Document:

Voting Agreement

 Exhibit 4.7 
  
 VOTING AGREEMENT 
  
 THIS VOTING AGREEMENT (the “Agreement”) is made and entered into as of November 26, 2004 by and among : 
  

	(1)	INCSIGHT LIMITED, a British Virgin Islands corporation, whose registered office is situate at Commonwealth
Trust Limited, Drake Chambers, Tortola, British Virgin Islands (“Incsight”); and 

  

	(2)	BOSMA LIMITED, a British Virgin Islands corporation (“Bosma”), whose registered office is
situate at Pasea Estate, Road Town, Tortola, British Virgin Islands. 

  
 (Incsight and Bosma are individually referred to herein as “Party” and are collectively referred to herein as the “Parties”.) 
  
 RECITALS 
  
 Incsight and Bosma are shareholders of The9 Limited, a Cayman Islands company (the “Company”). The Company is in the process of preparing
an initial public offering of its ordinary shares in the form of American Depositary Shares in the United States (the “IPO”). The shareholders of the Company have entered into a Shareholders Agreement dated April 3, 2000 (the
“Shareholders Agreement”), which will cease to have effect upon consummation of the IPO (such consummation being the “IPO Closing”) pursuant to the terms thereof. Incsight and Bosma as the major shareholders of the
Company, desire to enter into this Agreement with respect to the election of the members of the board of directors of the Company (the “Board”). 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained herein, the Parties agree as follows: 
  
 1. Voting Agreement 
  
 1.1 Size of the Board. Each of Incsight and Bosma
agrees to vote all of its shares of voting securities in the Company, whether now owned or hereafter acquired or which it may be empowered to vote (together the “Shares”), from time to time and at all times, in whatever manner shall
be necessary to ensure that the size of the Board shall be set and remain at five (5) directors unless as stipulated in Section 1.2(v) and (vi) below. 
  

1.2 Board Composition. Each of Incsight and Bosma agrees to vote all its Shares, from time to time and at all times, in whatever
manner shall be necessary to ensure that at each meeting of the Company’s shareholders at which an election of directors of the Company is held or pursuant to any written consent in lieu of a meeting of the shareholders, the following persons
shall be elected to the Board: 
  

 - 1 - 

 (i) At each election of directors in which the shareholders are entitled to elect
directors of the Company, (A) one individual designated by Incsight so long as Incsight holds not less than 5% of the issued shares of the Company (as adjusted for any share splits, share dividends, recapitalizations or the like and on an
as-converted basis for all preferred shares, warrants, rights, options, bonds and other securities convertible into ordinary shares of the Company), which individual shall initially be Jun ZHU, and (B) one individual designated by Bosma so long as
Bosma holds not less than 5% of the issued shares of the Company (as adjusted for any share splits, share dividends, recapitalizations or the like and on an as-converted-to-common share basis for all preferred share, warrants, rights, options, bonds
and other securities convertible into ordinary shares of the Company), which individual shall initially be Stephen Cheuk Kin LAW; 
  
 (ii) Two (2) individuals not otherwise affiliated with the Company or with Incsight, Bosma or other shareholders of the Company who are
acceptable to both Incsight and Bosma; 
  
 (iii)
One (1)more individual who is mutually acceptable to Incsight and Bosma, for a term commencing on the date of the IPO Closing and expiring on July 31, 2005 (or such earlier date by which the Company is required under applicable law or the Nasdaq
corporate governance rules to appoint additional independent director(s)), which individual shall initially be Jie QIN, so long as Mr. QIN beneficially owns shares of the Company; 
  
 (iv) Upon expiration of the term of office of director of the Company pursuant to paragraph (iii) above, one
(1) more individual not otherwise affiliated with the Company or with any Incsight, Bosma or other shareholders of the Company who are acceptable to both Incsight and Bosma; 
  
 (v) At each election of directors in which the shareholders are entitled to elect directors of the Company
in addition to those pursuant to paragraphs (i) to (iv) above, (A) one (1) or two (2) individuals designated by Incsight so long as Incsight holds not less than 20% of the issued shares of the Company (as adjusted for any share splits, share
dividends, recapitalizations or the like and on an as-converted basis for all preferred shares, warrants, rights, options, bonds and other securities convertible into ordinary shares of the Company), and (B) same number of individuals as designated
by Incsight under (A) designated by Bosma so long as Bosma holds not less than 20% of the issued shares of the Company (as adjusted for any share splits, share dividends, recapitalizations or the like and on an as-converted-to-common share basis for
all preferred share, warrants, rights, options, bonds and other securities convertible into ordinary shares of the Company); and 
  
 (vi) If in consequence of the director appointments under paragraph (v) and/or (vi) above, the Company is required under applicable law or
the Nasdaq corporate governance rules to appoint additional independent director(s), such additional number of individuals not otherwise affiliated with the Company or with Incsight, Bosma or other shareholders of the Company who are acceptable to
both Incsight and Bosma. 
  

