chairman of the Board (the “Chairman”) shall be appointed by the Board. The Chairman of the
Company as at the date of this Agreement shall be LI Hua (李华). Neither the Chairman nor any director shall have a
casting vote. 

  

					
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 (c)    Each Investor, so long as it holds any Shares, is entitled to
appoint one (1) observer (the “Observer”) to attend and participate in all meetings (whether in person, telephonic or otherwise) of the Board of Directors and of the board of directors of each other Group Company, including all
committees thereof, in a nonvoting observer capacity and the Company shall provide to each Observer, concurrently with and in the same manner as distributed to the directors or other voting members of the respective board, copies of all notices,
agendas, board materials, information, minutes, draft resolutions, proposed actions by written consent, consents, and other materials and communications so distributed; provided, however, that the Observer shall agree to hold in confidence
and trust all information so provided. Notwithstanding the foregoing, the Company reserves the right to exclude such Observer from any meeting or portion thereof if the Company believes, upon the advice of counsel, that such exclusion is reasonably
necessary to preserve attorney-client privilege or if such attendance at any meeting or a portion thereof would result in a material conflict of interest, and provided, further, that the Company may exclude from the materials sent to such Observer
any materials that the Company believes should be excluded to prevent a material conflict of interest, or that the Company believes, upon advice of counsel, should be excluded to preserve the attorney-client privilege. The right to appoint an
Observer shall terminate upon the earlier of (i) the termination of this Agreement pursuant to Section 12.1; or (ii) the consummation of a Qualified IPO. No Observer shall be recorded or represented to be a member
of any board or to have voted at any board meetings or on any board resolution nor shall any such Observer be counted towards the quorum for any board meeting or proceeding. 
  

	 	9.2	 Voting Agreements. 

(a)    With respect to each election of Directors, each holder of voting securities of the Company shall vote at each
meeting of shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the case may be, all of such holder’s voting securities of the Company as may be necessary
(i) to keep the authorized size of the Board at three (3) Directors, (ii) to cause the election or re-election as members of the Board, and during such period to continue in office,
each of the individuals designated pursuant to Section 9.1, and (iii) against any nominees not designated pursuant to Section 9.1. 

(b)    Any Director designated pursuant to Section 9.1 may be removed from the Board, either for
or without cause, only upon the affirmative vote of the Shareholder or group of Shareholders then entitled to designate or elect such Director pursuant to Section 9.1 given at a special meeting of such Shareholders duly
called or by an action by written consent for that purpose, and the Parties agree not to seek, vote for or otherwise effect the removal of any such Director without such vote or written consent. Any vacancy in the Board caused as a result of removal
of a Director or vacancy of the office of Director due to the Director’s resignation, death, bankruptcy, arrangement or composition with such Director’s creditors, or unsound mind, who shall have been designated or elected by a specified
group of Shareholders, may be filled by, and only by, the affirmative vote of the group of Shareholders then entitled to elect such Director, given at a special meeting of such Shareholders duly called or by an action by written consent for that
purpose, unless otherwise agreed upon among such Shareholders. 
 9.3    Board Meeting; Quorum.
Subject to the provisions of the Memorandum and Articles, the Directors may regulate their proceedings as they think fit, provided however unless otherwise approved by the Board (which approval includes the consent of the Tencent
Director), that (i) the board meetings shall be held at least once every three (3) months; and (ii) a written notice of each meeting, agenda of the business to be transacted at the meeting and, to the extent reasonably
practicable, all documents and materials to be circulated at or presented to the meeting shall be sent to all the Directors and Observers entitled to receive notice of the meeting at least ten (10) Business Days before the meeting and a copy of
the minutes of the meeting shall be sent to such Directors. Subject to applicable Laws, a meeting of the Board shall only proceed where there are present (whether in person or by means of a conference telephone or another equipment which allows all
the participants in the meeting to speak to and hear each other simultaneously) two (2) Directors in office elected in accordance with Section 9.1 that include the Tencent Director. Notwithstanding the foregoing, if
notice of the Board meeting has been duly delivered to all the Directors prior to the scheduled meeting in accordance with the notice procedures under the Charter Documents of the Company, and the number of directors required to be present under
this Section 9.3 for such meeting to proceed is not present within one half hour from the time appointed for the meeting, the meeting shall be adjourned to the seventh
(7th) following Business Day at the same time and place (or to such other time or such other place as the Directors may determine) with notice delivered to all the Directors in accordance with the
notice procedures under the Charter Documents of the Company and, if at the adjourned meeting, the number of Directors required to be present under this Section 9.3 for such meeting to proceed is not present within one half
hour from the time appointed for the meeting, then the Directors present shall be a quorum, as long as not less than two (2) Directors are present, whether or not the Tencent Director is included. All minutes and other records of proceedings of
the Board shall clearly distinguish between the differing capacities of attendees or participants and, in the case of individual participants, between attendance at the meeting and voting on any resolutions or other proceedings. 

  

					
		  	29	  	

 9.4    Expenses. The Company will promptly pay or
reimburse each non-employee Board member for all reasonable out-of-pocket expenses incurred in connection with attending board or
committee meetings and otherwise performing their duties as directors and committee members. 

9.5    Alternates. Subject to applicable Law, each Director shall be entitled to appoint an alternate
to serve at any Board meeting, and such alternate shall be permitted to attend all Board meetings and vote on behalf of the director for whom she or he is serving as an alternate. 

9.6    D&O Insurance. At the request of any Director, the Company shall obtain, within ninety
(90) days of the date upon receipt of such request, a commercially reasonable directors and officers liability insurance policy in favor of all directors of the Company from financially sound and reputable insurers, the amount of which shall be
approved by the Board. 
 9.7    Indemnification. To the fullest extent permitted by Law, the Group
Companies shall indemnify and hold harmless each board director appointed pursuant to Section 9.1(a) who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative by reason of the fact that he/she is or was a director of any of the Group Companies, or is or was a director of any of the Group Companies serving at the request of a Group Company as a director of another
company, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including attorney’s fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such
action, suit or proceeding if he/she acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Group Company on which he served as a director of the board, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his/her conduct was unlawful. 

  

					
		  	30	  	

 9.8    Subsidiaries. To the fullest extent permitted by
Law, the Parties hereto shall, if so requested by the Tencent Director, cause the board of directors of each Group Company to be composed in the same manner as provided in Section 9.1(a) and the quorum of the Board of each Group Member to be
constituted in the same manner as provided in Section 9.3 or such other manner as approved by the Board. The Parties shall cause their nominees on the board of any Group Company to vote in the same manner determined by the Board of the Company,
subject to their applicable fiduciary duties. The Parties hereto shall take all steps as are necessary to cause the provisions with respect to the governance of the Company to apply mutatis mutandis to the governance of each other Group
Company. The Company shall institute and keep in place such arrangements as are reasonably satisfactory to the Board of the Company (which includes the consent of the Tencent Director) such that the Company, to the extent reasonably practicable,
(i) will at all times control the operations of each other Group Company, and (ii) will at all times be permitted to properly consolidate the financial results for each other Group Member in the consolidated financial statements for the
Company prepared under the Accounting Principles. 
  

	10.	 Protective Provisions. 

10.1    Acts of the Group Companies Requiring Approvals of Majority Preferred
Holders. Regardless of anything else contained herein or in the Charter Documents of any Group Company, each Group Company and Principal shall procure that no Group Company shall take, permit to occur, approve, authorize, or agree or commit to
do any of the following, whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved
by the Majority Preferred Holders in advance in writing or by duly adopted resolutions: 
 (a)    any amendment or change
of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, any Preferred Shares; 

(b)    any action that authorizes, creates, issues, or changes the authorized number of (A) any class or
series of Equity Securities having rights, preferences, privileges, powers, limitations or restrictions superior to or on a parity with any Preferred Shares in issue, whether as to liquidation, conversion, dividend, voting, redemption, or otherwise,
or any Equity Securities convertible into, exchangeable for, or exercisable into any Equity Securities having rights, preferences, privileges, powers, limitations or restrictions superior to or on a parity with any Preferred Shares in issue, whether
as to liquidation, conversion, dividend, voting, redemption or otherwise, or (B) New Securities; 

(c)    any action that reclassifies, reorganizes, or recapitalizes any outstanding Equity Securities, except pursuant to
Article 8.3 of the Memorandum and Articles; 

  

					
		  	31	  	

 (d)    any purchase, repurchase, redemption or retirement of any Equity
Securities of any Group Company, other than repurchases of such Equity Securities pursuant to share restriction agreements approved by the Board upon termination of a director, employee or consultant, at the original cost paid by such director,
employee, or consultant; 
 (e)    any amendment or modification to or waiver under any of the Charter Documents of any
Group Company; 
 (f)    any declaration, set aside or payment of a dividend or other distribution, or the adoption of,
or any change to, the dividend policy, of any Group Company; 
 (g)    adoption, amendment or termination of the ESOP or
any other equity incentive, purchase or participation plan for the benefit of employees, officers, directors, contractors, advisors or consultants; 

(h)    engagement in any transaction or execution of any agreement (including but not limited to the termination,
extension, continuation after expiry, renewal, amendment, variation or waiver of any term under agreement with respect to any transaction or series of transactions) with any Related Party or any relative of Related Party; 

(i)    any merger, amalgamation or consolidation of any Group Company with any Person, or the purchase or other
acquisition by any Group Company (whether individually or in combination with the Company or any other Group Company) of all or substantially all of the assets, equity or business of another Person, or any Deemed Liquidation Event; 

(j)    any sale, transfer, or other disposal of, or the incurrence of any Lien on, any substantial part of any Group
Company’s assets; 
 (k)    with respect to any Group Company, other than any
non-exclusive license granted in the ordinary course of business, any sale, transfer, license, or other disposal of, or the incurrence of any Lien on, any copyright, trademark, patent or other Intellectual
Property; 
 (l)    with respect to any Group Company, the commencement of or consent to any proceeding seeking
(i) to adjudicate as bankrupt or insolvent, (ii) liquidation, winding up, dissolution, reorganization, or other arrangement under law relating to bankruptcy, insolvency or reorganization or relief of debtors, or (iii) the entry of an
order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; 

(m)    any change of the size or composition of the board of directors of any Group Company; 

(n)    any change in the equity ownership of any Group Company in any other Group Company, or any amendment or
modification to or waiver under any of the Control Documents; 

  

					
		  	32	  	

 (o)    any material change to the business scope or nature of business,
or cessation of any business line of any Group Company; or 
 (p)    any action by a Group Company to authorize, approve
or enter into any agreement or obligation with respect to any of the actions listed above. 
 Notwithstanding anything to the contrary
contained herein, where any act listed in clauses (a) through (o) above requires the approval of the Shareholders of the Company by way of a special resolution accordance with the applicable Laws, and if the Shareholders vote in favor of such
act but the approval of the Majority Preferred Holders has not been obtained, then the Majority Preferred Holders shall carry thirty-four percent (34%) of the votes on such special resolution. 

10.2    Acts of the Group Companies Requiring Board Approval. Regardless of anything else contained herein
or in the Charter Documents of any Group Company, no Group Company or Principal shall permit any Group Company to, take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a series
of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved by the Board (which approval includes the consent of the Tencent
Director): 
 (a)     incurrence of indebtedness or guarantees of indebtedness in excess of US$2,000,000 in the aggregate
for the Group during any fiscal year; 
 (b)    extension of any loan or financial assistance to any third party except
(i) to a wholly-owned Subsidiary of the Group or (ii) trade credit provided to bona fide customers in the ordinary course of business; 

(c)    purchase or lease of any business and/or assets valued in excess of US$1,000,000 individually or US$2,000,000 in
the aggregate for the Group during any fiscal year; 
 (d)    investment in, establishment of, or divestiture, pledge,
mortgage or sale of an interest in any partnership, joint venture or other company in excess of US$2,500,000 individually or US$5,000,000 in the aggregate for the Group during any fiscal year; 

(e)    approval of, or any deviation from or amendment of, the annual budget or the business and financial plan of any
Group Company; 
 (f)    appointment or removal of the Chairman, Chief Executive Officer, President, or Chief Financial
Officer of any Group Company; 
 (g)    approval of any remuneration or compensation package for any director, employee
or consultant of any Group Company which in the aggregate (including in kind compensation and allowance) exceeds US$500,000 or its equivalent in another currency per annum; 

(h)    appointment or removal of auditors, or the change of the term of the fiscal year; 

  

					
		  	33	  	

 (i)    adoption of or change to, a significant tax or accounting
practice or policy or any internal financial controls and authorization policies, or the making of any significant tax or accounting election; 

(j)    any other action or transaction out of the ordinary course of business; or 

(k)    any action by a Group Company to authorize, approve or enter into any agreement or obligation with respect to any
of the actions listed above. 
 The Group Companies and the Principals agree that they will use their best efforts to ensure that all
matters related to the Subsidiaries of the Company, which have been duly approved by the Shareholders or the Board of the Company, should also be approved by the shareholders and/or board of directors of the Subsidiaries in accordance with their
Charter Documents. 
  

