Document:

EX-10.3

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.3 

EXECUTION VERSION 
 SHARE
SUBSCRIPTION AGREEMENT 
 by and between 

MINISO GROUP HOLDING LIMITED 

YE GUOFU 
 YANG YUNYUN

 LI MINXIN 

PERSONS LISTED ON SCHEDULE I 

MINISO (GUANGZHOU) CO., LTD. 

(名创优品(广州)有限责任公司
) 
 MINISO INVESTMENT HONG KONG LIMITED 

(名创优品投资香港有限公司
) 
 and 

PERSONS LISTED ON SCHEDULE II 

Dated February 19, 2020 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINITIONS	  

			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitional And Interpretive Provisions
	  	 	6	 
	
	ARTICLE II	  

	SALE AND PURCHASE OF THE SUBSCRIPTION SHARES	  

			
	 Section 2.01
	 	 Certain Transactions
	  	 	7	 
	 Section 2.02
	 	 Closing
	  	 	7	 
	 Section 2.03
	 	 Actions at the Closing
	  	 	7	 
	 Section 2.04
	 	 Restrictive Legend
	  	 	8	 
	
	ARTICLE III	  

	REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS	  

			
	 Section 3.01
	 	 Existence
	  	 	8	 
	 Section 3.02
	 	 Due Issuance
	  	 	8	 
	 Section 3.03
	 	 Capitalization
	  	 	9	 
	 Section 3.04
	 	 Capacity, Authorization and Enforceability
	  	 	10	 
	 Section 3.05
	 	 Consents, Non-Contravention
	  	 	10	 
	 Section 3.06
	 	 Rights of Registration and Voting Rights
	  	 	10	 
	 Section 3.07
	 	 SAFE Rules and Regulations
	  	 	10	 
	 Section 3.08
	 	 Insolvency
	  	 	11	 
	 Section 3.09
	 	 Representation and Warranties under the Prior Purchase Agreement
	  	 	11	 
	 Section 3.10
	 	 Information Disclosure
	  	 	11	 
	
	ARTICLE IV	  

	REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER	  

			
	 Section 4.01
	 	 Existence
	  	 	11	 
	 Section 4.02
	 	 Capacity, Authorization and Enforceability
	  	 	12	 
	 Section 4.03
	 	 Non-Contravention
	  	 	12	 
	 Section 4.04
	 	 Securities Law Matters
	  	 	12	 
	 Section 4.05
	 	 Investment Experience
	  	 	13	 
	
	ARTICLE V	  

	ADDITIONAL AGREEMENTS	  

			
	 Section 5.01
	 	 Survival
	  	 	13	 
	 Section 5.02
	 	 Confidentiality
	  	 	13	 
	 Section 5.03
	 	 Use of Proceeds
	  	 	14	 
	 Section 5.04
	 	 Efforts to Fulfill Closing Conditions
	  	 	14	 

  
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 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

							
	 Section 5.05
	 	 Further Assurances
	  	 	14	 
	 Section 5.06
	 	 File of the Memorandum and Articles
	  	 	14	 
	 Section 5.07
	 	 Compliance
	  	 	14	 
	 Section 5.08
	 	 Business Cooperation with Tencent
	  	 	14	 
	 Section 5.09
	 	 Call Option of External Business
	  	 	15	 
	 Section 5.10
	 	 Hong Kong Company
	  	 	15	 
	
	ARTICLE VI	  

	CLOSING CONDITIONS	  

			
	 Section 6.01
	 	 Conditions to Obligations of the Company
	  	 	15	 
	 Section 6.02
	 	 Conditions to Obligations of Each Purchaser
	  	 	16	 
	
	ARTICLE VII	  

	INDEMNIFICATION	  

			
	 Section 7.01
	 	 Indemnification
	  	 	17	 
	 Section 7.02
	 	 Third Party Claims
	  	 	18	 
	 Section 7.03
	 	 Other Claims
	  	 	19	 
	 Section 7.04
	 	 Limitations on Liability
	  	 	19	 
	 Section 7.05
	 	 Indemnification under Prior Purchaser Agreement
	  	 	19	 
	
	ARTICLE VIII	  

	MISCELLANEOUS	  

			
	 Section 8.01
	 	 Notices
	  	 	20	 
	 Section 8.02
	 	 Severability
	  	 	21	 
	 Section 8.03
	 	 Entire Agreement
	  	 	21	 
	 Section 8.04
	 	 Counterparts
	  	 	21	 
	 Section 8.05
	 	 Assignments
	  	 	21	 
	 Section 8.06
	 	 Descriptive Headings; Construction
	  	 	22	 
	 Section 8.07
	 	 Amendment
	  	 	22	 
	 Section 8.08
	 	 Governing Law
	  	 	22	 
	 Section 8.09
	 	 Dispute Resolution
	  	 	22	 
	 Section 8.10
	 	 Expenses
	  	 	23	 
	 Section 8.11
	 	 Third Party Beneficiaries
	  	 	23	 
	 Section 8.12
	 	 Specific Performance
	  	 	23	 
	 Section 8.13
	 	 No Waiver; Cumulative Remedies
	  	 	23	 
	 Section 8.14
	 	 Several and Not Joint
	  	 	23	 
	 Section 8.15
	 	 Exculpation among the Purchasers
	  	 	23	 
	 Section 8.16
	 	 Use of Purchasers’ Brands and Marks
	  	 	24	 
	 Section 8.17
	 	 Counterpart
	  	 	24	 

  
 ii 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 SCHEDULES 

SCHEDULE I ORIGINAL SHAREHOLDERS 
 SCHEDULE II
PURCHASERS 

	EXHIBIT	 I FORM OF PROMISSORY NOTE 

	EXHIBIT	 II FORM OF MEMORANDUM AND ARTICLES 

	EXHIBIT	 III FORM OF SHAREHOLDERS AGREEMENT 

	EXHIBIT	 IV FORM OF DIRECTOR INDEMNIFICATION AGREEMENT 

	EXHIBIT	 V DISCLOSURE SCHEDULE 

	EXHIBIT	 VI FORM OF DEED OF ADHERENCE 

  
 iii 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 SHARE SUBSCRIPTION AGREEMENT 

SHARE SUBSCRIPTION AGREEMENT, dated February 19, 2020 (this “Agreement”), by and between: 

(i)    MINISO Group Holding Limited, a company organized under the laws of the Cayman Islands (the
“Company”); 
 (ii)    Ye Guofu, a citizen of the PRC with national identity card number
420381197711113939; 
 (iii)    Yang Yunyun, a citizen of the PRC with national identity card number 340311197702091425;

 (iv)    Li Minxin, a citizen of the PRC with national identity card number 422623197204210915 (together with Ye Guofu
and Yang Yunyun, the “Founders”); 
 (v)    Persons listed on Schedule I (each, an
“Original Shareholder”); 
 (vi)    Miniso (Guangzhou) Co., Ltd.
(名创优品(广州)有限责任公司), a limited company organized under the laws of the
PRC (“Guangzhou Miniso”); 
 (vii)    MINISO INVESTMENT HONG KONG LIMITED (名创优品投资香港有限公司), a limited company organized under the laws of Hong Kong (“Miniso
Investment HK”); and 
 (viii)    Persons listed on Schedule II (each, a
“Purchaser”). 
 WHEREAS, each Purchaser (or its Affiliate, as applicable) is a shareholder of Guangzhou Miniso, a PRC-incorporated company affiliated to the Company; and 
 WHEREAS, as a part of the Restructuring (as
defined below), the Company desires to allot and issue to each Purchaser, and each Purchaser desires to subscribe for and purchase from the Company, certain newly issued Series A Preferred Shares of the Company (the “Series A Preferred
Shares”). 
 NOW, THEREFORE, in consideration of the foregoing and representations, warranties, covenants and agreements set forth
herein as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01    Definitions. As used in this Agreement, the following terms shall have the following
meanings: 
 “Action” means, collectively, any claim, action, suit, proceedings, arbitration, complaint, charge and
investigation under any Applicable Laws. 

  
 1 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly Controlling, Controlled by or under common Control with such Person. With respect to any natural person, each of the following Persons is such natural person’s Affiliate for purposes of this Agreement and the other Transaction
Documents: (i) spouse; (ii) parents; (iii) children; (iv) siblings; (v) father-in-law and
mother-in-law; (vi) son-in-law and daughter-in-law; (vii) brother-in-law and
sister-in-law; (viii) any other person who is a lineal ascendant or descendant of such natural person, including adoptive relationships; and (ix) any other
person who is a relative of such natural person and lives in the same household with such natural person. 
 “Agreement”
has the meaning assigned to such term in the preamble. 
 “Applicable Laws” means, with respect to any Person, any
transnational, domestic or foreign federal, national, state, provincial, local or municipal law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, executive order, injunction, judgment, decree,
ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Entity that is binding upon or applicable to such Person or any of such Person’s assets, rights or properties, as amended. 

“Business” means the merchandise retail and related services provided under the main brand names of名创优品, Miniso or NOME, including without limitation Miniso retail store operation both inside and outside of the PRC, 哎呀呀lifestyle store business, Mini-home business and relevant bridge line brands to be operated in the future. 

“Business Day” means a day, other than Saturday, Sunday or another day on which commercial banks in New York, Hong Kong, the
PRC, the British Virgin Islands or the Cayman Islands are authorized or required by Applicable Law to close. 
 “Claim
Notice” has the meaning assigned to such term in Section 7.02(a). 
 “Circular 37” means Circular 37, issued
by SAFE on and effective as of July 4, 2014, titled “Notice Regarding Certain Administrative Measures on Offshore Investment and Financing and Round-trip Investments by PRC Residents Through Offshore Special Purpose Vehicles,” (《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》
) and any attachment, implementation, successor rule or regulation related thereto under PRC Laws. 

“Closing” has the meaning assigned to such term in Section 2.02. 

“Closing Date” has the meaning assigned to such term in Section 2.02. 

“Company” has the meaning assigned to such term in the preamble. 

“Consent” means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement,
license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any Governmental Entity. 

  
 2 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

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

“Dispute” has the meaning assigned to such term in Section 8.09(a). 

“Director Indemnification Agreement” means the Director Indemnification Agreement to be entered into upon the Closing Date
between the Company, each of the Investor Directors and the other parties thereto, substantially in the form attached hereto as Exhibit IV. 