 - 2 - 

 For purposes of this Agreement, a person or entity (collectively, a “Person”) shall be
deemed affiliated with another Person which, directly or indirectly, controls, is controlled by or is under common control with such Person, including, without limitation, any partner, officer, director, member or employee of such Person and any
venture capital fund now or hereafter existing which is controlled by or under common control with one or more general partners or shares the same management company with such Person. 
  
 1.3 Chairman of the Board. Each of Incsight and Bosma agrees to vote all its Shares, from time to
time and at all times, in whatever manner as shall be necessary to ensure that at each meeting of the directors at which an election of the Chairman of the Board is held or pursuant to any written consent in lieu of a meeting of the directors, that
Jun ZHU, so long as he is a director of the Company elected pursuant to Section 1.2(i) of this Agreement,shall if nominated by Incsight be elected as the Chairman of the Board for the first year immediately after the IPO Closing and shall
also be elected as Chairman of the Board for the second year and/or the third year after the IPO Closing on and subject to the following conditions: (i) Jun ZHU will be elected as the Chairman of the Board for the second year if and so long as
Incsight holds not less than 15% of the issued shares of the Company (as adjusted for any share splits, share dividends, recapitalizations or the like and on an as-converted-to-common share basis for all preferred share, warrants, rights, options,
bonds and other securities convertible into ordinary shares of the Company); and (ii) Jun ZHU will be elected as the Chairman of the Board for the third year if Incsight is, and so long as Incsight remains to be, one of the major shareholders
holding the largest percentage of the issued shares of the Company (as adjusted for any share splits, share dividends, recapitalizations or the like and on an as-converted basis for all preferred shares, warrants, rights, options, bonds and other
securities convertible into ordinary shares of the Company). 
  
 1.4 Vice Chairman of the Board. Each of Incsight and Bosma agrees to vote all its Shares, from time to time and at all times, in whatever manner as shall be necessary to ensure that if Jun ZHU for whatever
reason fails or shall not be able to properly and timely perform his duties and obligations as the Chairman of the Board, the director of the Company designated by Bosma pursuant to Section 1.2(i) of this Agreement shall, if nominated by
Bosma, be elected as the Vice Chairman of the Board to assume the function of Jun ZHU as the Chairman of the Board and exercise the power and authority of the Chairman of the Board and for this purpose, a meeting of the directors for the election of
the Vice Chairman of the Board shall be promptly held or a written consent in lieu of a meeting of the directors for such election shall be promptly procured, provided that when Jun ZHU shall resume, and so long as he continues to properly and
timely perform, his duties and obligations of the Chairman of the Board, his power and authority as Chairman of the Board shall forthwith be reinstated. 
  
 1.5 Removal of Board Members. Each of Incsight and Bosma also agrees to vote all its Shares from time to time and at all times in
whatever manner as shall be necessary to ensure that (i) no director elected pursuant to Section 1.2 or Section 1.4 of this Agreement may be removed from office, other than for cause, unless (A) such removal is directed or approved by
the affirmative vote of Incsight and Bosma or (B) the person(s) or entity(ies) originally entitled to designate or approve such removal pursuant to Section 1.2 or Section 1.4 as the case may be is no longer so entitled to designate or
approve the removal of such director; and (ii) any vacancies created by the resignation, removal or death of a director 
  

 - 3 - 

 elected pursuant to Section 1.2 and Section 1.4 shall be filled pursuant to the provisions
of Section 1.2 and Section 1.4 respectively. Both Incsight and Bosma agree to execute any written consents required to effectuate the obligations of this Agreement. 
  
 2. Term. This Agreement shall become effective forthwith upon termination of the Shareholders Agreement and
shall continue in full force and effect until Incsight and Bosma mutually agree in writing to terminate this Agreement. 
  
 3. Specific Enforcement. Each Party acknowledges and agrees that Incsight and Bosma will be irreparably damaged in the event any of the provisions
of this Agreement are not performed by the Parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that Incsight and Bosma shall be entitled to an injunction to prevent breaches of this Agreement and to
specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter jurisdiction, in addition to any other remedy to which they may be entitled at law or
in equity. 
  
 4. Governing Law. This Agreement shall be
governed by and construed in accordance with the internal laws of the State of New York, USA. 
  
 5. Miscellaneous. 
  
 5.1 Transfers, Successors and Assigns. 
  
 (i) The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the Parties or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

  
 (ii) Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the Parties or their respective executors, administrators, heirs, successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. 
  
 5.2
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 5.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement. 
  

 - 4 - 

 5.4 Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the Party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so
confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective Parties at their address as set forth in Schedule A hereto, or to such email address, facsimile number or address as subsequently
modified by written notice given in accordance with this Section 5.4. If notice is given to the Company, a copy shall also be sent to the other Party. 
  

5.5 Amendment. This Agreement may be amended or modified and the observance of any term hereof may be waived (either generally
or in a particular instance and either retroactively or prospectively) only by a written instrument executed by both Incsight and Bosma. Any amendment or waiver so effected shall be binding upon the Company and each of Incsight and Bosma and all of
their respective successors and permitted assigns whether or not such party or assignee entered into or approved such amendment or waiver. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
  
 5.6 Severability. The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. 
  
 5.7 Delays or
Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such
non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or
default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on
the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded
to any party, shall be cumulative and not alternative. 
  
