Document:

EX-10.8

 Exhibit 10.8 

QTECH LTD. 
 2017 EQUITY
INCENTIVE PLAN 
 As approved and adopted by a Board Resolution passed on February 15, 2018. 

 

	1.	Explanatory Notes. 

 In July 2017, Qtech Ltd. (the “Company”) initiated
a series of transactions constituting a reorganization (the “Reorganization”), the consummation of which made Shanghai Jifen Culture Communications Co., Ltd. (“Jifen”) and its subsidiaries in the People’s
Republic of China (the “PRC”) variable interests entities of, and wholly controlled by, the Company. As a condition of the Reorganization, the Company agreed to assume Jifen’s obligations and duties under such options granted
by Jifen from 2016 to 2017 (“Jifen’s Existing Options”). In order to preserve the rights, obligation and interests of the holders of the Jifen’s Existing Options, the Company has determined to adopt an equity incentive
plan pursuant to which the Jifen’s Existing Options, as amended and restated, will be assumed. 
  

	2.	Purposes of the Plan. 

 The purposes of this Qtech Ltd. 2017 Equity Incentive Plan (the
“Plan”) is to enable the Company to assume all rights, obligations and responsibilities under Jifen’s Existing Options, and to attract and retain the services of certain employees, directors, consultants and other service
providers considered essential to the success of the Company and the Group Members (as defined below) (collectively, the “Group”) by granting Options to the holders of the Jifen’s Existing Options to replace such Jifen’s
Existing Options. The Options granted under the Plan will replace the Jifen’s Existing Options in their entirety while maintaining the vesting schedules, expiration dates and other terms and conditions of the Jifen’s Existing Options. 

 

	3.	Definitions and Interpretation. 

 (a) Definitions. In this Plan, unless the
context otherwise requires, the following expressions shall have the following meanings: 
 “Administrator” means the Board
or a Committee consisting of one or more member(s) of the Board or officer(s) of the Company whom the Board has delegated its authority to act as the Administrator as provided in Section 4(e). 

“Applicable Law” means the legal requirements relating to the Plan and the Options under applicable provisions of the
corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Options granted to residents therein. 

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

“Business” means any Person that carries on activities for profit, and shall be deemed to include any affiliate of such
Person. 

  
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 “Cause” means, with respect to a Participant in the case of a particular Option,
unless the particular Option Agreement states otherwise, (a) the applicable Group Member having “cause,” “just cause” or term of similar meaning or import, to terminate a Participant’s employment or service, as defined
in any employment, consulting or services agreement between the Participant and such Group Member in effect at the time of such termination; or (b) in the absence of any such employment, consulting or services agreement (or the absence of any
definition of “cause,” “just cause” or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion: 

(i) any commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar acts, or commission of a criminal
offense; 
 (ii) any material breach of any agreement or understanding between the Participant and any Group Member including, without
limitation, any applicable intellectual property and/or invention assignment, employment, non-competition, confidentiality or other similar agreement or the Group Member’s code of conduct or other
workplace rules; 
 (iii) any material misrepresentation or omission of any material fact in connection with the Participant’s
employment with any Group Member or service as a Service Provider or to satisfy the requirements or working standards of the applicable Group Member during any applicable probationary employment period; 

(iv) any material failure to perform the customary duties as an Employee, Consultant or Director, to obey the reasonable directions of a
supervisor or to abide by the policies or codes of conduct of the Company or any other Group Member; or 
 (v) any conduct that is
materially adverse to the name, reputation or interests of the Group Members. 
 “Change in Control” means any of the
following transactions: 
 (i) an amalgamation, arrangement, merger, consolidation or scheme of arrangement in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company’s voting shares immediately prior to
such transaction own more than fifty percent (50%) of the voting shares of the surviving entity; 
 (ii) the sale, transfer or other
disposition of all or substantially all of the assets of the Company (other than to a Subsidiary); 
 (iii) the completion of a voluntary or
insolvent liquidation or dissolution of the Company; 
 (iv) any takeover, reverse takeover, scheme of arrangement, or series of related
transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a takeover or reverse takeover) in which the Company survives but (A) the shares of the Company outstanding
immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of shares, securities, cash or otherwise, or (B) the shares carrying more than fifty percent (50%) of the
total combined voting power of the Company’s then outstanding shares are transferred to a person or persons different from those who held such shares immediately prior to such transaction culminating in such takeover, reverse takeover or scheme
of arrangement, or (C) the Company issues new voting shares in connection with any such transaction such that holders of the Company’s voting shares immediately prior to the transaction no longer hold more than fifty percent (50%) of the
voting shares of the Company after the transaction; or 

  
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 (v) the acquisition in a single or series of related transactions by any person or related group
of persons (other than Employees of one or more Group Members or entities established for the benefit of the Employees of one or more Group Members) of (A) control of the Board or the ability to appoint a majority of the members of the Board,
or (B) beneficial ownership (within the meaning of Rule 13d-3 under the U.S. Securities Exchange Act) of shares carrying more than fifty percent (50%) of the total combined voting power of the
Company’s issued and outstanding shares. 
 “Code” means the United States Internal Revenue Code of 1986, as amended.

 “Committee” means the Compensation Committee of the Board (or a subcommittee thereof), or such other committee of the
Board to which the Board has delegated power to act pursuant to the provisions of the Plan; provided, that in the absence of any such committee, the term “Committee” shall mean the Board. 

“Company” has the meaning set forth in Section 1. 

“Competitor” means any Business that is engaged in or is about to become engaged in any activity of any nature that competes
with a product, process, technique, procedure, device or service of any Group Member. 
 “Consultant” means any Person who
is engaged by a Group Member to render consulting or advisory services to a Group Member. 
 “Director” means a member of
the board of directors of a Group Member. 
 “Disability” means, unless in the case of a particular Option, the particular
Option Agreement states otherwise, as to any Participant, (a) “Disability,” as defined in any employment, consulting or services agreement between the Participant and the applicable Group Member in effect at the time of such termination;
or (b) in the absence of any such employment, consulting or services agreement (or in the absence of any definition of “Disability” contained therein), a disability, whether temporary or permanent, partial or total, as determined by
the Administrator in its sole discretion; provided, that for purposes of Incentive Stock Options, “Disability” means a “permanent and total disability” as defined in Section 22(e)(3) of the Codemeans (unless otherwise
defined in an Option Agreement) a disability, whether temporary or permanent, partial or total, as determined by the Administrator; provided, that for purposes of Incentive Stock Options, “Disability” means a “permanent and
total disability” as defined in
 Section 22(e)(3) of the Code. 
 “Employee” means any person who has an
employment relationship with any Group Member. A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the relevant Group Member under Applicable Laws, or (ii) transfers between locations of
Group Members. 
 “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(i) If the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall
be the closing sales price for such Shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed or traded on the date of determination, as reported in Bloomberg or such
other source as the Administrator deems reliable unless otherwise prescribed by any Applicable Law, or, if the date of determination is not a Trading Date, the closing price as quoted on the principal exchange or system on which the Shares are
listed or traded on the Trading Date immediately preceding the date of determination; 

  
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 (ii) If depositary receipts representing the Shares are listed on one or more established stock
exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such depositary receipts (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on the date of
determination, as reported in Bloomberg or such other source as the Administrator deems reliable, divided by the number of Shares that are represented by such depositary receipts, or, if the date of determination is not a Trading Date, the
closing sales price for such depositary receipts as quoted on the principal exchange or system on which the Shares are listed or traded on the Trading Date immediately preceding the date of determination, divided by the number of Shares that are
represented by such depositary receipts; 
 (iii) If the Shares or depositary receipts representing the Shares are regularly quoted by a
recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for (a) the Shares on the date of determination; or (b) depositary receipts representing
the Shares on the date of determination, divided by the number of Shares that are represented by such depositary receipts, as applicable; or 

(iv) In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the
Administrator. 
 “Family Member” means (i) any person who is a “family member” of the Participant, as such
term is used in the instructions to Form S-8 under the U.S. Securities Act (collectively, the “Immediate Family Members”, which includes any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, and any person sharing the Participant’s household
(other than a tenant or employee); (ii) a trust solely for the benefit of the Participant and/or his or her Immediate Family Members; or (iii) a partnership or limited liability company whose only partners or shareholders are the Participant
and/or his or her Immediate Family Members; or (iv) any other transferee as may be approved by the Administrator in its sole discretion in an Option Agreement or otherwise. 

“Group” has the meaning set forth in Section 2. 

“Group Member” means the Company, any Subsidiary or any Related Entity. 

“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code. 
 “Initial Public Offering” means the first firm underwritten registered public offering by
the IPO Corporation of its equity securities pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the U.S. Securities Act or another Governmental Authority for a public offering in a
jurisdiction other than the United States. 
 “IPO Corporation” means the Company or any other entity which undertakes the
Initial Public Offering. 
 “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock
Option. 
 “Option” means an option to purchase Shares granted pursuant to the Plan. 

“Option Agreement” means any written agreement, contract, or other instrument or document evidencing an Option, printed or
electronic medium, including an option grant notice. 

  
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 “Participant” means the holder of an outstanding Option granted under the Plan.

 “Person” means any natural person, firm, company, corporation, body corporate, partnership, association, government,
state or agency of a state, local, municipal or provincial authority or government body, joint venture, trust, individual proprietorship, business trust or other enterprise, entity or organization (whether or not having separate legal personality).

 “Plan” has the meaning set forth in Section 2. 

“Related Entity” means any Person in or of which the Company or a Subsidiary holds a substantial economic interest, or
possesses the power to direct or cause the direction of the management policies, directly or indirectly, through the ownership of voting securities, by contract, or other arrangements as trustee, executor or otherwise, but which, for purposes of the
Plan, is not a Subsidiary and which the Administrator designates as a Related Entity. For purposes of the Plan, any Person in or of which the Company or a Subsidiary owns, directly or indirectly, securities or interests representing twenty percent
(20%) or more of its total combined voting power of all classes of securities or interests shall be deemed a “Related Entity” unless the Administrator determines otherwise. 

“Service Provider” means any Person who is an Employee, a Consultant or a Director; provided, that Options shall not
be granted to any Consultant or Director in any jurisdiction in which, pursuant to Applicable Laws, grants to non-employees are not permitted. If any Person is a Service Provider by reason of being an
Employee, Director or Consultant to the Company or any Subsidiary and such Person’s service is transferred to a Related Entity, then the Administrator, in its sole discretion, may determine that such Person’s service as a Service Provider
has terminated as a result of such transfer for any or all purposes of any Option, Option Agreement and the Plan. 

“Share” means an ordinary share of the Company, par value US$0.0001 per share, as adjusted in accordance with

Section 9(a) below. 
 “Subsidiary” means any Person Controlled by the Company.
“Control” means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person whether through the ownership of the voting securities of such
Person or by contract or otherwise; provided, that for purposes of Incentive Stock Options, a Subsidiary shall mean only a corporation of which a majority of the outstanding voting securities or voting power is beneficially owned directly or
indirectly by the Company. For purposes of the Plan, any “variable interest entity” that is consolidated into the consolidated financial statements of the Company under applicable accounting principles or standards as may apply to the
consolidated financial statements of the Company shall be deemed a Subsidiary; provided, that solely as applied to Incentive Stock Options such “variable interest entity” is also a corporation of which a majority of the outstanding voting
securities or voting power is beneficially owned directly or indirectly by the Company. 
 “Tax” means any income,
employment, social welfare or other tax withholding obligations (including a Participant’s tax obligations) or any levies, stamp duties, charges or taxes required or permitted to be withheld or otherwise payable under Applicable Laws with
respect to any taxable event concerning a Participant arising as a result of this Plan. 
 “Terminated for Cause” or
“Termination for Cause” means, in the case of a Participant, (i) the termination of the Participant’s status as a Service Provider for Cause or (ii) the Participant’s termination without Cause or voluntary
resignation as a Service Provider if the Administrator determines at any time that, before or after the Participant’s termination without Cause or resignation, a Group Member had Cause to terminate such Participant’s status as a Service
Provider. 

  
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 “Trading Date” means any day on which the Shares or depositary receipts
representing the Shares are (i) publicly traded on one or more established stock exchanges or automated quotation systems under an effective registration statement or similar document under Applicable Law or (ii) quoted by a recognized
securities dealer. 
 “U.S. Person” means each Person who is a “United States Person” within the meaning of
Section 7701(a)(30) of the Code (i.e., a citizen or resident of the United States, including a lawful permanent resident, even if such individual resides outside of the United States). 