“Encumbrance” means (a) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, deed
of trust, title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including any right granted by a transaction which, in legal terms, is not the
granting of security but which has an economic or financial effect similar to the granting of security under Applicable Laws, (b) any lease, sub-lease, occupancy agreement, easement or covenant granting a
right of use or occupancy to any Person, (c) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (d) any adverse claim as
to title, possession or use. 
 “Equity Securities” means, with respect to any Person that is not a natural person, any and
all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion
privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing. 

“Founders” has the meaning assigned to such term in the preamble. 

“Founder Holding Companies” means, collectively, Mini Investment Limited, YGF MC LIMITED, YYY MC LIMITED and LMX MC LIMITED,
and each a “Founder Holding Company”. 
 “Founder Parties” means the Founders and the Founder Holding
Companies, and each a “Founder Party”. 
 “Governmental Entity” means (a) any national, federal,
state, county, municipal, local or foreign government or other political subdivision or instrumentality thereof, (b) any entity, authority or body exercising executive, legislative, judicial, regulatory, taxing or administrative functions of or
pertaining to government, (c) any agency, division, bureau, department or other political subdivision of any government, entity, authority or body described in the foregoing clauses (a) and (b) of this definition, (d) any court,
tribunal or arbitrator or (e) any self-regulatory organization. A Governmental Entity also includes public international organizations, i.e., organizations whose members are countries, or territories, governments of countries or territories,
other public international organizations or any combination of the foregoing. 

  
 3 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Group Company” means each of the Company and its current and future
Subsidiaries and consolidated affiliated entities (including, without limitation, Guangzhou Miniso and Miniso Investment HK so long as they are the Company’s Subsidiaries or consolidated affiliated entities), and the “Group”
refers to all the Group Companies collectively. 
 “Hillhouse” means HH SPR-XIV
Holdings Limited, a company with limited liability incorporated under the laws of the Cayman Islands. 
 “HKIAC” has the
meaning assigned to such term in Section 8.09(b). 
 “Indemnified Party” has the meaning assigned to such term in
Section 7.01(a). 
 “Indemnifying Party” has the meaning assigned to such term in Section 7.01(a). 

“Indemnity Notice” has the meaning assigned to such term in Section 7.03. 

“Losses” means, with respect to any Person, any Action, cost, damage, deficiency, disbursement, expense, liability, loss,
obligation, penalty, settlement or Tax of any kind or nature, together with all interest, penalties and reasonable legal, accounting and other professional fees and expenses incurred in the investigation, collection, prosecution and defense of
claims and amounts paid in settlement, that may be imposed on or otherwise incurred or suffered by such Person. 
 “Material Adverse
Effect” means (i) any Losses caused to the Group’s financial condition or operating results reaching the lower of (x) 3% of the Company’s net profits as stated in its audited consolidated financial statements for the most
recent fiscal year, or (y) RMB10,000,000, (ii) any event, occurrence, fact, condition, change or development, individually or together with other events, occurrences, facts, conditions, changes or developments, that otherwise has had, has, or
would reasonably be expected to have a material impact on the Group’s normal business operation for over thirty (30) Business Days, or (iii) any event, occurrence, fact, condition, change or development, individually or together with
other events, occurrences, facts, conditions, changes or developments, that has had, has, or would reasonably be expected to have a material adverse effect on the business operations of the Group (taken as a whole) as presently conducted, or the
condition (financial or otherwise), affairs, properties, employees, liabilities, assets or results of operation of the Group (taken as a whole). 

“Memorandum and Articles” means the Amended and Restated Memorandum and Articles of Association of the Company in the form
attached hereto as Exhibit II, to be effective on the Closing Date, as amended from time to time. 
 “Ordinary
Shares” means the ordinary shares in the share capital of the Company. 
 “Original Shareholder” has the meaning
assigned to such term in the preamble. 

  
 4 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Person” means an individual, corporation, partnership, limited liability
company, association, trust or other entity or organization, including a Governmental Entity. 
 “PRC” means the
People’s Republic of China, but solely for the purposes of this Agreement and the other Transaction Documents, excluding Hong Kong, Macau and Taiwan. 

“PRC Companies” means each of Guangzhou Miniso and its current and future Subsidiaries and consolidated affiliated entities,
and each a “PRC Company”. 
 “Prior Purchase Agreement” means the Equity Purchase Agreement (《关于名创优品(广州)有限责任公司之增资协议》) entered into by and among Tencent, HH SPR-XIV HK Holdings Limited, Guangzhou Miniso and certain other parties thereto dated as of September 29, 2018. 

“Promissory Note” means, with respect to a Purchaser, a promissory note, dated as of the Closing Date, to be issued by that
Purchaser to the Company in the principal amount equal to the Purchase Price applicable to that Purchaser. The Promissory Note shall be in the form attached hereto as Exhibit I. 

“Purchaser” has the meaning assigned to such term in the preamble. 

“Purchase Price” has the meaning assigned to such term in Section 2.01. 

“Restructuring” means the shareholding, corporate structure and assets restructuring of certain Affiliates of the Company and
related transactions consummated in accordance with the Restructuring Framework Agreement. 
 “Restructuring Framework
Agreement” means the Restructuring Framework Agreement (“重组框架协议”), dated as of December 10, 2019,
by and between certain shareholders of Guangzhou Miniso, Tencent, HH SPR-XIV HK Holdings Limited and other parties thereto, as amended from time to time. 

“SAFE” means the State Administration of Foreign Exchange and its local counterparts (including their respective successors).

 “Securities Act” means the U.S. Securities Act of 1933, as amended, and any rules and regulations promulgated
thereunder. 
 “Series A Preferred Shares” has the meaning assigned to such term in the recitals. 

“Shareholders Agreement” means the Shareholders Agreement in the form attached hereto as Exhibit III, to be entered
into on the Closing Date by and between the Company, the Founders, the Original Shareholders and the Purchasers. 
 “Subscription
Shares” means, with respect to a Purchaser, such number of Series A Preferred Shares as set out in the column entitled “Number of Shares” next to that Purchaser’s name in Schedule I. 

  
 5 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Subsidiary” means any entity of which a majority of the outstanding equity
securities or other ownership interests representing a majority of the outstanding equity interests or otherwise having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time
directly or indirectly owned or controlled by the Company, and includes any entity which is directly or indirectly controlled by the Company (including, for the avoidance of doubt, any variable interest entities that are consolidated into the
financial statements of the Company). 
 “Tax” means any national, provincial or local income, sales and use, excise,
franchise, real and personal property, gross receipt, capital stock, production, business and occupation, disability, employment, payroll, severance or withholding tax or any other type of tax, levy, assessment, custom duty or charge imposed by any
Governmental Entity, any interest, addition to tax, surcharge, fine or penalty (civil or criminal) related thereto or to the non-payment thereof and any loss or tax liability incurred in connection with the
determination, settlement or litigation of any liability arising therefrom, including any obligations to indemnify or otherwise assume or succeed to the liability of any other Person with respect to any of the foregoing items. 

“Tencent” means Tencent Mobility Limited, a company with limited liability incorporated under the laws of Hong Kong, and Easy
Land Limited, a company with limited liability incorporated under the laws of the British Virgin Islands. 
 “Third Party
Claim” has the meaning assigned to such term in Section 7.02(a). 
 “Transaction Documents” means this
Agreement, the Shareholders Agreement, the Memorandum and Articles, the Restructuring Framework Agreement, the Director Indemnification Agreements and any other agreement, document or instrument entered into or delivered in connection with the
transactions contemplated hereby or thereby. 
 “U.S.” means the United States of America. 

Section 1.02    Other Definitional And Interpretive Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be disregarded in the construction or interpretation hereof. References to Articles, Sections, Clauses, Exhibits and Schedules are to Articles, Sections, Clauses, Exhibits and Schedules of this Agreement unless otherwise
specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined
therein shall have the meanings given to them in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all
Applicable Laws. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to “dollars” or “$” are to U.S. dollars.
References to any specific date or time of day are to China Standard Time, unless otherwise specified. 

  
 6 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 ARTICLE II 

SALE AND PURCHASE OF THE SUBSCRIPTION SHARES 

Section 2.01    Certain Transactions. On the terms and subject to the conditions contained in this
Agreement, the Company agrees to issue and sell to each Purchaser, and each Purchaser agrees to subscribe for and purchase from the Company, the Subscription Shares, free and clear of any Encumbrance (except for restrictions under applicable
securities laws or created by virtue of this Agreement or any other Transaction Documents, if any), at an aggregate purchase price as set forth opposite such Purchaser’s name in Schedule I under the heading “Purchase Price”
(with respect to such Purchaser, its “Purchase Price”), which shall be paid by such Purchaser to the Company in accordance with Section 2.03(b). 

Section 2.02    Closing. The consummation of the purchase and sale of the Subscription Shares
hereunder (the “Closing”) shall take place remotely via electronic exchange of documents, on the date no later than ten (10) Business Days after the satisfaction or waiver of the conditions set forth in Article VI (other than
conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible, waiver of those conditions), or at such other location and date as may be agreed upon in writing by the Company and
the applicable Purchaser (the date on which the Closing takes place, the “Closing Date”). 

Section 2.03    Actions at the Closing. At the Closing, the following actions shall take place, all of
which shall be deemed to have occurred simultaneously and no action shall be deemed to have been completed or any document delivered until all such actions have been completed and all required documents have been delivered: 

(a)     the Company shall (i) allot and issue to each Purchaser the Subscription Shares, (ii) deliver to each
Purchaser one or more duly executed share certificate(s) representing the Subscription Shares registered in the name of that Purchaser (the original copies of which shall be delivered to that Purchaser as soon as practicable following the Closing
Date), (iii) deliver to each Purchaser a certified true copy of the register of members of the Company evidencing the Subscription Shares being owned as fully paid Series A Preferred Shares of the Company by that Purchaser, (iv) deliver to each
Purchaser the register of directors of the Company as referred to in Section 6.02(h), (v) duly execute and deliver the Shareholders Agreement, the Director Indemnification Agreements and any other Transaction Documents to which it is a party,
and (vi) adopt the Memorandum and Articles; and 
 (b)    each Purchaser shall (i) deliver to the Company a
duly executed Promissory Note as the payment of the Purchase Price, and (ii) execute the Shareholders Agreement and any other Transaction Documents to which such Purchaser is a party duly executed by such Purchaser. The Parties hereby
acknowledge and agree that, upon issuance of the Promissory Note by such Purchaser to the Company in accordance with this Agreement, the Purchase Price for the Subscription Shares of each Purchaser will be deemed fully paid as of the Closing, and
the Company shall not claim in any circumstance that such Subscription Shares are not fully paid as of the Closing. For the avoidance of doubt, each Purchaser shall make payment to the Company pursuant to the terms of the Promissory Note. 