 5.8 Entire Agreement. This Agreement (including the Schedule hereto) constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement
relating to the subject matter hereof existing between the parties are expressly superceded by this Agreement. 
  
 5.9 Share Splits, Share Dividends, etc. In the event of any issuance of the Company’s voting securities hereafter to any of
Incsight and Bosma (including, without limitation, in connection with any share split, share dividend, recapitalization, reorganization, or 
  

 - 5 - 

 the like), such voting securities (and all Shares to be issued upon conversion thereof) shall become
subject to this Agreement. 
  
 5.10 Manner of
Voting; Grant of Proxy. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent or in any other manner permitted by applicable law. 
  
 5.11 Costs of Enforcement. If any Party to this Agreement seeks to enforce its rights under this
Agreement by legal proceedings, the non-prevailing Party shall pay all costs and expenses incurred by the prevailing Party, including, without limitation, all reasonable attorneys’ fees. 
  
 5.12 Effectiveness. This Agreement shall be effective
from the date of the IPO Closing. 
  
 (Signature page to
follow) 
  

 - 6 - 

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

  

			
	 INCSIGHT LIMITED:

		
	By:	 	/s/ Zhu Jun
	 Name:
	 	Zhu Jun
	 Title:
	 	CEO

  

			
	BOSMA LIMITED:
		
	By:	 	/s/ George K. Chang
	 Name:
	 	George K. Chang
	 Title:
	 	Vice Chairman

  
 [Signature
Page to Voting Agreement] 
  

 - 7 - 

  
 SCHEDULE A

  
 PARTIES’ ADDRESSES 
  

					
	 Name

	 	 	  	 Address and facsimile no. for notice,
 correspondence and communication

	Incsight Limited	 	 	  	 c/o Jun Zhu, 30/F CITIC Square, No.
 1168, Nan Jing
Road (W), Shanghai,
 P.R. China

			
	Bosma Limited	 	 	  	 c/o 22nd
Floor, Hang Lung Centre,
 2-20 Paterson Street, Causeway Bay,
 Hong Kong

  

 - 8 -2004 Stock Option Plan

 Exhibit 10.1 
  
 THE9 LIMITED 
  
 2004 STOCK OPTION PLAN 
  

	1.	Purposes of the Plan 

  
 The purposes of this Plan are: 
  

	 	(a)	to attract and retain the best available personnel for positions of substantial responsibility, 

  

	 	(b)	to provide additional incentive to Employees, Directors and Consultants, and 

  

	 	(c)	to motivate the participating personnel, promote their dedication, and encourage them to devote themselves to the success of the Company’s business. 

 
 Stock Purchase Rights may also be granted under the Plan. 
  

	2.	Definitions 

  

			
	“Administrative Committee”	  	the Board or any of its Committees as shall be designated to administer the Plan in accordance with Section 4 below.
		
	“Applicable Laws”	  	the requirements relating to the administration of stock option plans under any stock exchange or quotation system on which the Ordinary Shares are listed or quoted and the laws of any country
or jurisdiction which apply to the grant of Options or Stock Purchase Rights under the Plan.
		
	“Board”	  	the Board of Directors of the Company.
		
	“Committee”	  	a committee of Directors appointed by the Board.
		
	“Company”	  	The9 Limited, a company incorporated under the laws of Cayman Islands.

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	“Consultant”	  	any person who renders or has rendered consulting or advisory services to the Company or any Subsidiary.
		
	“Director”	  	a member of the Board.
		
	“Disability”	  	any total and permanent disability which prevents a Service Provider from performing his duties under the relevant contract of employment, engagement, appointment or service (as the
case may be) or otherwise from continuing in such capacity.
		
	“Employee”	  	any person employed by the Company or any Subsidiary of the Company, including but not limited to the directors of such Subsidiary. A person shall not cease to be an Employee in the
case of:
			
	 	  	 (i)     
	  	any leave of absence approved by the Company; or
			
	 	  	 (ii)    
	  	any transfers or secondment between any locations of the Company or between the Company and any Subsidiary.
		
	“Fair Market Value”	  	as of any date, the value of Ordinary Shares as determined in the following manners:
			
	 	  	 (i)     
	  	if the Ordinary Shares are listed or publicly traded on any established stock exchange or a national market system, its Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination or on the last market trading day prior to the date of determination (if the date of determination is not a market trading day), as reported in
The Wall Street Journal or such other sources as the Administrative Committee deems reliable;

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	 	  	 (ii)    
	  	if the Ordinary Shares are regularly quoted by a principal recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the average between the high bid and
low asked prices for the Ordinary Shares on the date of determination or on the last market trading day prior to the date of determination (if the date of determination is not a market trading day); or
			
	 	  	 (iii)  
	  	in the absence of an established market for the Ordinary Shares, its Fair Market Value shall be determined in good faith by the Administrative Committee after consultation with legal and
accounting experts as the Administrative Committee may deem advisable.
		