	11.	 Additional Covenants. 

11.1    Business of the Group Companies. The business of each of the Group Companies shall be restricted to
the Business, except with the approval of the Majority Preferred Holders. 
 11.2    SAFE Registration. If
any holder or beneficial owner of any Equity Security of the Company (each, a “Security Holder”) is a “Domestic Resident” as defined in Circular 37 and is subject to the SAFE registration or reporting requirements under
Circular 37, the Parties (other than the Investors) shall use their best efforts to comply with the applicable SAFE registration or reporting requirements under SAFE Rules and Regulations, and in the event such Security Holder fails to comply with
the applicable SAFE registration or reporting requirements under SAFE Rules and Regulations, the Parties (other than the Investors) shall use their best efforts to promptly cause such Security Holder to cease to be a holder or beneficial owner of
any Equity Security of the Company. 
 11.3    Control Documents. The Principals and the Group Companies
shall ensure that each party to the relevant Control Documents fully perform its/his/her respective obligations thereunder and carry out the terms and the intent of the Control Documents. Any termination, or material modification or waiver of, or
material amendment to any Control Documents shall require the written consent of the Majority Preferred Holders. If any of the Control Documents becomes illegal, void or unenforceable under PRC Laws after the date hereof, the Parties (other than the
Investors) shall devise a feasible alternative legal structure reasonably satisfactory to the Majority Preferred Holders which gives effect to the intentions of the parties in each Control Document and the economic arrangement thereunder as closely
as possible. 
 11.4    Control of Subsidiaries. The Company shall institute and keep in place such
arrangements as are reasonably satisfactory to the Board such that the Company, to the extent reasonably practicable, (i) will at all times control the operations of each other Group Company, and (ii) will at all times be
permitted to properly consolidate the financial results for each other Group Company in the consolidated financial statements for the Company prepared under the Accounting Standards. 

  

					
		  	34	  	

	 	11.5	 Compliance with Laws; Registrations. 

(a)    The Group Companies shall, and the Principals shall cause the Group Companies to, conduct their respective business
in compliance in all material respects with all applicable Laws, including, without limitation, all Laws relating to: securities trading and brokerage services in Hong Kong, PRC, and the United States (including without limitation, (1) the
Securities Act, (2) the Hong Kong Securities and Futures Ordinance, (3) the Hong Kong Securities and Futures (Keeping of Records) Rules, and (4) the Hong Kong Securities and Futures (Accounts and Audit) Rules), (ii) paid services
offered online or on mobile apps, (iii) the control of foreign exchange, (iv) the safeguard of privacy and personal data, (v) employment and social insurance, (vi) Tax and (iv) accounting, and shall obtain, make and maintain
in effect, all consents from the relevant Governmental Authority or other Person required in respect of the due and proper establishment and operations of each Group Company as now conducted in accordance with applicable Laws. Without limiting the
generality of the foregoing, none of the Group Companies shall, and the Group Companies and the Principals hereby agree to procure that the Group Companies, their respective Affiliates and their respective officers, directors, agents, employees,
managers, independent contractors, and representatives, and any of the foregoing purporting to act on behalf of any Group Company shall not, at any time, directly or indirectly, offer, authorize, promise, condone, participate in, consummate, or fail
to disclose fully in violation of any applicable Law: (i) the offering, making, providing, or paying of any gift, contribution or payment of anything of value to any Public Official, or the providing of or paying for any entertainment or
any other expense, by any Person, (A) in violation of any applicable Compliance Law (as defined in the Purchase Agreement), (B) with the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such Public
Official, or assisting any Group Company in obtaining or retaining business for, or with, or directing business to, any Person, and/or (C) constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or
retaining business; (ii) the offering, making, providing, or paying of any payment to any agent, employee, officer or director of any entity with which a Group Company does business for the purpose of influencing such agent, employee,
officer or director to do business with any Group Company; (iii) the taking of any action by any Person which would violate the FCPA (if taken by an entity subject to the FCPA), would violate the U.K. Bribery Act (if taken by a Person
subject to the U.K. Bribery Act), or could reasonably be expected to constitute a violation of any applicable anti-bribery Law; (iv) the making of any false or fictitious entries in the books or records of any Group Company by any
Person; (v) the engagement in any transaction, the maintenance of any bank account or the use of any corporate funds, except for transactions, bank accounts and funds which have been and are reflected in the normally maintained books and
records of the Group Companies; (vi) the using of any assets of any Group Company for the establishment of any unlawful or unrecorded fund of monies or other assets, or the making of any unlawful or undisclosed payment; or
(vii) the making of any payment in the nature of criminal bribery or any other unlawful payment. In addition, the Group Companies and the Principals hereby agree to procure that the Group Companies, their respective Affiliates and their
respective officers, directors, agents, employees, managers, independent contractors, and representatives, and any of the foregoing purporting to act on behalf of any Group Company shall cease any actions that violate the terms of the preceding
sentence, and the Group Companies and the Principals shall take all steps to remediate any such actions. 

  

					
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 (b)    Without limiting the generality of the foregoing, the Principals
and each Group Company shall use all reasonable efforts to ensure that all filings and registrations with the Governmental Authorities so required by them shall be duly completed in accordance with the relevant rules and regulations, including
without limitation any such filings and registrations with the PRC Ministry of Commerce, the PRC Ministry of Industry and Information Technology, the PRC State Administration of Industry and Commerce, the PRC State Administration for Foreign
Exchange, the China Securities Regulatory Commission, the SEC, the Hong Kong Securities and Futures Commission, and any tax bureau, customs authorities, product registration authorities, health regulatory authorities, and the local counterpart of
each of the aforementioned governmental authorities, in each case, as applicable. 
  

	 	11.6	 Stock Option Plan. 

Subject to Section 10.1: 

(a)    unless otherwise approved by the Board with the consent of the Tencent Director, all shares, options or other
securities or awards granted or issued under the ESOP (collectively, “Awards”) shall be subject to a four-year vesting schedule, with 25% of each such Award vesting at each anniversary following date of such Award’s grant or
issuance. 
 (b)    no issuances or grants will be made under any ESOP unless such ESOP is approved by the Board (which
approval includes the consent of the Tencent Director), which among other things, shall provide for the Company’s right to repurchase any and all unvested shares, options or other securities or awards granted thereunder at a price equivalent to
the actual cost under certain circumstances. Any attempt to exercise any option or other security granted or issued under the ESOP in contravention of this paragraph shall be null, void and without effect. 

(c)    as soon as reasonably practicable when permitted under the applicable PRC laws, the Company shall, and shall cause
each Group Company to, obtain all authorizations, consents, orders and approvals of all Governmental Authorities that may be or become necessary to effectuate the ESOP in the PRC in accordance with PRC Law; provided that the Company shall not
permit any grantee in the PRC to exercise any award granted pursuant to the ESOP if any authorization, consent, order or approval of any Governmental Authority that is necessary to effectuate the ESOP in the PRC in accordance with PRC Law has not
been obtained. 
 11.7    Intellectual Property Protection. Except with the written consents of the
Majority Preferred Holders, the Group Companies shall take all reasonable steps to protect their respective material Intellectual Property rights, including without limitation, registering their material respective trademarks, brand names, domain
names and copyrights, and shall require each employee and consultant of each Group Company to enter into an employment agreement, and a confidential information and intellectual property assignment agreement and a
non-competition and non-solicitation agreement requiring such persons to protect and keep confidential such Group Company’s confidential information, Intellectual
Property and trade secrets, prohibiting such persons from competing with such Group Company for a reasonable time after their termination of employment with any Group Company, and requiring such persons to assign all ownership rights in their work
product to the relevant Group Company. 

  

					
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 11.8    Internal Control System. The Group Companies shall
maintain their books and records in accordance with sound business practices and implement and maintain an adequate system of procedures and controls with respect to finance, management, accounting and compliance that meets international standards
of good practice to provide reasonable assurance that (i) transactions by it are executed in accordance with management’s general or specific authorization, (ii) transactions by it are recorded as necessary to permit
preparation of financial statements in conformity with the Accounting Standards and to maintain asset accountability, (iii) access to assets of it is permitted only in accordance with management’s general or specific authorization,
(iv) segregating duties for cash deposits, cash reconciliation, cash payment, proper approval is established, (v) no personal assets or bank accounts of the employees, directors, officers are mingled with the corporate assets
or corporate bank account, and no Group Company uses any personal bank accounts of any employees, directors, officers thereof during the operation of the business, (vi) the Group Companies are in compliance with the FCPA, the U.K.
Bribery Act, and any other applicable anti-bribery or anti-corruption law, and (vii) the Group Companies operate in compliance with the provisions applicable to licensed person under the Hong Kong Securities and Futures Ordinance. Each of the
Group Companies shall maintain a privacy policy in a form acceptable to the Investors, and shall periodically update the privacy policy in accordance with best business practices. 

11.9    No Avoidance; Voting Trust. The Company will not, by any voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be performed hereunder by the Company, and the Company will at all times in good faith assist and take action as appropriate in the carrying out of all of the provisions of this Agreement.
Each holder of Shares agrees that it shall not enter into any other agreements or arrangements of any kind with respect to the voting of any Shares or deposit any Shares in a voting trust or other similar arrangement, except as established in the
Transaction Documents. 
 11.10    United States Tax Matters.  

(a)    None of the Group Companies will take any action inconsistent with its treatment of the Company as a corporation for
US federal income tax purposes or elect to be treated as an entity other than a corporation for US federal income tax purposes. 

(b)    The Company shall use, and shall cause each of its Subsidiaries to use, its best efforts to arrange its management
and business activities in such a way that the Company and each of its Subsidiaries are not treated as residents for tax purposes, or is otherwise subject to income tax in, a jurisdiction other than the jurisdiction in which they have been
organized. 

  

					
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 (c)    The Company shall use its best effort to avoid future status of
the Company or any of its Subsidiaries as a PFIC. Within forty-five (45) days from the end of each taxable year of the Company, the Company shall determine, in consultation with a reputable accounting firm, whether the Company or any of its
Subsidiaries was a PFIC in such taxable year (including whether any exception to PFIC status may apply). If the Company determines that the Company or any of its Subsidiaries was a PFIC in such taxable year (or if a Governmental Authority or an
Investor informs the Company that it has so determined), it shall, within sixty (60) days from the end of such taxable year, provide the following information to each holder of Preferred Shares that is a United States Person (“Direct US
Investor”) and each United States Person that holds either direct or indirect interest in such holder (“Indirect US Investor”) (hereinafter, collectively referred to as a “PFIC Shareholder”): (i) all
information reasonably available to the Company to permit such PFIC Shareholder to (A) accurately prepare its US tax returns and comply with any other reporting requirements , if any, arising from its investment in the Company and
relating to the Company or any of its Subsidiaries’ classification as a PFIC and (B) make any election (including, without limitation, a “qualified electing fund” election under Section 1295 of the Code), with respect
to the Company (or any of its Subsidiaries); and (ii) a completed “PFIC Annual Information Statement” as described under Treasury Regulation Section 1.1295-1(g). The Company shall be
required to provide the information described above to an Indirect US Investor only if the relevant holder of Preferred Share requests in writing that the Company provide such information to such Indirect US Investor. 