  
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 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 2.04    Restrictive Legend. Each certificate
representing the Subscription Shares shall be endorsed with the legend as required by the Memorandum and Articles. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 

Subject to such exceptions as may be fairly, specifically and accurately disclosed in the disclosure schedule attached hereto as Exhibit
V (the “Disclosure Schedule”, which shall be deemed to be representations and warranties of the Warrantors to the Purchasers), the Company, the Original Shareholders, the Founders, Guangzhou Miniso, Miniso Investment HK and the
Hong Kong Company (for the Hong Kong Company, once it executes the Deed of Adherence and becomes a party to this Agreement pursuant to Section 5.10) (collectively the “Warrantors”, and each a
“Warrantor”) jointly and severally represent and warrant to each Purchaser, as of the date hereof and as of the Closing Date (except for such representations and warranties made only as of a specific date), that: 

Section 3.01    Existence. The Company has been duly organized, is validly existing and in good
standing under the laws of the Cayman Islands and has the requisite power and authority to own, lease and operate its property and to conduct its business as currently conducted. Each other Group Company is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation. Each Group Company has all requisite corporate power and authority to carry on its business as presently conducted and is duly qualified to transact business and is (where
applicable) in good standing (or equivalent status in the relevant jurisdiction) in each jurisdiction, except where failure to be so qualified or in good standing would not be material to such other Group Companies, taken as a whole. None of the
Company or any other Group Company that is incorporated in connection with the Restructuring (i) is engaged in any business other than holding equity interests in another Group Company, (ii) has any liabilities other than liabilities in
connection with its formation or the ordinary course of business of maintaining its existence as a company holding equity interests in another Group Company, or (iii) is or was party to any contract other than the Transaction Documents. No
Founder Party (other than through a Group Company), and no Person owned or Controlled by the Founder Parties (other than a Group Company), is engaged in any business in competition with the Business conducted by any Group Company. 

Section 3.02    Due Issuance. The Subscription Shares have been duly authorized and, when issued and
delivered in accordance with the terms of this Agreement, will be validly issued, fully paid, non-assessable, and free and clear of any Encumbrance (except for restrictions under applicable securities laws or
created by virtue of this Agreement or any other Transaction Documents). The issuance of the Subscription Shares will not be subject to any preemptive or similar rights. Assuming the accuracy of the representations of the Purchasers in Sections 4.04
and 4.05 of this Agreement, the Subscription Shares will be issued in compliance with applicable securities laws. The Ordinary Shares issuable upon conversion of the Subscription Shares has been duly reserved for issuance, and upon issuance in
accordance with the terms of the Memorandum and Articles, will be validly issued, fully paid and non-assessable and free of Encumbrances (except for restrictions under applicable securities laws or created by
virtue of this Agreement or any other Transaction Documents). The Ordinary Shares issuable upon conversion of the Subscription Shares will be issued in compliance with applicable securities laws. 

  
 8 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 3.03    Capitalization. 

(a)    The authorized share capital of the Company is $50,000 divided into 4,882,333,164 Ordinary Shares of a par value of
$0.00001 each and 117,666,836 Series A Preferred Shares of a par value of $0.00001 each, of which 976,634,771 Ordinary Shares and no Series A Preferred Shares are issued and outstanding as of the date hereof. All of the outstanding shares of capital
stock of the Company are duly authorized, validly issued, fully paid and non-assessable, have been issued in compliance with all applicable securities laws, and none of such outstanding shares was issued in
violation of any preemptive rights or similar rights to subscribe for or purchase securities. 
 (b)    Section 3.03(b)
of the Disclosure Schedule sets forth the capitalization of the Company (A) immediately before the Closing and (B) immediately after the Closing. Except as described in Section 3.03(b) of the Disclosure Schedule, there are no
outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any Equity Securities. 

(c)    The registered capital of each PRC Company is duly authorized and validly issued in compliance with all Applicable
Laws, preemptive rights of any Person (if any) and applicable contracts and agreements, and is duly paid in accordance with PRC laws and the articles of association of such Company. All outstanding Equity Securities in each Group Company established
outside of the PRC (other than the Company) are duly authorized and validly issued in compliance with all Applicable Laws, preemptive rights of any Person and applicable contracts and agreements, and are fully paid and
non-assessable. All share capital of each Group Company is free and clear of any and all Encumbrances (except for restrictions under applicable securities laws or created by virtue of this Agreement or any
other Transaction Documents). Other than in connection with the transactions contemplated by the Transaction Documents, there are no (i) resolutions pending to increase or decrease the share capital or registered capital of any Group Company or
PRC Company or to cause the liquidation, winding up or dissolution of any such entity, (ii) dividends which have accrued or been declared but are unpaid by any Group Company or PRC Company, (iii) obligations, contingent or otherwise, of
any Group Company or PRC Company to repurchase, redeem or otherwise acquire any Equity Securities of any Person, (iv) outstanding or authorized equity appreciation, phantom equity, equity plans or similar rights with respect to any Group
Company or PRC Company, (v) contracts or agreements which affect or relate to the voting or giving of written consents with respect to any Equity Security in any Group Company or PRC Company, or (vi) binding outstanding options, warrants,
rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements to purchase or acquire any Equity Securities of any Group Company or PRC Company, and (vii) except as otherwise set forth in the
Restructuring Framework Agreement, there is no binding nominal shareholding arrangement, trust arrangement or equivalent arrangement in connection with any Equity Securities of any Group Company or PRC Company. 

  
 9 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 3.04    Capacity, Authorization and
Enforceability. Each Warrantor has the requisite power and authority to enter into and perform its obligations under the Transaction Documents to which it is a party and consummate the transactions contemplated hereby and thereby. All
actions on the part of each Warrantor (and, as applicable, its officers, directors and shareholders) necessary for the authorization, execution and delivery of the Transaction Documents, the performances of all obligations of each Warrantor have
been taken or will be taken prior to the Closing. Each Transaction Document to which each Warrantor is a party has been or will be on or prior to the Closing, duly authorized, executed and delivered by each Warrantor and when executed and delivered,
assuming the due authorization, execution and delivery by each of the other parties thereto, constitutes valid and binding obligations of such Warrantor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and general principles of equity. 

Section 3.05    Consents, Non-Contravention. All Consents
required in connection with the valid execution, delivery and performance (as of the Closing) of the Transaction Documents and the consummation of the transactions contemplated by the Transaction Documents (as of the Closing), in any case on the
part of any Warrantor, have been duly obtained or completed (as applicable) and are in full force and effect as of the date hereof, or will have been duly obtained or completed (as applicable) and in full force and effect as of the date of the
Closing. Neither the execution and the delivery of the Transaction Documents, nor the consummation of the transactions contemplated hereby and thereby, will (i) violate any provision of the memorandum and articles of association or other
constitutional documents of the Warrantors or (ii) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, Governmental Entity or court to which any
Warrantor is subject, or (iii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an Encumbrance under, create in any party the right to accelerate, terminate, modify, or cancel, or
require any notice under, any agreement, contract, lease, license, instrument, or other arrangement to which any Warrantor is a party or by which any Warrantor is bound or to which any Warrantor’s assets are subject, except in the case of
clauses (ii) or (iii) as would not have a Material Adverse Effect. 
 Section 3.06    Rights of
Registration and Voting Rights. Except as set forth in the other Transaction Documents, the Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon
exercise or conversion of its currently outstanding securities. No shareholder of the Company has entered into any agreements with respect to the voting of capital shares of the Company. 

Section 3.07    SAFE Rules and Regulations. Except as set forth in Section 3.07 of
the Disclosure Schedule, each registered holder or beneficial owner of any Equity Securities in the Company other than the Purchasers (each, a “Company Security Holder”) as of the Closing Date who is a Domestic Resident and subject
to any of the registration or reporting requirements of Circular 37 or any other applicable SAFE rules and regulations (collectively, the “SAFE Rules and Regulations”) has complied with such registration and/or reporting
requirements under the SAFE Rules and Regulations with respect to its investment in the Group Companies and the PRC Companies. None of the Warrantors, the Group Companies, the PRC Companies nor, to the actual knowledge of the Warrantors, the other
Company Security Holders as of the Closing Date, has received any oral or written inquiries, notifications, orders or any other forms of official correspondence from SAFE with respect to any actual or alleged
non-compliance with the SAFE Rules and Regulations and the Company and the Company Security Holders as of the Closing Date have made all oral and written filings, registrations, reporting and any other
communications required by SAFE applicable to the Group Companies and the PRC Companies. 

  
 10 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 3.08    Insolvency. The aggregate assets of the
Company, at a fair valuation, exceeds or will exceed the aggregate debt of the Company as the debt becomes absolute and mature, and the Company is not incurring nor intends to incur, and will not have incurred nor intended to incur, debt beyond its
ability to pay such debt as such debt becomes absolute and mature. There has not been commenced against the Company an involuntary case under any applicable national, provincial, city, local or foreign bankruptcy, insolvency, receivership or similar
law, or any Action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or for any substantial part of its property or for the winding up or liquidation of its affairs. 

Section 3.09    Representation and Warranties under the Prior Purchase Agreement. The Warrantors hereby
represent and warrant that all representations and warranties made by the warrantors (i.e., the “承诺人” as defined in the Prior Purchase
Agreement) under Section 7.1 of the Prior Purchase Agreement were true, accurate and complete as of the date of the Prior Purchase Agreement and the closing date (i.e.
“交割日” as defined in the Prior Purchase Agreement) thereof. 

Section 3.10    Information Disclosure All written information given to the Purchasers and their respective
professional advisers by the Warrantors (including all shareholder resolutions and board resolutions of any Group Company or PRC Company) was when given and is at the date hereof true and accurate in all material respects, and all shareholder
resolutions and board resolutions of any Group Company and any PRC Company so given have accurately reflected matters resolved by such entity. No representation or warranty of the Warrantors contained in this Agreement or any certificate furnished
or to be furnished to the Purchasers at the Closing, when taken as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein not misleading in light of the
circumstances under which they were made. There is no fact that the Warrantors have not disclosed to the Purchasers that has had or would reasonably be expected to have a Material Adverse Effect. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF EACH PURCHASER 
 Each Purchaser severally and not jointly represents and warrants to the Company, as of the date hereof and
as of the Closing Date, that: 
 Section 4.01    Existence. Such Purchaser has been duly organized, is validly
existing and is in good standing under the laws of its jurisdiction of organization. 