	“Option”	  	a stock option granted pursuant to the Plan which confers the holder a right to purchase a specified amount of Ordinary Shares from the Company on and subject to the pre-determined
terms and conditions stipulated in the Option Agreement.
		
	“Option Agreement”	  	a written or electronic agreement between the Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms
and conditions of the Plan.
		
	“Optioned Stock”	  	the Ordinary Shares subject to an Option or a Stock Purchase Right, as adjusted in accordance with Section 12 below.
		
	“Optionee”	  	the holder of an outstanding Option or Stock Purchase Right granted under the Plan.
		
	“Ordinary Shares”	  	the ordinary shares of the Company, par value US$0.01 per share.
		
	“Plan”	  	this 2004 Stock Option Plan.
		
	“Restricted Stock”	  	Ordinary Shares acquired by an Optionee upon exercise of the Stock Purchase Right, which is granted pursuant to Section 10 below.

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	 “Restricted Stock
 Purchase Agreement”
	  	a written or electronic agreement between the Company and an Optionee evidencing the terms and conditions of an individual grant of Stock Purchase Right. The Restricted Stock Purchase Agreement
is subject to the terms and conditions of the Plan.
		
	“Securities Act”	  	the securities exchange legislation of any applicable jurisdiction as amended from time to time.
		
	“Service Provider”	  	an Employee, a Director or a Consultant.
		
	“Stock Purchase Right”	  	a right to purchase Ordinary Shares pursuant to Section 10 below.
		
	“Subsidiary”	  	any entity in which the Company holds directly or indirectly fifty point one percent (50.1%) or more of the voting equity.
		
	“Tax Law”	  	the relevant tax law of the applicable jurisdiction, as amended from time to time.

  
 Except where otherwise
indicated by the context herein, references to the masculine gender shall also include the feminine gender and the neuter and vice versa, and references to the singular shall also include the plural and vice versa. 
  

	3.	Stock Subject to the Plan 

  
 Subject to the provisions of Section 12 of the Plan, the maximum aggregate number of Ordinary Shares which may be subject to Option or Stock Purchase
Right and sold under the Plan is 1,345,430 Ordinary Shares. At all times during the term of the Plan and while any Option(s) or Stock Purchase Right(s) are outstanding, the Company shall retain as authorized and unissued stock, or as treasury stock,
at least the number of Ordinary Shares from time to time required under the provisions of the Plan for such outstanding Option(s) and Stock Purchase Right(s), or otherwise assure itself of its ability to perform its obligations hereunder.

  
 If an Option or Stock Purchase Right expires or terminates
for any reason or becomes unexercisable without having been exercised in full, or is 

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 surrendered, the
unacquired or unpurchased Ordinary Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). However, Ordinary Shares that have actually been issued under the Plan, upon
exercise of either an Option or Stock Purchase Right, shall not be reverted to the Plan and shall not become available for future distribution under the Plan, except that if Restricted Stock are repurchased by the Company at their original purchase
price and cancelled pursuant to Section 10, the Ordinary Shares so repurchased (which will then be authorized but unissued Ordinary Shares) shall become available for future grant under the Plan. 
  

	4.	Administration of the Plan 

  

	 	(a)	Administrative Committee 

  
 The Plan shall be administered by the Board or a Committee appointed by the Board (the “Administrative Committee”), which Administrative
Committee shall be constituted to comply with the Applicable Laws. Unless it is prohibited by the Applicable Laws, in which event the Plan shall be administered by the Board, the Administrative Committee, if appointed, shall comprise two directors
of the Company nominated by each of Jun ZHU and Bosma Limited. 
  

	 	(b)	Powers of the Administrative Committee 

  
 Subject to the provisions of the Plan and, in the case of an Administrative Committee, the specific duties delegated by the Board to such Administrative
Committee, and subject to the approval of any relevant authorities, the Administrative Committee shall have, in addition to its other authority provided herein, the authority at its sole discretion: 
  

	 	(i)	to determine the Fair Market Value in the manners as set out in the definition of Fair Market Value under Section 2 above; 

  

	 	(ii)	to select from time to time the Service Providers (excluding the Directors, Option or Stock Purchase Right grants to whom shall be determined by the compensation committee of the
Board, or before the appointment of compensation committee, by the Board) to whom Options and Stock Purchase Rights may be granted hereunder; 

  

	 	(iii)	to determine the number of Ordinary Shares to be covered by each grant of Option or Stock Purchase Right hereunder to the Service Providers (excluding the Directors, Option or

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 Stock Purchase
Right grants to whom shall be determined by the compensation committee of the Board, or before the appointment of compensation committee, by the Board); 
  

	 	(iv)	to approve forms of agreement for use under the Plan; 

  