(d)    Each of the Principals represents that such Person is not a United States Person and such Person is not owned,
wholly or in part, directly or indirectly, by any United States Person. Each of the Principals shall provide prompt written notice to the Company of any subsequent change in its United States Person status. The Company shall use its best efforts to
avoid future status of the Company or any of its Subsidiaries as a CFC. Upon written request of a holder of Preferred Shares from time to time, the Company will promptly provide in writing such information concerning its shareholders and the direct
and indirect interest holders in each shareholder sufficient for such holder of Preferred Shares to determine whether the Company is a CFC. In the event that the Company does not have in its possession all the information necessary for the holder of
Preferred Shares to make such determination, the Company shall promptly procure such information from its shareholders. The Company shall, upon written request of a holder of Preferred Shares, furnish on a timely basis all information requested by
such holder to satisfy its (or any Indirect US Investor’s) US federal income tax return filing requirements, if any, arising from its investment in the Company and relating to the Company or any of its Subsidiaries’ classification as a
CFC. The Company and each of its Subsidiaries shall use their reasonable efforts to avoid generating for any taxable year in which the Company or any of its Subsidiaries is a CFC, income that would be includible in the income of such holder of
Preferred Shares (or any Indirect US Investor) pursuant to Section 951 of the Code. 
 (e)    The Company shall
comply and shall cause each of its Subsidiaries to comply with all record-keeping, reporting, and other requirements that a holder of Preferred Shares inform the Company are necessary to enable such holder to comply with any applicable US tax rules.
The Company shall also provide each holder of Preferred Shares with any information reasonably requested by such holder of Preferred Shares to enable such holder to comply with any applicable US tax rules. 

  

					
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 (f)    The cost incurred by the Company in providing the information
that it is required to provide, or is required to cause to be provided, and the cost incurred by the Company in taking the action, or causing the action to be taken, as described in this Section 11.10 shall be borne by the
Company. 
 11.11    Other Tax Matters. The Parties (other than the Investors) agree to jointly and
severally indemnify the Investors from and against (i) any Taxes imposed on the Investors by any Governmental Authority in connection with its investment in the Company, and (ii) any loss, claim, liability, expense, or other damage
(including diminution in the value of the Company business or such Investor’s investment in the Company) attributable to (A) any Taxes (or the non-payment thereof) of any Group Company for all
taxable periods ending on or before the Closing and the portion through the end of the Closing for any taxable period that includes (but does not end on) the Closing, (B) any Taxes of any other Person imposed by any Governmental Authority on
any Group Company as a transferee, successor, withholding agent, accomplice, or party providing conveniences in connection with an event or transaction occurring before the Closing, and (C) any breach of any representations or warranties
contained in Section 11.10 and this Section 11.11. 

11.12    Confidentiality. The Parties acknowledge that the terms and conditions of this Agreement and the
other Transaction Documents, and all exhibits, restatements and amendments hereto and thereto, including their existence, shall be considered confidential information and shall not be disclosed by the parties to any third party except with the prior
written consent of each of the Investors and the Company; provided, however, such obligation of confidentiality shall not apply to (i) information which was in the public domain or otherwise known to the relevant Party before it
was furnished to it by another Party hereto or, after it was furnished to that Party, entered the public domain otherwise than as a result of (A) a breach by that Party of this Section 11.12 or (B) a breach of a
confidentiality obligation by the disclosing Party, where the breach was known to that Party; (ii) information the disclosure of which is necessary in order to comply with applicable Law, the order of any court, the requirements of a stock
exchange or other governmental or regulatory authority or to obtain tax or other clearances or consents from any relevant authority (provided, however, that such disclosing Party shall promptly provide the other Parties with written notice of that
fact so that such other Parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to
obtain reliable assurance that confidential treatment will be accorded such information); (iii) information disclosed by any of the Investors to a bona fide proposing purchaser of any Equity Securities of the Company; or (iv) information
disclosed by the Company to its current or bona fide prospective investors or business partners, Affiliates and their respective employees, bankers, accountants or legal counsels who need to know such information, in each case only where such
Persons are informed of the confidential nature of the such information and are under appropriate confidentiality obligations substantially similar to those set forth in this Section 11.12. 

  

					
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11.13    Non-Competition. From and after the date of this Agreement
and for a period of twenty-four (24) months following the earlier of (a) the termination of this Agreement, or (b) as to each Principal, the date such Principal directly or indirectly through their Affiliates, no longer holds any
Shares (the “Restricted Period”), each Principal shall not (except in connection with the exclusive provision of services to the Company or its Subsidiaries), and the Group Companies and the Principals shall procure that each of the
Key Employees do not, without the approval of the Majority Preferred Holders, (i) engage, directly or indirectly, in a Competitive Business Activity in the PRC or Hong Kong, or approach, contact or solicit for itself or any entity any business,
suppliers, distributors, sub-distributors, importers, direct and indirect end user customers or clients in connection with a Competitive Business Activity in the PRC or Hong Kong, and (ii) persuade,
solicit, encourage, entice, influence, induce any employee of the Company or its Subsidiaries during the Restricted Period to terminate his or her employment arrangement with the Company or its Subsidiaries. For the purposes of this Agreement,
Shenzhen Bairensi Investment Co., Ltd.
(深圳市百仁思投资有限公司) is deemed to be primarily engaged
in a business in competition with that of the Business. 
 11.14    Disclaimer of Corporate Opportunity
Doctrine. The Parties (other than the Investors) acknowledges that each Investor (including its Affiliates) (an “Investor Party”) may have, from time to time, information that may be of interest to the Group
(“Information”) regarding a wide variety of matters including, by way of example only, (a) an Investor Party’s technologies, plans and services, and plans and strategies relating thereto, (b) current and future
investments an Investor Party has made, may make, may consider or may become aware of with respect to other companies and other technologies, products and services, including, without limitation, technologies, products and services that may be
competitive with the Group’s, and (c) developments with respect to the technologies, products and services, and plans and strategies relating thereto, of other companies, including, without limitation, companies that may be competitive
with the Group. The Group Companies recognize that a portion of such Information may be of interest to the Group. Such Information may or may not be known by the Observer. The Group Companies, as a material part of the consideration for this
Agreement, agree that each Investor and its Observer shall have no duty to disclose any Information to any Group Company or permit the Group Companies to participate in any projects or investments based on any Information, or to otherwise take
advantage of any opportunity that may be of interest to the Group if it were aware of such Information, and hereby waives, to the extent permitted by law, any claim based on the corporate opportunity doctrine or otherwise that could limit an
Investor’s ability to pursue opportunities based on such Information or that would require an Investor to disclose any such Information to the Group or offer any opportunity relating thereto to any Group Company. 

11.15    Facilitation of Sales or Transfers. Upon request by an Investor from time to time in connection
with the sale or contemplated sale or transfer of any Shares then held by such Investor in accordance with the Transaction Documents, as the case may be, the Company shall, at its own expense, exercise best efforts to facilitate such sale or
transfer in a timely manner, such efforts to include, as applicable, (i) promptly instructing the Company’s transfer agent to remove legends from any certificates representing said Shares, and (ii) if depository receipts representing
shares of the Company are then listed or traded on any exchange or inter-dealer quotation system, (A) promptly instructing the Company’s share registrar and depository agent to issue depository receipts against deposit of the Shares and to
cause such depository receipts to be deposited in such Investor’s brokerage account(s), and (B) promptly paying all fees and expenses related to such depositary facility, including all applicable conversion fees and maintenance
fees. All Parties (except for the Investors) acknowledges that time is of the essence with respect to its obligations under this Section 11.15. 

  

					
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	12.	 Miscellaneous. 

12.1    Termination. This Agreement shall terminate upon the mutual consent of (i) the Company;
(ii) the Majority Preferred Holders; and (iii) the Persons holding at least a majority of the Ordinary Shares held by the Principals. The provisions of Section 7, 8, 9, 10, and 11 shall terminate
immediately prior to the consummation of a Qualified IPO. If this Agreement terminates, the Parties shall be released from their obligations under this Agreement, except in respect of any obligation stated, explicitly or otherwise, to continue to
exist after the termination of this Agreement (including without limitation those under Section 2 through 6 and 12). If any Party breaches this Agreement before the termination of this Agreement, it shall not be released
from its obligations arising from such breach on termination. 
 12.2    Further Assurances. Upon
the terms and subject to the conditions herein, each of the Group Companies and Principals agrees to use its reasonable efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist
and cooperate with the other Parties hereto in doing, all things necessary, proper or advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this
Agreement. 
 12.3    Assignments and Transfers; No Third Party Beneficiaries. Except as otherwise
provided herein, this Agreement and the rights and obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of
any third party. Notwithstanding the foregoing provision, the rights of each Investor hereunder (including, without limitation, registration rights) are assignable (together with the related obligations) in connection with the transfer of the Equity
Securities of the Company held by such Investor. This Agreement and the rights and obligations of each Principal and Group Company hereunder shall not otherwise be assigned without the mutual written consent of the other Parties except as expressly
provided herein. 
 12.4    Governing Law. This Agreement shall be governed by and construed under the
Laws of Hong Kong without regard to principles of conflict of laws thereunder. 
 12.5    Dispute
Resolution. Any dispute, controversy or claim (of any and every kind or type, whether based on contract, tort, statute, regulation, or otherwise) arising out of, relating to, or connected with this Agreement, including any dispute as to
the construction, validity, interpretation, termination, enforceability or breach of this Agreement, as well as any dispute over arbitrability or jurisdiction (“Dispute”) shall be exclusively resolved through final and
binding arbitration pursuant to this section, it being the intention of the parties that this is a broad form arbitration agreement designed to encompass all possible Disputes. The arbitration shall be administered by the Hong Kong
International Arbitration Centre (“HKIAC”) in accordance with the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The seat of the arbitration shall be Hong Kong. The
arbitral tribunal shall consist of three (3) arbitrators. The arbitration shall be conducted in the English language, and the arbitrators shall be fluent in the English language. The award of the Tribunal shall be final and
binding. Judgment on the award may be entered in any court of competent jurisdiction. 

  

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

12.7    Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

12.8    Rights Cumulative. Each and all of the various rights, powers and remedies of a Party hereto
will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any
right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 

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

  

					
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 12.10    Severability. In case any provision of the
Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal,
or unenforceable under any such applicable Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid,
illegal, or unenforceable only to the extent of such invalidity, illegality, or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other
jurisdiction. 
 12.11    Amendments and Waivers. Any provision in this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only by the written consents of (i) the Company; (ii) the Majority Preferred Holders; and
(iii) Persons holding at least a majority of the Ordinary Shares held by the Principals; provided, however, that no amendment or waiver shall be effective or enforceable in respect of an Investor if such amendment or waiver
affects such Investor, respectively, materially and adversely differently from the other Investors, unless such Investor consents in writing to such amendment or waiver. Notwithstanding the foregoing, any Party may waive the observance as to such
Party of any provision of this Agreement (either generally or in a particular instance and either retroactively or prospectively) by an instrument in writing signed by such Party without obtaining the consent of any other Party. Any amendment or
waiver effected in accordance with this Section shall be binding upon all the Parties hereto. 
 12.12    No
Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon
strict compliance with, any right, power or remedy hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 

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

12.14    No Presumption. The Parties acknowledge that any applicable Law that would require
interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this
Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

  

					
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 12.15    Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed
to be originals for purposes of the effectiveness of this Agreement. 
 12.16    Entire Agreement.
This Agreement (including the Exhibits hereto) constitutes the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof, and supersedes all other agreements between or among any of the Parties
with respect to the subject matter hereof. 
 12.17    Control. In the event of any conflict or
inconsistency between any of the terms of this Agreement and any of the terms of any of the Charter Documents for any of the Group Companies, or in the event of any dispute related to any such Charter Document, to the extent permitted by the
laws of the Cayman Islands, the terms of this Agreement shall prevail in all respects as regards the Parties. The Parties agree to take all actions necessary or advisable, as promptly as practicable after the discovery of such conflict or
inconsistency, to amend the Charter Documents so as to eliminate such inconsistency. This shall not affect the validity of the relevant provision as between the Parties to this Agreement or the respective obligations on the Parties as between
themselves under this Agreement. 
 12.18    Adjustments for Share Splits, Etc. Wherever in this Agreement
there is a reference to a specific number of Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the relevant class or series of the Shares, the specific number of shares so referenced in this
Agreement shall automatically be proportionally adjusted, as appropriate, to reflect the effect on the outstanding shares of such class or series of Shares by such subdivision, combination or share dividend. 