  
 11 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 4.02    Capacity, Authorization and
Enforceability. Such Purchaser has the requisite power and authority to enter into and perform its respective obligations under Transaction Documents to which it is a party and consummate the transactions contemplated hereby and
thereby. All action on the part of such Purchaser necessary for the authorization, execution and delivery of the Transaction Documents to which it is a party, and the performance of all obligations of such Purchaser that are required to be
performed on or prior to the Closing pursuant to the Transaction Documents, has been taken or will be taken on or prior to the Closing. Each Transaction Document to which such Purchaser is a party has been, or will be on or prior to the Closing,
duly executed and delivered by such Purchaser and when executed and delivered, assuming the due authorization, execution and delivery by each of the other parties thereto, constitutes valid and binding obligations of such Purchaser, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and general principles of equity. 

Section 4.03    Non-Contravention. Neither the
execution and the delivery of the Transaction Documents, nor the consummation of the transactions contemplated hereby and thereby, will (i) violate any provision of the memorandum and articles of association or other constitutional documents of
that Purchaser or (ii) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, Governmental Entity or court to which that Purchaser is subject, or
(iii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an Encumbrance under, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under,
any agreement, contract, lease, license, instrument or other arrangement to which that Purchaser is a party or by which that Purchaser is bound or to which any assets of that Purchaser are subject. There is no action, suit or proceeding, pending or,
to the knowledge of that Purchaser, threatened against that Purchaser that questions the validity of this Agreement or the right of that Purchaser to enter into this Agreement to consummate the transactions contemplated hereby. 

Section 4.04    Securities Law Matters. 

(a)    The Subscription Shares are being acquired for that Purchaser’s own account, not as nominee or agent, and not
with a view to, or intention of, or for sale in connection with, any distribution thereof in violation of applicable securities laws. 

(b)    That Purchaser is not a “U.S. person” within the meaning of Regulation S under the Securities Act. That
Purchaser is acquiring the Subscription Shares outside the United States, and has not been subject to any “directed selling efforts” within the meaning of Rule 903 of Regulation S under the Securities Act in connection with its execution
of this Agreement. 
 (c)    That Purchaser acknowledges that the Subscription Shares are “restricted
securities” within the meaning of Rule 144 under the Securities Act, and have not been registered under the Securities Act or any applicable state securities law, and any certificate representing the Subscription Shares shall be endorsed with a
restrictive legend in accordance with this Agreement. That Purchaser further acknowledges that, absent an effective registration under the Securities Act, the Subscription Shares may only be offered, sold or otherwise transferred in compliance with
Applicable Laws. 

  
 12 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 4.05    Investment Experience. That Purchaser
is a sophisticated purchaser with knowledge and experience in financial and business matters such that it is capable of evaluating the merits and risks of the investment in the Subscription Shares. That Purchaser is able to bear the economic risks
of an investment in the Subscription Shares. 
 ARTICLE V 

ADDITIONAL AGREEMENTS 

Section 5.01    Survival. 

(a)    All representations and warranties contained in this Agreement shall survive the Closing until the expiration of
two (2) years from the Closing Date; provided that (i) the representations and warranties under Section 3.09 shall expire upon the expiration of the relevant representations and warranties made by the warrantors under the Prior
Purchase Agreement, and (ii) the representations and warranties under Sections 3.01, 3.02, 3.03 and 3.04 shall survive the Closing until the expiration of the applicable statute of limitations under Applicable Laws. 

(b)    Notwithstanding the foregoing sub-clauses (a), any breach of any
representation, warranty, covenant or agreement in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the sub-clause
(a) above, if prior to such time notice of the inaccuracy or breach thereof giving rise to such right of indemnity have been given to the party against whom such indemnity may be sought. 

(c)    Nothing contained in this Agreement shall limit or exclude any liability for fraud or willful misconduct. 

Section 5.02    Confidentiality. The terms and conditions of this Agreement (collectively, the
“Confidential Information”), including their existence, shall be considered confidential and, without the prior written consent by the other parties hereto, shall not be disclosed (a) by a party hereto in any press release or public
announcement, or (b) otherwise by any party hereto to any other Person except that (i) each party may disclose the Confidential Information to its Affiliates and its and its Affiliates’ members, shareholders, beneficial owners, partners,
employees, investment bankers, lenders, accountants and attorneys, in each case on a need-to-know basis and only where such Persons are under nondisclosure obligations no less stringent than the nondisclosure obligations applicable to the disclosing
Party; and (ii) if any party becomes legally compelled to disclose the existence or content of any Confidential Information in contravention of the provisions of this Section, such party shall promptly provide the other parties with written notice
of that fact so that such other parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally required and shall exercise reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded such information. 

  
 13 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 5.03    Use of Proceeds. The proceeds realized by the
Company from the repayment of the Promissory Notes shall be used for the purposes of the Business, daily operations of the Group Company or in connection with the Restructuring, and other purposes as approved by the board of directors of the Company
(including the affirmative votes of the Investor Directors) from time to time in accordance with the Shareholders Agreement and the Memorandum and Articles.  

Section 5.04    Efforts to Fulfill Closing Conditions. The Warrantors shall use their respective best
efforts to ensure that the conditions set forth in Section 6.02 shall be fulfilled as soon as reasonably practicable after the date of this Agreement. 

Section 5.05    Further Assurances. Each party hereto shall vote their shares and otherwise act within its power in
a manner consistent with and not impede the transactions contemplated hereby. Each party hereto shall from time to time and at all times hereafter make, do, execute or cause to be made, done and executed such further acts, deeds, conveyances,
consents and assurances, without further consideration, which may reasonably be required to give full effect to the terms of this Agreement or to vest in any other party such other party’s full rights and entitlements hereunder.  

Section 5.06    File of the Memorandum and Articles. The Company agrees to, and the Warrantors shall
cause the Company to, duly file the Memorandum and Articles with the Registrar of Companies of the Cayman Islands within ten (10) days after the Closing Date. 

Section 5.07    Compliance. 

(a)    The Warrantors shall procure each of the Group Companies to obtain and maintain all material franchises, approvals,
permits, licenses, certificates, registrations, filings and any similar authorizations of or from any applicable Governmental Entity necessary for the conduct of its business and otherwise conduct its business in compliance with all Applicable Laws
in all material respects. 
 (b)    The Warrantors shall procure each of the Company Security Holders who is a Domestic
Resident or who has one or more Domestic Residents as its beneficial owners to fully comply on a continuing basis with all registration and reporting requirements of the Governmental Entities of the PRC with respect to its holding of Equity
Securities in the Company, including the registration obligations under the SAFE Rules and Regulations. None of the Warrantors shall carry out, and each of the Warrantors shall ensure that none of the Group Companies carry out, any foreign exchange
activities unless it has complied with all applicable SAFE Rules and Regulations. 
 Section 5.08    Business
Cooperation with Tencent. Each of the Warrantors hereby jointly and severally undertake to Tencent that for a period until December 26, 2020, (i) if any Group Company is in need of cloud services, to the extent the key technology and commercial
terms offered by Tencent or any of its designated Affiliates are no less favorable than those offered by third party service providers, it shall cause such Group Company to select Tencent or such Affiliate of Tencent as the service provider in
priority to other third parties, (ii) if any Group Company is in need of services related to “Smart Retail”, including without limitation to supply chain digitalization solutions, merchandise digitalization solutions, member digitalization
solutions, store operation digitalization solutions and facial recognition self checkout solutions, to the extent the key technology and commercial terms offered by Tencent or any of its designated Affiliates are no less favorable than those offered
by third party service providers, it shall cause such Group Company to select Tencent or such Affiliate of Tencent as the service provider in priority to other third parties, and (iii) it shall cause each Group Company to use Weixin payment as the
first recommended option in all its payment scenarios, and use commercially reasonable efforts to increase the penetration rate of Wexin payment in all payment scenarios of the Group Companies to 50% by December 26, 2020, as well as cause each Group
Company to use Weixin payment as the only payment tool when offering products in applications on the WeChat platform (Mini Programs or Official Account). 

  
 14 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 5.09    Call Option of External Business. Each of the
Warrantors hereby undertakes and acknowledges that each Purchaser shall be entitled to an option (the “Call Option”), at its sole discretion, (i) to invest in or cause any of its Affiliates or an designated third party to
invest in any of the then holding entities of any spun-off business under the Restructuring, in order to obtain certain percentage of equity interests in such holding entities corresponding to such
Purchaser’s shareholding percentage of equity interests in the Company immediately after the Closing, at zero or nominal consideration in accordance with Section 4.1(3) of the Restructuring Framework Agreement; or (ii) to request the
Company to acquire any such external business at a consideration mutually agreed by the Purchasers and the Founders. Each of the Warrantors hereby further undertakes to use its best efforts to facilitate such Purchaser in exercising its Call Option,
procure the holding entity of the external business to execute any and all necessary documentations and take any and all necessary actions for purpose of consummating the contemplated transactions, and ensure all Consents of any competent
Governmental Entity or of any other Person that are required to be obtained in connection with the consummation of the contemplated transactions be duly obtained and effective in accordance with all Applicable Laws, should any of the Purchasers
elects to exercise its Call Option under this Section 5.09. 
 Section 5.10    Hong Kong
Company. The parties hereto understand that the Company is in the process of setting up, through MINISO Universal Holding Limited (which is defined as “BVIA 公司” under the Restructuring Framework Agreement), a Hong Kong subsidiary in accordance with Section 5.1(5) of the Restructuring Framework Agreement (the “Hong Kong Company”). Immediately
upon the Hong Kong Company’s establishment and no later than the completion of the purchase of all Equity Securities of Guangzhou Miniso by the Hong Kong Company pursuant to Section 8 of the Restructuring Framework Agreement, the
Warrantors shall cause the Hong Kong Company to duly execute (i) the deed of adherence attached hereto as Exhibit VI (the “Deed of Adherence”) to become a party to this Agreement and a “Warrantor”; and
(ii) the deed of adherence attached as Annex A to the Shareholders Agreement to join in and be bound by the terms of the Shareholders Agreement, and original copies of such duly executed deeds of adherence under this
Section 5.10 shall be promptly delivered to each Purchaser. 
 ARTICLE VI 

CLOSING CONDITIONS 

Section 6.01    Conditions to Obligations of the Company. The obligations of the Company to consummate the
Closing are subject to the satisfaction of the following conditions: 
 (a)    Representations and Warranties.
Each of the representations and warranties of each Purchaser contained in Article IV shall be true, and accurate in all respects as of the date hereof and as of the Closing Date as though made on and as of such date. 