“U.S. Securities Act” means the United States Securities Act of 1933 and the regulations thereunder, as amended from time to
time. 
 “U.S. Securities Exchange Act” means the United States Securities Exchange Act of 1934 and the regulations
thereunder, as amended from time to time. 
 (b) Interpretation. Unless expressly provided otherwise, or the context otherwise
requires: 
 (i) the headings in this Plan are for convenience only and shall not affect its interpretation; 

(ii) the terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa; 

(iii) references to “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”; 
 (iv) references to “dollars” or “US$” shall be deemed
references to the lawful money of the United States of America; 
 (v) references to clauses,
sub-clauses, paragraphs, sub-paragraphs and schedules are to clauses, sub-clauses, paragraphs and
sub-paragraphs of, and schedules to, this Plan; 
 (vi) use of any gender includes
the other genders; 
 (vii) a reference to any statute or statutory provision shall be construed as a reference to the same
as it may have been, or may from time to time be, amended, modified or re-enacted; 

(viii) a reference to any other document referred to in this Plan is a reference to that other document as amended, varied,
novated or supplemented at any time; and 
 (ix) sections 8 and 19(3) of the Electronic Transactions Law (2003 Revision) of
the Cayman Islands shall not apply. 
  

	4.	Shares Subject to the Plan. 

 (a) Subject to the provisions of Sections 9 and
paragraph (b) of this Section 4, the maximum aggregate number of Shares which may be subject to Options under the Plan is 10,000,000 Shares. Subject to Section 9 and paragraph
(b) of this Section 4, the maximum number of Incentive Stock Options that may be granted is 10,000,000. 

  
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 (b) If an Option (or any portion thereof) terminates, expires or lapses or is cancelled for any
reason, any Shares subject to the Option (or such portion thereof) shall again be available for the grant of an Option pursuant to the Plan (unless the Plan has terminated). If any Option (in whole or in part) is settled in cash or other property in
lieu of Shares, then the number of Shares subject to such Option (or such part) shall again be available for grant pursuant to the Plan. Shares that have actually been issued under the Plan shall not be returned to the Plan and shall not cause the
number of Shares available to be subject to Options under the Plan to be increased, except that if the Company repurchases any Shares granted under any Option (or a portion thereof) in the event of a Participant’s joining a Competitor,
Termination for Cause, or any of the other circumstances as set forth in Section 13(a), then such Shares shall form part of the authorized but unissued share capital of the Company and may become available for future grant
under the Plan (to the extent permitted under Applicable Laws). 
  

	5.	Administration of the Plan. 

 (a) Administrator. The Plan shall be administered by
the Administrator (except as otherwise permitted herein). 
 (b) Duties and Powers of Administrator. It shall be the duty of the
Administrator to conduct the general administration of the Plan in accordance with its provisions. Subject to the provisions of the Plan, the Administrator shall have the power and authority, in its discretion: 

(i) to select the Service Providers to whom Options may from time to time be granted hereunder; 

(ii) to determine the type or types of Options to be granted to each Service Provider; 

(iii) to determine the exercise price of an Option; 

(iv) to determine the number of Shares to be covered by each such Option granted hereunder; 

(v) to prescribe the forms of Option Agreement for use under the Plan, which need not be identical for each Participant and to amend any
Option Agreement; provided, that: (1) the rights or obligations of the Participant holding the Option that is the subject of any such Option Agreement are not affected adversely by such amendment; (2) the consent of the affected
Participant is obtained; or (3) such amendment is otherwise permitted under the Plan. Any such amendment of an Option under the Plan need not be the same with respect to each Participant; 

(vi) to determine the terms and conditions of any Option granted hereunder (such terms and conditions to include, but not be limited to, the
exercise price, the time or times when Options may be vested, issued or exercised as the case may be (which may be based on performance criteria), whether any Option may be paid in cash or Shares, any rules for tolling the vesting of Options upon an
authorized leave of absence, any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Options or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole
discretion, shall determine); 
 (vii) to determine all matters and questions relating to whether a Participant’s status as a Service
Provider has been terminated, including without limitation if such termination was for Cause or for Disability and, if so, to determine the effective date of such termination (which it may determine to be the date of notice of resignation or the
date of an act or omission by such Participant constituting Cause) and all questions of whether particular leaves of absence constitute a termination of the Service Provider; 

  
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 (viii) to determine whether a Business is a Competitor; 

(ix) to prescribe, amend and rescind rules and regulations relating to the Plan and the administration of the Plan and all Option Agreements,
including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred Tax treatment under the tax laws of any jurisdiction; 

(x) to allow the Participants to satisfy Tax withholding obligations by having the Company withhold from the Shares to be issued pursuant to
an Option (or a portion thereof), that number of Shares having a Fair Market Value equal to the amount required to be withheld as set forth in Section 10(j) below; 

(xi) to take any action, before or after an Option is made, that it deems advisable to obtain approval or comply with Applicable Laws or any
necessary local governmental regulatory exemptions or approvals or listing requirements of any securities exchange or automated quotation system; 

(xii) to construe, interpret, reconcile any inconsistency in, correct any defect in and/or supply any omission in, the terms of the Plan, any
Option Agreement and any Option granted pursuant to the Plan; and 
 (xiii) make all other decisions and determinations that may be required
pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan. 
 (c) Action by the Administrator.
The Administrator may act at a meeting or in writing signed by all members in lieu of a meeting. The Administrator is entitled to, in good faith, rely or act upon any report or other information furnished by any officer or other employee of any
Group Member, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company or the Administrator to assist in the administration of the Plan. 

(d) Effect of Administrator’s Decision. The Administrator’s interpretation of the Plan, any Options granted pursuant to the
Plan and any Option Agreement, and all decisions, determinations and interpretations of the Administrator shall be final, binding and conclusive for all purposes and upon all Participants. 

(e) Delegation of Authority. To the extent permitted by Applicable Laws, the Administrator may from time to time delegate to a
committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Options or to take other administrative actions pursuant to this Section 5. Any delegation hereunder shall
be subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegate. 

 

	6.	Eligibility. 

 (a) Subject to the terms of the Plan, Options may be granted to any
Service Provider. Incentive Stock Options, however, may be granted only to employees of the Company or any “subsidiary corporation” (as defined in Section 424(f) of the Code) of the Company. Except for grants of Incentive Stock
Options, for purposes of this Section 6(a), “Service Providers” shall include prospective Service Providers to whom Options are granted in connection with written offers of a service relationship with a Group
Member. 

  
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 (b) An Option that is intended to be an Incentive Stock Option shall be so designated in the
Option Agreement. 
 (c) Neither the Plan nor any Option shall confer upon any Participant any right with respect to continuing the
Participant’s relationship as a Service Provider with any Group Member, nor shall it interfere in any way with his or her right or any Group Member’s right to terminate such relationship at any time, with or without cause. 

(d) Unless the Administrator provides otherwise, vesting of Options granted hereunder shall be tolled during any unpaid leave of absence in
accordance with such rules as the Administrator shall determine. 
  

	7.	Terms of Options. 

 (a) Term. The term of each Option shall be stated in the
Option Agreement; provided, that the term shall be no more than ten (10) years from the date of grant thereof. Subject to the foregoing, except as limited by the requirements of Section 409A of the Code and regulations and rulings
thereunder, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any termination of Participant’s status as a Service Provider, and may
amend any other term or condition of an Option relating to such termination. 
 (b) Timing of Granting of Options. The date of grant
of an Option shall, for all purposes, be the date on which the Administrator makes the determination granting such Option or such other future date as is determined by the Administrator; provided, that an Option granted in substitution a
Jifen’s Existing Option shall be deemed to have been granted on the same date on which the Jifen’s Existing Option for which it was substituted was granted. Notice of the determination shall be given to each Service Provider to whom an
Option is so granted within a reasonable time after the date of such grant. 
 (c) Option Agreement. All Options shall be evidenced
by an Option Agreement setting forth the number of Shares subject to the Option and the terms and conditions of the Option, which shall not be inconsistent with the Plan; provided, that if necessary to comply with Section 409A of the
Code, for each U.S. Person the Shares subject to the Options shall be “service recipient stock” within the meaning of Section 409A of the Code or the Option shall otherwise comply with Section 409A of the Code, unless the
Participant consents otherwise.  
 (d) Vesting. The period during which an Option, in whole or in part, vests shall be set by
the Administrator, and the Administrator may determine that an Option may not vest in whole or in part for a specified period after it is granted. Such vesting may be based on service with a Group Member and/or any other criteria selected by the
Administrator. At any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option vests. No portion of an Option which is unvested
or unexercisable at the termination of Participant’s status of as a Service Provider shall thereafter become vested or exercisable, except as may be otherwise provided by the Administrator either in the Option Agreement or by action of the
Administrator following the grant of the Option. 
 (e) Issuance of Shares. Shares issued upon exercise of an Option (or any portion
thereof) shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant, in the name of one or more of his or her Family Members, and/or
in the name of a trust whose settlors were/are designated by the Administrator. 

  
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 (f) Termination of Relationship as a Service Provider. If a Participant’s status as a
Service Provider terminates, such Participant may exercise any unexercised Option (to the extent exercisable) within such period of time as is specified in the Option Agreement to the extent that the Option is vested and exercisable on the date of
termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, and except as provided in Sections 7(g), 7(h) and
7(i), Options shall remain exercisable for twelve (12) months following the Participant’s termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). Unless otherwise
specified in the Option Agreement or otherwise determined by the Administrator, if, on the date of termination, the Participant is not vested as to his or her entire Option, the unvested portion of such Option shall be deemed cancelled and the
Shares covered by the unvested portion of the Option shall revert to the Plan and again be available for grant under the Plan. If, after termination, the Participant does not exercise his or her Option within the time specified by the Administrator,
the Option shall terminate, and the Shares covered by such Option shall revert to the Plan and again be available for grant under the Plan. 

(g) Disability of Participant. If a Participant’s status as a Service Provider terminates as a result of the Participant’s
Disability, the Participant may exercise any unexercised Option (to the extent exercisable) within such period of time as is specified in the Option Agreement to the extent the Option is vested and exercisable on the date of termination (but in no
event later than the expiration of the term of such Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twenty-four
(24) months following the Participant’s termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). Unless otherwise specified in the Option Agreement or otherwise determined by
the Administrator, if, on the date of termination, the Participant is not vested as to his or her entire Option, the unvested portion of such Option shall be deemed cancelled and the Shares covered by the unvested portion of the Option shall revert
to the Plan and again be available for grant under the Plan. If, after termination, the Participant does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert
to the Plan and again be available for grant under the Plan. 
 (h) Death of Participant. If a Participant dies as a Service
Provider, any unexercised Option (to the extent exercisable) may be exercised within such period of time as is specified in the Option Agreement to the extent that the Option is vested on the date of death of the Participant (but in no event later
than the expiration of the term of such Option as set forth in the Option Agreement) by the Participant’s estate or by a person who acquires the right to exercise the Option by bequest or inheritance. In the absence of a specified time in the
Option Agreement, the Option shall remain exercisable for twenty-four (24) months following the Participant’s death (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). Unless
otherwise specified in the Option Agreement or otherwise determined by the Administrator, if, at the time of death, the Participant is not vested as to the entire Option, the unvested portion of such Option shall be deemed cancelled and the Shares
covered by the unvested portion of the Option shall immediately revert to the Plan and again be available for grant under the Plan. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares
covered by such Option shall revert to the Plan and again be available for grant under the Plan. 

  
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 (i) Termination for Cause. Subject to Applicable Law, if a Participant is Terminated for
Cause, all unexercised Options, whether vested or unvested, and all other unvested Options, shall be cancelled as of the date of such termination as determined by the Administrator in its sole discretion, and all Shares acquired pursuant to an
Option by such Participant shall be subject to a right of repurchase by the Company in accordance with Section 13(b). Any Shares covered by cancelled Options, and any Shares so repurchased or forfeited pursuant to this
Section 7(i), shall revert to the Plan and again be available for grant under the Plan. 
 (j) Rights to
Purchase. After the Administrator determines that it will offer Options under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Options. 