	 	(v)	to determine the terms and conditions, of any Option or Stock Purchase Right granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the
time or times when Option or Stock Purchase Rights may be exercised (which may be based on performance criteria or a pre-determined vesting period), any forfeiture restrictions, any vesting acceleration or waiver of forfeiture restrictions, and any
restriction or limitation regarding any Option or Stock Purchase Right or the Ordinary Shares relating thereto, based in each case on such factors as the Administrative Committee, at its sole discretion, shall determine; 

  

	 	(vi)	to determine whether and under what circumstances an Option may be settled in cash under subsection 9(e) below instead of Ordinary Shares; 

  

	 	(vii)	to reduce the exercise price of any Option or Stock Purchase Right to the then current Fair Market Value if the Fair Market Value of the Ordinary Shares covered by such Option or
Stock Purchase Right has declined since the date the Option or Stock Purchase Right was granted; 

  

	 	(vii)	to prescribe, amend and rescind rules and regulations relating to the Plan (but not the Plan per se), including rules and regulations relating to sub-plans established for the
purpose of qualifying for preferred tax treatment under foreign tax law; 

  

	 	(ix)	to allow Optionees to satisfy withholding tax obligations by electing to have the Company withhold from the Ordinary Shares to be issued upon exercise of an Option or Stock Purchase
Right that number of Ordinary Shares having a Fair Market Value equal to the amount required to be withheld. The Fair Market Value of the Ordinary Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be
determined or the tax liability arises or the tax is due to be paid, or any other date as the Administrative Committee may deem appropriate. All elections by Optionees to have Ordinary Shares withheld for 

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 this purpose
shall be made in such form and under such conditions as the Administrative Committee may deem necessary or advisable; 
  

	 	(x)	to construe and interpret the terms of the Plan and awards granted pursuant to the Plan; and 

  

	 	(xi)	to take any other actions as the Administrative Committee shall consider appropriate for the proper administration of the Plan. 

  

	 	(c)	Effect of Administrative Committee’s Decision 

  
 All decisions, determinations and interpretations of the Administrative Committee pursuant to the provisions of the Plan shall be final conclusive and
binding on all Optionees. 
  

	5.	Eligibility 

  

	 	(a)	Options and Stock Purchase Rights may be granted to Service Providers. 

  

	 	(b)	Neither the Plan nor any Option or Stock Purchase Right shall confer upon any Optionee any right with respect to continuing the Optionee’s relationship as a Service Provider
with the Company, nor shall it interfere in any way with his or her right or the Company’s right to terminate such relationship at any time, with or without cause. 

  

	6.	Term of Plan 

  
 The Plan shall become effective upon its adoption by the Board. It shall continue in effect for a term of five (5) years unless sooner terminated under
Section 14 below. 
  

	7.	Term of Option 

  
 The term of each Option shall be stated in the Option Agreement; provided, however, that the term shall be no more than five (5) years from the date of
grant thereof. 
  

	8.	Option Exercise Price and Consideration 

  

	 	(a)	The per share exercise price for the Ordinary Shares to be issued upon exercise of an Option shall be such price as is determined by the Administrative Committee.

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	 	(b)	The terms, conditions and restrictions for the issuance of the Ordinary Shares upon exercise of an Option, including the method of payment, shall be determined by the Administrative
Committee. The Administrative Committee may at its sole discretion authorize or accept payment in one or more of the following manners: 

  

	 	(i)	cash, 

  

	 	(ii)	check payable to the order of the Company, 

  

	 	(iii)	promissory note, 

  

	 	(iv)	surrender to the Company of other Ordinary Shares which (x) in the case of Ordinary Shares acquired upon exercise of an Option, have been owned by the Optionee for more than six (6)
months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Ordinary Shares as to which such Option shall be exercised, 

  

	 	(v)	consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan, or 

  

	 	(vi)	any combination of the foregoing methods of payment. 

  
 In making its determination as to the above, the Administrative Committee shall consider the best interest of and advantage to the Company. 
  

	9.	Exercise of Option 

  

	 	(a)	Procedure for Exercise; Rights as a Shareholder 

  
 Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the
Administrative Committee and set forth in the Option Agreement. Except in the case of Options granted to the Directors and Consultants, Options shall become exercisable at a rate of no more than twenty-five percent (25%) per year over four (4) years
from the date the Options are granted. Unless the Administrative Committee provides otherwise, vesting of Options granted hereunder to Directors shall be tolled during any unpaid leave of absence. An Option may not be exercised for a fraction of an
Ordinary Share. 

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 An Option shall
be deemed exercised when the Company receives: 
  

	 	(i)	written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and 

  

	 	(ii)	full payment for the Ordinary Shares with respect to which the Option is exercised. 

  
 Full payment may consist of any consideration and method of payment authorized by the Administrative Committee and permitted
by the Option Agreement and the Plan. After the Option is exercised, the Company shall promptly issue (or cause to be issued) such number of Ordinary Shares as covered by such Option. Ordinary Shares issued upon exercise of an Option shall be issued
in the name of the Optionee or, if requested by the Optionee, in the joint name of the Optionee and his or her spouse. Until the Ordinary Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to attend general meeting of the Company, vote or receive dividends or other distributions or any other rights as a shareholder shall exist with respect to the Ordinary Shares, notwithstanding the exercise of
the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Ordinary Shares are issued, except as provided in Section 12 below. 
  