  
 15 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 (b)    Performance. Each Purchaser shall have performed and
complied in all material respects with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

Section 6.02    Conditions to Obligations of Each Purchaser. The obligations of each Purchaser to
purchase the Subscription Shares to be purchased by such Purchaser at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived by such Purchaser in writing in its sole
discretion: 
 (a)    Representations and Warranties. Each of the representations and warranties of the
Warrantors contained in Article III shall be true, and accurate in all respects as of the date hereof and as of the Closing Date as though made on and as of such date. 

(b)    Performance. The Parties other than the Purchasers shall have performed and complied in all material
respects with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by them on or before the Closing. 

(c)    Authorization and Consents. No provision of any Applicable Laws shall prohibit the consummation of
any transactions contemplated by the Transaction Documents and no proceeding challenging this Agreement or the transactions contemplated hereby, or seeking to prohibit, alter, prevent or materially delay the Closing, shall have been instituted
before any Governmental Entity and shall be pending. All Consents of any competent Governmental Entity or of any other Person that are required to be obtained by any Warrantor as of or prior to the Closing in connection with the consummation of the
transactions contemplated by the Transaction Documents (including but not limited to the lawful issuance and sale of the Subscription Shares hereunder, and any waivers of notice requirements, rights of first refusal, preemptive rights, put or call
rights) shall have been duly obtained and effective as of the Closing. 
 (d)    Proceedings,
Documents and Approvals. All corporate and other proceedings in connection with the transactions to be completed at the Closing and all documents and instruments incident thereto shall have been duly attended to and carried out by
each Warrantor, in form and substance reasonably satisfactory to such Purchaser, in accordance with Applicable Laws, articles of association of the relevant Group Companies and the Warrantors, and such Purchaser (or its counsel) shall have received
all such copies of such documents incidental thereto as reasonably requested. 
 (e)    Closing Certificate.
Such Purchaser shall have received a certificate duly executed by the Founder Parties and the Company dated as of the Closing Date certifying that the conditions specified in Sections 6.02 have been fulfilled, and attaching copies of
(a) resolutions of the board of directors of the Company approving the Transaction Documents entered into as of the Closing Date and the transactions contemplated hereby or thereby, (b) resolutions of the shareholders of the Company
approving the adoption of the Memorandum and Articles, and (c) certificate of good standing issued by the appropriate authority of the Cayman Islands dated no earlier than thirty (30) days prior to the Closing. 

  
 16 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 (f)    Shareholders Agreement and Other Transaction Documents.
Such Purchaser shall have received a copy of the Shareholders Agreement and any other Transaction Document to which it is a party duly executed by all of the parties thereto other than such Purchaser. 

(g)    Memorandum and Articles of Association. The Company shall have adopted the Memorandum and Articles on or
prior to the Closing, which shall be in full force and effect as of the Closing. 
 (h)    Board of
Directors. The Company shall have taken all necessary corporate action such that immediately prior to the Closing, the board of directors of the Company shall include one director designated for appointment by Tencent (the
“Tencent Director”) and one director designated for appointment by Hillhouse (the “Hillhouse Director”, collectively with the Tencent Director, the “Investor Directors”), and such Purchaser shall
have received a copy of the Company’s updated register of directors reflecting the appointment of the Investor Directors, certified by the registered agent of the Company as true and complete as of the Closing Date. 

(i)    No Material Adverse Effect. There shall not have been any Material Adverse Effect since the date of
this Agreement. 
 (j)    Performance of Restructuring Framework Agreement. All covenants, agreements,
obligations and conditions contained in the Restructuring Framework Agreement that are required to be performed or complied with by the parties thereto on or prior to the Closing shall have been duly performed or complied with by relevant parties on
or prior to the Closing, and evidence thereof shall be delivered to such Purchaser to its satisfaction. 
 ARTICLE VII 

INDEMNIFICATION 

Section 7.01    Indemnification. 

(a)    Subject to the other provisions of this Article VII, the Warrantors (each, an “Indemnifying
Party”) shall jointly and severally indemnify and hold each Purchaser and its respective Affiliates, and the directors, officers, employees, advisors and agents of such Purchaser and its Affiliates (collectively, the “Indemnified
Party”) harmless from and against any Losses resulting from or arising out of: (i) any breach or violation of, or inaccuracy in, any representation or warranty made by the Indemnifying Party or its applicable Affiliates under this
Agreement; or (ii) any breach or violation of, or failure to perform, any covenants or agreements made by or on behalf of, or to be performed by, the Indemnifying Party or its applicable Affiliates under this Agreement. 

(b)    No Indemnifying Party shall be liable for any Loss consisting of punitive damages (except to the extent that such
punitive damages are awarded to a third party against an Indemnified Party in connection with a Third Party Claim). 

  
 17 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 (c)    The Indemnified Party shall not be entitled to recover from the
Indemnifying Party under the Transaction Documents more than once in respect of the same Losses suffered. 

(d)    Notwithstanding any other provision contained herein but subject to Section 7.05, the remedies contained in
this Article VII shall be the sole and exclusive monetary remedy of the Indemnified Parties for any claim arising out of or resulting from this Agreement, except that no limitation or exceptions with respect to the obligations or liabilities on
either party provided hereunder shall apply to a Loss incurred by any Indemnified Party arising due to fraud of the Indemnifying Party or its Subsidiaries or Affiliates. Nothing in this Article VII or elsewhere in this Agreement shall limit, impair
or affect any Parties’ rights to specific performance or other equitable or non-monetary remedies (including but not limited to any injunctive relief) with respect to the covenants and agreements in this
Agreement or that are to be performed at or after the Closing; provided that for the avoidance of doubt, except in the case of fraud, nothing contained herein shall permit any party to rescind this Agreement. 

Section 7.02    Third Party Claims. 

(a)    If any third party shall notify an Indemnified Party in writing with respect to any matter involving a claim by
such third party (a “Third Party Claim”) and such Indemnified Party believes such claim would give rise to a claim for indemnification against the Indemnifying Party under this Article VII, then the Indemnified Party shall promptly
(i) notify the Indemnifying Party thereof in writing and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers
served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement. The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations
hereunder except to the extent that the Indemnifying Party shall have been prejudiced by such failure. 
 (b)    Upon
receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense of any Third Party Claim at the its own expense and by its own counsel by, promptly but no later than thirty
(30) days after receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the Indemnifying Party, the
Indemnifying Party shall have the right to control and settle the proceeding, provided that, (i) any such settlement or compromise shall be permitted hereunder only with the prior written consent of the Indemnified Party which consent
shall not be unreasonably withheld or delayed, and (ii) and the Indemnifying Party shall keep the Indemnified Party reasonably informed of the progress of such defense on a regular basis. 

(c)    If requested by the Indemnifying Party, the Indemnified Party shall have the right to elect to, at the sole cost
and expense of the Indemnifying Party, cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person
asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim for which indemnity is sought
under this Agreement, other than any privileged communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate
in, but not control, any defense or settlement (except for its consent required under Section 7.02(b) above) of any Third Party Claim assumed by the Indemnifying Party pursuant to Section 7.02(b). 

  
 18 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 (d)    In the event of a Third Party Claim for which the Indemnifying
Party elects not to assume the defense or fails to make such an election within thirty (30) days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the
Indemnifying Party; provided that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 

Section 7.03    Other Claims. In the event any Indemnified Party should have a claim against the
Indemnifying Party hereunder which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail the nature of
the claim, the Indemnified Party’s good faith estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement; provided, that no failure, delay or
deficiency in providing such notice shall constitute a waiver or otherwise modify the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure,
delay or deficiency. If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to
have accepted and agreed with such claim. 
 Section 7.04    Limitations on Liability.
The maximum aggregate liability of the Indemnifying Parties in respect of Losses suffered by the Indemnified Parties pursuant to Section 7.01 shall not in any event be greater than the aggregate Purchase Price of all Purchasers; provided
that the cap shall not apply to any Loss incurred by any Indemnified Party arising due to fraud or gross negligence of the Indemnifying Party or its Subsidiaries or Affiliates. 

Section 7.05    Indemnification under Prior Purchaser Agreement.  

(a)    With respect to Losses incurred by any Indemnified Party resulting from or arising out of any breach or violation
of, or inaccuracy in, the representations or warranties under Section 3.09, the Indemnifying Parties shall be subject to indemnification obligations under Section 7.01 only after the Indemnified Parties have sought indemnification under
the Prior Purchase Agreement as their first resort and failed to be indemnified pursuant to the final and binding arbitral award issued by China International Economic and Trade Arbitration Commission in Beijing solely due to the fact that the
applicable Purchaser or any of its Affiliates is not a then shareholder of Guangzhou Miniso. 

  
 19 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 (b)    In addition to Section 7.01, the Indemnifying Parties shall
jointly and severally indemnify each Indemnified Party against, and shall hold each Indemnified Party harmless from and against, any and all Losses incurred or sustained by, or imposed upon, such Indemnified Party based upon, arising out of, with
respect to or by reason of any matters stipulated under the first paragraph of Section 10.2 of the Prior Purchase Agreement, only after the Indemnified Parties have sought indemnification under the Prior Purchase Agreement as their first resort
and failed to be indemnified pursuant to the final and binding arbitral award issued by China International Economic and Trade Arbitration Commission in Beijing solely due to the fact that the applicable Purchaser or any of its Affiliates is not a
then shareholder of Guangzhou Miniso. 
 (c)    Each Purchaser shall, and shall cause its respective Affiliates to,
agree on and comply with this Section 7.05. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01    Notices. All notices, requests, demands and other communications that are
required or may be given pursuant to the terms of this Agreement shall be in writing, and delivery shall be deemed sufficient in all respects and to have been duly given as follows: (a) on the actual date of service if delivered personally;
(b) at the time of receipt if given by electronic mail to the e-mail addresses set forth in this Section 8.01; (c) on the third day after mailing if mailed by first-class mail return receipt
requested, postage prepaid and properly addressed as set forth in this Section 8.01; or (d) on the day after delivery to a nationally recognized overnight courier service during its business hours for overnight delivery against receipt,
and properly addressed as set forth in this Section 8.01: 
  

			
	If to the Company:	  	 25/F, Heye Square,
 No. 486 Middle Kangwang
Road
 Liwan District, Guangzhou
 Guangdong Province

Attention: Saiyin Zhang

E-mail: steven.zhang@miniso.com

Fax: 020-81236620

		
	If to a Purchaser:	  	If to Hillhouse:
		  	 Floor 27, Building B, Ping An International

Finance Centre, No. 3 South Xinyuan Road
 Chaoyang District,
Beijing
 Attention: Wei Cao

E-mail: wcao@hillhousecap.com (cc: legal@hillhousecap.com)

Fax: 010-59520882

		
		  	If to Tencent:
		  	 Address: c/o Tencent Holdings Limited, Level 29, Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong Kong

Attention: Compliance and Transactions Department

Email:legalnotice@tencent.com

  
 20 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

			
		 	 with a copy to:
  

Address: Tencent Binhai Towers, No. 33 Haitian 2nd Road, Nanshan District, Shenzhen 518054, PRC

Email: PD_Support@tencent.com
 Attention: Mergers and Acquisitions
Department

 Any party may change its address or other contact information for notice by giving notice to each other party
in accordance with the terms of this Section 8.01. In no event will delivery to a copied Person alone constitute delivery to the party represented by such copied Person. 

