Document:

EX-10.12

 Exhibit 10.12 

Dated the 26th day of February, 2018 

Qtech Ltd. 
 (as Company)

 AND 
 The Core
Trust Company Limited 

匯聚信託有限公司 

(as Trustee) 
 AND

 Qu World Limited 

(as Nominee A) 
 AND

 QFUN Limited 

(as Nominee B) 
  

 
 TRUST DEED
FOR 
 CERTAIN EQUITY INCENTIVE SCHEMES 

OF 
 QTECH LTD. 

 
  

 

  
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 THIS DEED is made the
26th day of February, 2018 
 BETWEEN: 

 

	(1)	Qtech Ltd., a company incorporated in the Cayman Islands as an exempted company with limited liability and with its registered address at P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand
Cayman (the “Company”); 

  

	(2)	The Core Trust Company Limited 匯聚信託有限公司, a trust company incorporated under the laws of Hong Kong, whose
registered office is at 28th Floor, 33 Des Voeux Road Central, Central, Hong Kong (where the context so admits includes any nominee or successor or additional trustee for the time being of this
Deed) (the “Trustee”); 

  

	(3)	Qu World Limited, a limited liability company incorporated under the laws of British Virgin Islands, whose registered office is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (where the
context so admits includes any nominee or successor or additional nominee for the time being of this Deed) (the “Nominee A”); and 

  

	(4)	QFUN Limited, a limited liability company incorporated under the laws of British Virgin Islands, whose registered office is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (where the context
so admits includes any nominee or successor or additional nominee for the time being of this Deed) (the “Nominee B” and collectively with Nominee A, the “Nominees”). 

WHEREAS: 
  

	(A)	The Company approved: 

  

	 	•	 	the Qtech Ltd. 2017 Equity Incentive Plan on February 15, 2018 (the “2017 Plan”), and 

  

	 	•	 	the Qtech Ltd. 2018 Equity Incentive Plan on February 25, 2018 (the “2018 Plan”), 

in each case for the benefit of the Participant(s) (as defined in each respective scheme), copies of which are set out in Schedule 1 to
Schedule 2 of this Deed. 
  

	(B)	Pursuant to these schemes, the Company has granted and will grant awards under these schemes to the Participant(s) (as defined in each respective scheme). 

 

	(C)	The Trustee has agreed to be the trustee of these schemes. 

  

	(D)	The Nominee A, a wholly-owned subsidiary of the Trustee, has agreed to be a party under this Deed and to hold equity underlying the awards from the 2017 Plan in accordance with this Deed. 

  
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	(E)	The Nominee B, a wholly-owned subsidiary of the Trustee, has agreed to be a party under this Deed and to hold equity underlying the awards from the 2018 Plan in accordance with this Deed. 

NOW THIS DEED WITNESSES as follows: 
  

	1.	DEFINITIONS 

  

	1.1	Other than those expressly defined in this Deed, capitalized term used herein shall have the same meaning as provided in the respective Schemes (as defined below). 

 

			
	“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 the respective Schemes and notified to the Trustee and the Nominees;
  

	“Affiliate”	  	 means, in relation to a person, any Subsidiary or Holding Company of such person, any Subsidiary of any such Holding Company, and any other
company in which such person or any such Holding Company holds or controls directly or indirectly not less than 20% of the issued share capital;
  

	“Articles”	  	 means the articles of association of the Company (as amended from time to time);

 

	“Awards”	  	 means those options, Shares, restricted stock units, and other equity awards, as granted by the Company pursuant to and in accordance with
the applicable Schemes;
  

	“Board”	  	 means the board of directors of the Company or a duly authorized committee of the board of directors;

 

	“Companies Ordinance”	  	 means the Companies Ordinance of Hong Kong (Chapter 622 of the Laws of Hong Kong) effective from March 3, 2014, as amended, supplemented
or otherwise modified from time to time.
  

	“this Deed”	  	means this Deed and the Schedule and any deed supplemental hereto and the schedules (if any) thereto, all as from time to time modified, varied, supplemented or novated in accordance with the provisions herein or therein
contained;

  
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	“Grant Date”	  	 means the date on which Awards, are granted under the respective Schemes, as applicable, pursuant to a Grant Letter;

 

	“Grant Letter”	  	 means the letter pursuant to which Awards are granted to a Participant(s), as described in the Schemes, as applicable;

 

	“Group”	  	 means the Company and the Subsidiaries;
  

	“Holding Company”	  	 in relation to any company means any other company of which the first mentioned company is a Subsidiary;

 

	“Hong Kong”	  	 means Hong Kong Special Administrative Region of the People’s Republic of China;

 

	“liability”	  	 means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without
limitation, in respect of taxes, duties, levies, imposts and other charges) and including any sales tax or similar tax charged or chargeable in respect thereof, other professional expenses, disbursements and legal fees and expenses on a full
indemnity basis;
  

	“Listing Rules”	  	 means the rules governing the listing of securities on the Stock Exchange (as amended from time to time);

 

	“Participant(s)”	  	 has the meaning as ascribed to it under the Schemes, as applicable;

 

	“person”	  	 means any individual, company, body corporate or other juridical person, partnership, firm, joint venture or trust or any federation, state
or subdivision thereof or any government or agency of any of the foregoing;
  

	“Schemes”	  	 means the Company’s (i) the Qtech Ltd. 2017 Equity Incentive Plan on February 15, 2018 (also referenced herein as the 2017
Plan), and (ii) the Qtech Ltd. 2018 Equity Incentive Plan on February 25, 2018 (also referenced herein as the 2018 Plan), in each case as modified, amended or supplemented from time to time.

 

  
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	“Shares”	  	 means ordinary shares of $0.0001 each in the share capital of the Company, or if there has been a
sub-division, reduction, consolidation, reclassification or reconstruction of the share capital of the Company, the shares forming part of the ordinary equity share capital of the Company of such nominal
amount as shall result from any such sub-division, reduction, consolidation, reclassification or reconstruction;
  

	“Shares underlying the Awards”	  	 means the Shares underlying the applicable Awards (being those Awards allocated or to be allocated to the Participant(s) subject to the terms
and conditions set out in the applicable Schemes) as allotted to, and held on trust by, the applicable Nominees in accordance with the terms of this Deed;
  

	 “Stock Exchange”
  
	  	means a securities exchange under which the Company has listed the Shares;
	“Subsidiary”	  	 has the meaning ascribed to it under the Schemes, as applicable;

 

	“Tax”	  	 means all present and future income and other taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a
similar nature which are levied in Hong Kong or such applicable jurisdiction, together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect thereof;

 

	“Trust”	  	 means the trust for the Company constituted pursuant to this Deed;

 

	“Trust Fund”	  	 means any property held on the terms of the Trust;
  

	“Trust Period”	  	 means, without prejudicing the subsisting rights of any Participant(s), the period beginning with the date hereof and ending upon the earlier
of (a) such date as the Company and the Trustee may agree in writing; (b) such date upon which this Trust shall terminate by reason of there ceasing to be any property or assets forming part of the trust fund or otherwise by operation of
law; and (c) the date on which the Board terminates all the Schemes pursuant to the respective rules of the Scheme; and

 

  
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	 “Vesting Notice”
  
	  	means a notice to be sent by the Company to each of the relevant Participant(s) (i) specifying the vesting criteria, conditions and time schedule for the Awards and/or (ii) informing the Participant(s) that such criteria
have been reached, fulfilled, satisfied or waived, in accordance with the in the terms and conditions of the applicable Schemes.