(k) Exercise Price. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the
Option Agreement which, unless otherwise determined by the Administrator, may be a fixed or variable price determined by reference to the Fair Market Value of the Shares over which such Option is granted; provided, that no Option may be
granted to a U.S. Person with an exercise price per Share which is less than the Fair Market Value of such Shares on the date of grant (or date of adjustment pursuant to the following sentence), without compliance with Section 409A of the Code,
or the Participant’s consent; provided, further, that Nonstatutory Stock Options may be granted with an exercise price lower than that set forth herein if such Option is granted pursuant to an assumption or substitution for an
option granted by another company (including, for the avoidance of doubt, the Jifen’s Existing Options), whether in connection with an acquisition of such other company or otherwise; provided, further, that in the case of an
Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns share representing more than 10% of the voting power of all classes of share of any member of the Company Group, the exercise price per share shall be
no less than 110% of the Fair Market Value per share on the date of grant; provided, further, that the exercise price per Share shall not in any circumstances be less than the par value of the Share. The exercise price per Share
subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, provided, that such adjustment does not result in a materially adverse impact to the Participant; provided, further, that the
exercise price per Share may not in any circumstances be reduced to less than the par value of the Share. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment of the exercise prices of Options mentioned
in the preceding sentence shall be effective without the approval of the Board or the Company’s shareholders or the approval of the affected Participants. 

(l) Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of
payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of: 
  

	 	(i)	cash; 

  

	 	(ii)	check; 

  

	 	(iii)	promissory note; 

 (iv) subject to the consent of the Administrator, Shares
(“Repurchased Shares”) (including Shares issuable upon exercise of such Options) which have a Fair Market Value on the date of repurchase equal to the aggregate exercise price of the Shares as to which such Option shall be exercised
(“Delivered Shares”), provided that: (A) arrangements have been made for the repurchase by the Company of such Repurchased Shares and the paying up in full of the par value of the Delivered Shares as required under
Applicable Laws; (B) such Repurchased Shares have been held by the Participant for such period as established from time to time by the Administrator in order to avoid adverse accounting treatment applying generally accepted accounting
principles; and (C) any other reasonable requirements as may be imposed by the Administrator (including by means of attestation of ownership of a sufficient number of Shares in lieu of actual delivery of such Shares to the Company) have been
satisfied; 

  
 11 

 (v) consideration received by the Company under a broker-assisted or similar cashless exercise
program implemented by the Company in connection with the Plan; provided, that, where relevant, arrangements have been made for the payment in full of the par value of any Shares as required under Applicable Laws in connection with such
program; 
 (vi) by such other consideration as may be approved by the Administrator from time to time to the extent permitted by Applicable
Laws; or 
 (vii) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to
accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. 
 (m)
Procedure for Exercise. Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. An Option may not be
exercised for a fraction of a Share. An Option shall be exercised when the Company receives written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option and payment of the
exercise price and Taxes which are required to be withheld or paid by the relevant Group Member. Full payment may consist of any consideration and method of payment permitted under Section 7(l) above. 

(n) Rights as a Shareholder. Until the Shares are evidenced as issued by entry in the Company’s register of shareholders, no right
to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall cause such Shares to be evidenced as issued by entry in the Company’s
register of shareholders promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in
Section 9. 
  

	8.	Non-Transferability of Options. 

 Options, and
any interest therein, will not be transferable or assignable by the Participant, and may not be made subject to execution, attachment or similar process; provided, that (i) during a Participant’s lifetime, with the consent of the
Administrator (on such terms and conditions as the Administrator determines appropriate), the Participant may transfer Options (except Incentive Stock Options) pursuant to domestic relations order in the settlement of marital property rights,
(ii) the Administrator may permit transfer of an Option to Family Members (except Incentive Stock Options) in its sole discretion under such circumstances as it deems appropriate, (ii) the Participant may transfer, assign or donate Options
(except Incentive Stock Options) to a trust whose settlors were/are approved by the Administrator, and (iv) following a Participant’s death, Options, to the extent they are vested upon the Participant’s death, may be transferred by
will or by the laws of descent and distribution. 

  
 12 

	9.	Adjustments Upon Changes in Capitalization, Change in Control. 

 (a) Changes in
Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Option, the number of Shares which have been authorized for issuance under the Plan but as to which no Options
have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, and the number of Shares subject to grant as Incentive Stock Options, as well as the price per Share covered by each such outstanding Option
and any other affected terms of such Options, shall be proportionally and equitably adjusted for any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation, share dividend, amalgamation, spin-off, arrangement or consolidation, combination or reclassification of Shares. Additionally, in the event of any other increase or decrease in the number of issued Shares effected without consideration by the
Company, then the number of Shares covered by each outstanding Option, the number of Shares which have been authorized for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon
cancellation or expiration of an Option and the limitations on the number of Shares subject to grant as Incentive Stock Options, as well as the price per Share covered by each outstanding Option may be adjusted for any increase or decrease in the
number of issued Shares resulting therefrom. The conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” The manner in which such adjustments under this
Section 9(a) are to be accomplished shall be determined by the Board whose determination shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or
securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. For the avoidance of doubt, in the case of any extraordinary cash
dividend, the Administrator shall make an equitable or proportionate adjustment to outstanding Options to reflect the effect of such extraordinary cash dividend. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify
each Participant as soon as practicable prior to the effective date of commencement of such proposed dissolution or liquidation. The Administrator in its discretion may provide for a Participant to have the right to exercise his or her Options until
fifteen (15) days prior to the commencement of such dissolution or liquidation as to all of the Shares covered thereby. To the extent it has not been previously exercised or paid out, all Options will terminate immediately prior to the
commencement of such proposed dissolution or liquidation. 
 (c) Change in Control. Except as may otherwise be provided in any Option
Agreement or any other written agreement entered into by and between the Company and a Participant, if a Change in Control occurs, the Company as determined in the sole discretion of the Administrator and without the consent of the Participant may
take any of the following actions: 
 (i) accelerate the vesting, in whole or in part, of any Option; 

(ii) purchase any Option for an amount of cash or shares equal to the value that could have been attained upon the exercise of such Option or
realization of the Participant’s rights had such Option been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Administrator determines in good faith that no amount would have been
attained upon the exercise of such Option or realization of the Participant’s rights, then such Option may be terminated by the Company without payment); or 

(iii) provide for the assumption, conversion or replacement of any Option by the successor or surviving company or a parent or subsidiary of
the successor or surviving company with other rights (including cash) or property selected by the Administrator in its sole discretion or the assumption or substitution of such Option by the successor or surviving company, or a parent or subsidiary
thereof, with such appropriate adjustments as to the number and kind of shares and prices as the Administrator deems, in its sole discretion, reasonable, equitable and appropriate. In the event the successor or surviving company refuses to assume,
convert or replace outstanding Options, the Options shall fully vest and the Participant shall have the right to exercise or receive payment as to all of the Shares subject to the Option, including Shares as to which it would not otherwise be
vested, exercisable or otherwise issuable (including at the time of the Change in Control). 

  
 13 

 (d) Prior to any payment or adjustment contemplated under this Section 9, the Committee may
require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Options; (ii) bear such Participant’s pro rata share of any post-closing indemnity obligations, and be subject to the same
post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Shares, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code;
and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 
  

	10.	Miscellaneous General Rules 

 (a) Share Certificates; Book Entry Procedures.
Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing Shares or ADSs (as defined in Section 10(e)) issued pursuant to the exercise of any Option, unless and until the
Board has determined, with advice of counsel, that the issuance and/or delivery of such certificates, as applicable, is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any
exchange on which the Shares are listed or traded. All Share and ADS certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all
Applicable Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Administrator may place legends on any Share and ADS certificate to reference restrictions
applicable to the Share. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to
comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Option, including a
window-period limitation, as may be imposed in the discretion of the Administrator. Notwithstanding further any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Law, the Company shall not
deliver to any Participant certificates evidencing Shares or ADSs issued in connection with any Option and instead such Shares or ADSs shall be recorded in the books of the Company (or, as applicable, its transfer agent or share plan administrator).

 (b) Paperless Administration. Subject to Applicable Laws, the Administrator may make Options, provide applicable disclosure and
procedures for exercise of Options by an internet website, electronic mail or interactive voice response system for the paperless administration of Options. 

(c) Applicable Currency. The Option Agreement shall specify the currency applicable to such Option. The Administrator may determine, in
its sole discretion, that an Option denominated in one currency may be paid in any other currency based on the prevailing exchange rate as the Administrator deems appropriate. A Participant may be required to provide evidence that any currency used
to pay the exercise price or purchase price of any Option was acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. 

(d) Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to
any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 

  
 14 

 (e) Government and Other Regulations; Distribution of Shares. The obligation of the
Company to make payment of Options in Shares or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of
the Shares paid pursuant to the Plan under any Applicable Laws. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration under Applicable Laws the Company may restrict the transfer of such shares in such
manner as it deems advisable to ensure the availability of any such exemption. Additionally, in the discretion of the Administrator, American depositary shares (“ADSs”) may be distributed in lieu of Shares in settlement of any
Option; provided, that the ADSs shall be of equal value to the Shares that would have otherwise been distributed; provided, further, that, in lieu of issuing a fractional ADS, the Company shall make a cash payment to the
Participant equal to the Fair Market Value of such fractional ADS. If the number of Shares represented by an ADS is other than on a one-to-one basis, the limitations
contained in Section 3 shall be adjusted to reflect the distribution of ADSs in lieu of Shares. 
 (f)
Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 
 (g) Titles and
Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

(h) Fractional Shares. No fractional Share shall be issued and the Administrator shall determine, in its discretion, whether cash shall
be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down. 
 (i) No Rights to
Options. No Participant, Employee, or other person shall have any claim to be granted any Option pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Participants, Employees, Consultants, Directors or any
other persons uniformly. 
 (j) Taxes. No Shares shall be delivered, and no payment shall be made under the Plan to any Participant
until such Participant has made arrangements acceptable to the Administrator for the satisfaction of Taxes and any other costs and expenses in connection with the grant, exercise or vesting of Options and/or the issuance and delivery of the Shares.
The Company or the relevant Group Member shall have the authority and the right to deduct or withhold from any compensation payable to a Participant, or require a Participant to remit to the Company or the relevant Group Member, an amount sufficient
to satisfy all Taxes. The Administrator may in its discretion and in satisfaction of the foregoing requirement allow or require a Participant to satisfy Taxes by electing to have the Company withhold Shares otherwise issuable under an Option (or
other amounts payable under an Option) having a Fair Market Value equal to the Taxes. Notwithstanding any other provision of the Plan, the number of Shares otherwise issuable under an Option which may be withheld with respect to the grant, issuance,
vesting, exercise or payment of any Option (or which may be repurchased from the Participant of such Option (or a portion thereof) after such Shares were acquired by the Participant from the Company) in order to satisfy all Taxes, unless
specifically approved by the Administrator, be limited to the number of Shares otherwise issuable under an Option which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such Taxes. The Fair Market
Value of the Shares otherwise issuable under an Option to be withheld shall be determined on the date that the amount of Taxes to be withheld is to be determined. All elections by the Participants to have Shares otherwise issuable under an Option
withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable. 
 (k)
Buy-Out. In the sole discretion of the Administrator, any Option (in whole or in part) under the Plan may be settled in cash or other property in lieu of Shares; provided, that payment in cash or
other property in lieu of Shares shall not be made earlier than the time such Shares are deliverable pursuant to the terms of the Option. 

  
 15 

 (l) Valuation. For purposes of Section 9(c) where an Option is
converted into or any underlying Share is substituted with cash or other property or securities (a “Substitute Property”), the valuation of such Option and its Substitute Property, or the exchange ratio between the two, shall be
determined in good faith by the Administrator and supported by the valuation achieved in the relevant transaction, or in the absence of any such transaction, by an independent valuation expert selected by the Administrator. 

(m) Effect of Plan upon Other Compensation Plans. The adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Subsidiary or Related Entity. Nothing in the Plan shall be construed to limit the right of the Company, any Subsidiary or any Related Entity (a) to establish any other forms of incentives or compensation for
Service Providers, or (b) to grant or assume options or other rights or Options otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with
the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association. 