Section 8.02    Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other Governmental Entity to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
possible. 
 Section 8.03    Entire Agreement. This Agreement, including the schedules and
exhibits hereto, constitute the entire agreement and understanding between the parties hereto with respect to the subject matter hereof or thereof and supersede any prior understandings, agreements or representations by or between the parties,
written or oral, related to the subject matter hereof or thereof. Notwithstanding anything to the contrary herein, the parties hereby acknowledge and agree that the Prior Purchase Agreement shall remain in full force and effect. 

Section 8.04    Counterparts. This Agreement may be executed in separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and the same agreement. Signatures in the form of facsimile or electronically imaged “PDF” shall be deemed to be original signatures for all purposes hereunder.

 Section 8.05    Assignments. This Agreement is personal to each of the parties hereto.
No party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other parties; provided, that each Purchaser may assign its rights hereunder to any of its Affiliates with advance written notice
to the Company. 

  
 21 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 8.06    Descriptive Headings; Construction.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The parties hereto agree that this Agreement is the product of negotiation between sophisticated parties and
individuals, all of whom were represented by counsel, and each of whom had an opportunity to participate in and did participate in the drafting of each provision hereof. Accordingly, ambiguities in this Agreement, if any, shall not be construed
strictly or in favor of or against any party but rather shall be given a fair and reasonable construction without regard to the rule of contra proferentem. 

Section 8.07    Amendment. This Agreement may be amended only by a written instrument executed by
Mr. Ye Guofu, the Company and the Purchasers. 
 Section 8.08    Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of Hong Kong, without regard to principles of conflict of laws thereof. 

Section 8.09    Dispute Resolution. 

(a)    Any dispute, controversy, claim or difference of any kind whatsoever arising out of, relating to or in connection
with this Agreement, or the breach, termination or invalidity hereof (including the validity, scope and enforceability of this arbitration provision) (the “Dispute”) shall first be attempted to be resolved through consultation
between the parties in good faith for a period of thirty (30) days after written notice has been given in accordance with the provisions of Section 8.01. The parties agree that all discussions contemplated under this Section 8.09 will
be conducted in good faith and that such executives and officers will use their best efforts to resolve the Dispute and preserve the arrangements contemplated under this Agreement. 

(b)    If the Dispute remains unresolved upon expiration of the 30-day period,
any party may in its sole discretion elect to submit the Dispute to be finally settled by arbitration with notice to any other party or parties. The arbitration shall be conducted in Hong Kong and shall be administered by the Hong Kong International
Arbitration Centre (“HKIAC”) in accordance with the HKIAC Administered Arbitration Rules in force at the time of the commencement of the arbitration. The arbitration tribunal shall consist of three arbitrators. The language of the
arbitration shall be English, and the seat of the arbitration shall be Hong Kong. There shall be three (3) arbitrators. The claiming party or parties shall have the right to appoint one (1) arbitrator, the responding party or parties shall
have the right to appoint one (1) arbitrator, and the third arbitrator shall be appointed by the HKIAC. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be in Hong Kong. The arbitration proceedings shall
be conducted in English. Each of the parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to
pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated
hereby. The decision of the arbitrators (by rule of majority) shall be final and binding on the parties. Notwithstanding any other provision contained herein, any party shall have the right in its sole discretion to seek immediate injunctive relief
or other interim relief from any court of competent jurisdiction as necessary to enforce the provisions of this Agreement. 

  
 22 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 8.10    Expenses. Except as otherwise
expressly provided herein, all costs and expenses incurred in connection with this Agreement, or any amendment or waiver hereof, and the transactions contemplated hereby shall be paid by the party incurring such costs or expenses. 

Section 8.11    Third Party Beneficiaries. Except as otherwise expressly set forth in
this Agreement, there are no third party beneficiaries of this Agreement and nothing in this Agreement, express or implied, is intended to confer on any Person any rights, remedies or obligations. 

Section 8.12    Specific Performance. The parties hereto agree that irreparable damage would occur if
any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the
terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which they are entitled at law or in equity. 

Section 8.13    No Waiver; Cumulative Remedies. Except as specifically set forth herein, the rights and
remedies of the parties to this Agreement are cumulative and not alternative. No failure or delay on the part of any party in exercising any right, power or remedy under this Agreement will operate as a waiver of such right, power or remedy, and no
single or partial exercise of any such right, power or remedy will preclude any other or further exercise of such right, power or remedy or the exercise of any other right, power or remedy. To the maximum extent permitted by Applicable Laws,
(a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party, (b) no waiver that may be given by a
party will be applicable except in the specific instance for which it is given, and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of that party or of the right of the party giving such notice or demand
to take further action without notice or demand as provided in this Agreement. 
 Section 8.14    Several
and Not Joint. The rights, obligations and liabilities of each of Tencent and Hillhouse hereunder shall be several and not joint with each other. The Company’s agreement with each of Tencent and Hillhouse is a separate agreement, and the
sale and issuance of Subscription Shares to each of Tencent and Hillhouse is a separate sale and issuance. 

Section 8.15    Exculpation among the Purchasers. Each Purchaser acknowledges that it is not relying
upon any Person other than the Warrantors and the respective officers and directors of the foregoing in making such Purchaser’s investment or decision to invest in the Company. Each Purchaser hereby waives any claim against, and covenants not
to sue, any other Purchaser or the respective controlling persons, officers, directors, members, partners, agents or employees of any Purchaser on account of any action heretofore or hereafter taken or omitted to be taken in connection with this
Agreement or other Transaction Documents or any transaction contemplated hereby or thereby. 

  
 23 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 Section 8.16    Use of Purchasers’
Brands and Marks.  
 (a)    Use of Brands and Marks of Tencent. Without the prior written
consent of Tencent, and whether or not Tencent is then a shareholder of the Company, the Company and its Subsidiaries and shareholders (other than Tencent) shall not mention or use in advertising, promotion or marketing the name, brand, trademark or
logo (including without limitation “腾讯(Tencent)”, “QQ”, “微信”, “WeChat”, “应用宝”,
“财付通”,
“微众(WeBank)”,
“广点通”, “QQ 手机管家”, “ 安全管家”, “QQ
浏览器”, “QQ
音乐(QQmusic)”, “QQ
空间(Qzone)”, “微云”,
“腾讯微云”, “同步助手”, “腾讯文学(Tencent Literature)”) of Tencent or its Affiliates or any other name,
brand, trademark or logo similar to that of Tencent or its Affiliates. 
 (b)    Use of Brands and Marks of
Hillhouse. Without the prior written consent of Hillhouse, and whether or not Hillhouse is then a shareholder of the Company, the Company and its Subsidiaries and shareholders (other than Hillhouse) shall not mention or use in advertising,
promotion or marketing the name, brand, trademark or logo (including without limitation “Hillhouse”, “高瓴”, “Gaoling”,
“Gao Ling”, “Lei Zhang”, and “张磊”) of Hillhouse or its Affiliates or any other name, brand, trademark or logo
similar to that of Hillhouse or its Affiliates. 
 Section 8.17    Counterpart. This Agreement may
be executed in several counterparts and as so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all of the parties have not signed the same counterpart. 

[Signature Pages Follow] 

  
 24 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MINISO Group Holding Limited
		
	By:	 	 /s/ Ye Guofu

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

	
	YE GUOFU
	
	 /s/ Ye Guofu

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

	
	YANG YUNYUN
	
	 /s/ Yang Yunyun

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

	
	LI MINXIN
	
	 /s/ Li Minxin

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MINI INVESTMENT LIMITED
		
	By:	 	 /s/ Ye Guofu

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	YGF MC LIMITED
		
	By:	 	 /s/ Ye Guofu

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	YYY MC LIMITED
		
	By:	 	 /s/ Yang Yunyun

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	LMX MC LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MCYP MANAGEMENT LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MCYP GRAND MANAGEMENT LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	DN MC LIMITED
		
	By:	 	 /s/ Dou Na

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	LWG MC LIMITED
		
	By:	 	 /s/ Liu Weiguo

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	ZSY MC LIMITED
		
	By:	 	 /s/ Zhang Saiyin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MYT MC LIMITED
		
	By:	 	 /s/ Ma Yutao

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	HZ MC LIMITED
		
	By:	 	 /s/ Huang Zheng

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	LBF MC LIMITED
		
	By:	 	 /s/ Long Baifan

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MCYP FORTUNE MANAGEMENT LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MCYP GREAT MANAGEMENT LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MCYP EVERGREEN MANAGEMENT LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MCYP FOREVER MANAGEMENT LIMITED
		
	By:	 	 /s/ Li Minxin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	Miniso (Guangzhou) Co., Ltd. (名创优品(广州)有限责任公司)
		
	By:	 	 /s/ Ye Guofu

		 	Name:
		 	Title:
	
	/s/ Seal of Miniso (Guangzhou) Co., Ltd.

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	MINISO INVESTMENT HONG KONG LIMITED (名创优品投资香港有限公司)
		
	By:	 	 /s/ Zhang Saiyin

		 	Name:
		 	Title:

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	TENCENT MOBILITY LIMITED
		
	By:	 	 /s/ Ma Huateng

		 	Name: Ma Huateng
		 	Title:   Director

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	EASY LAND LIMITED
		
	By:	 	 /s/ Ma Huateng

		 	Name: Ma Huateng
		 	Title:   Director

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers on the date and year first above written. 
  