  

	1.2	Interpretation 

  

	 	(a)	All references in this Deed to any ordinance or any provision of any ordinance shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory
instrument, order or regulation made thereunder or under any such modification or re-enactment. 

  

	 	(b)	All references in this Deed to any action, remedy or method of proceeding for the enforcement of the rights of creditors shall be deemed to include, in respect of any jurisdiction other than Hong Kong, references to
such action, remedy or method of proceeding for the enforcement of the rights of creditors available or appropriate in such jurisdiction as shall most nearly approximate to such action, remedy or method of proceeding described or referred to in this
Deed. 

  

	 	(c)	In this Deed references to the Schedules, Clauses and Sub-Clause shall be construed as references to the schedules to this Deed and to the Clause and sub-Clause of this Deed respectively. 

  

	 	(d)	Words denoting the singular shall include the plural and vice versa; words denoting one gender only shall include the other genders; and words denoting persons only shall include firms and corporations and vice versa.

  

	 	(e)	In this Deed the table of contents and Clause headings are included for ease of reference and shall not affect the construction of this Deed. 

 

	2.	DECLARATION OF TRUST 

  

	2.1	The Trustee shall hold on trust: 

  

	 	(a)	the Shares underlying the Awards; 

  

	 	(b)	such assets and income transferred by the Company or derived from the Shares underlying the Awards held on trust under clause 2.1 on such terms as the Administrator shall direct; 

  
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	 	(c)	such other funds or property contributed by the Company to the Trust in connection with the administration of the Schemes; and 

  

	 	(d)	such other funds or property contributed by relevant parties to the Trust in connection with the Schemes. 

For the avoidance of doubt, any Shares underlying the Awards not allotted to the Nominees shall remain the responsibility of the Company or the
Participant(s). For further clarity, each of the Nominees shall have no responsibility for effecting transactions involving Awards where Shares underlying the Awards are required unless and until such Shares underlying the Awards with respect to
such aforementioned Awards have been allotted to or are in the possession of each of such Nominees, as applicable. 
 The Company shall
ensure that no less than such number of Shares underlying the Awards granted on or before the date of listing of the Shares on the Stock Exchange (the “Listing”) be issued and allotted or transferred to the Nominees prior to Listing
as required by relevant Listing rules or applicable regulations. 
  

	2.2	Subject to following the instructions of the Administrator, the Trustee may apply funds received by the Trustee for the purpose of paying costs and expenses to maintain and operate this Trust and the Remuneration (as
defined herein). 

  

	2.3	In execution of the Trust, the Trustee shall apply the capital or income from the Shares underlying the Awards for the benefit of all or any of the Participant(s) in accordance with the rules of the Schemes and/or
instructions from the Company or the Administrator, subject to the terms of this Deed. 

  

	2.4	Information to the Trustee 

 In relation to the Schemes, the Board and/or the
Administrator shall as soon as practicable deliver to the Trustee: 
  

	 	(a)	All Grant Letters approved by the Company and documents showing the date or dates on which such award will vest, including without limitation all Vesting Notices; 

 

	 	(b)	such notice(s) issued by the Participant(s) to the Company stating that the Awards shall be exercised and the number of Shares underlying the Awards in respect of which it is so exercised shall be sold or otherwise
transferred; and 

  

	 	(c)	such notices that the Company received in relation to the Scheme. 

  
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 (collectively, the “Notices”) 

 

	2.5	Liability for Transfer. Unless instructed by the Company in writing, the Trustee shall not transfer any of the Shares underlying the Awards to the Participant(s). 

 

	2.6	Distribution. Upon receipt of the exercise notice by any means in the physical or electronic forms from the Company by the Trustee, the Board shall issue the Shares underlying the Awards to the applicable
Nominees within two (2) days of the date that Company receives any such exercise notice from any Participant(s). 

  

	2.7	The Trustee shall maintain a register of the Awards and Shares underlying the Awards based on the Notices pursuant to Section 2.4 and other information provided by the Company to the Trustee; and neither the
Company, its Subsidiary(ies), nor any other person shall be entitled to have recourse to any funds or assets whatsoever other than those which, at the relevant time, shall be held by the Trustee under the terms of the Trust. At all material times,
the Trustee shall act in accordance with the applicable Schemes and/or the instructions from the Company and/or the Administrator. The Company hereby undertakes to make available to the Trustee all facilities and information necessary to ensure that
full compliance is made with the provisions of the Scheme. 

  

	2.8	Trust Property. The Trustee and the Nominees shall keep all Shares underlying the Awards, monies, securities and any other assets received or held by the Nominees pursuant to this Deed at all times separated and
distinguished from any other assets of any kind of the Trustee or the Nominees and shall ensure that separate books of account and records are kept. 

  

	2.9	Vesting Notices 

 The Board or the Administrator shall send a copy of any Vesting Notice
sent to a Participant(s) to the Trustee as soon as practicable after such Vesting Notice is sent to the Participant(s). 
  

	3.	INVESTMENT POWERS 

  

	3.1	No requirement to invest 

 The Trustee shall not be required to invest, or to invest at
interest, the Trust Fund or any part of it. 
  

	3.2	No obligation to diversify 

 The Trustee shall not be under any obligation to diversify
the investment of the Trust Fund and, in particular, may retain, in their existing condition, any investments, including Shares or other securities of the Company, or other property (including uninvested money) for the time being forming part of the
Trust Fund. 

  
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	4.	INCOME 

 The Trustee shall hold all dividends and distributions in whatever form
received on the Shares underlying the Awards as income, which shall be dealt with in accordance with the instruction to the Trustee from the Administrator, subject to any applicable taxes and withholdings as may be required under applicable laws and
regulations. 
  

	5.	VOTING 

 Unless otherwise stated to the contrary, the Trustee shall not have any
voting rights (if any) or powers in relation to the Shares underlying the Awards on behalf of the Company and/or the relevant Participant(s). 
  

	6.	RIGHTS, DUTIES AND IMMUNITY OF THE TRUSTEE 

  

	6.1	It is expressly declared as follows: 

  

	 	(a)	The Trustee may act on the opinion or advice of, or information obtained from, any expert engaged by the Company and reasonably believed by the Trustee to be competent and shall not be obliged to indemnify anyone for
any liability occasioned by so acting. Any such opinion, advice or information may be sent or obtained by letter, telex or facsimile or electronic transmission and the Trustee will not be liable to anyone for acting on any opinion, advice or
information purporting to be conveyed by such means even if such opinion, advice or information contains some error or is not authentic. Notwithstanding the foregoing, when requested by the Company in writing, the Trustee shall, at the costs and
expenses of the Company, use reasonable endeavours to assist the Company to claim against such expert for providing wrong or erroneous advice or information to the Trustee which as a result caused any loss or damages to the Company.