12.19    Grant of Proxy. Upon the failure of any Principal to vote the Equity Securities of the Company held
thereby, to implement the provisions of and to achieve the purposes of this Agreement, such Principal hereby grants to a Person designated by the Company a proxy coupled with an interest in all Equity Securities of the Company held by such
Principal, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this Section is amended to remove such grant of proxy in accordance with Section 12.11 hereof, to vote all such Equity
Securities to implement the provisions of and to achieve the purposes of this Agreement. 

12.20    Exculpation and Waiver of Reliance Among Investors. Each Investor acknowledges that it is not
relying upon any Person other than the Principals, the Group Companies and their officers and directors in their capacities as such, in making its investment or decision to invest in the Company or in entering into this Agreement. Specifically, each
Investor stipulates that it is not relying on any other Investor or any agents, or professional advisers, or on any advice, representations, or work product of any of them. Each Investor agrees that no other Investor or the respective controlling
persons, members, shareholders, officers, directors, partners, employees, agents, or professional advisers of any other Investor shall be liable for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with
the purchase and sale of the Preferred Shares or any transaction in connection with this Agreement or contemplated hereby. Each Investor hereby waives any claim against, and covenants not to sue, any other Investor or the respective controlling
persons, members, shareholders, officers, directors, partners, employees, agents, or professional advisers of any Investor on account of any action heretofore or hereafter taken or omitted to be taken in connection with this Agreement or any
transaction contemplated hereby. 

  

					
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 12.21    No Use of Name. Without the prior written consent
of the Investor, and whether or not it or any Affiliate thereof is then a shareholder of the Company, no party hereto shall (or shall permit any Affiliate thereof to) (i) use, publish or reproduce the name or logo of such Investor or any
similar name, trademark or logo in any manner, context or format (including references on or links to websites, in press releases, or in other public announcements), (ii) claim itself as a partner of such Investor or its Affiliates,
(iii) or make any press release, public announcement or other disclosure to any third party in respect of this Agreement or such Investor’s subscription of Shares of the Company. 

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

12.23    Third Party Rights. Unless expressly provided to the contrary in this Agreement, a person who is
not a party has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the laws of Hong Kong) to enforce or to enjoy the benefit of any term of this Agreement.. 

(The remainder of this page is intentionally left blank; signature pages to follow) 

  

					
		  	45	  	

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

							
	GROUP COMPANIES:	 		 	FUTU HOLDINGS LIMITED
		 		 	(富途控股有限公司)
				
		 		 	By	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Director
			
		 		 	FUTU SECURITIES INTERNATIONAL (HONG KONG) LIMITED
		 		 	(富途证券国际(香港)有限公司)
				
		 		 	By	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Director
			
		 		 	FUTU SECURITIES (HONG KONG) LIMITED
		 		 	(富途证券(香港)有限公司)
				
		 		 	By	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Director
			
		 		 	FUTU NETWORK TECHNOLOGY LIMITED
		 		 	(富途網絡科技有限公司)
				
		 		 	By:	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Director

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	GROUP COMPANIES:	 		 	SHENZHEN FUTU INTERNET TECHNOLOGY CO., LTD.
		 		 	(深圳市富途网络科技有限公司)
		 		 	 (Seal: /s/ Shenzhen Futu Internet Technology Co., Ltd.)

				
		 		 	By	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Legal Representative
			
		 		 	BEIJING FUTU INTERNET TECHNOLOGY CO., LTD.
		 		 	(北京市富途网络科技有限公司)
		 		 	 (Seal: /s/ Beijing Futu Internet Technology Co., Ltd.)

				
		 		 	By	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Legal Representative
			
		 		 	FUTU INTERNET TECHNOLOGY (SHENZHEN) CO., LTD.
		 		 	(富途网络科技(深圳)有限公司)
		 		 	(Seal: /s/ Futu Internet Technology (Shenzhen) Co., Ltd.)
				
		 		 	By:	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Legal Representative
			
		 		 	SHENZHEN SHIDAI FUTU CONSULTING LIMITED
		 		 	(深圳市时代富途咨询有限公司)
		 		 	(Seal: /s/ Shenzhen Shidai Futu Consulting Limited)
				
		 		 	By:	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Legal Representative

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	GROUP COMPANIES:	 		 	SHENZHEN QIANHAI FUZHITU INVESTMENT CONSULTING LIMITED
		 		 	(深圳市前海富之途投资咨询有限公司)
		 		 	 (Seal: /s/ Shenzhen Qianhai Fuzhitu Investment Consulting Limited)

				
		 		 	By:	 	 /s/ Wu Biwei

		 		 	Name:	 	WU Biwei (邬必伟)
		 		 	Title:	 	Legal Representative
			
		 		 	SHEN SI INTERNET TECHNOLOGY (BEIJING) CO., LTD.
		 		 	(慎思网络技术(北京)有限公司)
		 		 	(Seal: /s/ Shen Si Internet Technology (Beijing) Co., Ltd.)
				
		 		 	By	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Legal Representative

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	GROUP COMPANIES:	 		 	FUTU INC.
				
		 		 	By:	 	 /s/ Li Hua

		 		 	Name:	 	LI Hua (李华)
		 		 	Title:	 	Director
			
		 		 	FUTU NZ LIMITED
				
		 		 	By:	 	 /s/ Chan Wingkei

		 		 	Name:	 	Chan Wingkei
		 		 	Title:	 	Director

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	 PRINCIPALS:
	 		 		 	
				
		 		 		 	 /s/ Li Hua

		 		 		 	LI Hua (李华)
				
		 		 		 	 /s/ Li Lei

		 		 		 	LI Lei (李镭)

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	 INVESTOR:
	 		 		 	
			
		 		 	QIANTANG RIVER INVESTMENT LIMITED
				
		 		 	By:	 	 /s/ MA Huateng

		 		 	Name:	 	MA Huateng
	 	 	 	 	Title:	 	Director

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	 INVESTOR:
	 		 		 	
			
		 		 	 IMAGE FRAME INVESTMENT (HK) LIMITED

意像架構投資(香港)有限公司

				
		 		 	By	 	 /s/ MA Huateng

		 		 	Name:	 	MA Huateng
		 		 	Title:	 	Director

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	INVESTOR:	 		 		 	
			
		 		 	MATRIX PARTNERS CHINA III HONG KONG LIMITED
				
		 		 	By:	 	 /s/ Bo Shao

				
		 		 	Name:	 	 Bo Shao

				
		 		 	Title:	 	Director

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	 INVESTOR:
	 		 	
			
		 		 	SEQUOIA CAPITAL CV IV HOLDCO, LTD.
				
		 		 	By:	 	 /s/ Ip Siu Wai Eva

				
		 		 	Name:	 	 Ip Siu Wai Eva

				
		 		 	Title:	 	Authorized Signatory

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

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

							
	 INVESTOR:
	 		 		 	
		 		 	SCC VENTURE VI HOLDCO, LTD.
				
		 		 	By:	 	 /s/ Ip Siu Wai Eva

				
		 		 	Name:	 	 Ip Siu Wai Eva

				
		 		 	Title:	 	Authorized Signatory

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT – FUTU HOLDINGS LIMITED 

 SCHEDULE A 

ADDRESS FOR NOTICES 
 If to the Group
Companies: 
  

			
	Address:	 	F9, Unit 3, Building C, Kexing Science Park, No. 15, North Keyuan Road, Nanshan District, Shenzhen
	Tel:	 	+86-755-86636688
	Fax:	 	+86-755-86636388
	Attention:	 	LI Hua (李华)

 If to the Principals: 

 

			
	Address:	 	F9, Unit 3, Building C, Kexing Science Park, No. 15, North Keyuan Road, Nanshan District, Shenzhen
	Tel:	 	+86-755-86636688
	Fax:	 	+86-755-86636388
	Attention:	 	LI Hua (李华)

 If to Qiantang River or Image Frame: 

Address: 
 c/o Tencent Holdings
Limited 
 Level 29, Three Pacific Place 

1 Queen’s Road East 

Wanchai, Hong Kong 
 Attention:
Compliance and Transactions Department 
 Email: legalnotice@tencent.com 

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

Shenzhen 518057, PRC 
 Attention:
Mergers and Acquisitions Department 
 Email: PD_Support@tencent.com 

 If to Matrix: 

 

			
	Address:	 	Address: Flat 2807, 28/F, AIA Central, No.1 Connaught Road, Central, Hong Kong
	Tel:	 	(852) 3651 6220
	Fax:	 	(852) 3651 6111
	Attention:	 	Matrix Partners HK Management Limited

 If to Sequoia Holdco or SCC: 

 

			
	Address:	 	3613, 36/F, Two Pacific Place, 88 Queensway, Hong Kong
	Tel:	 	+852-2501-8989
	Fax:	 	+852-2501-5249
	Attention:	 	Kok Wai Yee

 SCHEDULE I 

LIST OF PRINCIPALS 
  

					
	 Name of Principals
	  	PRC ID Card
Number	 
	 LI Hua (李华)
	  			
	 LI Lei (李镭)EX-10.1

 Exhibit 10.1 

Futu Holdings
Limited/富途控股有限公司 

AMENDED AND RESTATED 

2014 SHARE INCENTIVE PLAN 

(amended and restated with effect from November 30, 2018, pursuant to resolutions of the Board passed on December 28, 2018) 

 

	1.	 PURPOSE OF THE PLAN. 

The purpose of this Plan is to promote the success of the Company and the interests of its shareholders by providing a means through which the
Company may grant equity-based incentives to attract, motivate, retain and reward certain officers, employees, directors and other eligible persons and to further link the interests of Award recipients with those of the Company’s shareholders
generally. 
  

	2.	 ADMINISTRATION. 

2.1    Administrator. This Plan shall be administered by and all Awards under this Plan shall be
authorized by the Administrator. The “Administrator” means the Board or one or more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such
committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee
comprised solely of directors may also delegate, to the extent permitted by the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and any other applicable law, to one or more officers of the Company, its powers
under this Plan (a) to designate the officers and employees of the Company and its Affiliates who will receive grants of Awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of,
such Awards. The Board may delegate different levels of authority to different committees with administrative and grant authority under this Plan. Unless otherwise provided in the Memorandum and Articles of Association of the Company or the
applicable charter of any Administrator, a majority of the members of the acting Administrator shall constitute a quorum, and the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the
members of the Administrator shall constitute action by the acting Administrator. 
 2.2    Plan Awards;
Interpretation; Powers of Administrator. Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of Awards and the
administration of this Plan (in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without limitation, the authority to: 

 

	 	(a)	 determine eligibility and, from among those persons determined to be eligible, the particular Eligible Persons
who will receive Awards; 

  
 1 

	 	(b)	 grant Awards to Eligible Persons, determine the price and number of securities to be offered or awarded to any
of such persons, determine the other specific terms and conditions of Awards consistent with the express limits of this Plan, establish the installments (if any) in which such Awards will become exercisable or will vest (which may include, without
limitation, performance and/or time-based schedules) or determine that no delayed exercisability or vesting is required, establish any applicable performance targets, and establish the events of termination or reversion of such Awards;

  

	 	(c)	 approve the forms of Award Agreements, which need not be identical either as to type of Award or among
Participants; 

  

	 	(d)	 construe and interpret this Plan and any Award Agreement or other agreements defining the rights and
obligations of the Company, its Affiliates, and Participants under this Plan, make factual determinations with respect to the administration of this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and
regulations relating to the administration of this Plan or the Awards; 

  

	 	(e)	 cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or
terminate any or all outstanding Awards, subject to any required consent under Section 7.7.4; 

  

	 	(f)	 accelerate or extend the vesting or exercisability or extend the term of any or all outstanding Awards (within
the maximum ten-year term of Awards under Section 5.4.2) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment or
services or other events of a personal nature); 

  

	 	(g)	 determine Fair Market Value for purposes of this Plan and Awards; 

 

	 	(h)	 determine the duration and purposes of leaves of absence that may be granted to Participants without
constituting a termination of their employment for purposes of this Plan; 

  

	 	(i)	 determine whether, and the extent to which, adjustments are required pursuant to Section 7.3 hereof and
authorize the termination, conversion, substitution or succession of awards upon the occurrence of an event of the type described in Section 7.3; and 

  

	 	(j)	 implement any procedures, steps, additional or different requirements as may be necessary to comply with any
laws of the People’s Republic of China (the “PRC”) that may be applicable to this Plan, any Award or any related documents, including but not limited to foreign exchange laws, tax laws and securities laws of the PRC.