 Exercise of an Option in any manner shall result in a decrease in the number
of Ordinary Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Ordinary Shares as to which the Option is exercised. 
  

	 	(b)	Termination of Relationship as Service Provider 

  
 If an Optionee ceases to be a Service Provider (save and except due to the Optionee’s Disability, in which event subsection 9(c) below shall apply or
due to the Optionee’s death, in which event subsection 9(d) below shall apply), such Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement (of at least thirty (30) days but in no event later
than the expiration of the term of the Option as set forth in the Option Agreement) to the extent that the Option is vested on the date of such cessation. In the absence of a specified time in the Option Agreement, the Option shall remain
exercisable for three (3) months following the Optionee’s cessation as aforesaid (but in no event later than the expiration of the term of the Option as set forth 

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 in the Option
Agreement). If, on the date of cessation, the Optionee is not vested as to his or her entire Option, the Ordinary Shares covered by the unvested portion of the Option shall revert to the Plan. If, after the cessation, the Optionee does not exercise
his or her Option to the fullest extent vested within the time specified in the Option Agreement or stipulated herein as the case may be, the Option shall lapse automatically, and the Ordinary Shares covered by such unexercised portion of the Option
shall revert to the Plan and the Optionee shall have no claim for compensation or otherwise against the Company whatsoever. 
  

	 	(c)	Disability of Optionee 

  
 If an Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her Option within such
period of time as is specified in the Option Agreement (of at least six (6) months but in no event later than the expiration of the term of such Option as set forth in the Option Agreement) to the extent the Option is vested on the date of such
cessation. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s cessation as aforesaid (but in no event later than the expiration of the term of such
Option as set forth in the Option Agreement). If, on the date of cessation, the Optionee is not vested as to his or her entire Option, the Ordinary Shares covered by the unvested portion of the Option shall revert to the Plan. If, after the
cessation, the Optionee does not exercise his or her Option to the fullest extent vested within the time specified in the Option Agreement or stipulated herein as the case may be, the Option shall lapse automatically, and the Ordinary Shares covered
by such unexercised portion of the Option shall revert to the Plan and the Optionee shall have no claim for compensation or otherwise against the Company whatsoever. 
  

	 	(d)	Death of Optionee 

  
 If an Optionee dies while being a Service Provider, the Option may be exercised within such period of time as is specified in the Option Agreement (of at
least six (6) months but in no event later than the expiration of the term of such Option as set forth in the Option Agreement) to the extent that the Option is vested on the date of death by the Optionee’s estate or by a person who acquires
the right to exercise the Option by bequest or inheritance (collectively, the “Optionee’s Representative”). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months
following the Optionee’s death (but in no 

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 event later than
the expiration of the term of such Option as set forth in the Option Agreement). If, at the time of death, the Optionee is not vested as to the entire Option, the Ordinary Shares covered by the unvested portion of the Option shall immediately revert
to the Plan. If the Option is not exercised by the Optionee’s Representative to the fullest extent vested within the time specified in the Option Agreement or stipulated herein as the case may be, the Option shall lapse automatically, and the
Ordinary Shares covered by such unexercised portion of the Option shall revert to the Plan and the Optionee’s estate and the Optionee’s Representative shall have no claim for compensation or otherwise against the Company whatsoever.

  

	 	(e)	Buyout Provisions 

  
 The Administrative Committee may at any time offer to buy out an Option previously granted for a payment in cash or Ordinary Shares, based on such fair
and reasonable terms and conditions as the Administrative Committee shall establish and communicate to the Optionee at the time that such offer is made or as set forth in the Option Agreement. 
  

	10.	Stock Purchase Rights 

  

	 	(a)	Rights to Purchase 

  
 Stock Purchase Rights may be issued in favour of the Optionees either alone, in addition to, or in tandem with other awards granted under the Plan and/or
cash awards made by the Company outside of the Plan. After the Administrative Committee determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and
restrictions related to the offer, including the number of Ordinary Shares that such person shall be entitled to purchase, the price to be paid, the forfeiture restrictions, the time limit for the exercise of the Stock Purchase Rights and the time
within which such person must accept such offer. 
  

	 	(b)	Repurchase Option 

  
 Unless the Administrative Committee determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable
upon the voluntary or involuntary termination of the Optionee as a Service Provider for any reason (including death or Disability). The purchase price for Ordinary Shares repurchased pursuant to the Restricted Stock Purchase 

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 Agreement shall
be the original price paid by the Optionee and may be paid by cancellation of any indebtedness of the Optionee to the Company. The repurchase option shall lapse at such rate as the Administrative Committee may determine at its sole discretion.
Except with respect to Ordinary Shares purchased by the Directors and Consultants, the repurchase option shall in no case lapse at a rate of less than 25% per year over four (4) years from the date of purchase. 
  

	 	(c)	Other Provisions 

  
 The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by
the Administrative Committee at its sole discretion. 
  