(n) Section 409A. To the extent that the Administrator determines that any Option granted to a U.S. Person under the Plan is subject to
Section 409A of the Code, the Option Agreement evidencing such Option shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Option Agreements shall be interpreted in
accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that
any Option may be subject to Section 409A of the Code and related Department of Treasury guidance, the Administrator may adopt such amendments to the Plan and the applicable Option Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Option from Section 409A of the Code and/or preserve the intended tax
treatment of the benefits provided with respect to the Option, or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such
Section. The Administrator shall use commercially reasonable efforts to implement the provisions of this Section 16(n) in good faith; provided, that neither the Company, the Administrator nor any of the
Company’s employees, directors or representatives shall have any liability to any Participant with respect to this Section 10(n). 

(o) Indemnification. To the extent allowable pursuant to Applicable Laws, the Administrator (or any individual member of the Committee
or the Board acting as the Administrator) shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by it or such member in connection with or resulting from any
claim, action, suit, or proceeding to which it, he or she may be a party or in which it, he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by it, him or her in
satisfaction of judgment in such action, suit, or proceeding against it, him or her; provided, that it, he or she gives the Company an opportunity, at its own expense, to handle and defend the same before it, he or she undertakes to handle
and defend it on its, his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s memorandum and articles of
association as amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
 16 

 (p) Plan Language. The official language of the Plan shall be English. The Administrator,
as deemed necessary and appropriate, may decide that any Option Agreements may be prepared only in a Chinese version. 
 (q) Other
Provisions. The Option Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 

 

	11.	Amendment and Termination of the Plan. 

 (a) Effective Date; Term of Plan. This
Plan shall become effective as determined by the Board; provided, that to the extent any Options granted under the Plan are Incentive Stock Options, the Plan has been or will be approved by the shareholders of the Company within twelve
(12) months before or after the date this Plan is adopted by the Board. This Plan shall continue in effect for a term of ten (10) years unless sooner terminated under this Section 11. 

(b) Amendment and Termination. The Board in its sole discretion may terminate this Plan at any time. The Board may amend this Plan at
any time in such respects as the Board may deem advisable; provided, that, if required to comply with Applicable Laws or stock exchange rules or the rules of any automated quotation systems (other than any requirement which may be
disapplied by the Company following any available home country exemption), the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 

(c) Effect of Termination. Except as otherwise provided in Section 9, any amendment or termination of this
Plan shall not affect Options previously granted or issued, as the case may be, and such Options shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the affected
Participant and the Company, which agreement must be in writing and signed by the Participant and the Company. 
  

	12.	Certain Securities Law Matters. 

 (a) The Company intends that as long as it is not
subject to the reporting requirements of Section 13 or 15(d) of the U.S. Securities Exchange Act, and is not an investment company registered or required to be registered under the Investment Company Act of 1940, as amended, all grants of
Options and Shares issuable upon exercise or vesting of Options shall be exempt from registration under the provisions of Section 5 of the U.S. Securities Act, and this Plan shall be administered in such a manner so as to preserve such
exemption. The Company intends for this Plan to constitute a written compensatory benefit plan within the meaning of Rule 701(b) of Title 17, Code of Federal Regulations, Section 230.701 (“Rule 701”), promulgated by U.S.
Securities Act. Unless otherwise designated by the Administrator at the time an Option is granted, all Options granted under this Plan by the Company, and the issuance of any Shares pursuant thereto, are intended to be granted to (i) persons
who meet the requirements of a “U.S. Person” as such term is defined in Rule 902(k) of Title 17, Code of Federal Regulations, Section 230.901 through 230.905, promulgated under the U.S. Securities Act (“Regulation S”)
in reliance on Rule 701 or (ii) persons other than persons who meet the requirements of a “U.S. Person” as such term is defined in Regulation S, in compliance with Regulation S or otherwise be exempt from registration. 

  
 17 

 (b) The obligation of the Company to settle Options in Shares or other consideration shall be
subject to all Applicable Laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Option to the contrary, the Company shall be under no obligation to offer to
sell or to sell, and shall be prohibited from offering to sell or selling, any Shares pursuant to an Option unless such shares have been properly registered for sale pursuant to Applicable Laws or unless the Company has received an opinion of
counsel, satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be
under no obligation to register for sale under any Applicable Laws any of the Shares to be offered or sold under the Plan. 
 (c) The
Administrator may cancel an Option or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of Shares from
the public markets, the Company’s issuance of the Shares to the Participant, the Participant’s acquisition of the Shares from the Company and/or the Participant’s sale of Shares to the public markets, illegal, impracticable or
inadvisable. If the Administrator determines to cancel all or any portion of an Option in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (i) the aggregate Fair Market Value of the Shares
subject to such Option or portion thereof canceled (determined as of the applicable exercise date, or the date that the Shares would have been vested or delivered, as applicable), over (ii) the aggregate exercise price. Such amount shall be
delivered to the Participant as soon as practicable following the cancellation of such Option or portion thereof. 
 (d) Notwithstanding any
provision of the Plan to the contrary, in no event shall a Participant be permitted to exercise an Option in a manner that the Administrator determines would violate the United States Sarbanes-Oxley Act of 2002, or any other Applicable Law or the
applicable rules and regulations of the U.S. Securities Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded 

 

	13.	Joining a Competitor; Termination for Cause.

 (a) All Options (whether vested or
unvested) shall be cancelled as of the date of termination of the Participant as a Service Provider; 
 (b) All Shares issued pursuant to
any Option (or a portion thereof) shall be subject to repurchase by the Company at the lesser of the (A) exercise price of such Shares, or (B) Fair Market Value or such other value of Shares as determined by the Administrator or as set
forth in the applicable Option Agreement; and 
 (c) All proceeds, gains or other economic benefit actually or constructively received by
the Participant upon any receipt or exercise of any Options (or a portion thereof) or upon the receipt or resale of any Shares underlying any Option (or a portion thereof), must be paid to the Company if: 

(i) within twelve (12) months of termination as a Service Provider or such longer period determined by the Administrator and as set forth
in the applicable Option Agreement, the Participant (A) directly or indirectly, establishes, incorporates, forms, enters into, or participates in the Business as an owner, partner, principal or shareholder or other proprietor (other than
through a purchase on the open market, solely as a passive investment, of not more than five percent (5%) of the interest) of any Competitor, or (B) has become, is or becomes an officer, director, employee, consultant, adviser of, or otherwise,
directly or indirectly, enter the employ of, continue any employment with or render any services to or for, any Competitor, or (C) knowingly performs or has performed any act that may confer a competitive benefit or advantage upon any
Competitor (in each case as determined by the Administrator); or 
 (ii) the Participant is Terminated for Cause. 

  
 18 

	14.	Certain Transfer Restrictions, Repurchase Rights and Similar Matters.  

(a) In connection with the grant, vesting, and/or exercise of any Option, the Administrator may require a Participant to execute and become a
party to the Shareholders’ Agreement (as amended from time to time, the “Shareholders’ Agreement”), among the Company and other parties thereto as a condition of such grant, vesting, and/or exercise of any Option by
executing and delivering to the Company the Shareholders’ Agreement. To the extent that there is any conflict between the terms of the Plan and the Shareholders’ Agreement, the Shareholders’ Agreement shall govern and control. 

(b) Any Shares issued upon the exercise of or in settlement of an Option shall be subject to such special forfeiture conditions, rights of
repurchase or redemption, rights of first refusal, and other transfer restrictions as set forth in the Shareholders’ Agreement or, if there is no Shareholders’ Agreement or such provisions do not exist in the Shareholders’ Agreement,
as the Administrator may determine as set forth in an Option Agreement (which restrictions shall apply in addition to any restrictions that may apply to holders of Shares generally). 

(c) The Administrator has the authority to take any action required to ensure that each Participant holding Shares acquired pursuant to
Options granted under the Plan receives shares (or other equity securities) and other rights in connection with an Initial Public Offering substantially equivalent to such Participant’s economic interest, governance, priority, vesting and other
rights and privileges as such Participant has with respect to such Participant’s Shares immediately prior to such Initial Public Offering (determined without regard to any tax consequences to such Participant of the receipt and ownership of
such shares, equity securities or other rights). 
  

	15.	Governing Law. 

 This Plan shall be governed by the laws of the Cayman Islands. 

  
 19 

 * * * * * 

I hereby certify that the foregoing Plan was duly adopted by the Board on February 15, 2018. 

Executed on this 15th day of February 2018. 

 

	
	
	    /s/ TAN Siliang
	Authorized Director

  
 20EX-10.9

 Exhibit 10.9 

QTECH LTD. 
 2018 EQUITY
INCENTIVE PLAN 
 As adopted on February 25, 2018 
  

	1.	Purposes of the Plan. 

 The purposes of this Qtech Ltd. 2018 Equity Incentive Plan (the
“Plan”) is to enable Qtech Ltd., a Cayman Islands company (the “Company”) to attract and retain the services of employees, directors and consultants considered essential to the success of the Company and the Group
Members (as defined below) (collectively, the “Group”) by providing additional incentives to promote the success of the Group as a whole. Options, Restricted Shares, Restricted Share Units, Dividend Equivalents, Share Appreciation
Rights and Share Payments (each as defined below) may be granted under the Plan. Options granted under the Plan may be “Incentive Stock Options” or “Nonstatutory Stock Options,” as determined by the Administrator (as defined
below) at the time of grant. 
  

	2.	Definitions and Interpretation. 

 (a)    Definitions. In this
Plan, unless the context otherwise requires, the following expressions shall have the following meanings: 

“Administrator” means the Board or a Committee consisting of one or more member(s) of the Board or officer(s) of the Company
whom the Board has delegated its authority to act as the Administrator as provided in Section 4(e). 
 “Applicable
Law” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or
national market system, of any jurisdiction applicable to Awards granted to residents therein. 
 “Award” means a Dividend
Equivalent, Option, Restricted Share, Restricted Share Unit, Share Appreciation Right or Share Payment award granted to a Participant pursuant to the Plan. 

“Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including
through electronic medium. 
 “Board” means the board of directors of the Company. 

“Business” means any Person that carries on activities for profit, and shall be deemed to include any affiliate of such
Person. 
 “Cause” means, with respect to a Participant in the case of a particular Award, unless the particular Award
Agreement states otherwise, (a) the applicable Group Member having “cause,” “just cause” or term of similar meaning or import, to terminate a Participant’s employment or service, as defined in any employment, consulting
or services agreement between the Participant and such Group Member in effect at the time of such termination; or (b) in the absence of any such employment, consulting or services agreement (or the absence of any definition of
“cause,” “just cause” or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion: 

(i)    any commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar acts, or
commission of a criminal offense; 

 (ii)    any material breach of any agreement or understanding between the
Participant and any Group Member including, without limitation, any applicable intellectual property and/or invention assignment, employment, non-competition, confidentiality or other similar agreement or the
Group Member’s code of conduct or other workplace rules; 
 (iii)    any material misrepresentation or omission of
any material fact in connection with the Participant’s employment with any Group Member or service as a Service Provider or to satisfy the requirements or working standards of the applicable Group Member during any applicable probationary
employment period; 
 (iv)    any material failure to perform the customary duties as an Employee, Consultant or
Director, to obey the reasonable directions of a supervisor or to abide by the policies or codes of conduct of the Company or any other Group Member; or 

(v)    any conduct that is materially adverse to the name, reputation or interests of the Group Members. 

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

(i)    an amalgamation, arrangement, merger, consolidation or scheme of arrangement in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company’s voting shares immediately prior to
such transaction own more than fifty percent (50%) of the voting shares of the surviving entity; 
 (ii)    the sale,
transfer or other disposition of all or substantially all of the assets of the Company (other than to a Subsidiary); 

(iii)    the completion of a voluntary or insolvent liquidation or dissolution of the Company; 

(iv)    any takeover, reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse
takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a takeover or reverse takeover) in which the Company survives but (A) the shares of the Company outstanding immediately prior to such transaction are
converted or exchanged by virtue of the transaction into other property, whether in the form of shares, securities, cash or otherwise, or (B) the shares carrying more than fifty percent (50%) of the total combined voting power of the
Company’s then issued and outstanding shares are transferred to a person or persons different from those who held such shares immediately prior to such transaction culminating in such takeover, reverse takeover or scheme of arrangement, or
(C) the Company issues new voting shares in connection with any such transaction such that holders of the Company’s voting shares immediately prior to the transaction no longer hold more than fifty percent (50%) of the voting shares of the
Company after the transaction; or 
 (v)    the acquisition in a single or series of related transactions by any person
or related group of persons (other than Employees of one or more Group Members or entities established for the benefit of the Employees of one or more Group Members) of (A) control of the Board or the ability to appoint a majority of the
members of the Board, or (B) beneficial ownership (within the meaning of Rule 13d-3 under the U.S. Securities Exchange Act) of shares carrying more than fifty percent (50%) of the total combined voting
power of the Company’s then issued and outstanding shares. 
 “Code” means the United States Internal Revenue Code of
1986, as amended. 