  
 2 

 2.3    Binding Determinations. Any action taken by,
or inaction of, the Company, any Affiliate, the Board or the Administrator relating or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be
conclusive and binding upon all persons. Neither the Board nor the Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good
faith in connection with this Plan (or any Award), and all such persons shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees)
arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time. 

2.4    Reliance on Experts. In making any determination or in taking or not taking any action under
this Plan, the Administrator may obtain and may rely upon the advice of experts, including employees of and professional advisors to the Company. No director, officer or agent of the Company or any of its Affiliates shall be liable for any such
action or determination taken or made or omitted in good faith. 
 2.5    Delegation. The
Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Company or any of its Affiliates or to third parties. 

 

	3.	 ELIGIBILITY. 

Awards may be granted under this Plan only to those persons that the Administrator determines to be Eligible Persons. An “Eligible
Person” means any person who qualifies as one of the following at the time of grant of the respective Award: 
  

	 	(a)	 an officer (whether or not a director) or employee of the Company or any of its Affiliates;

  

	 	(b)	 any member of the Board; or 

 

	 	(c)	 any director of one of the Company’s Affiliates, or any individual consultant or advisor who renders or
has rendered bona fide services (other than services in connection with the offering or sale of securities of the Company or one of its Affiliates, as applicable, in a capital raising transaction or as a market maker or promoter of that
entity’s securities) to the Company or one of its Affiliates. 

 An advisor or consultant may be selected as an
Eligible Person pursuant to clause (c) above only if such person’s participation in this Plan would not adversely affect (1) the Company’s eligibility to rely on the Rule 701 exemption from registration under the Securities Act
for the offering of shares issuable under this Plan by the Company, or (2) the Company’s compliance with any other applicable laws. 

An Eligible Person may, but need not, be granted one or more Awards pursuant to Section 5. An Eligible Person who has been granted an
Award under this Plan may, if otherwise eligible, be granted additional Awards under this Plan if the Administrator so determines. However, a person’s status as an Eligible Person is not a commitment that any Award will be granted to that
person under this Plan. 

  
 3 

 Each Award granted under this Plan must be approved by the Administrator at or prior to the
grant of the Award. 
 Notwithstanding the foregoing, any Award to be granted to any Eligible Person may, at the discretion of the
Administrator, instead be granted to any trust established for the benefit of Eligible Persons (including without limitation Futu First Trust and VANTAGE EDGE HOLDINGS LIMITED or any other entity owned or controlled by Futu First Trust) (a
“Permitted Trust”), to the intent and effect that such Permitted Trust shall hold, and shall be entitled to exercise, such Award for the benefit of such Eligible Person. Any Award which has been granted to any Participant, may at
the discretion of the Administrator, be transferred and assigned by such Participant to a Permitted Trust, to the intent and effect that such Permitted Trust shall hold, and be entitled to exercise, such Award for the benefit of such Participant.

  

	4.	 SHARES SUBJECT TO THE PLAN. 

4.1    Shares Available. Subject to the provisions of Section 7.3.1, the shares that may be
delivered under this Plan will be the Company’s authorized but unissued Ordinary Shares (and any of its Ordinary Shares held as treasury shares). The Ordinary Shares issued and delivered may be issued and delivered for any lawful consideration.

 4.2    Share Limit. Subject to the provisions of Section 7.3.1 and further subject to the
share counting rules of Section 4.3, the maximum number of Ordinary Shares that may be delivered pursuant to Awards granted under this Plan will not exceed 135,032,132 shares (the “Share Limit”) in the aggregate. As required
under U.S. Treasury Regulation Section 1.422-2(b)(3)(i), in no event will the number of Ordinary Shares that may be delivered pursuant to Incentive Stock Options granted under this Plan exceed the Share
Limit. 
 4.3    Replenishment and Reissue of Unvested Awards. To the extent that an Award is
settled in cash or a form other than Ordinary Shares, the shares that would have been delivered had there been no such cash or other settlement shall not be counted against the shares available for issuance under this Plan. No Award may be granted
under this Plan unless, on the date of grant, the sum of (a) the maximum number of Ordinary Shares issuable at any time pursuant to such Award, plus (b) the number of Ordinary Shares that have previously been issued pursuant to Awards
granted under this Plan, plus (c) the maximum number of Ordinary Shares that may be issued at any time after such date of grant pursuant to Awards that are outstanding on such date, does not exceed the Share Limit. Ordinary Shares that are
subject to or underlie Options granted under this Plan that expire or for any reason are canceled or terminated without having been exercised (or Ordinary Shares subject to or underlying the unexercised portion of such Options in the case of Options
that were partially exercised), will again, except to the extent prohibited by law or applicable listing or regulatory requirements, be available for subsequent Award grants under this Plan. Shares that are exchanged by a Participant or withheld by
the Company as full or partial payment in connection with any Award under this Plan, as well as any shares exchanged by a Participant or withheld by the Company or one of its Affiliates to satisfy the tax withholding obligations related to any
Award, shall be available for subsequent Awards under this Plan. Adjustments to the Share Limit pursuant to this Section 4.3 are subject to any applicable limitations of the Code in the case of Awards intended to be Incentive Stock Options.

  
 4 

 4.4    Reservation of Shares. The Company shall at
all times reserve a number of Ordinary Shares sufficient to cover the Company’s obligations and contingent obligations to deliver shares with respect to Awards then outstanding under this Plan. 

 

	5.	 OPTION GRANT PROGRAM. 

5.1    Option Grants in General. Each Option shall be evidenced by an Award Agreement in the form
approved by the Administrator. The Award Agreement evidencing an Option shall contain the terms established by the Administrator for that Award, as well as any other terms, provisions, or restrictions that the Administrator may impose on the Option
or any Ordinary Shares subject to the Option; in each case subject to the applicable provisions and limitations of this Section 5 and the other applicable provisions and limitations of this Plan. The Administrator may require that the recipient
of an Option promptly execute and return to the Company his or her Award Agreement evidencing the Award. In addition, the Administrator may require that the spouse of any married recipient of an Option also promptly execute and return to the Company
the Award Agreement evidencing the Award granted to the recipient or such other spousal consent form that the Administrator may require in connection with the grant of the Award. 

5.2    Incentive Stock Option Status. The Administrator will designate each Option granted under this
Plan to a U.S. resident as either an Incentive Stock Option or a Nonqualified Option, and such designation shall be set forth in the applicable Award Agreement. Any Option granted under this Plan to a U.S. resident that is not expressly designated
in the applicable Award Agreement as an Incentive Stock Option will be deemed to be designated a Nonqualified Option under this Plan and not an “incentive stock option” within the meaning of Section 422 of the Code. The Administrator
may designate any Option granted under this Plan to a non-U.S. resident in accordance with the rules and regulations applicable to options in the jurisdiction in which such person is a resident. 

5.3    Option Price. 

5.3.1    Option Pricing Limits. Subject to the following provisions of this Section 5.3.1, the
Administrator will determine the purchase price per share of the Ordinary Shares covered by each Option (the “exercise price” of the Option) at the time of the grant of the Option, which exercise price will be set forth in the applicable
Award Agreement. Unless agreed by the Administrator, the exercise price of an Option shall not be less than the greater of: 
  

	 	(a)	 the par value of an Ordinary Share; or 

 

	 	(b)	 100% of the Fair Market Value of an Ordinary Share on the date of grant. 

In accordance with the laws of the Cayman Islands, in no circumstances may the exercise price be less than the par value of the Ordinary Share
issued. 
 5.3.2    Payment Provisions. The Company will not be obligated to issue Ordinary Shares to be
purchased upon the exercise of an Option (or to deliver share certificates for such shares) unless and until it receives full payment of the exercise price therefor, all related withholding obligations under Section 7.6 have been satisfied, and
all other conditions to the exercise of the Option set forth herein or in the Award Agreement have been satisfied. The purchase price of any Ordinary Shares purchased upon the exercise of an Option must be paid in full at the time of each purchase
in such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation, one or a combination of the following methods: 

  
 5 

	 	(a)	 cash, check payable to the order of the Company, or electronic funds transfer; 

 

	 	(b)	 notice and third party payment in such manner as may be authorized by the Administrator; 

 

	 	(c)	 the delivery of previously owned Ordinary Shares (which for the purposes hereof shall mean the repurchase by
the Company of such Ordinary Shares at their Fair Market Value on the exercise date, and the utilization of the repurchase price as the payment of the exercise price of the new Ordinary Shares to be issued upon exercise of the Option);

  

	 	(d)	 by a reduction in the number of Ordinary Shares otherwise deliverable pursuant to the Award in consideration
for a fee payable by the Company to the Participant for such reduction, which fee shall be equal to the Fair Market Value of such shares (i.e. by which the number of shares deliverable under the Award has been so reduced), and which fee shall be
utilized to pay, and shall be set off against, the purchase price of the Ordinary Shares to be issued upon the exercise of the Option; 

  

	 	(e)	 subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise”,
provided, however that the Participant shall pay the par value of the Ordinary Shares in cash or other means which excludes “cashless exercise”; or 

  

	 	(f)	 if authorized by the Administrator or specified in the applicable Award Agreement, by a promissory note of the
Participant consistent with the requirements of Section 5.3.3. 

 In no event shall any shares
newly-issued by the Company be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable law. Ordinary Shares used to satisfy the exercise price of an Option (whether
previously-owned shares or shares otherwise deliverable pursuant to the terms of the Option) shall be valued at their Fair Market Value on the date of exercise. Unless otherwise expressly provided in the applicable Award Agreement, the Administrator
may eliminate or limit a Participant’s ability to pay the purchase or exercise price of any Award by any method other than cash payment to the Company. The Administrator may take all actions necessary to alter the method of Option exercise and
the exchange and transmittal of proceeds with respect to Participants resident in the PRC not having permanent residence in a country other than the PRC in order to comply with applicable PRC foreign exchange and tax regulations and any other
applicable PRC laws and regulations. 

  
 6 

 5.3.3    Acceptance of Notes to Finance Exercise. The
Company may, with the Administrator’s approval in each specific case, accept one or more promissory notes from any Eligible Person in connection with the exercise of any Option; provided that any such note shall be subject to the following
terms and conditions: 
  

	 	(a)	 The principal of the note shall not exceed the amount required to be paid to the Company upon the exercise,
purchase or acquisition of one or more Awards under this Plan and the note shall be delivered directly to the Company in consideration of such exercise, purchase or acquisition. 

 

	 	(b)	 The initial term of the note shall be determined by the Administrator; provided that the term of the note,
including extensions, shall not exceed a period of five years. 

  

	 	(c)	 The note shall provide for full recourse to the Participant and shall bear interest at a rate determined by the
Administrator, but not less than the interest rate necessary to avoid the imputation of interest under the Code or other applicable tax law, rules or regulations, and to avoid any adverse accounting consequences in connection with the exercise,
purchase or acquisition. 

  

	 	(d)	 If the employment or services of the Participant by or to the Company and its Affiliates terminates, the unpaid
principal balance of the note shall become due and payable on the 30th business day after such termination; provided, however, that if a sale of the shares acquired on exercise of the Option would cause such Participant to incur liability under
Section 16(b) of the Exchange Act, the unpaid balance shall become due and payable on the 10th business day after the first day on which a sale of such shares could have been made without incurring such liability assuming for these purposes
that there are no other transactions (or deemed transactions) in securities of the Company by the Participant subsequent to such termination. 

  

	 	(e)	 If required by the Administrator or by applicable law, the note shall be secured by a pledge of any shares or
rights financed thereby or other collateral, in compliance with applicable law. 

 The terms, repayment
provisions, and collateral release provisions of the note and the pledge securing the note shall conform with all applicable rules and regulations, including those of the Federal Reserve Board of the United States and any applicable law, as then in
effect. 
 5.4    Vesting; Term; Exercise Procedure. 

  
 7 

 5.4.1    Vesting. An Option may be exercised only to the
extent that it is vested and exercisable. The Administrator will determine the vesting and/or exercisability provisions of each Option (which may be based on performance criteria, passage of time or other factors or any combination thereof), which
provisions will be set forth in the applicable Award Agreement. Unless the Administrator otherwise expressly provides, once exercisable an Option will remain exercisable until the expiration or earlier termination of the Option. 