	 	(d)	Rights as a Shareholder 

  
 Once the Stock Purchase Right is exercised, the purchaser shall have rights equivalent to those of a shareholder and shall be a shareholder when his or
her purchase and personal particulars are entered upon the records of the Company or of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the
Stock Purchase Right is exercised, except as provided in Section 12 below. 
  

	11.	Non-Transferability of Options and Stock Purchase Rights 

  
 The Option and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by
the laws of succession and may be exercised, during the lifetime of the Optionee, only by the Optionee except as provided in subsection 9(d) above. 
  

	12.	Adjustments Upon Changes in Capitalization, Merger or Asset Sale 

  

	 	(a)	(i) Changes in Capitalization 

  
 Subject to any action of the shareholders of the Company as necessitated by the Applicable Laws, the number of Ordinary Shares covered by each outstanding
Option or Stock Purchase Right, and the number of Ordinary Shares which have been authorized for issuance under the Plan but as to which no Options or Stock Purchase Rights have yet been granted or which have been reverted to the Plan upon
cancellation or expiration of an 

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 Option or Stock
Purchase Right, as well as the price per Ordinary Share covered by each such outstanding Option or Stock Purchase Right, shall be proportionately adjusted for any increase or decrease in the number of issued Ordinary Shares effected without receipt
of consideration by the Company. The conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration”. Such adjustment shall be made by the Board, whose determination in
that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by
reason thereof shall be made with respect to, the number or price of Ordinary Shares subject to an Option or Stock Purchase Right. 
  
 (ii) Adjustments for Stock Split, Stock Dividend, Etc. 
  
 If the Company shall at any time increase or decrease the number of its outstanding Ordinary Shares, or change in any way the rights and privileges of its
outstanding Ordinary Shares, by means of the payment of a stock dividend or any other distribution upon such Ordinary Shares, or through a stock split, subdivision, consolidation, combination, reclassification or recapitalization involving such
Ordinary Shares, then in relation to the Ordinary Shares that are covered by the Options or Stock Purchase Rights granted or available under the Plan and are affected by one or more of the above events, the numbers, rights and privileges of the
following shall be increased, decreased or changed in like manner as if such Ordinary Shares had been issued and outstanding, fully paid and non-assessable at the time of such occurrence. 
  

	 	(b)	Dissolution or Liquidation 

  
 In the event of the proposed dissolution or liquidation of the Company, the Administrative Committee shall notify each Optionee as soon as practicable
prior to the effective date of such proposed dissolution or liquidation. The Administrative Committee may at its sole discretion provide for an Optionee to have the right to exercise his or her Option or Stock Purchase Right at any time until
fifteen (15) days prior to the commencement of such proposed dissolution or liquidation. In addition, the Administrative Committee may at its sole discretion provide that any repurchase option of the Company applicable to any Restricted Stock and/or
any right of the Company to buy out outstanding Options under subsection 9(e) shall lapse upon dissolution or liquidation of the Company, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated.

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	 	(c)	Merger or Asset Sale 

  
 In the event of a merger of the Company with or into another corporation, or the sale of substantially all of the assets of the Company, each outstanding
Option and Stock Purchase Right shall be assumed or an equivalent option or right substituted by the successor corporation or its holding company (meaning any entity which holds directly or indirectly at least fifty point one percent of the voting
equity of the successor corporation) or subsidiary (meaning any entity in which the successor corporation holds directly or indirectly fifty point one percent or more of the voting equity). In the event that the successor corporation or its holding
company or subsidiary refuses to assume or substitute for the Option or Stock Purchase Right, the Optionee shall fully vest in and have the right to exercise the Option or Stock Purchase Right as to all of the Optioned Stock, including such part of
the Optioned Stock as to which it would not otherwise be vested or exercisable and the repurchase option of the Company applicable to any Restricted Stock and/or any right of the Company to buy out outstanding Options under subsection 9(e) shall
lapse upon consummation of such merger or sale of assets. If an Option or Stock Purchase Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the Administrative Committee shall
accordingly notify the Optionee in writing or electronically in which event the Option or Stock Purchase Right shall be fully exercisable for a period of fifteen (15) days from the date of such notice, and the Option or Stock Purchase Right shall
terminate upon the expiration of such fifteen (15) day period. For the purposes of this paragraph, the Option or Stock Purchase Right shall be considered assumed if, following the merger or sale of assets, the outstanding Option or Stock Purchase
Right confers the right to purchase or receive proportionately the consideration (whether stock, cash, or other securities or property) received by holders of Ordinary Shares in the merger or sale of assets; provided, however, that if such
consideration received in the merger or sale of assets is not solely common stock of the successor corporation or its holding company or subsidiary, the Administrative Committee may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Option or Stock Purchase Right to be solely common stock of the successor corporation or its holding company or subsidiary equal in fair market value to the per share consideration received by
holders of Ordinary Shares in the merger or sale of assets, such fair market value to be conclusively determined by the Administrative Committee. 