  

	 	(b)	The Trustee shall be entitled to rely on all instructions, notices and information provided by the Company in connection with this Deed in any format, including but not limited to the vesting schedules determined and
provided by the Company and/or the Administrator and those identifying the Participant(s) for the time being and detailing their entitlement under the Schemes after adjustment or otherwise, without being required to investigate or determine the
authenticity or validity thereof or of any signature thereto or the correctness of any fact stated therein or its compliance with the Listing Rules and any other applicable laws and regulations, and shall have no liability to the Company or any
Participant(s) for acting on the basis of such information. Unless and until the Trustee receives any further instructions, notices or information the Trustee shall be entitled to assume that all such items received previously remain in full
application without any amendment. 

  
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	 	(c)	The Trustee and the Nominees shall be under no obligation to insure any of the Shares underlying the Awards and may hold or deposit this Deed, and any other documents (in any part of the world) with any bank, custodian
or entity whose business includes undertaking the safe custody of documents or shares in de-materialized form or with any lawyer or firm of lawyers believed by the Trustee to be of good repute and may pay all
sums to be paid on account of or in respect of any such deposit and shall not be responsible for the loss of any documents so deposited, save for any fraud, willful default or gross negligence on the part of the Trustee or the Nominees and the
Company shall pay the fees of any such bank or entity. 

  

	 	(d)	The Company covenants to use commercially reasonable efforts to negotiate and enter into an agreement with The Core Securities Company Limited, a registered broker dealer in Hong Kong, to provide data management and
share transfer services to the Trust. Additionally, in connection with the Listing, the Company covenants to use commercially reasonable efforts to negotiate and enter into an agreement with The Core Securities Company Limited to provide trading and
share transfer services to the Company as a listed company. The Company shall deliver all necessary instructions and documents to the Company’s transfer agent appointing Trustee as an authorized agent of the Company and authority to issue
transfer instructions related to Shares underlying the Awards held in Trust with consent of the Company. 

  

	 	(e)	Unless ordered to do so by a court of competent jurisdiction the Trustee shall not be required to disclose to any Participant(s) any financial or other information made available to the Trustee by the Company or any of
the Company’s Subsidiaries or Affiliates on a confidential basis and no Participant(s) shall be entitled to take any action to obtain from the Trustee any such information. 

 

	 	(f)	Pursuant to and in accordance with applicable laws and regulations, the Trustee may exercise sole discretion in interpreting instructions received from the Company and may take any action the Trustee deems necessary, in
its sole discretion, to clarify any such instructions with any parties that Trustee deemed necessary, in its sole discretion, which parties shall include the Company. The parties agree that any delays in the Trustee’s execution of instructions
based on such effort to clarify such instructions shall not create liability for the Trustee. 

  
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	 	(g)	The Trustee shall be entitled to rely upon the contents of any certificates, instructions, notices, notes, documents or communications provided to it pursuant to this Deed and believed by the Trustee to be genuine and
to have been presented or signed by the proper parties and shall not be liable to the Participant(s) by reason of having accepted as valid or not having rejected any certificate, note, document or communication purporting to be such and subsequently
found to be forged, stolen or not authentic and the Trustee shall be indemnified by the Company against any loss, liability, cost, claim, action, demand or expense which may result from its reliance on such certificates, notes, documents or
communications unless such loss, liability, cost, claim, action, demand or expense arises from the Trustee’s gross negligence, willful default or breach of duty. 

 

	 	(h)	No provision of this Deed shall require the Trustee to do anything that may be illegal or contrary to applicable law or regulation. 

  

	 	(i)	No provision of this Deed shall require the Trustee to expend or risk the Trustee’s own funds or otherwise incur any financial liability in the performance of any of the Trustee’s duties, or in the exercise or
non-exercise of any of the Trustee’s rights or powers if the Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
assured. Whenever the Trustee is under the provisions of this Deed bound to act at the request of the Company or the Participant(s), the Trustee shall not be so bound unless first indemnified and/or secured to its satisfaction against any loss,
liability, cost, claim, action, demand, expense or inconvenience which may result from any such acts (save as arises from the Trustee’s gross negligence, willful default or breach of duty). 

 

	 	(j)	Save as arises from the Trustee’s fraud, gross negligence or willful misconduct, the Trustee shall not be responsible for the execution, delivery, legality, effectiveness, adequacy, genuiness, validity,
enforceability or admissibility in evidence of this Deed or any other document relating hereto and shall not be liable for any failure to obtain any license, consent or other authority for the execution, delivery, legality, effectiveness, adequacy,
genuineness, validity, performance, enforceability or admissibility in evidence of this Deed or any other documents. 

  

	 	(k)	The Trustee shall be under no obligation to monitor or supervise the performance by the Company of its obligations under this Deed or the Schemes or any other agreement or document relating to the matters herein
contemplated and shall be entitled to assume that the Company is properly performing and complying with the Company’s obligations. The Trustee shall not be required or under any obligation to take any legal action or to request or require that
the Company or any other person comply with any of the Company’s obligations arising under this Deed or otherwise. 

  
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	 	(l)	The Trustee shall not be responsible for any losses, liabilities, damages, costs, awards, expenses (including legal fees) or penalties occasioned to the Awards or the Shares underlying the Awards unless the same is
caused by fraud, gross negligence or willful misconduct of the Trustee. 

  

	 	(m)	If any person to which a distribution is due or a sum is payable by the Trustee is required by any law or regulation to make a payment on account of Tax or otherwise or if such distribution or payment is subject to, to
the extent required by any applicable law or statue, any deduction or withholding on account of Tax or otherwise, the Trustee shall be at liberty make such payment after such deduction or withholding. Furthermore, the Trustee shall have no
responsibility whatsoever to the Company or any Participant(s) as regards to any deficiency which might arise because the Trustee is subject to any Tax obligations arising from and/or in connection with this Deed. 

 

	 	(n)	The Trustee shall be entitled to rely upon any calculations made, notifications given or directions given by the Company and/or the Administrator pursuant to this Deed and shall not be liable for so doing and the
Trustee shall be indemnified by the Company against all and any loss, liability, cost, claim, action, demand or expense which may result from such reliance unless such loss, liability, cost, claim, action, demand or expense arises from the
Trustee’s fraud, gross negligence or willful default. 

  

	 	(o)	Notwithstanding any provision of this Deed to the contrary, including, without limitation, any indemnity made by the Trustee herein, the Trustee shall not in any event be liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of whether the claim for loss
or damage is made in negligence, for breach of contract or otherwise; provided, however, that this clause shall not be deemed to apply in the event of a final determination of a fraud, willful misconduct or gross negligence on the part of the
Trustee by a competent court having jurisdiction. 

  

	 	(p)	The Trustee shall not be obliged (whether or not directed to do so by the Company, the Participant(s) or otherwise) to perfect legal title to the Shares underlying the Awards. Notwithstanding the generality of the
foregoing, the Trustee shall have no responsibility or liability for the payment of any fees for the registration of any of the Shares underlying the Awards, or for any legal, administrative or other fees, costs and expenses (including, but not
limited to, any proper disbursements and any sales tax) relating thereto. Any such fees, costs or expenses shall be borne by the Company, and the Company shall fully indemnify the Trustee for any liability that may arise as a result of or in
connection with the perfection of legal title to the Shares underlying the Awards by the Trustee. 

  
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	 	(q)	Other than its obligations as expressly stated in this Deed, the Trustee shall not be responsible or liable for any failure, omission or defect in registering or filing or procuring registration or filing of or
otherwise protecting or perfecting the Shares underlying the Awards or failure in calling for delivery of documents of title to the Shares underlying the Awards or requiring any further assurance in relation to the Shares underlying the Awards.