5.4.2    Term. Each Option shall expire not more than 10 years after its date of grant. Each Option will be
subject to earlier termination as provided in or pursuant to Sections 5.5 and 7.3 or the terms of the applicable Award Agreement. 

5.4.3    Exercise Procedure. Any exercisable Option will be deemed to be exercised when (a) the
applicable exercise procedures in the related Award Agreement have been satisfied (or, in the absence of any such procedures in the related Award Agreement, the Company has received written notice of such exercise from the Participant), and
(b) in the case of an Option, the Company has received any required payment made in accordance with Section 5.3 and Section 7.6, and (c) in the case of an Option, the Company has received any written statement required pursuant
to Section 7.5.1. 
 5.4.4    Fractional Shares/Minimum Issue. Fractional share interests will be
disregarded, but may be accumulated. The Administrator, however, may determine that cash, other securities, or other property will be paid or transferred in lieu of any fractional share interests. No Option may be exercised as to fewer than 100
shares (subject to adjustment pursuant to Section 7.3.1) at one time unless the number as to which the Award is exercised is the total number at the time then subject to the vested and exercisable portion of the Award. 

 

	 	5.5	 Effects of Termination of Employment on Options. 

5.5.1    Dismissal for Cause. Unless otherwise provided in the applicable Award Agreement and subject to
earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates is terminated by such entity for Cause, the Participant’s Option will
terminate on the Participant’s Severance Date, whether or not the Option is then vested and/or exercisable. 

5.5.2    Termination by the Participant. Unless otherwise provided in the applicable Award Agreement
(consistent with applicable securities laws) and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Company or any of its Affiliates is terminated by
the Participant (including the circumstance where the employment term is not renewed upon expiration due to the Participant’s reasons), the Participant’s Option will terminate on the Participant’s Severance Date, whether or not the
Option is then vested and/or exercisable. 

  
 8 

 5.5.3    Other Terminations of Employment. Unless
otherwise provided in the applicable Award Agreement (consistent with applicable securities laws) and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the
Company or any of its Affiliates terminates or is terminated by Company or such Affiliate other than for Cause or terminates due to the Participant’s death or Total Disability: 

 

	 	(a)	 the Participant will have until the date that is 6 months after the Participant’s Severance Date to
exercise his or her Option (or portion thereof) to the extent that it was vested and exercisable on the Severance Date; 

  

	 	(b)	 the Option, to the extent not vested and exercisable on the Participant’s Severance Date, shall terminate
on the Severance Date; and 

  

	 	(c)	 the Option, to the extent exercisable for the 6-month period following
the Participant’s Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the 6-month period. 

For the avoidance of doubt, any Participant who is a PRC citizen or resident in China, or otherwise, as the Administrator in its sole
discretion may determine, may be deemed as a “domestic resident” as defined in the Circular No. 37 (and/or such successor circular) issued by the State Administration of Foreign Exchange of the People’s Republic of China on
July 4, 2014, the Option shall become exercisable only upon the satisfaction of all the conditions set forth in the relevant Award Agreement. 

5.6    Option Repricing/Cancellation and Regrant/Waiver of Restrictions. Subject to Section 4
and Section 7.7 and the specific limitations on Options contained in this Plan, the Administrator from time to time may authorize, generally or in specific cases only, for the benefit of any Eligible Person, any adjustment in the exercise or
base price, the vesting schedule, the number of shares subject to, or the term of, an Option granted under this Plan by cancellation of an outstanding Option and a subsequent regranting of the Option, by amendment, by substitution of an outstanding
Option, by waiver or by other legally valid means. Such amendment or other action may result in, among other changes, an exercise or base price that is higher or lower than the exercise or base price of the original or prior Option, provide for a
greater or lesser number of Ordinary Shares subject to the Option, or provide for a longer or shorter vesting or exercise period. 
  

	6.	 [INTENTIONALLY LEFT BLANK] 

 

	7.	 PROVISIONS APPLICABLE TO ALL AWARDS. 

 

	 	7.1	 Rights of Eligible Persons, Participants and Beneficiaries. 

7.1.1    Employment Status. No Person shall have any claim or rights to be granted an Award (or additional
Awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 

  
 9 

 7.1.2    No Employment/Service Contract. Nothing contained
in this Plan (or in any other documents under this Plan or related to any Award) shall confer upon any Eligible Person or Participant any right to continue in the employ or other service of the Company or any of its Affiliates, constitute any
contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Company or any Affiliate to change such person’s compensation or other
benefits, or to terminate his or her employment or other service, with or without cause at any time. Nothing in this Section 7.1.2, or in Section 7.3 or 7.15, however, is intended to adversely affect any express independent right of such
person under a separate employment or service contract. An Award Agreement shall not constitute a contract of employment or service. 

7.1.3    Plan Not Funded. Awards payable under this Plan will be payable in Ordinary Shares or from the
general assets of the Company, and (except as to the share reservation provided in Section 4.4) no special or separate reserve, fund or deposit will be made to assure payment of such Awards. No Participant, Beneficiary or other person will have
any right, title or interest in any fund or in any specific asset (including Ordinary Shares, except as expressly provided) of the Company or any of its Affiliates by reason of any Award hereunder. Neither the provisions of this Plan (or of any
related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan will create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or any of its
Affiliates and any Participant, Beneficiary or other person. To the extent that a Participant, Beneficiary or other person acquires a right to receive payment pursuant to any Award hereunder, such right will be no greater than the right of any
unsecured general creditor of the Company. 
 7.1.4    Charter Documents. The Memorandum and Articles of
Association of the Company, as may lawfully be amended from time to time, may provide for additional restrictions and limitations with respect to the Ordinary Shares (including additional restrictions and limitations on the voting or transfer of
Ordinary Shares) or priorities, rights and preferences as to securities and interests prior in rights to the Ordinary Shares. These restrictions and limitations are in addition to (and not in lieu of) those set forth in this Plan or any Award
Agreement and are incorporated herein by this reference. 
  

	 	7.2	 No Transferability; Limited Exception to Transfer Restrictions. 

7.2.1    Limit on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this
Section 7.2, by applicable law and by the Award Agreement, as the same may be amended: 
  

	 	(a)	 all Awards are non-transferable and will not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 

  

	 	(b)	 Awards will be exercised only by the Participant; and 

 

	 	(c)	 amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and,
in the case of Ordinary Shares, registered in the name of, the Participant. 

  
 10 

 In addition, the shares shall be subject to the restrictions set forth in
the applicable Award Agreement. 
 7.2.2    Further Exceptions to Limits on Transfer. The exercise and
transfer restrictions in Section 7.2.1 will not apply to: 
  

	 	(a)	 transfers to the Company; 

 

	 	(b)	 transfers by gift or domestic relations order to one or more “family members” (as that term is
defined in SEC Rule 701 promulgated under the Securities Act) of the Participant, including transfers to a trust in which the Participant (or other family member) has more than 50% of the beneficial interest, a foundation in which the Participant
(or other family member) controls the management of assets, or an entity in which the Participant (or other family member) owns more than 50% of the voting interest, so long as such transfer is expressly authorized by the Administrator and is in
compliance with all applicable laws; 

  

	 	(c)	 the designation of a Beneficiary to receive benefits if the Participant dies or, if the Participant has died,
transfers to or exercises by the Participant’s Beneficiary, or, in the absence of a validly designated Beneficiary, transfers by will or the laws of descent and distribution; or 

 

	 	(d)	 if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by
the Participant’s duly authorized legal representative. 

 Notwithstanding anything else in this
Section 7.2.2 to the contrary, but subject to compliance with all applicable laws, Incentive Stock Options will be subject to any and all transfer restrictions under the Code applicable to such awards or necessary to maintain the intended tax
consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all applicable laws, any contemplated transfer by gift or domestic relations order to one or more family members of a Participant as referenced in
clause (b) above is subject to the condition precedent that the transfer be approved by the Administrator in order for it to be effective. The Administrator may, in its sole discretion, withhold its approval of any such proposed transfer. 

 

	 	7.3	 Adjustments; Changes in Control. 

  
 11 

 7.3.1    Adjustments. Subject to Section 7.3.2 below,
upon (or, as may be necessary to effect the adjustment, immediately prior to) any reclassification, recapitalization, share split (including a share split in the form of a share dividend) or reverse share split; any merger, combination,
consolidation, or other reorganization; any split-up, spin-off, or similar extraordinary dividend distribution in respect of the Ordinary Shares; or any exchange of
Ordinary Shares or other securities of the Company, or any similar, unusual or extraordinary corporate transaction in respect of the Ordinary Shares; then the Administrator shall equitably and proportionately adjust (1) the number and type of
shares of Ordinary Shares (or other securities) that thereafter may be made the subject of Awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of Ordinary
Shares (or other securities or property) subject to any outstanding Awards, (3) the grant, purchase, exercise or base price of any outstanding Awards, and/or (4) the securities, cash or other property deliverable upon exercise or vesting
of any outstanding Awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding Awards. 

Unless otherwise expressly provided in the applicable Award Agreement, upon (or, as may be necessary to effect the adjustment, immediately
prior to) any event or transaction described in the preceding paragraph or a sale of all or substantially all of the business or assets of the Company as an entirety, the Administrator shall equitably and proportionately adjust the performance
standards applicable to any then-outstanding performance-based Awards to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding performance-based Awards. 

It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable
legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment)
requirements. 
 Without limiting the generality of Section 2.3, any good faith determination by the Administrator as to whether an
adjustment is required in the circumstances pursuant to this Section 7.3.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons. 

Unless otherwise expressly provided by the Administrator, in no event shall a conversion of one or more outstanding shares of the
Company’s preferred share (if any) or any new issuance of securities by the Company for consideration be deemed, in and of itself, to require an adjustment pursuant to this Section 7.3.1. 

7.3.2    Consequences of a Change in Control Event. Upon the occurrence of a Change in Control Event, the
Administrator may make provision for a cash payment in settlement of, or for the assumption, substitution or exchange of any or all outstanding Awards (or the cash, securities or other property deliverable to the holder(s) of any or all outstanding
Awards) based upon, to the extent relevant in the circumstances, the distribution or consideration payable to holders of the Ordinary Shares upon or in respect of such event. 

  
 12 

 In addition, subject to Section 7.3.4, upon (or, as may be necessary to effectuate the
purposes of this acceleration, immediately prior to) the occurrence of a Change in Control Event each Option will become immediately vested and exercisable; provided, however, that such acceleration provision shall not apply, unless
otherwise expressly provided by the Administrator, with respect to any Award to the extent that the Administrator has made a provision for the substitution, assumption, exchange or other continuation or settlement of the Award, or the Award would
otherwise continue in accordance with its terms, in the circumstances. 
 The foregoing Change in Control Event provisions shall not in any
way limit the authority of the Administrator to accelerate the vesting of one or more Awards (as to all or only a portion of any Award) in such circumstances (including, but not limited to, a Change in Control Event) as the Administrator may
determine to be appropriate, regardless of whether accelerated vesting of all or a portion of the Award(s) is otherwise required or contemplated by the foregoing in the circumstances. 

The Administrator may adopt such valuation methodologies for outstanding Awards as it deems reasonable in the event of cash, securities or
other property settlement. In the case of Options, but without limitation on other methodologies, the Administrator may base such settlement solely upon the excess (if any) of the amount payable upon or in respect of such event over the exercise or
base price of the Option, as applicable, to the extent of the then vested and exercisable shares subject to the Option. 
 In any of the
events referred to in this Section 7.3.2, the Administrator may take such action contemplated by this Section 7.3.2 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action
necessary to permit the Participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the
applicable event and/or reinstate the original terms of the Award if an event giving rise to acceleration does not occur. 