			
	HH SPR-XIV HOLDINGS LIMITED
		
	By:	 	 /s/ Colm O’Connell

		 	Name: Colm O’Connell
		 	Title:   Authorized signatory

  
 [Signature Page to Share
Subscription Agreement] 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 SCHEDULE I 

ORIGINAL SHAREHOLDERS 
  

	1.	 Mini Investment Limited 

 

	2.	 YGF MC LIMITED 

  

	3.	 YYY MC LIMITED 

  

	4.	 LMX MC LIMITED 

  

	5.	 MCYP MANAGEMENT LIMITED 

 

	6.	 MCYP GRAND MANAGEMENT LIMITED 

 

	7.	 DN MC LIMITED 

  

	8.	 LWG MC LIMITED 

  

	9.	 ZSY MC LIMITED 

  

	10.	 MYT MC LIMITED 

  

	11.	 HZ MC LIMITED 

  

	12.	 LBF MC LIMITED 

  

	13.	 MCYP FORTUNE MANAGEMENT LIMITED 

 

	14.	 MCYP GREAT MANAGEMENT LIMITED 

 

	15.	 MCYP EVERGREEN MANAGEMENT LIMITED 

 

	16.	 MCYP FOREVER MANAGEMENT LIMITED 

  
 Schedule I 

  

 Confidential Treatment Requested by MINISO Group Holding Limited 

Pursuant to 17 C.F.R. Section 200.83 
  

 SCHEDULE II 

PURCHASERS 
  

							
	 Name of Purchaser
	  	Number of Shares	 	  	 Purchase Price

	 Tencent Mobility Limited
	  	 	41,183,394	 	  	USD equivalent of RMB350,000,000 (calculated at the exchange rate under Section 4 of the Promissory Note to be issued by Tencent Mobility Limited), which shall be further adjusted to be equal to the USD
equivalent of the sum of the actual Reduction Fund (as defined under the Promissory Note to be issued by Tencent Mobility Limited) and the actual Transaction Consideration (as defined under the Promissory Note to be issued by Tencent Mobility
Limited) received by Tencent Mobility Limited minus any applicable Tax that Tencent Mobility Limited is obliged to pay in accordance with Section 8.6(2) of the Restructuring Framework Agreement (calculated at the exchange rate under
Section 4 of the Promissory Note to be issued by Tencent Mobility Limited)
			
	 Easy Land Limited
	  	 	17,650,024	 	  	USD equivalent of RMB150,000,000 (calculated at the exchange rate under Section 4 of the Promissory Note to be issued by Easy Land Limited)
			
	 HH SPR-XIV Holdings Limited
	  	 	58,833,418	 	  	USD equivalent of RMB491,518,431 (calculated at the exchange rate under Section 4 of the Promissory Note to be issued by HH SPR-XIV Holdings Limited)

  
 Schedule IIExhibit 10.1

 

EXECUTION COPY

 

SEPARATION AGREEMENT AND GENERAL
RELEASE

 

SEPARATION
AGREEMENT AND GENERAL RELEASE between MDC Partners Inc. (“MDC” or the “Company”)
and Jonathan Mirsky (“Executive”) dated as of September 22, 2020 (this “Agreement and Release”).

 

WHEREAS, Executive
is General Counsel and Corporate Secretary of the Company pursuant to an Employment Agreement dated as of May 6, 2019 (the
 “Employment Agreement”);

 

WHEREAS, MDC and Executive
intend to terminate their relationship of employee and employer on the mutually agreed terms and conditions set forth below; and

 

NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties agree as follows:

 

1.            Termination
of Employment. By mutual agreement, Executive and MDC have determined that Executive’s employment with the Company
will terminate at the close of business on September 30, 2020 (the “Termination Date”). During the period
of time from the date hereof until the Termination Date, the Executive will cooperate in good faith with a newly-appointed General
Counsel and Corporate Secretary on an appropriate transition of duties and responsibilities to the benefit of the Company. For
the avoidance of doubt, the Executive shall cease using the title of General Counsel and Corporate Secretary effective immediately.

 

2.            Severance
Payments. Subject to Executive’s execution and non-revocation of, and compliance with, this Agreement and Release,
and execution and non-revocation of the release set forth in Exhibit A hereto, MDC shall pay to Executive the
following amounts (collectively, the “Severance Payments”):

 

		a.	An amount equal to (i) Executive’s accrued but unpaid base salary and perquisite allowance
through the Termination Date and (ii) reimbursement for any unpaid reimbursable business expenses incurred in the course of
his employment through the Termination Date, in each case in accordance with MDC’s regular payroll and expense reimbursement
practices;

 

		b.	An aggregate amount equal to $275,000, representing six (6) months of Executive’s base
salary, subject to required federal, state and local tax withholdings by MDC, to be paid in a cash lump-sum not later than 60 days
following Termination Date; and

 

		c.	Not later than 60 days after the Termination Date, MDC will pay Executive an additional amount
in respect of accrued and unused vacation days in 2020 under MDC’s current policy.

 

     

     

    

 

3.            Outstanding
Inducement and Incentive Awards. Subject to Executive’s execution and
non-revocation of, and compliance with, this Agreement and Release, and execution and non-revocation of the release set forth in
Exhibit A hereto, Executive’s outstanding inducement and incentive awards shall be treated as follows
(collectively, the “Vesting Entitlements”):

 

		a.	Effective on the Termination Date, 166,666 unvested and outstanding restricted shares of MDC Class A
stock previously granted to him pursuant to that certain Restricted Stock Grant Agreement dated June 26, 2019 shall be deemed
fully vested;

 

		b.	Effective on the Termination Date, 166,666 unvested and outstanding stock appreciation rights in
respect of MDC Class A stock previously granted to him pursuant to that certain Stock Appreciation Rights Agreement dated
June 26, 2019 shall be deemed fully vested and exercisable;

 

		c.	Executive shall remain eligible to vest in restricted shares granted pursuant to the terms and
conditions of that certain Restricted Stock Agreement between MDC and Executive dated as of November 4, 2019 (the “LTIP
Stock Award”). Executive acknowledges and agrees that stock vesting under the LTIP Stock Award, if any, shall be calculated
and prorated based on a service period equal to 12.5% of the vesting period, notwithstanding Executive’s termination without
 “Cause” as of the Termination Date or any subsequent event under the relevant plan or grant agreement (so that the
maximum number of shares eligible to vest pursuant to the LTIP Stock Award is 15,125). The final number of shares vested under
the LTIP Stock Award, if any, will be issued on the date specified in the underlying award agreement and shall also be conditioned
upon and subject to Executive’s ongoing compliance with the terms and conditions of this Agreement and Release following
the Termination Date; and

 

		d.	Executive shall remain eligible to receive a cash payout from MDC pursuant to the terms and conditions
of that certain Award Agreement between MDC and Executive dated as of November 4, 2019 (the “LTIP Cash Award”).
Executive acknowledges and agrees that payment of the amount due under the LTIP Cash Award, if any, shall be calculated and prorated
based on a service period equal to 12.5% of the performance period, notwithstanding Executive’s termination without “Cause”
as of the Termination Date or any subsequent event under the relevant plan or grant agreement (so that the maximum amount he is
eligible to receive pursuant to the LTIP Cash Award is $60,500 (i.e. in the event the “EBITDA Performance Multiplier”
is ultimately determined to be 2)). Payment by MDC of the final amount due under the LTIP Cash Award, if any, will be made on the
payment date specified in the underlying award agreement and shall also be conditioned upon and subject to Executive’s ongoing
compliance with the terms and conditions of this Agreement and Release following the Termination Date.

 

    2

     

    

 

4.            No
Further Entitlements. Except as otherwise set forth in this Agreement and Release,
the Executive is not entitled to any further compensation or benefits from MDC, including without limitation any bonus payment
with respect to calendar year 2020. The Executive expressly acknowledges and agrees that except as set forth in this Agreement
and Release, he has been paid all compensation of any kind to which he is entitled as a result of his employment with MDC. Executive
further acknowledges and agrees, and represents and warrants, that he does not own or have any right to any stock, stock appreciation
rights or other equity in MDC, except for (a) the Vesting Entitlements, (b) 44,084 Class A shares previously vested
and/or purchased in the open market and (c) 83,334 previously vested stock appreciation rights with a strike price of $5.00.

 

5.            Release
of Claims by Executive. By signing this Agreement and Release, Executive, on behalf of himself and his current, former,
and future heirs, executors, administrators, attorneys, agents and assigns, releases and waives all legal claims in law or in equity
of any kind whatsoever that Executive has or may have against MDC, its parents, subsidiaries and affiliates, and their respective
officers, directors, employees, shareholders, members, agents, attorneys, trustees, fiduciaries, representatives, benefit plans
and plan administrators, successors and/or assigns, and all persons or entities acting by, through, under, or in concert with any
or all of them (collectively, the “Released Parties”). This release and waiver covers all rights, claims, actions
and suits of all kinds and descriptions that Executive now has or has ever had, whether known or unknown or based on facts now
known or unknown, fixed or contingent, against the Released Parties, occurring from the beginning of time up to and including the
date that Executive executes this Agreement and Release, including, without limitation:

 

a.            any
claims for wrongful termination, defamation, invasion of privacy, intentional infliction of emotional distress, or any other common
law claims;

 

b.            any
claims for the breach of any written, implied or oral contract between Executive and MDC;

 

c.            any
claims of discrimination, harassment or retaliation based on such things as age, national origin, ancestry, race, religion, sex,
sexual orientation, or physical or mental disability or medical condition;

 

d.            any
claims for payments of any nature, including but not limited to wages, overtime pay, vacation pay, severance pay, commissions,
bonuses and benefits or the monetary equivalent of benefits, but not including any claims for unemployment or workers’ compensation
benefits, or for the consideration being expressly provided to Executive pursuant to this Agreement and Release; and

 

e.            all
claims that Executive has or that may arise under the common law and all federal, state and local statutes, ordinances, rules,
regulations and orders, including but not limited to any claim or cause of action based on the Fair Labor Standards Act, Title VII
of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Family and Medical Leave Act, the Americans with
Disabilities Act, the Civil Rights Acts of 1866, 1871 and 1991, the Rehabilitation Act of 1973, the National Labor Relations Act,
the Executive Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Vietnam Era Veterans'
Readjustment Assistance Act of 1974, Executive Order 11246, and any state laws governing employee rights, as each of them has been
or may be amended.

 

    3

     

    

 

This Agreement and Release shall be binding
upon and inure to the benefit of Executive and the Released Parties and any other individual or entity who may claim any interest
in the matter through Executive. Executive also acknowledges that he has not assigned any of his rights to make the aforementioned
claims or demands.