  

	 	(r)	The Trustee shall not be required to notify anyone of the execution, subsistence or termination of this Deed or any documents comprised or referred to in this Deed. 

 

	 	(s)	In the event that the Company, the Board, the Administrator, or the committee of the Board or person(s) to which the Board has delegated its authority provides directions or instructions to the Trustee and/or the
Nominees, indicating specific aspects which the Trustee and/or the Nominees has sole discretion over (the “Sole Discretion Authority”), no liability shall attach to the Trustee or the Nominees in connection with any claim in
connection with the Trustee or Nominee’s decision(s) under such Sole Discretion Authority. In connection with the Sole Discretion Authority, the Trustee and the Nominees shall be indemnified by the Company against any loss, liability, cost,
claim, action, demand or expense which may result from the exercise of such Sole Discretion Authority unless such loss, liability, cost, claim, action, demand or expense arises from the gross negligence, willful default or fraud of the Trustee or
the Nominees. 

  

	6.2	For avoidance of doubt, the Trustee shall carry and perform such obligations and duties expressly provided herein. 

  

	7.	TRUSTEE’S LIABILITY AND INDEMNITY 

  

	7.1	The Company shall indemnify the Trustee and its officers and employees against any expenses, claims and liabilities which arise out of or are incurred through acting as a Trustee of the Scheme. This does not apply to
expenses, claims and liabilities that are incurred or arise through fraud, gross negligence or willful wrongdoing or breach of duty on the part of the Trustee or on the part of any of their officers or employees. This indemnity will similarly apply
after the removal or retirement of a Trustee. The Trustee shall also have the benefit of any indemnities conferred on trustee(s) by law. 

  
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	7.2	The Trustee shall not be personally liable for any breach of trust (other than through breach of this Deed, gross negligence, fraud or willful wrongdoing). 

 

	7.3	No liability shall attach to the Trustee in respect of any claim if such claim would not have arisen but for a change in legislation or regulations made after the date hereof or a change in the interpretation of law
after the date hereof or any legislation or regulations not in force at the date hereof. 

  

	8.	TRUSTEE CONTRACTING WITH COMPANY 

 Neither the Trustee nor any director or officer
of a corporation acting as a trustee under this Deed shall by reason of their fiduciary position be in any way precluded from: 
  

	 	(a)	entering into or being interested in any contract or financial or other transaction or arrangement with the Company or any Affiliate or Subsidiary or any person or body corporate associated with the Company or any
Affiliate or Subsidiary (including without limitation any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction or arrangement in relation to the making of loans or the provision of financial facilities
to, or the purchase, placing or underwriting of or the subscribing or procuring subscriptions for or otherwise acquiring, holding or dealing with the Shares underlying the Awards or any other notes, Shares, shares, debenture Share, debentures, bonds
or other securities of, the Company or any Affiliate or Subsidiary or any person or body corporate associated as aforesaid); or 

  

	 	(b)	accepting or holding the trusteeship of any other trust deed constituting or securing any other securities issued by or relating to the Company or any such person or body corporate so associated or any other office of
profit under the Company or any such person or body corporate so associated in each case holding different Awards, Shares underlying the Awards or Shares for, and owing duties in favour of, different classes of Participant(s) which may or may not
include any Participant(s) (or any of their respective immediate families), and shall be entitled to retain and shall not be in any way liable to account for any profit made or share of brokerage or commission or remuneration or other benefit
received thereby or in connection therewith. 

  
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	9.	APPOINTMENT AND RETIREMENT OF THE TRUSTEE 

  

	9.1	Appointment The Company will have the power of appointing new trustees. The Company may terminate the Trustee’s appointment at any time on giving not less than sixty (60) days’ advance notice in
writing to the Trustee and pay all outstanding obligations owed to Trustee together with the trust dissolution fees within thirty (30) days after the delivery of the termination notification to Trustee. 

 

	9.2	Retirement and Removal The Trustee may retire at any time on giving not less than sixty (60) days’ advance notice in writing to the Company without giving any reason and without being responsible for
any costs occasioned by such retirement provided that the retirement of any sole trust corporation will not become effective until a trust corporation is appointed as successor Trustee. The Company will use all reasonable endeavours to procure that
another trust corporation be appointed as Trustee, and if the Company has not made an appointment within sixty (60) days’ notice from the Trustee, the Trustee shall have the right (but not the obligation) to appoint a successor Trustee
with the consent of the Company not unreasonably withheld or delayed. All costs properly and reasonably incurred for appointing a successor Trustee shall be borne by the Company. 

 

	9.3	The Trustee shall use reasonable endeavours to execute and do or make all such transfers or other documents, acts or things as may be necessary for transferring all the shares or interests in the Nominees or the Shares
underlying the Awards in the successor or continuing Trustee(s) or placing it under its/their control at the costs and expenses of the Company. 

  

	10.	TRUSTEE’S POWERS TO BE ADDITIONAL 

  

	10.1	The Trustee may, to the extent permitted by law and upon consent of the Company, delegate to any person or company powers and duties under the Schemes and exercise all powers trusts and discretion vested in it
hereunder. 

  

	10.2	The Trustee may execute and may authorise any of their directors, officers or employees to execute on their behalf any documents in such manner as may be appropriate and not being inconsistent with the terms of the
Schemes or any instruction from the Administrator. 

  

	10.3	The powers conferred upon the Trustee by this Deed shall be in addition to any powers which may from time to time be vested in the Trustee by the general law and equities insofar as the exercise of the same shall not be
inconsistent with the Trust. 

  

	11.	NOTICES 

  
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 Any notice or demand to the Company or the Trustee to be given, made or served for any purposes
under this Deed shall be given, made or served by sending the same by prepaid post (first class airmail if overseas), facsimile transmission or by delivering it by hand as follows: 

 

							
	To the Company:	 		 		  	
		 	Fax Number:        	 		  	
		 	Attention:	 	Company Secretary	  	
		 		 		  	
	To the Trustee:	 		 		  	
		 	Fax Number:	 	+852 3667-8800	  	
		 	Attention:	 	Fiduciary Services	  	

 or to such other address or facsimile number as shall have been notified (in accordance with this Clause) to
the other party hereto and any notice or demand sent by post as aforesaid shall be deemed to have been given, made or served three (3) days in the case of inland post or seven (7) days in the case of overseas post after dispatch and any
notice or demand sent by facsimile transmission as aforesaid shall be deemed to have been given, made or served twenty-four (24) hours after the time of dispatch provided that in the case of a notice or demand given by facsimile transmission
such notice or demand shall forthwith be confirmed by post. The failure of the addressee to receive such confirmation shall not invalidate the relevant notice or demand given by facsimile transmission, provided that any communication or document to
be made or delivered to the Trustee shall be effective only when received by the Trustee and then only if the same is expressly marked for the attention of the department or officer as the Trustee shall from time to time specify for this purpose.

  

	12.	COUNTERPARTS 

 This Deed and any deed supplemental hereto may be executed and
delivered in any number of counterparts, all of which, taken together, shall constitute one and the same deed and any party to this Deed or any trust deed supplemental hereto may enter into the same by executing and delivering a counterpart. 