7.3.3    Early Termination of Awards. Upon the occurrence of a Change in Control Event, each then-outstanding
Award (whether or not vested and/or exercisable, but after giving effect to any accelerated vesting required in the circumstances pursuant to Sections 7.3.2 and 7.3.4) shall terminate, subject to any provision that has been expressly made by the
Administrator, through a plan of reorganization or otherwise, for the survival, substitution, assumption, exchange or other continuation or settlement of such Award and provided that, in the case of Options that will not survive or be substituted
for, assumed, exchanged, or otherwise continued or settled in the Change in Control Event, the holder of such Award shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding
and vested Options (the vested portion of such Options determined after giving effect to any accelerated vesting required in the circumstances pursuant to Sections 7.3.2 and 7.3.4) in accordance with their terms before the termination of the Awards
(except that in no case shall more than ten days’ notice of accelerated vesting and the impending termination be required and any acceleration may be made contingent upon the actual occurrence of the event). For purposes of this
Section 7.3, an Award shall be deemed to have been “assumed” if (without limiting other circumstances in which an Award is assumed) the Award continues after the Change in Control Event, and/or is assumed and continued by a Parent (as
such term is defined in the definition of Change in Control Event) following a Change in Control Event, and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the Award, for each
Ordinary Share subject to the Award immediately prior to the Change in Control Event, the consideration (whether cash, shares, or other securities or property) received in the Change in Control Event by the shareholders of the Company for each
Ordinary Share sold or exchanged in such transaction (or the consideration received by a majority of the shareholders participating in such transaction if the shareholders were offered a choice of consideration); provided, however, that if the
consideration offered for an Ordinary Share in the transaction is not solely the ordinary or common shares of a successor company or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the Award,
for each share subject to the Award, to be solely ordinary or common shares(as applicable) of the successor company or a Parent equal in Fair Market Value to the per share consideration received by the shareholders participating in the Change in
Control Event. 

  
 13 

 7.3.4    Other Acceleration Rules. The Administrator may
override the provisions of this Section 7.3 as to any Award by express provision in the applicable Award Agreement and may accord any Participant a right to refuse any acceleration, whether pursuant to the Award Agreement or otherwise, in such
circumstances as the Administrator may approve. 
  

	 	7.4	 Termination of Employment or Services. 

7.4.1    Events Not Deemed a Termination of Employment. Unless the Administrator otherwise expressly provides
with respect to a particular Award, if a Participant’s employment by or service to the Company or an Affiliate terminates but immediately thereafter the Participant continues in the employ of or service to another Affiliate or the Company, as
applicable, the Participant shall be deemed to have not had a termination of employment or service for purposes of this Plan and the Participant’s Awards. Unless the express policy of the Company or the Administrator otherwise provides, a
Participant’s employment relationship with the Company or any of its Affiliates shall not be considered terminated solely due to any sick leave, military leave, or any other leave of absence authorized by the Company or any Affiliate or the
Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not more than three months. In the case of any Participant on an approved leave
of absence, continued vesting of the Award while on leave from the employ of or service with the Company or any of its Affiliates will be suspended until the Participant returns to service, unless the Administrator otherwise provides or applicable
law otherwise requires. In no event shall an Award be exercised after the expiration of the term of the Award set forth in the Award Agreement. 

  
 14 

 7.4.2    Effect of Change of Affiliate Status. For
purposes of this Plan and any Award, if an entity ceases to be an Affiliate, a termination of employment or service will be deemed to have occurred with respect to each Eligible Person in respect of such Affiliate who does not continue as an
Eligible Person in respect of another Affiliate that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Affiliate that is sold, spun-off or
otherwise divested (or its successor or a direct or indirect parent of such Affiliate or successor) assumes the Eligible Person’s award(s) in connection with such transaction. 

7.4.3    Administrator Discretion. Notwithstanding the provisions of Section 5.5, in the event of, or in
anticipation of, a termination of employment or service with the Company or any of its Affiliates for any reason, the Administrator may accelerate the vesting and exercisability of all or a portion of the Participant’s Award, and/or, subject to
the provisions of Sections 5.4.2 and 7.3, extend the exercisability period of the Participant’s Option upon such terms as the Administrator determines and expressly sets forth in or by amendment to the Award Agreement. 

7.4.4    Termination of Consulting or Affiliate Services. If the Participant is an Eligible Person solely by
reason of clause (c) of Section 3, the Administrator shall be the sole judge of whether the Participant continues to render services to the Company or any of its Affiliates, unless a written contract or the Award Agreement otherwise
provides. If, in these circumstances, the Company or any Affiliate notifies the Participant in writing that a termination of the Participant’s services to the Company or any Affiliate has occurred for purposes of this Plan, then (unless the
contract or the Award Agreement otherwise expressly provides), the Participant’s termination of services with the Company or Affiliate for purposes of this Plan shall be the date specified by the Company or Affiliate in the notice. 

 

	 	7.5	 Compliance with Laws. 

7.5.1    General. This Plan, the granting and vesting of Awards under this Plan, and the offer, issuance and
delivery of Ordinary Shares, the acceptance of promissory notes and/or the payment of money under this Plan or under Awards are subject to compliance with all applicable federal and state laws, applicable foreign laws, rules and regulations
(including but not limited to state and federal securities laws, and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable
in connection therewith. Any person acquiring any securities under this Plan will, if requested by the Company, provide such assurances and representations to the Company as the Administrator may deem necessary or desirable to assure compliance with
all applicable legal and accounting requirements. 
 7.5.2    Compliance with Securities Laws. No
Participant shall sell, pledge or otherwise transfer Ordinary Shares acquired pursuant to an Award or any interest in such shares except in accordance with the express terms of this Plan and the applicable Award Agreement. Any attempted transfer in
violation of this Section 7.5 shall be void and of no effect. Without in any way limiting the provisions set forth above, no Participant shall make any disposition of all or any portion of Ordinary Shares acquired or to be acquired pursuant to
an Award, except in compliance with all applicable federal and state securities laws and unless and until: 

  
 15 

	 	(a)	 there is then in effect a registration statement under the Securities Act covering such proposed disposition
and such disposition is made in accordance with such registration statement; 

  

	 	(b)	 such disposition is made in accordance with Rule 144 under the Securities Act; or 

 

	 	(c)	 such Participant notifies the Company of the proposed disposition and furnishes the Company with a statement of
the circumstances surrounding the proposed disposition, and, if requested by the Company, furnishes to the Company an opinion of counsel acceptable to the Company’s counsel, that such disposition will not require registration under the
Securities Act and will be in compliance with all applicable state securities laws. 

 Notwithstanding
anything else herein to the contrary, neither the Company or any Affiliate has any obligation to register the Ordinary Shares or file any registration statement under either federal or state securities laws, nor does the Company or any Affiliate
make any representation concerning the likelihood of a public offering of the Ordinary Shares or any other securities of the Company or any Affiliate. 

7.5.3    Share Legends. All certificates evidencing Ordinary Shares issued or delivered under this Plan shall
bear the following legends and/or any other appropriate or required legends under applicable laws: 
 “OWNERSHIP OF THIS CERTIFICATE,
THE SHARES EVIDENCED BY THIS CERTIFICATE AND ANY INTEREST THEREIN ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER UNDER APPLICABLE LAW AND UNDER AGREEMENTS WITH THE COMPANY, INCLUDING RESTRICTIONS ON SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER
DISPOSITION.” 
 “THE SHARES ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST REFUSAL AND CALL RIGHTS TO REPURCHASE THE SHARES
UNDER THE COMPANY’S SHARE INCENTIVE PLAN AND AGREEMENTS WITH THE COMPANY THEREUNDER.” 
 “THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), AS SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE
SHARES.” 

  
 16 

 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE
ACT, NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN
ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL TO THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH ANY OTHER APPLICABLE SECURITIES LAWS.” 

7.5.4    Confidential Information. Any financial or other information relating to the Company obtained by
Participants in connection with or as a result of this Plan or their Awards shall be treated as confidential. 
  

	 	7.6	 Tax Withholding. Upon any exercise, vesting, or payment of any Award or upon the
disposition of Ordinary Shares acquired pursuant to the exercise of an Incentive Stock Option prior to satisfaction of the holding period requirements of Section 422 of the Code, the Company or any of its Affiliates shall have the right at its
option to: 

  

	 	(a)	 require the Participant (or the Participant’s Personal Representative or Beneficiary, as the case may be)
to pay or provide for payment of at least the minimum amount of any taxes which the Company or Affiliate may be required to withhold with respect to such Award event or payment; 

 

	 	(b)	 deduct from any amount otherwise payable (in respect of an Award or otherwise) in cash to the Participant (or
the Participant’s Personal Representative or Beneficiary, as the case may be) the minimum amount of any taxes which the Company or Affiliate may be required to withhold with respect to such Award event or payment; or 

 

	 	(c)	 reduce the number of Ordinary Shares to be delivered by (or otherwise reacquire shares held by the Participant)
the appropriate number of Ordinary Shares, valued at their then Fair Market Value, to satisfy the minimum withholding obligation. 

  
 17 

 In any case where a tax is required to be withheld (including taxes in the
PRC where applicable) in connection with the delivery of Ordinary Shares under this Plan (including the sale of Ordinary Shares as may be required to comply with foreign exchange rules in the PRC for Participants resident in the PRC), the
Administrator may in its sole discretion (subject to Section 7.5) grant (either at the time of the Award or thereafter) to the Participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may
establish, to have the Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized
procedures for cashless exercises, necessary to satisfy the minimum applicable withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed the minimum whole number of shares required for tax withholding under
applicable law. The Company may, with the Administrator’s approval, accept one or more promissory notes from any Eligible Person in connection with taxes required to be withheld upon the exercise, vesting or payment of any Award under this
Plan; provided that any such note shall be subject to terms and conditions established by the Administrator and the requirements of applicable law. Any such note need not otherwise comply with the provisions of Section 5.3.3. 

 

	 	7.7	 Plan and Award Amendments, Termination and Suspension. 

7.7.1    Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or
suspend this Plan, in whole or in part. No Awards may be granted during any period that the Board suspends this Plan. 

7.7.2    Shareholder Approval. To the extent then required by applicable law or any applicable listing agency
or required under Sections 162, 422 or 424 of the Code or other applicable tax law, rules or regulations, to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, any amendment to this Plan shall be
subject to shareholder approval. 
 7.7.3    Amendments to Awards. Without limiting any other express
authority of the Administrator under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants that the Administrator in the prior exercise of its
discretion has imposed, without the consent of a Participant, and (subject to the requirements of Sections 2.2 and 7.7.4) may make other changes to the terms and conditions of Awards. 

7.7.4    Limitations on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan
or amendment of any outstanding Award shall, without written consent of the Participant, affect in any manner materially adverse to the Participant any rights or benefits of the Participant or obligations of the Company under any Award granted under
this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7.3 shall not be deemed to constitute changes or amendments for purposes of this Section 7.7. 

  
 18 

 7.8    Privileges of Share Ownership. Except as
otherwise expressly authorized by the Administrator, a Participant will not be entitled to any privilege of share ownership as to any Ordinary Shares not actually delivered to and held of record by the Participant, as evidenced by entry of the
Participant in the register of members of the Company as the registered holder of such Ordinary Shares. Except as expressly required by Section 7.3.1, no adjustment will be made for dividends or other rights as a shareholder for which a record
date is prior to such date of delivery. 
 7.9    Share-Based Awards in Substitution for Awards Granted by
Other Company. Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee share options, share appreciation rights, restricted shares or other share-based awards granted by other entities to
persons who are or who will become Eligible Persons in respect of the Company or one of its Affiliates, in connection with a distribution, merger, amalgamation or other reorganization by or with the granting entity or an affiliated entity, or the
acquisition by the Company or one of its Affiliates, directly or indirectly, of all or a substantial part of the shares or assets of the employing entity. The Awards so granted need not comply with other specific terms of this Plan, provided the
Awards reflect only adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Ordinary Shares in the transaction and any change in the issuer of the security. Any shares that are delivered and any
Awards that are granted by, or become obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by a predecessor employer
(or direct or indirect parent thereof) in the case of persons that become employed by the Company or one of its Affiliates in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or
other limits on the number of shares available for issuance under this Plan. 
 7.10    Effective Date of
the Plan. This Plan is effective upon the Effective Date, subject to approval by the shareholders of the Company within twelve months after the date the Board approves this Plan. 

7.11    Term of the Plan. Unless earlier terminated by the Board, this Plan will terminate at the
close of business on the day before the 10th anniversary of the Effective Date. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board,
no additional Awards may be granted under this Plan, but previously granted Awards (and the authority of the Administrator with respect thereto, including the authority to amend such Awards) shall remain outstanding in accordance with their
applicable terms and conditions and the terms and conditions of this Plan. 
  