  
 2 

 “Committee” means the Compensation Committee of the Board (or a subcommittee
thereof), or such other committee of the Board to which the Board has delegated power to act pursuant to the provisions of the Plan; provided, that in the absence of any such committee, the term “Committee” shall mean the Board.

 “Company” has the meaning set forth in Section 1. 

“Competitor” means any Business that is engaged in or is about to become engaged in any activity of any nature that competes
with a product, process, technique, procedure, device or service of any Group Member. 
 “Consultant” means any Person who
is engaged by a Group Member to render consulting or advisory services to a Group Member. 
 “Director” means a member of
the board of directors of a Group Member. 
 “Disability” means, unless in the case of a particular Award, the particular
Award Agreement states otherwise, as to any Participant, (a) “Disability,” as defined in any employment, consulting or services agreement between the Participant and the applicable Group Member in effect at the time of such termination; or
(b) in the absence of any such employment, consulting or services agreement (or in the absence of any definition of “Disability” contained therein), a disability, whether temporary or permanent, partial or total, as determined by the
Administrator in its sole discretion; provided, that for purposes of Incentive Stock Options, “Disability” means a “permanent and total disability” as defined in Section 22(e)(3) of the Code. 

“Dividend Equivalent” means a right to receive (in cash or other property or, subject to
Section 11, a reduction in exercise price or base price of the relevant outstanding Award) dividends paid on Shares underlying an Award (or an amount equal to the dividends which would have been paid on such Shares, as if
such Shares had been issued and outstanding during the relevant period) as provided under Section 11. 

“Employee” means any person who has an employment relationship with any Group Member. A Service Provider shall not cease to
be an Employee in the case of (i) any leave of absence approved by the relevant Group Member under Applicable Laws, or (ii) transfers between locations of Group Members. 

“Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(i)    If the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the
Fair Market Value shall be the closing sales price for such Shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed or traded on the date of determination, as reported in
Bloomberg or such other source as the Administrator deems reliable unless otherwise prescribed by any Applicable Law, or, if the date of determination is not a Trading Date, the closing price as quoted on the principal exchange or system on
which the Shares are listed or traded on the Trading Date immediately preceding the date of determination; 
 (ii)    If
depositary receipts representing the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such depositary receipts (or the closing bid, if
no sales were reported) as quoted on the principal exchange or system on the date of determination, as reported in Bloomberg or such other source as the Administrator deems reliable, divided by the number of Shares that are represented by
such depositary receipts, or, if the date of determination is not a Trading Date, the closing sales price for such depositary receipts as quoted on the principal exchange or system on which the Shares are listed or traded on the Trading Date
immediately preceding the date of determination, divided by the number of Shares that are represented by such depositary receipts; 

  
 3 

 (iii)    If the Shares or depositary receipts representing the Shares are
regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for (a) the Shares on the date of determination; or (b) depositary
receipts representing the Shares on the date of determination, divided by the number of Shares that are represented by such depositary receipts, as applicable; or 

(iv)    In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good
faith by the Administrator. 
 “Family Member” means (i) any person who is a “family member” of the
Participant, as such term is used in the instructions to Form S-8 under the U.S. Securities Act (collectively, the “Immediate Family Members”, which includes any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, and any person sharing the Participant’s household (other than a tenant or employee); (ii) a trust solely for the
benefit of the Participant and/or his or her Immediate Family Members; or (iii) a partnership or limited liability company whose only partners or shareholders are the Participant and/or his or her Immediate Family Members; or (iv) any
other transferee as may be approved by the Administrator in its sole discretion in an Award Agreement or otherwise. 

“Group” has the meaning set forth in Section 1. 

“Group Member” means the Company, any Subsidiary or any Related Entity. 

“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code. 
 “Initial Public Offering” means the first firm underwritten registered public offering by
the IPO Corporation of its Ordinary Shares pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the U.S. Securities Act or another Governmental Authority for a public offering in a
jurisdiction other than the United States. 
 “IPO Corporation” means the Company or any other entity which undertakes the
Initial Public Offering. 
 “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock
Option. 
 “Option” means an option to purchase Shares granted pursuant to the Plan. 

“Participant” means the holder of an outstanding Award granted under the Plan. 

“Person” means any natural person, firm, company, corporation, body corporate, partnership, association, government, state or
agency of a state, local, municipal or provincial authority or government body, joint venture, trust, individual proprietorship, business trust or other enterprise, entity or organization (whether or not having separate legal personality). 

“Plan” has the meaning set forth in Section 1. 

  
 4 

 “Related Entity” means any Person in or of which the Company or a Subsidiary
holds a substantial economic interest, or possesses the power to direct or cause the direction of the management policies, directly or indirectly, through the ownership of voting securities, by contract, or other arrangements as trustee, executor or
otherwise, but which, for purposes of the Plan, is not a Subsidiary and which the Administrator designates as a Related Entity. For purposes of the Plan, any Person in or of which the Company or a Subsidiary owns, directly or indirectly, securities
or interests representing twenty percent (20%) or more of its total combined voting power of all classes of securities or interests shall be deemed a “Related Entity” unless the Administrator determines otherwise. 

“Restricted Share” means a Share subject to restrictions and repurchase rights granted pursuant to the Plan. 

“Restricted Share Unit” means the right to receive a Share at a future date granted pursuant to the Plan. 

“Service Provider” means any Person who is an Employee, a Consultant or a Director; provided, that Awards shall not be
granted to any Consultant or Director in any jurisdiction in which, pursuant to Applicable Laws, grants to non-employees are not permitted. If any Person is a Service Provider by reason of being an Employee,
Director or Consultant to the Company or any Subsidiary and such Person’s service is transferred to a Related Entity, then the Administrator, in its sole discretion, may determine that such Person’s service as a Service Provider has
terminated as a result of such transfer for any or all purposes of any Award, Award Agreement and the Plan. 
 “Share”
means an ordinary share of the Company, par value US$0.0001 per share, as adjusted in accordance with Section 14(a) below. 

“Share Appreciation Right” means a right to receive a payment equal to the excess of the Fair Market Value of a specified
number of Shares on the date the Share Appreciation Right is exercised over the base price as set forth in the applicable Award Agreement, granted pursuant to the Plan. 

“Share Payment” means a payment in the form of Shares, as part of any bonus, deferred compensation or other cash compensation
arrangement, made in lieu of all or any portion of such bonus, deferred compensation or other cash compensation arrangement, granted pursuant to the Plan. 

“Subsidiary” means any Person Controlled by the Company. “Control” means, with respect to any Person, the
possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person whether through the ownership of the voting securities of such Person or by contract or otherwise; provided, that for
purposes of Incentive Stock Options, a Subsidiary shall mean only a corporation of which a majority of the outstanding voting securities or voting power is beneficially owned directly or indirectly by the Company. For purposes of the Plan, any
“variable interest entity” that is consolidated into the consolidated financial statements of the Company under applicable accounting principles or standards as may apply to the consolidated financial statements of the Company shall be
deemed a Subsidiary; provided, that, solely as applied to Incentive Stock Options, such “variable interest entity” is also a corporation of which a majority of the outstanding voting securities or voting power is beneficially owned
directly or indirectly by the Company. 
 “Tax” means any income, employment, social welfare or other tax withholding
obligations (including a Participant’s tax obligations) or any levies, stamp duties, charges or taxes required or permitted to be withheld or otherwise payable under Applicable Laws with respect to any taxable event concerning a Participant
arising as a result of this Plan. 

  
 5 

 “Terminated for Cause” or “Termination for Cause” means, in the
case of a Participant, (i) the termination of the Participant’s status as a Service Provider for Cause or (ii) the Participant’s termination without Cause or voluntary resignation as a Service Provider if the Administrator
determines at any time that, before or after the Participant’s termination without Cause or resignation, a Group Member had Cause to terminate such Participant’s status as a Service Provider. 

“Trading Date” means any day on which the Shares or depositary receipts representing the Shares are (i) publicly traded
on one or more established stock exchanges or automated quotation systems under an effective registration statement or similar document under Applicable Law or (ii) quoted by a recognized securities dealer. 

“U.S. Person” means each Person who is a “United States Person” within the meaning of Section 7701(a)(30) of
the Code (i.e., a citizen or resident of the United States, including a lawful permanent resident, even if such individual resides outside of the United States). 

“U.S. Securities Act” means the United States Securities Act of 1933 and the regulations thereunder, as amended from time to
time. 
 “U.S. Securities Exchange Act” means the United States Securities Exchange Act of 1934 and the regulations
thereunder, as amended from time to time. 
 (b)    Interpretation. Unless expressly provided otherwise, or the
context otherwise requires: 
 (i)    the headings in this Plan are for convenience only and shall not
affect its interpretation; 
 (ii)    the terms defined in the singular shall have a comparable meaning
when used in the plural, and vice versa; 
 (iii)    references to “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 

(iv)    references to “dollars” or “US$” shall be deemed references to the lawful money
of the United States of America; 
 (v)    references to clauses,
sub-clauses, paragraphs, sub-paragraphs and schedules are to clauses, sub-clauses, paragraphs and
sub-paragraphs of, and schedules to, this Plan; 
 (vi)    use of
any gender includes the other genders; 
 (vii)    a reference to any statute or statutory provision
shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted; 

(viii)    a reference to any other document referred to in this Plan is a reference to that other document
as amended, varied, novated or supplemented at any time; and 
 (ix)    sections 8 and 19(3) of the
Electronic Transactions Law (2003 Revision) of the Cayman Islands shall not apply. 

  
 6 

	3.	Shares Subject to the Plan. 

 (a)    Subject to the provisions of
Sections 14 and paragraph (b) of this Section 3, the maximum aggregate number of Shares which may be subject to Awards under the Plan is 2,964,141 ordinary Shares. Subject to
Section 14 and paragraph (b) of this Section 3, the maximum number of Incentive Stock Options that may be granted is 2,964,141. The Shares which may be subject to Awards are authorized
but unissued Shares of the Company. 
 (b)    If an Award (or any portion thereof) terminates, expires or lapses or is
cancelled for any reason, any Shares subject to the Award (or such portion thereof) shall again be available for the grant of an Award pursuant to the Plan (unless the Plan has terminated). If any Award (in whole or in part) is settled in cash or
other property in lieu of Shares, then the number of Shares subject to such Award (or such part) shall again be available for grant pursuant to the Plan. Shares that have actually been issued under the Plan, pursuant to Awards under the Plan shall
not be returned to the Plan and shall not cause the number of Shares available to be subject to Awards under the Plan to be increased, except that if: 
  

	 	(i)	any Restricted Shares are forfeited (or surrendered) or the Company repurchases unvested Restricted Shares pursuant to the terms of the Award Agreement, or 

 

	 	(ii)	the Company repurchases any Shares granted under any Award (or a portion thereof) in the event of a Participant’s joining a Competitor, Termination for Cause, or any of the other circumstances as set forth in
Section 18(a), 

 then such Restricted Shares or Shares shall form part of the authorized but unissued share capital
of the Company and may become available for future grant under the Plan (to the extent permitted under Applicable Laws). 
  