 

	13.	REMUNERATION 

  

	13.1	Normal remuneration The Company shall pay to the Trustee remuneration for its services as trustee as from the date of this Deed (the “Remuneration”). 

 

	13.2	Extra remuneration In the event of the Trustee being requested by the Company to undertake duties which the Trustee and the Company agree to be of an exceptional nature or otherwise materially outside the scope
of the normal duties of the Trustee under this Deed, the Company shall pay to the Trustee such additional remuneration as shall be agreed between them. Such exceptional duties include but not limited to the Trustee attending to the review of this
Deed and the Schemes in connection with such exceptional duties and revising this Deed subsequent to any further amendments made to the Schemes by the Company. 

  
 - 16 - 

	13.3	Expenses The Company shall also pay or discharge all proper costs, Tax, charges and expenses properly and reasonably incurred by the Trustee in relation to the preparation and execution of, the exercise of its
powers and the performance of its duties under, and in any other manner in relation to, this Deed, including but not limited to legal and travelling expenses and any stamp, issue, registration, documentary and other taxes or duties paid or payable
by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt concerning, or for any other purpose as may be agreed between the Company and the Trustee, in relation to this
Deed. 

  

	13.4	Payment of amounts due All amounts payable pursuant to this Deed shall be payable by the Company within thirty (30) days of demand or on the date specified in a demand by the Trustee, whichever is later and
in the case of payments actually made by the Trustee prior to such demand shall carry interest at the rate of One and a half per cent (1.5%) per annum above the prime rate from time to time of The Hongkong And Shanghai Banking Corporation Limited
from the date specified in such demand, and in all other cases shall (if not paid on the date specified in such demand or, if later, within three days after such demand and, in either case, if the Trustee so requires) carry interest at such rate
from the date specified in such demand. All remuneration payable to the Trustee shall carry interest at such rate from the due date thereof. For the avoidance of doubt, the Trustee may pay any and all amounts owed by the Trust out of Trust Funds as
Trustee deems fit. 

  

	13.5	Discharges Unless otherwise specifically stated in any discharge of this Deed the provisions of this Clause 13 shall continue in full force and effect notwithstanding such discharge. 

 

	14.	STAMP DUTIES AND OTHER TAXES 

 The Company will pay stamp duties, registration
taxes, capital duties and other duties or Taxes (if any) in accordance with the applicable Hong Kong or other laws as applicable on (a) any action taken by the Trustee to enforce the provisions of this Deed, (b) the execution of this Deed
and (c) the transfer of any Shares underlying the Awards. 
  

	15.	EXCHANGE RATE INDEMNITY 

  

	15.1	Currency of Account and Payment All sums payable by the Company under or in connection with this Deed, including damages, shall be in Hong Kong dollars or such other currency as may be agreed between the Company
and the Trustee from time to time (the “Contractual Currency”). 

  
 - 17 - 

	15.2	Extent of Discharge An amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the
winding up or dissolution of the Company or otherwise), by the Trustee or any Participant(s) in respect of any sum expressed to be due to it from the Company will only discharge the Company to the extent of the Contractual Currency amount which the
recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to
do so). 

  

	15.3	Indemnity If that Contractual Currency amount is less than the Contractual Currency amount expressed to be due to the recipient under this Deed, the Company will indemnify it against any loss sustained by it as a
result. In any event, the Company will indemnify the recipient against the cost of making any such purchase. 

  

	16.	INDEMNITIES SEPARATE 

 The indemnities in this Deed constitute separate and
independent obligations from the other obligations in this Deed, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted by the Trustee and will continue in full force and effect despite any
judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Deed or any other judgment or order. Any such loss arising from and/or in connection with this Deed shall be deemed to constitute a loss suffered by the
Trustee and no proof or evidence of any actual loss shall be required by the Company or its liquidator or liquidators. 
  

	17.	SURVIVAL OF THE DEED AND TERMINATION 

  

	17.1	This Deed shall, insofar as its terms remain to be performed or are capable of subsisting, remain in full force and effect notwithstanding completion of the matters referred to herein. 

 

	17.2	This Deed shall terminate automatically upon the expiry of the Trust Period provided that the Trustee has received all fees, costs, expenses and other amounts payable to it under or in connection with the terms of this
Deed. 

  

	18.	MERGER 

  

	18.1	Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all the corporate trust business of the Trustee shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Clause, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. 

  
 - 18 - 

	18.2	Subject to Clause 18.1, no party shall assign any of its rights, benefits and obligations hereunder unless with the written consent of the other party to this Deed. 

 

	19.	WARRANTIES AND UNDERTAKINGS 

  

	19.1	The Company represents and warrants to the Trustee that: 

  

	 	(a)	it has the necessary power and capacity to enter into and has taken all necessary steps to authorize the execution of this Deed; 

  

	 	(b)	this Deed when executed and delivered will constitute legal, valid and binding obligations of the Company enforceable in accordance with its terms; 

 

	 	(c)	the execution and delivery by the Company and the performance of its obligation in this Deed and the Schemes will not violate its constitutional documents and any applicable law (which include but not limited to the
data privacy laws); and 

  

	 	(d)	the Trustee is authorized and directed to administer the Schemes pursuant, under the instruction and supervision of the Company, pursuant to and in accordance with the terms of this Deed and the Schemes.

  

	19.2	The Company represents and warrants to the Trustee that all Shares made available to the Awards are or will, on issue, be fully paid. 

 

	19.3	In order not to create a false market when the Trustee is dealing in the Shares pursuant to this Deed and the Scheme, the Company undertakes to the Trustee that it will disclose information relating to the Schemes in
accordance with the Listing Rules, and make any other appropriate announcements pursuant to the Listing Rules as required. 

  

	19.4	Each of the Trustee and the Nominees represents and warrants to the Company that it has the necessary power and capacity to enter into and has taken all necessary steps to authorize the execution of this Deed and that
this Deed when executed and delivered will constitute legal, valid and binding obligations of the Trustee enforceable in accordance with its terms. 

  
 - 19 - 

	19.5	The Trustee undertakes that for so long as this Deed remains in effect and until all the Shares underlying the Awards held by the Nominees are transferred to such person designated by the Company, each of the Nominees
shall remain a wholly-owned subsidiary of the Trustee. 

  

	19.6	Each of the Trustee and the Nominees represents and warrants that at all times each of the Nominees has no assets and liabilities other than the Shares underlying the Awards and any distributions or income or payments
received pursuant to this Deed. 

  

	19.7	Each of the Trustee and the Nominees undertakes and agrees not to sell, part with possession or otherwise deal with the Shares underlying the Awards, any part thereof, any accretions thereto or any related rights or
interests save and except with the consent of the Company or the Administrator or as may be required by applicable laws or regulations. 

  

	19.8	Each of the Trustee and the Nominees shall act in good faith and with due diligence in respect of all matters relating to the Shares underlying the Awards and the Company. 

 

	19.9	Each of the Trustee and the Nominees shall take steps within its respective power to protect the interests in the Shares underlying the Awards, all accretions thereto and all related rights and interests.