	 	7.12    Governing	 Law/Severability. 

7.12.1    Choice of Law. This Plan, the Awards, all documents evidencing Awards and all other related
documents will be governed by, and construed in accordance with, the laws of the Cayman Islands. 

7.12.2    Severability. If it is determined that any provision of this Plan or an Award Agreement is invalid
and unenforceable, the remaining provisions of this Plan and/or the Award Agreement, as applicable, will continue in effect provided that the essential economic terms of this Plan and the Award can still be enforced. 

  
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 7.13    Captions. Captions and headings are given
to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings will not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof. 

7.14    Non-Exclusivity of Plan. Nothing in this Plan will
limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Ordinary Shares, under any other plan or authority. 

7.15    No Restriction on Corporate Powers. The existence of this Plan, the Award Agreements, and the
Awards granted hereunder, shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the
Company’s or any Affiliate’s capital structure or its business; (b) any merger, amalgamation, consolidation or change in the ownership of the Company or any Affiliate; (c) any issue of bonds, debentures, capital, preferred or
prior preference shares ahead of or affecting the Company’s authorized shares or the rights thereof; (d) any dissolution or liquidation of the Company or any Affiliate; (e) any sale or transfer of all or any part of the Company or any
Affiliate’s assets or business; or (f) any other corporate act or proceeding by the Company or any Affiliate. No Participant, Beneficiary or any other person shall have any claim under any Award or Award Agreement against any member of the
Board or the Administrator, or the Company or any employees, officers or agents of the Company or any Affiliate, as a result of any such action. 

7.16    Other Company Compensation or Benefit Programs. Payments and other benefits received by a
Participant under an Award made pursuant to this Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided
by the Company or any Affiliate, except where the Administrator or the Board expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants,
awards or commitments under any other plans or arrangements of the Company or any Affiliate. 

7.17    Clawback Policy. The Awards granted under this Plan are subject to the terms of the
Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment, repurchase or forfeiture of Awards or
any Ordinary Shares or other cash or property received with respect to the Awards (including any value received from a disposition of the shares acquired upon payment of the Awards). 

7.18    Electronic Records. In this Plan and the Award Agreements, (i) “written” and
“in writing” include all modes of representing or reproducing words in visible form, including in the form of an Electronic Record; (ii) any requirements as to execution or signature can be satisfied in the form of an electronic
signature as defined in the Electronic Transactions Law; (iii)    any requirements as to delivery include delivery in the form of an Electronic Record; and (iv) sections 8 and 19(3) of the Electronic Transactions Law shall
not apply. “Electronic Transactions Law” means the Electronic Transactions Law (2003 Revision) of the Cayman Islands, and “Electronic Record” has the same meaning as in the Electronic Transactions Law. 

8.    DEFINITIONS. 

  
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 “Administrator” has the meaning given to such term in Section 2.1.

 “Affiliate” means (a) any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain, or (b) any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of the determination, each of the corporations other than the last corporation in the unbroken chain owns
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

“Award” means an award of any Option authorized by and granted under this Plan. 

“Award Agreement” means any writing, approved by the Administrator, setting forth the terms of an Award that has been duly
authorized and approved. 
 “Award Date” means the date upon which the Administrator took the action granting an Award or
such later date as the Administrator designates as the Award Date at the time of the grant of the Award. 
 “Beneficiary”
means the person, persons, trust or trusts designated by a Participant, or, in the absence of a designation, entitled by will or the laws of descent and distribution, to receive the benefits specified in the Award Agreement and under this Plan if
the Participant dies, and means the Participant’s executor or administrator if no other Beneficiary is designated and able to act under the circumstances. 

“Board” means the Board of Directors of the Company. 

“Cause” with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or
another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a termination of employment or service based upon a finding
by the Company or any of its Affiliates, acting in good faith and based on its reasonable belief at the time, that the Participant: 
  

	 	(a)	 has been negligent in the discharge of his or her duties to the Company or any Affiliate, has refused to
perform stated or assigned duties or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

  

	 	(b)	 has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of
confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

  

	 	(c)	 has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or
policy of the Company or any of its Affiliates; or has been convicted of, or pled guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

  
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	 	(d)	 has materially breached any of the provisions of any agreement with the Company or any of its Affiliates;

  

	 	(e)	 has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the
reputation, business or assets of, the Company or any of its Affiliates; or 

  

	 	(f)	 has improperly induced a vendor or customer to break or terminate any contract with the Company or any of its
Affiliates or induced a principal for whom the Company or any Affiliate acts as agent to terminate such agency relationship. 

A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Administrator) on the
date on which the Company or any Affiliate first delivers written notice to the Participant of a finding of termination for Cause. 

“Change in Control Event” means any of the following: 

 

	 	(a)	 Approval by shareholders of the Company (or, if no shareholder approval is required, by the Board alone) of the
complete dissolution or liquidation of the Company, other than in the context of a Business Combination that does not constitute a Change in Control Event under paragraph (c) below; 

 

	 	(b)	 The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding Ordinary
Shares of the Company (the “Outstanding Company Ordinary Shares”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that, for purposes of this paragraph (b), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly from the Company,
(B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate or a successor, (D) any acquisition by any entity pursuant to a Business
Combination, (E) any acquisition by a Person described in and satisfying the conditions of Rule 13d-1(b) promulgated under the Exchange Act, or (F) any acquisition by a Person who is the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the Outstanding Company Ordinary Shares and/or the Outstanding Company Voting Securities on the Effective Date (or
an affiliate, heir, descendant, or related party of or to such Person); 

  
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	 	(c)	 Consummation of a reorganization, amalgamation, merger, statutory share exchange or consolidation or similar
corporate transaction involving the Company or any other entity a majority of whose outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company (a “Subsidiary”), a sale or other disposition
of all or substantially all of the assets of the Company, or the acquisition of assets or shares of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such
Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Ordinary Shares and the Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding ordinary or common shares and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as
the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets directly or through
one or more subsidiaries (a “Parent”)), and (2) no Person (excluding any individual or entity described in clauses (C), (E) or (F) of paragraph (b) above) beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding ordinary or common shares of the entity resulting from such Business Combination or the
combined voting power of the then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination; 

provided, however, that a transaction shall not constitute a Change in Control Event if it is in connection with the underwritten public
offering of the Company’s securities. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to
time. 
 “Company” means Futu Holdings
Limited/富途控股有限公司, an exempted company incorporated under the Companies
Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands, and its successors. 
 “Effective
Date” means October 31, 2014, being the date upon which the Board originally approved this Plan. 
 “Eligible
Person” has the meaning given to such term in Section 3 of this Plan. 
 “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended from time to time. 
 “Fair Market Value,” for purposes of this Plan and unless
otherwise determined or provided by the Administrator in the circumstances, means as follows: 
  

	 	(a)	 If the Ordinary Shares are listed or admitted to trade on the New York Stock Exchange or other national
securities exchange (the “Exchange”), the Fair Market Value shall equal the closing price of an Ordinary Share as reported on the composite tape for securities on the Exchange for the date in question, or, if no sales of Ordinary
Shares were made on the Exchange on that date, the closing price of an Ordinary Share as reported on said composite tape for the next preceding day on which sales of Ordinary Shares were made on the Exchange. The Administrator may, however, provide
with respect to one or more Awards that the Fair Market Value shall equal the closing price of an Ordinary Share as reported on the composite tape for securities listed on the Exchange on the last trading day preceding the date in question or the
average of the high and low trading prices of an Ordinary Share as reported on the composite tape for securities listed on the Exchange for the date in question or the most recent trading day. 

  
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	 	(b)	 If the Ordinary Shares are not listed or admitted to trade on a national securities exchange, the Fair Market
Value shall be the value as reasonably determined by the Administrator for purposes of the Award in the circumstances (with the expectation being that, in the case of a valuation as of a transaction in which Ordinary Shares or similar securities are
being sold or exchanged, such determination by the Administrator will be principally based on the value of the consideration received by the holders of the securities sold or exchanged in such transaction). 

The Administrator also may adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different
methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Award(s) (for example, and without limitation, the Administrator may provide that Fair Market Value for purposes of one or more
Awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). 

Any determination as to Fair Market Value made pursuant to this Plan shall be made without regard to any restriction other than a restriction
which, by its terms, will never lapse, and shall be conclusive and binding on all persons with respect to Awards granted under this Plan. 

“Incentive Stock Option” means an Option that is designated and intended as an “incentive stock option” within the
meaning of Section 422 of the Code, the award of which contains such provisions (including but not limited to the receipt of shareholder approval of this Plan, if the award is made prior to such approval) and is made under such circumstances
and to such persons as may be necessary to comply with that section. 
 “Nonqualified Option” means an Option that is not
an “incentive stock option” within the meaning of Section 422 of the Code and includes any Option designated or intended as a Nonqualified Option and any Option designated or intended as an Incentive Stock Option that fails to meet
the applicable legal requirements thereof. 
 “Option” means an option to purchase Ordinary Shares granted under
Section 5 of this Plan. The Administrator will designate any Option granted to an employee of the Company or an Affiliate as a Nonqualified Option or an Incentive Stock Option and may also designate any Option as an Early Exercise Option. 

“Ordinary Shares” means the Company’s Ordinary Shares, par value US$0.005 per share, and such other securities or
property as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under Section 7.3.1 of this Plan. 

“Participant” means an Eligible Person who has been granted and holds an Award under this Plan. 

“Personal Representative” means the person or persons who, upon the disability or incompetence of a Participant, have
acquired on behalf of the Participant, by legal proceeding or otherwise, the power to exercise the rights or receive benefits under this Plan by virtue of having become the legal representative of the Participant. 

  
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 “Plan” means this Futu Holdings Limited /富途控股有限公司Share Incentive Plan, as it may hereafter be amended from time to
time. 
 “Public Offering Date” means the date the Ordinary Shares are first registered under the Exchange Act and
listed or quoted on a recognized national securities exchange. 
 “Securities Act” means the U.S. Securities Act of 1933,
as amended from time to time. 
 “Severance Date” with respect to a particular Participant means, unless otherwise provided
in the applicable Award Agreement: 
  

	 	(a)	 if the Participant is an Eligible Person under clause (a) of Section 3 and the Participant’s
employment by the Company or any of its Affiliates terminates (regardless of the reason), the last day that the Participant is actually employed by the Company or such Affiliate (unless, immediately following such termination of employment, the
Participant is a member of the Board or, by express written agreement with the Company or any of its Affiliates, continues to provide other services to the Company or any Affiliate as an Eligible Person under clause (c) of Section 3, in
which case the Participant’s Severance Date shall not be the date of such termination of employment but shall be determined in accordance with clause (b) or (c) below, as applicable, in connection with the termination of the
Participant’s other services); 

  

	 	(b)	 if the Participant is not an Eligible Person under clause (a) of Section 3 but is an Eligible Person
under clause (b) thereof, and the Participant ceases to be a member of the Board (regardless of the reason), the last day that the Participant is actually a member of the Board (unless, immediately following such termination, the Participant is
an employee of the Company or any of its Affiliates or, by express written agreement with the Company or any of its Affiliates, continues to provide other services to the Company or any Affiliate as an Eligible Person under clause (c) of
Section 3, in which case the Participant’s Severance Date shall not be the date of such termination but shall be determined in accordance with clause (a) above or (c) below, as applicable, in connection with the termination of
the Participant’s employment or other services); 

  

	 	(c)	 if the Participant is not an Eligible Person under clause (a) or clause (b) of Section 3 but is
an Eligible Person under clause (c) thereof, and the Participant ceases to provide services to the Company or any of its Affiliates as determined in accordance with Section 7.4.4 (regardless of the reason), the last day that the
Participant actually provides services to the Company or such Affiliate as an Eligible Person under clause (c) of Section 3 (unless, immediately following such termination, the Participant is an employee of the Company or any of its
Affiliates or is a member of the Board, in which case the Participant’s Severance Date shall not be the date of such termination of services but shall be determined in accordance with clause (a) or (b) above, as applicable, in connection
with the termination of the Participant’s employment or membership on the Board). 

  
 25 

 “Total Disability” means a “total and permanent disability”
within the meaning of Section 22(e)(3) of the Code and, with respect to Awards other than Incentive Stock Options, such other disabilities, infirmities, afflictions, or conditions as the Administrator may include. 

  
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