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	 	(d)	General Adjustment Rules 

  
 If any adjustment or substitution provided for in this Section 12 shall result in the creation of a fractional Ordinary Share under any Option, the
Company shall, in lieu of issuing such fractional Ordinary Share, pay to the Optionee a cash sum in the amount equal to the product of such fraction multiplied by the Fair Market Value of an Ordinary Share on the date the fractional Ordinary Share
otherwise would have been issued. 
  

	 	(e)	Determination by Administrative Committee 

  
 Adjustments under this Section 12 shall be made by the Administrative Committee whose determinations with regard thereto shall be final, conclusive and
binding upon all parties. 
  

	13.	Time of Granting Options and Stock Purchase Rights 

  
 The date of grant of an Option or Stock Purchase Right shall, for all purposes, be the date on which the Administrative Committee makes the determination
granting such Option or Stock Purchase Right, or such other date as determined by the Administrative Committee. Notice of the determination shall be given to each Service Provider to whom an Option or Stock Purchase Right is so granted within a
reasonable time after the date of such grant. 
  

	14.	Amendment and Termination of the Plan 

  

	 	(a)	Amendment and Termination 

  
 Subject to Subsection 14(b) below, the Board may at any time amend, alter, suspend or terminate the Plan. 
  

	 	(b)	Shareholder Approval 

  
 The Board shall obtain shareholder approval of any amendment to the Plan to the extent necessary and desirable to comply with Applicable Laws. 

 

	 	(c)	Effect of Amendment or Termination 

  
 No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee, unless mutually agreed 

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 otherwise
between the Optionee and the Administrative Committee. Termination of the Plan shall not affect the Administrative Committee’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the
date of such termination. 
  

	15.	Conditions Upon Issuance of Shares 

  

	 	(a)	Legal Compliance 

  
 Ordinary Shares shall not be issued pursuant to the exercise of an Option or Stock Purchase Right unless the exercise of such Option or Stock Purchase
Right and the issuance and delivery of such Ordinary Shares shall comply with Applicable Laws and shall be further subject to the approval of legal counsel for the Company with respect to such compliance. 
  

	 	(b)	Cash Payment 

  
 The payment of cash pursuant to the Plan shall be subject to all Applicable Laws. 
  

	 	(c)	Investment Representations 

  
 The Company may require any person to whom an Option or a Stock Purchase Right is granted, as a condition of exercising such Option or Stock Purchase
Right or receiving Ordinary Shares pursuant to the Plan, to give written assurances, in the substance and form satisfactory to the Company and its legal counsel, to the effect that such person is acquiring the Ordinary Shares subject to the Option
or Stock Purchase Right for his own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with applicable
securities laws. 
  

	 	(d)	Restrictions 

  
 The Administrative Committee may provide that Ordinary Shares issuable upon the exercise of an Option or Stock Purchase Right shall, under certain
conditions, be subject to restrictions whereby the Company has a right of first refusal with respect to such Ordinary Shares, which restrictions may survive an Optionee’s term of employment, engagement, appointment or service with the Company.

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	16.	Inability to Obtain Regulatory Approval 

  
 The inability of the Company to obtain approval from any regulatory body having jurisdiction over the Company with respect to issuance of Ordinary Shares
pursuant to this Plan shall relieve the Company of any liability in respect of the failure to issue such Ordinary Shares as to which such requisite approval shall not have been obtained. 
  

	17.	Shareholder Approval 

  
 The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such
shareholder approval shall be obtained in the degree and manner required under Applicable Laws. 
  

	18.	Information to Optionees and Purchasers 

  
 The Company shall provide to each Optionee and to each individual who acquires Ordinary Shares pursuant to the Plan, not less frequently than annually
during the period such Optionee or purchaser has one or more Options or Stock Purchase Rights outstanding, and, in the case of an individual who acquires Ordinary Shares pursuant to the Plan, during the period such individual owns such Ordinary
Shares, copies of annual financial statements. The Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent information. 
  

	19.	Withholding 

  
 The Company’s obligations to deliver Ordinary Shares upon the exercise of an Option or Stock Purchase Right shall be subject to the Optionee’s
satisfaction of all Applicable Laws related to tax withholding as a result of such exercise. 
  

	20.	Non-exclusivity of the Plan 

  
 Neither the adoption of the Plan by the Board nor the submission of the Plan to shareholders of the Company for approval shall be construed as creating
any limitations on the power or authority of the Board to adopt such other or additional incentive or other compensation arrangements of whatever nature as the Board may deem necessary or desirable or preclude or limit the continuation of any other
plan, practice or arrangement for the payment of compensation or fringe benefits to employees generally, or to any class or group of employees, which the Company or any Subsidiary now has lawfully put into effect, including, without limitation, any
retirement, pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term incentive plans. 

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	21.	No Transfer or Assignment 

  
 The Option or Stock Purchase Right granted hereunder shall not be transferred or assigned without the approval in writing of the Administrative
Committee. 
  

	22.	Governing Law 

  
 The terms and conditions of this Plan shall be governed by and construed in accordance with the laws of the Cayman Islands. 
  
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