  

	20.	FORCE MAJEURE 

 The Trustee shall not be liable or deemed to be in default for any
failure or delay in performance of any duty in whole or in part arising out of or caused by circumstances beyond its direct and reasonable control including, without limitation, acts of God; interruption, delay in or loss due to partial or complete
failure of electrical power or of computer (hardware or software) or communication services; acts of civil or military authority; sabotage; terrorism, war, pandemic or other government action; civil disturbance or riot; strike or other industrial
dispute; national emergency; typhoon or rainstorm affecting the normal conduct of business and/or the provision of commercial services generally; flood, earthquake, fire or other catastrophe; government, judicial or self-regulatory organizational
order, rule or regulation; or energy or natural resource difficulty or shortage. 
  

	21.	FURTHER ASSURANCE 

  

	21.1	If so requested by the Trustee, the Company shall execute such documents necessary for the execution of the matters set out in this Deed. 

  
 - 20 - 

	21.2	The Company further covenants with and undertakes to the Trustee, from time to time upon demand to execute, at the cost of the Company, any document or to do any act or thing which the Trustee may reasonably specify
with a view to facilitating the exercise, or the proposed exercise of any of the Trustee’s powers. 

  

	21.3	If the Company is notified of a change of address of a Participant(s) to that previously notified to the Trustee, the Company shall within thirty (30) days of such notification notify the Trustee of the new
address. 

  

	21.4	If any amendment, variation or modification is made to the Scheme, the Company shall within fourteen (14) days of the date on which such amendment, variation or modification is determined notify the Trustee of the
same. 

  

	22.	POWER OF ATTORNEY 

 The Company irrevocably appoints the Trustee to be its
attorney and in its name, on its behalf and as its act and deed to execute, deliver and perfect all documents (including any Share transfer forms and other instruments of transfer) and do all things that the Trustee may consider to be requisite for
(a) carrying out any obligation imposed on the Company under this Deed or any other document relating to the Trust; or (b) exercising any of the rights conferred on the Trustee by this Deed or any other document relating to the Trust or by
law. The Company shall ratify and confirm all things lawfully, properly and reasonably done in good faith and all documents executed by the Trustee in good faith in the exercise of that power of attorney. 

 

	23.	SEVERABILITY 

 In case any provision in or obligation under this Deed shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired
thereby. 
  

	24.	CHANGES TO THIS DEED 

 This Deed may be supplemented or varied by further
agreement in writing between the parties from time to time. 
  

	25.	ANNOUNCEMENTS 

  

	25.1	Subject to Clause 25.2, no party may make or publicize or distribute any public announcement, communication or circular concerning the transactions referred to in this Deed unless it has first consulted with the other
party. Each party agrees to instruct its respective knowledgeable staff to such confidentiality and agrees to hereafter limit disclosure of such information to its/his respective employees and affiliates and to any third parties who have a need to
know such information, including each party’s attorneys and accountants. 

  
 - 21 - 

	25.2	Clause 25.1 does not apply to a public announcement, communication or circular required by law, by a governmental authority or other authority with relevant powers to which any party is subject or submits, whether or
not the requirement has the force of law, provided that the public announcement, communication or circular shall so far as is practicable be made after consultation with the other party and after taking into account the reasonable requirements of
the other party as to its timing, content and manner of making or dispatch. 

  

	26.	TRUST DEED PREVAILS OVER SCHEME 

 To the extent that the provisions of this Deed
are inconsistent with the provisions of the Schemes (if at all), the provisions of this Deed shall govern the Trustee in connection with the execution of the trusts and powers of this Deed. 

 

	27.	GOVERNING LAW AND JURISDICTION 

  

	27.1	This Deed shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of
Hong Kong. 

  

	27.2	Each party irrevocably and unconditionally waives any objection which it may now or hereafter have to the choice of Hong Kong as the venue of any legal action arising out of or relating to this Deed and agrees not to
claim that any court thereof is not a convenient or appropriate forum. Each party also agrees that a final judgment against it in any such legal action shall be final and conclusive and may be enforced in any other jurisdiction. 

 

	27.3	Each party irrevocably and unconditionally waives any immunity to which it or its property may at any time be or become entitled, whether characterized as sovereign immunity or otherwise, from any set off or legal
action in Hong Kong or elsewhere, including immunity from service of process, immunity from jurisdiction of any court or tribunal, and immunity of any of its property from attachment prior to judgment or from execution of a judgment.

 [the remainder of this page is intentionally left blank] 

  
 - 22 - 

 Executed as a Deed by the parties on the day and year first above written. 

 

							
	
THE COMMON SEAL of              
          
	  	 	)	 	  	
	 Qtech Ltd.
	  	 	)	 	  	
	 was affixed to this Deed
	  	 	)	 	  	
	 in the presence of:
	  	 	)	 	  	

  

	
	    /s/ TAN Siliang
	Name:  (TAN Siliang) 谭思亮
	Title:      Director

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	    /s/ LI Zhihui
		 	Name:  LI Zhihui
		 	ID:       [REDACTED]

  
 - 23 - 

							
	
THE COMMON SEAL of              
           
	  	 	)	 	  	
	 The Core Trust Company Limited
	  	 	)	 	  	
	 was affixed to this Deed
	  	 	)	 	  	
	 in the presence of:
	  	 	)	 	  	

  

	
	    /s/ CHANG Shih Jung         /s/ TAN Hui Chun
	Name: CHANG Shih JUNG        TAN Hui Chun
	Title: Authorized Signature(s)

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	    Ho Hsing Ling
		 	Name:  Ho, Hsing-Ling
		 	ID:       [REDACTED]

  

							
	
THE COMMON SEAL of              
           
	  	 	)	 	  	
	 Qu World Limited 
	  	 	)	 	  	
	 was affixed to this Deed
	  	 	)	 	  	
	 in the presence of:
	  	 	)	 	  	

  

	
	    /s/ CHANG Shih Jung         /s/ TAN Hui Chun
	Name: CHANG Shih JUNG        TAN Hui Chun
	Title: Authorized Signature(s)

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	    Ho Hsing Ling
		 	Name:  Ho, Hsing-Ling
		 	ID:       [REDACTED]

  

							
	
THE COMMON SEAL of              
          
	  	 	)	 	  	
	 QFUN Limited
	  	 	)	 	  	
	 was affixed to this Deed
	  	 	)	 	  	
	 in the presence of:
	  	 	)	 	  	

  

	
	    /s/ CHANG Shih Jung         /s/ TAN Hui Chun
	Name: CHANG Shih JUNG        TAN Hui Chun
	Title: Authorized Signature(s)

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	    Ho Hsing Ling
		 	Name:  Ho, Hsing-Ling
		 	ID:       [REDACTED]

  
 - 24 - 

 Schedule 1 

The 2017 Plan 

  
 - 25 - 

 Schedule 2 

The 2018 Plan 

  
 - 26 -EX-10.13

 Exhibit 10.13 

SHARE RESTRICTION DEED 

THIS SHARE RESTRICTION DEED (this “Deed”) is made and entered into as of January 3, 2018 by and among Qtech Ltd.,
an exempted company duly incorporated and validly existing under the laws of the Cayman Islands (the “Company”), Tan Siliang (谭思亮), a citizen of the People’s Republic of China (the “Principal”), Innotech Overseas Investment Ltd., a company duly incorporated and validly existing under the laws of
the British Virgin Islands and Innotech Group Holdings Ltd., a company duly incorporated and validly existing under the laws of the Cayman Islands (collectively, the “Principal Holding Companies”). 