	4.	Administration of the Plan. 

 (a)    Administrator. The Plan
shall be administered by the Administrator (except as otherwise permitted herein). 
 (b)    Duties and Powers of
Administrator. It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with its provisions. Subject to the provisions of the Plan, the Administrator shall have the power and authority, in its
discretion: 
 (i)    to select the Service Providers to whom Awards may from time to time be granted hereunder; 

(ii)    to determine the type or types of Awards to be granted to each Service Provider; 

(iii)    to determine the exercise price of an Option or the base price of a Share Appreciation Right; 

(iv)    to determine the number of Shares to be covered by each such Award granted hereunder; 

(v)    to prescribe the forms of Award Agreement for use under the Plan, which need not be identical for each Participant
and to amend any Award Agreement; provided, that: (1) the rights or obligations of the Participant holding the Award that is the subject of any such Award Agreement are not affected adversely by such amendment; (2) the consent of
the affected Participant is obtained; or (3) such amendment is otherwise permitted under the Plan. Any such amendment of an Award under the Plan need not be the same with respect to each Participant; 

  
 7 

 (vi)    to determine the terms and conditions of any Award granted hereunder
(such terms and conditions to include, but not be limited to, the exercise price, the time or times when Awards may be vested, issued or exercised as the case may be (which may be based on performance criteria), the times at which Shares are
issuable under a Restricted Share Unit, whether any Award may be paid in cash or Shares, any rules for tolling the vesting of awards upon an authorized leave of absence, any vesting acceleration or waiver of forfeiture restrictions, and any
restriction or limitation regarding any Awards or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine); 

(vii)    to determine all matters and questions relating to whether a Participant’s status as a Service Provider has
been terminated, including without limitation if such termination was for Cause or for Disability and, if so, to determine the effective date of such termination (which it may determine to be the date of notice of resignation or the date of an act
or omission by such Participant constituting Cause) and all questions of whether particular leaves of absence constitute a termination of the Service Provider; 

(viii)    to determine whether a Business is a Competitor; 

(ix)    to prescribe, amend and rescind rules and regulations relating to the Plan and the administration of the Plan and
all Award Agreements, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred Tax treatment under the tax laws of any jurisdiction; 

(x)    to allow the Participants to satisfy Tax withholding obligations by having the Company withhold from the Shares to
be issued pursuant to an Award (or a portion thereof), that number of Shares having a Fair Market Value equal to the amount required to be withheld as set forth in Section 15(j) below; 

(xi)    to take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with
Applicable Laws or any necessary local governmental regulatory exemptions or approvals or listing requirements of any securities exchange or automated quotation system; 

(xii)    to construe, interpret, reconcile any inconsistency in, correct any defect in and/or supply any omission in, the
terms of the Plan, any Award Agreement and any Award granted pursuant to the Plan; and 
 (xiii)    make all other
decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan. 

(c)    Action by the Administrator. The Administrator may act at a meeting or in writing signed by all members in
lieu of a meeting. The Administrator is entitled to, in good faith, rely or act upon any report or other information furnished by any officer or other employee of any Group Member, the Company’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Company or the Administrator to assist in the administration of the Plan. 

(d)    Effect of Administrator’s Decision. The Administrator’s interpretation of the Plan, any Awards
granted pursuant to the Plan and any Award Agreement, and all decisions, determinations and interpretations of the Administrator shall be final, binding and conclusive for all purposes and upon all Participants. 

  
 8 

 (e)    Delegation of Authority. To the extent permitted by Applicable
Laws, the Administrator may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this
Section 4. Any delegation hereunder shall be subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated
or appoint a new delegate. 
  

	5.	Eligibility. 

 (a)    Subject to the terms of the Plan, all forms of
Awards may be granted to any Service Provider. Incentive Stock Options, however, may be granted only to employees of the Company or any “subsidiary corporation” (as defined in Section 424(f) of the Code) of the Company. Except for
grants of Incentive Stock Options, for purposes of this Section 5(a), “Service Providers” shall include prospective Service Providers to whom Awards are granted in connection with written offers of a service
relationship with a Group Member. 
 (b)    An Option that is intended to be an Incentive Stock Option shall be so
designated in the Award Agreement. 
 (c)    Neither the Plan nor any Award shall confer upon any Participant any right
with respect to continuing the Participant’s relationship as a Service Provider with any Group Member, nor shall it interfere in any way with his or her right or any Group Member’s right to terminate such relationship at any time, with or
without cause. 
 (d)    Unless the Administrator provides otherwise, vesting of Awards granted hereunder shall be
tolled during any unpaid leave of absence in accordance with such rules as the Administrator shall determine. 
  

	6.	Terms of Awards. 

 (a)    Term. The term of each Award shall
be stated in the Award Agreement; provided, that the term shall be no more than ten (10) years from the date of grant thereof. Subject to the foregoing, except as limited by the requirements of Section 409A of the Code and
regulations and rulings thereunder, the Administrator may extend the term of any outstanding Award, and may extend the time period during which vested Awards may be exercised, in connection with any termination of Participant’s status as a
Service Provider, and may amend any other term or condition of an Award relating to such termination. 

(b)    Timing of Granting of Awards. The date of grant of an Award shall, for all purposes, be the date on which
the Administrator makes the determination granting such Award or such other future date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Award is so granted within a reasonable
time after the date of such grant. 
 (c)    Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan
may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan (or any other award granted pursuant to another compensation plan). Awards granted in addition
to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards (or any other award granted pursuant to another compensation plan). 

  
 9 

 (d)    Award Agreement. All Awards shall be evidenced by an Award
Agreement setting forth the number of Shares subject to the Award and the terms and conditions of the Award, which shall not be inconsistent with the Plan; provided, that if necessary to comply with Section 409A of the Code, for each
U.S. Person the Shares subject to the Awards shall be “service recipient stock” within the meaning of Section 409A of the Code or the Award shall otherwise comply with Section 409A of the Code, unless the Participant consents
otherwise.  
 (e)    Vesting. The period during which an Award, in whole or in part, vests shall be set
by the Administrator, and the Administrator may determine that an Award may not vest in whole or in part for a specified period after it is granted. Such vesting may be based on service with a Group Member and/or any other criteria selected by the
Administrator. At any time after grant of an Award, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Award vests. No portion of an Award which is unvested or
unexercisable at the termination of Participant’s status of as a Service Provider shall thereafter become vested or exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the
Administrator following the grant of the Award. 
 (f)    Issuance of Shares. Shares issued upon grant, exercise
or vesting of an Award (or any portion thereof) shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant and/or in the name of one
of more of his or her Family Members, and/or in the name of a trust whose settlors were/are approved by the Administrator. 

(g)    Termination of Relationship as a Service Provider. If a Participant’s status as a Service Provider
terminates, such Participant may exercise any unexercised Award (to the extent exercisable) within such period of time as is specified in the Award Agreement to the extent that the Award is vested and exercisable on the date of termination (but in
no event later than the expiration of the term of the Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, and except as provided in Sections 6(h), 6(i) and 6(j), Awards shall
remain exercisable for three (3) months following the Participant’s termination (but in no event later than the expiration of the term of the Award as set forth in the Award Agreement). Unless otherwise specified in the Award Agreement or
otherwise determined by the Administrator, if, on the date of termination, the Participant is not vested as to his or her entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of
the Award shall revert to the Plan and again be available for grant or award under the Plan. If, after termination, the Participant does not exercise his or her Award within the time specified by the Administrator, the Award shall terminate, and the
Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan. 

(h)    Disability of Participant. If a Participant’s status as a Service Provider terminates as a result of
the Participant’s Disability, the Participant may exercise any unexercised Award (to the extent exercisable) within such period of time as is specified in the Award Agreement to the extent the Award is vested and exercisable on the date of
termination (but in no event later than the expiration of the term of such Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Award shall remain exercisable for twelve (12) months
following the Participant’s termination (but in no event later than the expiration of the term of the Award as set forth in the Award Agreement). Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator,
if, on the date of termination, the Participant is not vested as to his or her entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall revert to the Plan and again
be available for grant or award under the Plan. If, after termination, the Participant does not exercise his or her Award within the time specified herein, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and
again be available for grant or award under the Plan. 

  
 10 

 (i)    Death of Participant. If a Participant dies while a Service
Provider, any unexercised Award (to the extent exercisable) may be exercised within such period of time as is specified in the Award Agreement to the extent that the Award is vested on the date of death of the Participant (but in no event later than
the expiration of the term of such Award as set forth in the Award Agreement) by the Participant’s estate or by a person who acquires the right to exercise the Award by bequest or inheritance. In the absence of a specified time in the Award
Agreement, the Award shall remain exercisable for twelve (12) months following the Participant’s death (but in no event later than the expiration of the term of the Award as set forth in the Award Agreement). Unless otherwise specified in
the Award Agreement or otherwise determined by the Administrator, if, at the time of death, the Participant is not vested as to the entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested
portion of the Award shall immediately revert to the Plan and again be available for grant or award under the Plan. If the Award is not so exercised within the time specified herein, the Award shall terminate, and the Shares covered by such Award
shall revert to the Plan and again be available for grant or award under the Plan. 
 (j)    Termination for
Cause. Subject to Applicable Law, if a Participant is Terminated for Cause, all unexercised Options or Share Appreciation Rights, whether vested or unvested, and all other unvested Awards, shall be cancelled as of the date of such termination as
determined by the Administrator in its sole discretion, and all Shares acquired pursuant to an Award by such Participant shall be subject to a right of repurchase by the Company in accordance with Section 18(b). Any Shares
covered by cancelled Awards, and any Shares so repurchased shall revert to the Plan and again be available for grant or award under the Plan. 
  

	7.	Options. 

 (a)    Rights to Purchase. After the Administrator
determines that it will offer Options under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Options. 

(b)    Exercise Price. The exercise price per Share subject to an Option shall be determined by the Administrator
and set forth in the Award Agreement which, unless otherwise determined by the Administrator, may be a fixed or variable price determined by reference to the Fair Market Value of the Shares over which such Award is granted; provided, that
(i) the exercise price of an Incentive Stock Option shall not be less than the Fair Market Value of a Share on the date of grant and, in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option,
owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group, the exercise price per Share shall be no less than 110% of the Fair Market Value per Share on the date of grant; (ii) no
Option may be granted to a U.S. Person with an exercise price per Share which is less than the Fair Market Value of a Share on the date of grant (or date of adjustment pursuant to the following sentence), without compliance with Section 409A of
the Code, or the Participant’s consent; (iii) an Option may be granted with an exercise price lower than that set forth herein if such Option is granted pursuant to an assumption or substitution for an option granted by another company,
whether in connection with an acquisition of such other company or otherwise; and (iv) the exercise price per Share shall not in any circumstances be less than the par value of the Share. The exercise price per Share subject to an Option may be
amended or adjusted in the absolute discretion of the Administrator, provided, that such adjustment does not result in a materially adverse impact to the Participant; provided, further, that the exercise price per Share may not
in any circumstances be reduced to less than the par value of the Share. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall
be effective without the approval of the Board or the Company’s shareholders or the approval of the affected Participants. 

  
 11 

 (c)    Consideration. The consideration to be paid for the Shares to
be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of: 

(i)    cash; 

(ii)    check; 

(iii)    promissory note; 

(iv)    subject to the consent of the Administrator, Shares (“Repurchased Shares”) (including Shares
issuable upon exercise of such Options) which have a Fair Market Value on the date of repurchase equal to the aggregate exercise price of the Shares as to which such Option shall be exercised (“Delivered Shares”), provided
that: (A) arrangements have been made for the repurchase by the Company of such Repurchased Shares and the paying up in full of the par value of the Delivered Shares as required under Applicable Laws; (B) such Repurchased Shares have been
held by the Participant for such period as established from time to time by the Administrator in order to avoid adverse accounting treatment applying generally accepted accounting principles; and (C) any other reasonable requirements as may be
imposed by the Administrator (including by means of attestation of ownership of a sufficient number of Shares in lieu of actual delivery of such Shares to the Company) have been satisfied; 

(v)    consideration received by the Company under a broker-assisted or similar cashless exercise program implemented by
the Company in connection with the Plan; provided, that, where relevant, arrangements have been made for the payment in full of the par value of any Shares as required under Applicable Laws in connection with such program; 

(vi)    by such other consideration as may be approved by the Administrator from time to time to the extent permitted by
Applicable Laws; or 
 (vii)    any combination of the foregoing methods of payment. In making its determination as to
the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. 

(d)    Procedure for Exercise. Any Option granted hereunder shall be exercisable according to the terms hereof at
such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option shall be exercised when the Company receives written or electronic
notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option and payment of the exercise price and Taxes which are required to be withheld or paid by the relevant Group Member. Full payment may consist
of any consideration and method of payment permitted under Section 7(c) above. 

(e)    Rights as a Shareholder. Until the Shares are evidenced as issued by entry in the Company’s register of
shareholders, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall cause such Shares to be evidenced as issued by entry in
the Company’s register of shareholders promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in
Section 14. 