In consideration of the foregoing recitals and the mutual promises hereinafter set forth, the sufficiency and adequacy of which consideration
the parties hereby acknowledge, the parties hereto, intending to be legally bound, agree as follows. Unless otherwise provided herein, capitalized terms shall have the meanings ascribed to them in the then effective Memorandum and Articles of
Association of the Company (as amended and restated from time to time). 
 1.    Obligation to Sell Principal’s
Shares. 
 1.1    General. 

(A)    12,187,500 Ordinary Shares held by the Principal through the Principal Holding Company(ies) (as appropriately
adjusted for share splits, combinations, reorganizations and any similar event, representing 37.5% of all the Ordinary Shares held by the Principal through the Principal Holding Company(ies) as of the date of consummation of the subscription of the
Series A1 Preferred Shares of the Company) that have not become vested pursuant to Section 1.2 shall be deemed “Restricted Shares” and shall be sold to, and be repurchased by, the Company if any the conditions described
in this Section 1.1 has been satisfied (the “Sale Obligation”). 
 (B)    In
the event that the Principal voluntarily and unilaterally terminates his employment/service contract with any applicable Group Company or the Principal’s employment or service relationship is terminated by any applicable Group Company for Cause
(each, a “Termination”), unless otherwise approved by the board of directors of the Company (the “Board”) (which approval must include the approval of all of the directors of the Company appointed by any
holder of preferred shares of the Company (the “Preferred Directors”)), the Principal Holding Company(ies) shall, and the Principal shall ensure that the Principal Holding Company(ies) shall, sell to the Company, and the Company
shall repurchase from the Principal Holding Company(ies), all of the Restricted Shares at a price of US$0.0001 per share (as adjusted for share splits and similar transactions). For purposes of this Deed. 

(i)    “Cause” means any one of the following grounds: (i) an unauthorized use or disclosure
by the Principal of a Group Company’s confidential information or trade secrets, which result in a Material Adverse Effect, (ii) a material breach by the Principal of any employment-related agreement or other agreement between the
Principal and any Group Company, (iii) a material failure by the Principal to comply with any Group Company’s written policies or rules which results in a Material Adverse Effect, (iv) the Principal’s engagement in any criminal
conduct or fraud, (v) the Principal’s gross negligence or willful misconduct which results in a Material Adverse Effect, (vi) a continued failure or incompetence by the Principal to perform his core responsibilities which results in a
Material Adverse Effect. 

  
 - 1 - 

 (ii)    “Control” of a given entity means the power
or authority, whether exercised or not, to direct the business, management and policies of such entity, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided, that such power or authority
shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such entity or power to
control the composition of a majority of the board of directors of such entity. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing 

(iii)    “Group Company” means each of the Company and any other entity directly or indirectly
Controlled by the Company, and “Group” refers to all of the Group Companies collectively. 

(iv)    “Material Adverse Effect” means any event, occurrence, fact, condition, change or
development that has had, has, or could reasonably be expected to have, individually or together with other events, occurrences, facts, conditions, changes or developments, a material adverse effect on the business, properties, assets, employees,
operations, results of operations, condition (financial or otherwise), prospects, assets or liabilities of the Group, taken as a whole. 

1.2    Vesting. 

(A)    Unless otherwise approved by the Board (which approval must include the approvals of the Preferred Directors), the
Restricted Shares shall vest according to the schedule set forth in this Section 1.2. For purposes of this Deed, the “Vesting Commencement Date” shall be the date on which the Principal enters into a service agreement
with a Group Company, in each case, approved by the Board. Fifty percent (50%) of the total Restricted Shares held by the Principal through the Principal Holding Company(ies) shall become vested and shall no longer be deemed Restricted Shares
at the end of each anniversary of continuous, full-time service with the applicable Group Company completed by the Principal starting from the Vesting Commencement Date, so that at the end of two (2) years of continuous, full-time service with
the applicable Group Company starting from the Vesting Commencement Date, the entirety of the Restricted Shares held by the Principal through the Principal Holding Company(ies) shall have become vested and shall no longer be deemed Restricted
Shares. 
 Notwithstanding the foregoing, all the remaining Restricted Shares held by the Principal through the Principal Holding
Company(ies) shall vest immediately and no longer be deemed Restricted Shares upon a Deemed Liquidation Event or IPO of the Company. 

1.3    Mechanism of Repurchase. Within five (5) days after the occurrence of a Termination, the Principal
shall notify the Company and the Board of such Termination. Within ninety (90) days following a Termination with respect to the Principal (the “Repurchase Period”), the Principal and the Principal Holding Company(ies)
and the Company shall complete the repurchase of the Restricted Shares. At the Company’s option, the aggregate repurchase price of the Restricted Shares being repurchased may be paid: (i) by delivery with such notice of a check to the
Principal or his or her executor, or (ii) by cancellation by the Company of an amount of the Principal’s indebtedness to the Company, or (iii) by a combination of (i) and (ii) so that the combined payment and cancellation of
indebtedness equals such repurchase price. Upon the occurrence of a Termination and so long as the Company makes available payment of the repurchase price as provided herein, the repurchase shall be deemed completed, and the Restricted Shares being
repurchased and all rights and interests therein shall be canceled, and the Principal shall no longer be considered the owner of those Restricted Shares repurchased for record or any other purposes and will be entitled thereafter only to receipt of
the purchase price for the Restricted Shares repurchased. The Company shall update its register of members to reflect the above repurchase and cancel the portion of the repurchased Restricted Shares, within thirty (30) days after the Principal
or the Principal Holding Company(ies) receives the aggregate purchase price. 

  
 - 2 - 

 2.    Prohibition on Transfer of Restricted Shares. 

2.1    Prohibition on Transfer. The Principal and Principal Holding Company(ies) shall not directly or indirectly
sell, assign, transfer, pledge, hypothecate, or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to (“Transfer”) all or any part of any interest in any Restricted Shares. Any
Restricted Shares that have become vested shall be Transferred in accordance with the terms of this Deed, applicable Law and the Shareholders Agreement. Any attempt to Transfer the Restricted Shares in violation of this Deed or the Shareholders
Agreement shall be null and void, shall not be recorded on the register of members of the Company and shall not be recognized by the Company. 

2.2    No Indirect Transfers. Each of the Principal and Principal Holding Company(ies) further agrees not to
circumvent or otherwise avoid the transfer restrictions or intent thereof set forth in this Deed and the Shareholders Agreement by the direct or indirect holding of any Equity Securities of the Company through one or more entities in which interests
may be Transferred free of such restrictions. 
 3.    Additional Shares or Substituted Securities. In the event
of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form of Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding securities without receipt of consideration, the prohibition of transfer under this Section 3 and the Sale Obligation shall apply mutatis mutandis to any new,
substituted or additional securities or other property (including money paid other than as an ordinary cash dividend) that by reason of such transaction are distributed with respect to any Restricted Shares then subject to the Sale Obligation and
the prohibition of transfer, to the same extent as such Restricted Shares. 
 4.    Legends. The certificate or
certificates representing the Restricted Shares shall bear the following legends (as well as any legends required by the Shareholders Agreement, and any applicable securities Laws): 

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE SHARE RESTRICTION DEED AND THE
SHAREHOLDERS AGREEMENT BY AND AMONG THE HOLDER HEREOF, THE COMPANY, CERTAIN OTHER SHAREHOLDERS OF THE COMPANY AND CERTAIN OTHER PARTIES THERETO, RESPECTIVELY. COPIES OF SUCH DEED AND AGREEMENT ARE ON FILE WITH THE PRINCIPLE OFFICE OF THE COMPANY.