  
 12 

 (f)    Substitution of Share Appreciation Rights. The Administrator
may provide in the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option;
provided, that such Share Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable. 

 

	8.	Restricted Shares. 

 (a)    Rights to Purchase. After the
Administrator determines that it will offer Restricted Shares under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Restricted Shares. 

(b)    Restrictions. All Restricted Shares shall, in the terms of each individual Award Agreement, be subject to
such restrictions and vesting requirements as the Administrator shall provide. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire in accordance with the terms of the relevant Award Agreement. All share
certificates relating to Restricted Shares shall be held by the Company in escrow for the Participant until all restrictions on such Restricted Shares have been removed. 

(c)    Repurchase or Forfeiture of Restricted Shares. If the price for the Restricted Shares was paid by the
Participant in services, then upon termination as a Service Provider, the Participant shall no longer have any right in the unvested Restricted Shares and such Restricted Shares shall be forfeited (and for these purposes the Participant shall be
deemed to have surrendered such Restricted Shares), and thereupon either cancelled or surrendered to the Company without consideration. If a purchase price was paid by the Participant for the Restricted Shares (other than in services), then upon the
Participant’s termination as a Service Provider, the Company shall have the right to repurchase from the Participant the unvested Restricted Shares then subject to restrictions at a cash price per share equal to the price paid by the
Participant for such Restricted Shares or such other amount as may be specified in the Award Agreement. 

(d)    Rights as a Shareholder. Once the Restricted Shares are issued, subject only to the restrictions on such
Restricted Shares as provided in the Award Agreement, the Participant shall have rights as a shareholder which are equivalent to the rights of other holders of Shares, and shall be a shareholder when he or she is recorded as the holder of such
Restricted Shares upon entry in the Company’s register of shareholders. No adjustment shall be made for a dividend or other right in respect of any Restricted Share for which the record date is prior to the date the Participant is entered on
the Company’s register of shareholders in respect of such Restricted Shares, except as provided in Section 14 of the Plan. 
  

	9.	Restricted Share Units. 

 (a)    Rights to Purchase. After the
Administrator determines that it will offer Restricted Shares Units under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Restricted Shares Units. 

(b)    Rights as a Shareholder. Until a Share is issued in settlement of a Restricted Share Unit by entry in the
Company’s register of shareholders, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to such Share. The Company shall cause such Share to be evidenced as issued by entry in the Company’s
register of shareholders promptly after the Restricted Share Unit vests. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in
Section 14. 

  
 13 

	10.	Share Appreciation Rights. 

 (a)    Rights to Purchase. After
the Administrator determines that it will offer Share Appreciation Rights under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Share Appreciation Rights. 

(b)    Base Price. The price per Share over which the appreciation of each Share Appreciation Right is to be
measured shall be the base price as determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price determined by reference to the Fair Market Value of the Shares; provided, that for each U.S.
Person such base price may not be established at less than the Fair Market Value on the date the Share Appreciation Right is granted, without such Share Appreciation Right either complying with Section 409A of the Code, or the
Participant’s consent. The base price per Share so established for a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, provided, that such adjustment does not result in a materially
adverse impact to the Participant. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment in the base price mentioned in the preceding sentence shall be effective without the approval of the Board or the
Company’s shareholders or the approval of the affected Participants. 
 (c)    Payment. Payment by the
Company for a Share Appreciation Right shall be in cash, in Shares (based on their Fair Market Value as of the date the Share Appreciation Right is exercised) or a combination of both, as determined by the Administrator in the Award Agreement or, if
the Award Agreement does not specifically so provide, by the Administrator at the time of exercise. To the extent any payment is effected in Shares, only that number of Shares actually issued in payment of the Share Appreciation Right shall be
counted against the maximum number of Shares which may be issued under Section 3.  

(d)    Procedure for Exercise. Any Share Appreciation Right granted hereunder shall be exercisable according to the
terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. A Share Appreciation Right shall be exercised when the Company receives written or electronic notice of exercise (in
accordance with the Award Agreement) from the person entitled to exercise the Share Appreciation Right and payment of Taxes which are required to be withheld by the relevant Group Member. If Shares are issued upon exercise of a Share Appreciation
Right, then such Shares shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant and/or in the name of one or more of his or her
Family Members. 
 (e)    Rights as a Shareholder. Until the Shares are issued by entry in the Company’s
register of members, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Share Appreciation Right. The Company shall issue (or cause to be issued)
such Shares promptly after the Share Appreciation Right is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in
Section 14. 

  
 14 

	11.	Dividend Equivalents. 

 The Administrator is authorized to grant Dividend Equivalents on
any Award and to any Service Provider. Dividend Equivalents with respect to an Award may be granted by the Administrator based on dividends declared on the Shares underlying such Award (and, in the case of any such Shares which have not been issued,
the Dividend Equivalent may entitle the holder of such Award to receive an amount equal to the dividends which would have been paid on such Shares, as if such Shares had been issued and outstanding during the relevant period), to be credited as of
dividend payment dates during the period between the date the Dividend Equivalent is granted to a Participant and the date the Award with respect to which the Dividend Equivalent vests, is exercised, is distributed or expires, as determined by the
Administrator. Such Dividend Equivalents shall be settled in cash, other property or a reduction in exercise price or base price of the relevant Award by such formula and at such time and subject to such limitations as may be determined by the
Administrator and as set forth in the Award Agreement or otherwise. Dividend Equivalents shall not be granted on Options or Share Appreciation Rights granted to U.S. Persons. 
  

	12.	Share Payments. 

 The Administrator is authorized to grant Share Payments to any Service
Provider in the manner determined from time to time by the Administrator; provided, that unless otherwise determined by the Administrator such Share Payments shall be made in lieu of base salary, bonus, or other cash compensation otherwise
payable to such Participant, including any such compensation that has been deferred at the election of the Participant; provided, further, that not less than the par value of any Share shall be received by the Company in connection
with its issue pursuant to any such Share Payment. In accordance with Applicable Law, such par value may be paid through the provision of services. The number of Shares issuable as a Share Payment shall be determined by the Administrator and may be
based upon satisfaction of such specific criteria as determined appropriate by the Administrator, including specified dates for electing to receive such Share Payment at a later date and the date on which such Share Payment is to be made. 

 

	13.	Non-Transferability of Awards. 

 Awards, and any
interest therein, will not be transferable or assignable by the Participant, and may not be made subject to execution, attachment or similar process; provided, that (i) during a Participant’s lifetime, with the consent of the
Administrator (on such terms and conditions as the Administrator determines appropriate), the Participant may transfer Awards (except Incentive Stock Options and Restricted Share Units) pursuant to domestic relations order in the settlement of
marital property rights, (ii) the Administrator may permit transfer of an Award to Family Members (except Incentive Stock Options) in its sole discretion under such circumstances as it deems appropriate, (iii) the Participant may transfer,
assign or donate Options to a trust whose settlors were/are approved by the Administrator, and (iv) following a Participant’s death, Awards, to the extent they are vested upon the Participant’s death, may be transferred by will or by
the laws of descent and distribution. 
  

	14.	Adjustments Upon Changes in Capitalization, Change in Control. 

(a)    Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of
Shares covered by each outstanding Award, the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an
Award, and the number of Shares subject to grant as Incentive Stock Options, as well as the price per Share covered by each such outstanding Award and any other affected terms of such Awards, shall be proportionally and equitably adjusted for any
increase or decrease in the number of issued Shares resulting from a subdivision or consolidation, share dividend, amalgamation, spin-off, arrangement or consolidation, combination or reclassification of
Shares. Additionally, in the event of any other increase or decrease in the number of issued Shares effected without consideration by the Company, then the number of Shares covered by each outstanding Award, the number of Shares which have been
authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award and the limitations on the number of Shares subject to grant as Incentive
Stock Options, as well as the price per Share covered by each outstanding Award may be adjusted for any increase or decrease in the number of issued Shares resulting therefrom. The conversion of any convertible securities of the Company shall not be
deemed to have been “effected without receipt of consideration.” The manner in which such adjustments under this Section 14(a) are to be accomplished shall be determined by the Board whose determination shall be
final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect
to, the number or price of Shares subject to an Award. For the avoidance of doubt, in the case of any extraordinary cash dividend, the Administrator shall make an equitable or proportionate adjustment to outstanding Awards to reflect the effect of
such extraordinary cash dividend. 

  
 15 

 (b)    Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each Participant as soon as practicable prior to the effective date of commencement of such proposed dissolution or liquidation. The Administrator in its discretion may
provide for a Participant to have the right to exercise his or her Option, or Share Appreciation Right until fifteen (15) days prior to the commencement of such dissolution or liquidation as to all of the Shares covered thereby. In addition,
the Administrator may provide that any Company repurchase option or any vesting condition applicable to any Restricted Shares shall lapse as to all such Restricted Shares and any Shares issuable under any Restricted Share Units, or as Share Payments
shall be issued as of such date; provided, that the proposed dissolution or liquidation commences at the time and in the manner contemplated by the proposed dissolution or liquidation. To the extent it has not been previously exercised or
paid out, all Awards will terminate immediately prior to the commencement of such proposed dissolution or liquidation. 

(c)    Change in Control. Except as may otherwise be provided in any Award Agreement or any other written agreement
entered into by and between the Company and a Participant, if a Change in Control occurs, the Company as determined in the sole discretion of the Administrator and without the consent of the Participant may take any of the following actions: 

(i)    accelerate the vesting, in whole or in part, of any Award; 

(ii)    purchase any Award for an amount of cash or shares equal to the value that could have been attained upon the
exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Administrator determines in good faith that no
amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment); or 

(iii)    provide for the assumption, conversion or replacement of any Award by the successor or surviving company or a
parent or subsidiary of the successor or surviving company with other rights (including cash) or property selected by the Administrator in its sole discretion or the assumption or substitution of such Award by the successor or surviving company, or
a parent or subsidiary thereof, with such appropriate adjustments as to the number and kind of shares and prices as the Administrator deems, in its sole discretion, reasonable, equitable and appropriate. In the event the successor or surviving
company refuses to assume, convert or replace outstanding Awards, the Awards shall fully vest and the Participant shall have the right to exercise or receive payment as to all of the Shares subject to the Award, including Shares as to which it would
not otherwise be vested, exercisable or otherwise issuable (including at the time of the Change in Control). 

  
 16 

 (d)    Prior to any payment or adjustment contemplated under this
Section 14, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of any post-closing indemnity
obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Shares, subject to any limitations or reductions as may be necessary to
comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 
  

	15.	Miscellaneous General Rules 

 (a)    Share
Certificates; Book Entry Procedures. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing Shares or ADSs (as defined in Section 15(e)) issued
pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and/or delivery of such certificates, as applicable, is in compliance with all Applicable Laws, regulations of governmental
authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share and ADS certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the
Administrator deems necessary or advisable to comply with all Applicable Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Administrator may place legends on
any Share or ADS certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the
Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with respect to the
settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator. Notwithstanding further any other provision of the Plan, unless otherwise determined by the Administrator or
required by any Applicable Law, the Company shall not deliver to any Participant certificates evidencing Shares or ADSs issued in connection with any Award and instead such Shares or ADSs shall be recorded in the books of the Company (or, as
applicable, its transfer agent or share plan administrator). 
 (b)    Paperless Administration. Subject to
Applicable Laws, the Administrator may make Awards, provide applicable disclosure and procedures for exercise of Awards by an internet website, electronic mail or interactive voice response system for the paperless administration of Awards. 

(c)    Applicable Currency. The Award Agreement shall specify the currency applicable to such Award. The
Administrator may determine, in its sole discretion, that an Award denominated in one currency may be paid in any other currency based on the prevailing exchange rate as the Administrator deems appropriate. A Participant may be required to provide
evidence that any currency used to pay the exercise price or purchase price of any Award was acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and
regulations. 
 (d)    Relationship to other Benefits. No payment pursuant to the Plan shall be taken into
account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such
other plan or an agreement thereunder. 

  
 17 

 (e)    Government and Other Regulations; Distribution of Shares. The
obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to
register any of the Shares paid pursuant to the Plan under any Applicable Laws. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration under Applicable Laws the Company may restrict the transfer of such
shares in such manner as it deems advisable to ensure the availability of any such exemption. Additionally, in the discretion of the Administrator, American depositary shares (“ADSs”), may be distributed in lieu of Shares in
settlement of any Award; provided, that the ADSs shall be of equal value to the Shares that would have otherwise been distributed; provided, further, that, in lieu of issuing a fractional ADS, the Company shall make a cash
payment to the Participant equal to the Fair Market Value of such fractional ADS. If the number of Shares represented by an ADS is other than on a one-to-one basis, the
limitations contained in Section 3 shall be adjusted to reflect the distribution of ADSs in lieu of Shares. 

(f)    Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 

(g)    Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference
only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

(h)    Fractional Shares. No fractional Share shall be issued and the Administrator shall determine, in its
discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down. 

(i)    No Rights to Awards. No Participant, Employee, or other person shall have any claim to be granted any Award
pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Participants, Employees, Consultants, Directors or any other persons uniformly. 

(j)    Taxes. No Shares shall be issued, and no payment shall be made under the Plan to any Participant until such
Participant has made arrangements acceptable to the Administrator for the satisfaction of Taxes and any other costs and expenses in connection with the grant, exercise or vesting of Awards and/or the issuance of the Shares. The Company or the
relevant Group Member shall have the authority and the right to deduct or withhold from any compensation payable to a Participant, or require a Participant to remit to the Company or the relevant Group Member, an amount sufficient to satisfy all
Taxes. The Administrator may in its discretion and in satisfaction of the foregoing requirement allow or require a Participant to satisfy Taxes by electing to have the Company withhold Shares otherwise issuable under an Award (or other amounts
payable under an Award) having a Fair Market Value equal to the Taxes. Notwithstanding any other provision of the Plan, the number of Shares otherwise issuable under an Award which may be withheld with respect to the grant, issuance, vesting,
exercise or payment of any Award (or which may be repurchased from the Participant of such Award (or a portion thereof) after such Shares were acquired by the Participant from the Company) in order to satisfy all Taxes, unless specifically approved
by the Administrator, be limited to the number of Shares otherwise issuable under an Award which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such Taxes. The Fair Market Value of the Shares
otherwise issuable under an Award to be withheld shall be determined on the date that the amount of Taxes to be withheld is to be determined. All elections by the Participants to have Shares otherwise issuable under an Award withheld for this
purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable. 

(k)    Buy-Out. In the sole discretion of the Administrator, any Award (in
whole or in part) under the Plan may be settled in cash or other property in lieu of Shares; provided, that payment in cash or other property in lieu of Shares shall not be made earlier than the time such Shares are issuable pursuant to the
terms of the Award. 

  
 18 

 (l)    Valuation. For purposes of
Section 14(c) where an Award is converted into or any underlying Share is substituted with cash or other property or securities (a “Substitute Property”), the valuation of such Award and its Substitute
Property, or the exchange ratio between the two, shall be determined in good faith by the Administrator and supported by the valuation achieved in the relevant transaction, or in the absence of any such transaction, by an independent valuation
expert selected by the Administrator. 
 (m)    Effect of Plan upon Other Compensation Plans. The adoption of the
Plan shall not affect any other compensation or incentive plans in effect for the Company or any Subsidiary or Related Entity. Nothing in the Plan shall be construed to limit the right of the Company, any Subsidiary or any Related Entity (a) to
establish any other forms of incentives or compensation for Service Providers, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without
limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or
association. 
 (n)    Section 409A. To the extent that the Administrator determines that any Award granted to a
U.S. Person under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award
Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that
the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Award from Section 409A of the
Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the
application of any penalty taxes under such Section. The Administrator shall use commercially reasonable efforts to implement the provisions of this Section 15(n) in good faith; provided, that neither the Company,
the Administrator nor any of the Company’s employees, directors or representatives shall have any liability to any Participant with respect to this Section 15(n). 

(o)    Indemnification. To the extent allowable pursuant to Applicable Laws, the Administrator (or any individual
member of the Committee or the Board acting as the Administrator) shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by it or such member in connection
with or resulting from any claim, action, suit, or proceeding to which it, he or she may be a party or in which it, he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts
paid by it, him or her in satisfaction of judgment in such action, suit, or proceeding against it, him or her; provided, that it, he or she gives the Company an opportunity, at its own expense, to handle and defend the same before it, he or
she undertakes to handle and defend it on its, his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s
memorandum and articles of association as amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
 19 

 (p)    Plan Language. The official language of the Plan shall be
English. To the extent that the Plan or any Award Agreements are translated from English into another language, the English version of the Plan and Award Agreements will always govern, in the event that there are inconsistencies or ambiguities which
may arise due to such translation. Notwithstanding the foregoing, the Administrator, as deemed necessary and appropriate, may decide that the language of any Award Agreements prepared only in Chinese version. 

(q)    Other Provisions. The Award Agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 
  

	16.	Amendment and Termination of the Plan. 

 (a)    Effective Date;
Term of Plan. This Plan shall become effective as determined by the Board; provided, that no Options or Share Appreciation Rights granted under this Plan shall be exercised, the Company’s right to repurchase Restricted Shares shall
not lapse, no Dividend Equivalents shall be paid and no Shares shall be issued under a Restricted Share Unit or in the form of a Share Payment unless and until this Plan has been approved by the shareholders of the Company; provided,
further, that to the extent any Awards granted under the Plan are Incentive Stock Options, the Plan has been or will be approved by the shareholders of the Company within twelve (12) months before or after the date this Plan is adopted
by the Board. This Plan shall continue in effect for a term of ten (10) years unless sooner terminated under this Section 16. 

(b)    Amendment and Termination. The Board in its sole discretion may terminate this Plan at any time. The Board
may amend this Plan at any time in such respects as the Board may deem advisable; provided, that, if required to comply with Applicable Laws or stock exchange rules or the rules of any automated quotation systems (other than any
requirement which may be disapplied by the Company following any available home country exemption), the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 

(c)    Effect of Termination. Except as otherwise provided in Section 14, any amendment
or termination of this Plan shall not affect Awards previously granted or issued, as the case may be, and such Awards shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between
the affected Participant and the Company, which agreement must be in writing and signed by the Participant and the Company. 
  

	17.	Certain Securities Law Matters. 

 (a)    The Company intends that as
long as it is not subject to the reporting requirements of Section 13 or 15(d) of the U.S. Securities Exchange Act, and is not an investment company registered or required to be registered under the Investment Company Act of 1940, as amended,
all grants of Awards and Shares issuable upon exercise or vesting of Awards shall be exempt from registration under the provisions of Section 5 of the U.S. Securities Act, and this Plan shall be administered in such a manner so as to preserve
such exemption. The Company intends for this Plan to constitute a written compensatory benefit plan within the meaning of Rule 701(b) of Title 17, Code of Federal Regulations, Section 230.701 (“Rule 701”), promulgated by U.S.
Securities Act. Unless otherwise designated by the Administrator at the time an Award is granted, all Awards granted under this Plan by the Company, and the issuance of any Shares pursuant thereto, are intended to be granted to (i) persons who
meet the requirements of a “U.S. Person” as such term is defined in Rule 902(k) of Title 17, Code of Federal Regulations, Section 230.901 through 230.905, promulgated under the U.S. Securities Act (“Regulation S”) in
reliance on Rule 701 or (ii) persons other than persons who meet the requirements of a “U.S. Person” as such term is defined in Regulation S, in compliance with Regulation S or otherwise be exempt from registration. 

  
 20 

 (b)    The obligation of the Company to settle Awards in Shares or other
consideration shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no
obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Shares pursuant to an Award unless such shares have been properly registered for sale pursuant to Applicable Laws or unless the Company has
received an opinion of counsel, satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with.
The Company shall be under no obligation to register for sale under any Applicable Laws any of the Shares to be offered or sold under the Plan. 

(c)    The Administrator may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal
or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of Shares from the public markets, the Company’s issuance of the Shares to the Participant, the Participant’s
acquisition of the Shares from the Company and/or the Participant’s sale of Shares to the public markets, illegal, impracticable or inadvisable. If the Administrator determines to cancel all or any portion of an Award in accordance with the
foregoing, the Company shall pay to the Participant an amount equal to the excess of (i) the aggregate Fair Market Value of the Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date
that the Shares would have been vested or issued, as applicable), over (ii) the aggregate exercise price or base amount or any amount payable as a condition of issuance of Shares (in the case of any other Award). Such amount shall be delivered
to the Participant as soon as practicable following the cancellation of such Award or portion thereof. 

(d)    Notwithstanding any provision of the Plan to the contrary, in no event shall a Participant be permitted to exercise
an Option in a manner that the Administrator determines would violate the United States Sarbanes-Oxley Act of 2002, or any other Applicable Law or the applicable rules and regulations of the U.S. Securities Exchange Commission or the applicable
rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded 
  

	18.	Joining a Competitor; Termination for Cause.

 (a)    All Awards
(whether vested or unvested) shall be cancelled as of the date of termination of the Participant as a Service Provider; 

(b)    All Shares issued pursuant to any Award (or a portion thereof) shall be subject to repurchase by the Company at
(i) the lesser of the (A) original purchase price of such Shares (or in the event no payment was made or the price was paid in services, then the Shares will be forfeited and surrendered to the Company without payment), or (B) Fair
Market Value or such other value of Shares as determined by the Administrator or as set forth in the applicable Award Agreement, or (ii) the par value of such Shares, if such Shares have been issued in exchange for services which shall be
considered the original purchase price, or (iii) the par value of such Shares, if such Shares have been issued under Restricted Share Units or as Share Payments; and 

  
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 (c)    All proceeds, gains or other economic benefit actually or
constructively received by the Participant upon any receipt or exercise of any Awards (or a portion thereof) or upon the receipt or resale of any Shares underlying any Award (or a portion thereof), must be paid to the Company if: 

(i)    within twelve (12) months of termination as a Service Provider or such longer period determined by the
Administrator and as set forth in the applicable Award Agreement, the Participant (A) directly or indirectly, establishes, incorporates, forms, enters into, or participates in the Business as an owner, partner, principal or shareholder or other
proprietor (other than through a purchase on the open market, solely as a passive investment, of not more than five percent (5%) of the interest) of any Competitor, or (B) has become, is or becomes an officer, director, employee, consultant,
adviser of, or otherwise, directly or indirectly, enter the employ of, continue any employment with or render any services to or for, any Competitor, or (C) knowingly performs or has performed any act that may confer a competitive benefit or
advantage upon any Competitor (in each case as determined by the Administrator); or 
 (ii)    the Participant is
Terminated for Cause. 
  

	19.	Certain Transfer Restrictions, Repurchase Rights and Similar Matters.  

(a)    In connection with the grant, vesting, and/or exercise of any Award, the Administrator may require a Participant to
execute and become a party to the Shareholders’ Agreement (as amended from time to time, the “Shareholders’ Agreement”), among the Company and other parties thereto as a condition of such grant, vesting, and/or exercise of
any Award by executing and delivering to the Company the Shareholders’ Agreement. To the extent that there is any conflict between the terms of the Plan and the Shareholders’ Agreement, the Shareholders’ Agreement shall govern and
control. 
 (b)    Any Shares issued upon the exercise of or in settlement of an Award shall be subject to such special
forfeiture conditions, rights of repurchase or redemption, rights of first refusal, and other transfer restrictions as set forth in the Shareholders’ Agreement or, if there is no Shareholders’ Agreement or such provisions do not exist in
the Shareholders’ Agreement, as the Administrator may determine as set forth in an Award Agreement (which restrictions shall apply in addition to any restrictions that may apply to holders of Shares generally). 

(c)    The Administrator has the authority to take any action required to ensure that each Participant holding Shares
acquired pursuant to Awards granted under the Plan receives shares (or other equity securities) and other rights in connection with an Initial Public Offering substantially equivalent to such Participant’s economic interest, governance,
priority, vesting and other rights and privileges as such Participant has with respect to such Participant’s Shares immediately prior to such Initial Public Offering (determined without regard to any tax consequences to such Participant of the
receipt and ownership of such shares, equity securities or other rights). 
  

	20.	Governing Law. 

 This Plan shall be governed by the laws of the Cayman Islands. 

  
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 *  *  *  *  * 

I hereby certify that the foregoing Plan was duly adopted by the Board on February 25, 2018. 

Executed on this 25th day of February, 2018. 

 

	
	     /s/ TAN Siliang

	Chairman of the Board

  
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