 5.    Miscellaneous. 

5.1    Severability. Whenever possible, each provision of this Deed shall be interpreted in such manner as to be
valid, legal, and enforceable under all applicable laws. If, however, any provision of this Deed shall be invalid, illegal, or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to
conform to the minimum requirements of such law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity, illegality, or limitation on enforceability without affecting
the remaining provisions of this Deed, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

  
 - 3 - 

 5.2    Amendment; Waiver. This Deed may be amended, modified,
superseded, canceled, renewed or extended only by an Deed in writing executed by the Principal and the Company, provided that the Board (which approval must include the approvals of the Preferred Directors) approves such amendment. The failure by
any party at any time to require performance or compliance by the other of any of its obligations or agreements will in no way affect the right to require such performance or compliance at any time thereafter. The waiver by any party of a breach of
any provision of this Deed will not be treated as a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind will be effective or binding, unless it is in writing and is signed by
the party against whom such waiver is sought to be enforced. 
 5.3    Assignment. This Deed and the rights and
obligations of a party hereunder shall not otherwise be assigned without the consent of the other party. 

5.4    Governing law. This Deed shall be governed by and construed under the laws of Hong Kong Special
Administrative Region, without regard to the principles of conflicts of laws thereunder. 
 5.5    Dispute
Resolution. 
 (a)    Any dispute, controversy or claim (each, a “Dispute”) arising out of
or relating to this Deed, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of the claimant to the dispute with notice (the “Arbitration Notice”) to
the respondent(s) to the dispute. 
 (b)    The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong
International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice
is submitted in accordance with the HKIAC Rules. There shall be three (3) arbitrators. The claimant(s) to the dispute shall jointly select one arbitrator and the respondent(s) to the dispute shall jointly select one arbitrator. All selections
shall be made within 30 days after the selecting Party gives or receives the demand for arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC
shall select the third arbitrator, who shall be qualified to practice law in Hong Kong. 
 (c)    The arbitral
proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail.

 (d)    Each party to the arbitration shall cooperate with each other parties to the arbitration in making full
disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

  
 - 4 - 

 (e)    The award of the arbitral tribunal shall be final and binding upon
the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

(f)    The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in accordance
with the substantive Laws of Hong Kong, without regard to principles of conflict of laws thereunder, and shall not apply any other substantive Law. 

(g)    Any party to the Dispute shall be entitled to seek preliminary injunctive relief from any court of competent
jurisdiction pending the constitution of the arbitral tribunal. 
 (h)    During the course of the arbitral
tribunal’s adjudication of the Dispute, this Deed shall continue to be performed except with respect to the part in dispute and under adjudication. 

5.6    Specific Performance. Each of the parties hereto recognizes and acknowledges that a breach by it of any
covenants or agreements contained in this Deed will cause the other party to sustain damage for which it would not have an adequate remedy at law for money damages, and therefore each of the parties hereto agrees that in the event of any such breach
the aggrieved party shall be entitled to the remedy of specific performance of such covenants and agreements and injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity. 

5.7    Termination. This Deed will be terminated and will be of no further force and effect upon a Deemed
Liquidation Event or the IPO of the Company. 
 5.8    Rights Cumulative. Each and all of the various rights,
powers and remedies of a party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such party may have at law or in equity in the event of the breach of any of the terms of this Deed. The
exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such party. 

5.9    No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof
will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or
relinquishment of such right, power or remedy at any other time or times. 
 5.10    No Presumption. The parties
acknowledge that any applicable law that would require interpretation of any claimed ambiguities in this Deed against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating to any conflict,
omission or ambiguity in the provisions of this Deed, no presumption or burden of proof or persuasion will be implied because this Deed was prepared by or at the request of any party or its counsel. 

5.11    Headings. The headings used in this Deed are used for convenience only and are not to be considered in
construing or interpreting this Deed. 

  
 - 5 - 

 5.12    Counterparts. This Deed may be executed in two or more
counterparts, each of which shall be treated as an original, but all of which together shall constitute one and the same instrument. Any counterpart or other signature delivered by facsimile shall be deemed for all purposes as being good and valid
execution and delivery of this Deed by that party. 
 [The remainder of this page has been intentionally left blank.] 

  
 - 6 - 

 IN WITNESS WHEREOF, the parties have executed this Deed as of the date first above written. 

 

					
	 COMPANY:
	  		  	
			
	EXECUTED and DELIVERED	  	)	  	
	as a DEED by	  	)	  	
	QTECH LTD.	  	)	  	
	in the presence of:	  	)	  	     /s/ TAN Siliang

	 	  	 	  	Name: TAN Siliang
	 	  	 	  	Title: Director
			
	     /s/ LI Zhihui

Signature of witness
	  		  	
	 Name: LI Zhihui
	  		  	
	 Address: [REDACTED]
	  		  	

 [Signature Page to Share Restriction Deed] 

 IN WITNESS WHEREOF, the parties have executed this Deed as of the date first above written. 

 

					
	PRINCIPAL HOLDING COMPANY:	  		  	
	COMPANY:	  		  	
			
	EXECUTED and DELIVERED	  	)	  	
	as a DEED by	  	)	  	
	INNOTECH GROUP	  		  	
	HOLDINGS LTD	  	)	  	
	in the presence of:	  	)	  	     /s/ TAN Siping

	 	  	 	  	Name:  TAN Siping
	 	  	 	  	Title:    Director
			
	     /s/ LI Zhihui

Signature of witness
	  		  	
	 Name:      /s/ LI Zhihui
	  		  	
	 Address:  [REDACTED]
	  		  	

 [Signature Page to Share Restriction Deed] 

 IN WITNESS WHEREOF, the parties have executed this Deed as of the date first above written. 

 

					
	PRINCIPAL HOLDING COMPANY:	  		  	
			
	COMPANY:	  		  	
			
	EXECUTED and DELIVERED	  	)	  	
	as a DEED by	  	)	  	
	INNOTECH OVERSEAS	  		  	
	INVESTMENT LTD.	  		  	)
	in the presence of:	  	)	  	     /s/ TAN Siping

	 	  	 	  	Name:  TAN Siping
	 	  	 	  	Title:    Director
			
	     /s/ LI Zhihui

Signature of witness
	  		  	
	 Name:      LI Zhihui
	  		  	
	 Address:  [REDACTED]
	  		  	

 [Signature Page to Share Restriction Deed] 

 IN WITNESS WHEREOF, the parties have executed this Deed as of the date first above written. 

 

			
	 PRINCIPAL:
	 	
		
	SIGNED, SEALED and DELIVERED	 	)
	as a DEED by	 	)
		 	)
	in the presence of	 	)                                    /s/ TAN
Siliang
		
	     /s/ LI Zhihui

Signature of witness
	 	
	 Name:     LI Zhihui
	 	
	 Address  [REDACTED]
	 	

 [Signature Page to Share Restriction Deed]

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