 

By way of further clarification, Executive
shall not be entitled to receive any of the Severance Payments or Vesting Entitlements under this Agreement and Release unless
Executive executes and delivers to the Company the Release of Claims in the form of Exhibit A hereto upon or
following the Termination Date.

 

6.            Attorney
Review; Review Period; Revocation Period. Executive is hereby advised that he should
consult with an attorney prior to executing this Agreement and Release. Executive is also advised that he has twenty-one (21) days
from the date this Agreement and Release is delivered to him within which to consider whether he will sign it. If Executive signs
this Agreement and Release, he acknowledges that he understands that he may revoke this Agreement within seven (7) days after
he has signed it by notifying MDC in writing that he has revoked this Agreement. Such notice shall be addressed to David Ross,
Executive Vice President, c/o MDC Partners Inc., 330 Hudson Street, 10th Floor, New York, NY 10013. This Agreement shall
not be effective or enforceable in accordance with its terms until the 7-day revocation period has expired.

 

7.            Intellectual
Property Rights. Executive acknowledges and agrees that all concepts, writings and proposals submitted to and accepted
by MDC (“Intellectual Property”) which relate to the business of MDC and which have been conceived or made by him during
the period of his employment, either alone or with others, are the sole and exclusive property of MDC. As of the date hereof, Executive
hereby assigns in favor of MDC all the Intellectual Property covered hereby. On or subsequent to the date hereof, Executive shall
execute any and all other papers and lawful documents required or necessary to vest sole rights, title and interest in MDC or its
nominee of the Intellectual Property.

 

8.            Non-Admission.
This Agreement and Release shall not in any way be construed as an admission by MDC of any liability for any reason, including,
without limitation, based on any claim that MDC has committed any wrongful or discriminatory act.

 

9.            Mutual
Non-Disparagement. Executive agrees that he will not say, write or cause to be said or written any statement that may be
considered defamatory, derogatory or disparaging of any of the Released Parties. MDC agrees to use commercially reasonable efforts
to cause its senior executives to not say, write or cause to be said or written, any statement that may be considered defamatory,
derogatory or disparaging of the Executive.

 

    4

     

    

 

10.            Confidentiality;
Return of Company Property; Cooperation. Executive agrees to keep the terms
and the existence of this Agreement and Release confidential and not to discuss it with anyone other than his attorney, tax advisor
or as may be required by law. Executive covenants that he will return all MDC documents, files, equipment and other property in
his possession to MDC on or prior to the Termination Date and represents
and warrants that he has not retained any copies or excerpts of any MDC documents or files. The Executive agrees that he will not
encourage or cooperate or otherwise participate or confer with any current or former employee of MDC or any other of the Released
Parties, or any potential plaintiff, to commence any legal action or make any claim against MDC or any other of the Released Parties
with respect to such person’s employment with MDC or any other of the Released Parties; provided, however, that nothing in
this Agreement and Release shall prohibit Executive from cooperating with any government agency. The Executive will cooperate with
MDC and its counsel in connection with any investigation, administrative proceeding or litigation relating to any matter in which
Executive was involved or of which he has knowledge as a result of his employment with MDC.

 

11.            Entire
Agreement; No Other Promises. Except as to any confidentiality, non-compete and/or non-solicitation agreements signed by
Executive upon or during his employment with MDC, Executive hereby acknowledges and represents that this Agreement and Release
contains the entire agreement between Executive and MDC, and it supersedes any and all previous agreements concerning the subject
matter hereof. Executive further acknowledges and represents that neither MDC nor any of its agents, representatives or employees
have made any promise, representation or warranty whatsoever, express, implied or statutory, not contained herein, concerning the
subject matter hereof, to induce Executive to execute this Agreement and Release, and Executive acknowledges that he has not executed
this Agreement and Release in reliance on any such promise, representation or warranty.

 

12.            Confirmation
of Restrictive Covenants. Executive hereby acknowledges and reaffirms all of his restrictive covenants set forth in Section 8
of the Employment Agreement, which covenants shall remain in full force and effect following the Termination Date.

 

13.            Equitable
Relief. Executive acknowledges that a remedy at law for any breach or attempted breach of this Agreement will be inadequate,
and agrees that MDC shall be entitled to specific performance and injunctive and other equitable relief in the case of any such
breach or attempted breach. It is also agreed that, in addition to any other remedies, in the event of a breach of this Agreement
by Executive, MDC may withhold and retain all or any portion of the Severance Payments and/or Vesting Entitlements.

 

14.            Severability.
If any term or condition of this Agreement and Release shall be held to be invalid, illegal or unenforceable in any respect by
a court of competent jurisdiction, this Agreement and Release shall be construed without such term or condition. If at the time
of enforcement of any provision of this Agreement, a court shall hold that the duration, scope or area restriction of any provision
hereof is unreasonable under circumstances now or then existing, the parties hereto agree that the maximum duration, scope or area
reasonable under the circumstances shall be substituted by the court for the stated duration, scope or area.

 

15.           Choice
of Law. This Agreement and Release shall be construed
and enforced in accordance with, and governed by, the laws of the State of New York, without regard to its choice of law provisions.

 

    5

     

    

 

16.            Material
Non-Public Information. Executive acknowledges that he may be in possession of material non-public information about MDC,
and covenants not to trade in any MDC securities from and after the date hereof while in possession of material non-public information
or otherwise in violation of any applicable securities law or regulation.

 

17.            Indemnification.
Subject to Section 124 of the Canada Business Corporations Act (as amended or re-enacted from time to time and including the
regulations made pursuant thereto, the “Act”) or, if the Company domesticates to the State of Delaware, Section 145
of the Delaware General Corporation Law (as amended or re-enacted from time to time and including the regulations made pursuant
thereto, the “DGCL”), the
Company shall indemnify and hold harmless the Executive and his heirs, executors, administrators and other legal personal representatives
(each, an “Indemnitee”), to the maximum extent permitted by the Act (or as applicable the DGCL), from and against
(a) any liability and all costs, charges and expenses that an Indemnitee sustains or incurs in respect of any action, suit
or proceeding that is proposed, threatened or commenced against an Indemnitee for or in respect of anything done or permitted by
the Executive in respect of the execution of the duties of his office; and (b) all other costs, charges and expenses that
the Executive sustains or incurs in respect of the affairs of the Company. The Company shall also indemnify the Executive in such
other circumstances to the maximum extent as the Act (or as applicable the DGCL) permits or requires. To the extent permitted by
the Act (or as applicable the DGCL), the Company will advance or reimburse any expenses, including reasonable attorneys’
fees, incurred by an Indemnitee in investigating and defending any actual or threatened action, suit or proceeding for which an
Indemnitee may be entitled to indemnification under this Section 17.

 

18.            Amendment.
This Agreement and Release may not be amended or modified in any way, except pursuant to a written instrument signed by both parties.

 

***

 

    6

     

    

 

HAVING READ AND UNDERSTOOD THE RELEASE,
CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO
THIS AGREEMENT AND RELEASE, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT AND RELEASE AS OF THE DAY AND YEAR FIRST WRITTEN BELOW.

 

	 	/s/
    Jonathan Mirsky
	 	Jonathan Mirsky
	 	 
	 	Dated: September 22, 2020
	 	 
	 	 
	 	MDC PARTNERS INC.
	 	 
	 	By: 	/s/ David Ross
	 	 	David Ross, Executive Vice President

 

    7

     

    

 

Exhibit A

 

Release of Claims

 

(i)      I,
Jonathan Mirsky, in consideration of and subject to the performance by MDC Partners Inc. (together with its subsidiaries, the “Company”),
of its material obligations under the Separation and Release Agreement with the Company, dated September __, 2020 (the “Agreement”),
do hereby release and forever discharge, as of the date hereof, the Company and its affiliates and its and all of their respective
present and former directors, officers, agents, representatives, employees, successors, assigns and direct or indirect owners (collectively,
the “Released Parties”) to the extent provided below. Defined terms used herein that are not otherwise defined
shall have the meanings set forth in the Agreement.

 

(ii)      I
have agreed that I will not receive the payments and benefits specified in Section 2 or 3 of the Agreement (A) unless
I execute this Release of Claims and do not revoke it within the time period permitted hereafter or (B) if I breach this Release
of Claims. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of
the date hereof) by virtue of employment with the Company, other than as provided in the Agreement.

 

(iii)      Except
as provided in paragraph (v) below, I knowingly and voluntarily (for myself, my heirs, executors, administrators and
assigns) release and forever discharge the Company and the other Released Parties from any and all claims, lawsuits, controversies,
actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or
exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and
in equity, both past and present (through the date of this General Release) and whether known or unknown, suspected, or claimed
against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns,
may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including,
but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the
Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection
Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993;
the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income
Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts;
or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation
or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures
of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim
for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively
referred to herein as the “Claims”); provided that the foregoing release shall not extend to, and in no event shall
the “Claims” which are being released hereunder include, (a) any rights to reimbursement or indemnification in
my capacity as an officer, director or employee of the Company or any of its Subsidiaries under the governing documents of the
Company or such Subsidiary, any reimbursement or indemnification agreement with the Company, any insurance policy or applicable
law, in accordance with the terms thereof, as a matter of law, or otherwise, or under any power that the Company may have to indemnify
me or hold me harmless, (b) my rights to payments or benefits due under Section 2 and Section 3 of the Agreement,
(c) my rights as a stockholder of the Company or (d) my rights to enforce the terms of this Release of Claims.

 

(iv)      I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph
iii above.

 

    8

     

    

 

(v)      I
agree that this Release of Claims does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 which arise after the date I execute this Release of Claims. I acknowledge and agree that my separation
from employment with the Company shall not serve as the basis for any claim or action (including, without limitation, any claim
under the Age Discrimination in Employment Act of 1967).

 

(vi)      In
signing this Release of Claims, I acknowledge and intend that it shall be effective as a bar to each and every one of the
Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according
to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims),
if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver
is an essential and material term of this Release of Claims and that without such waiver the Company would not have agreed to the
terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the
event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this Release of
Claims shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or complaint
of the type described in paragraph (iii) as of the execution of this Release of Claims.

 

(vii)      I
agree that neither this Release of Claims, nor the furnishing of the consideration for this Release of Claims, shall be deemed
or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

 

(viii)      I
agree that I will forfeit all amounts payable by the Company pursuant to Section 2 and 3 of the Agreement if I challenge the
validity of this Release of Claims. I also agree that if I violate this General Release by suing the Company or the other Released
Parties, I will return all payments received by me pursuant to the Agreement.

 

(ix)      Whenever
possible, each provision of this Release of Claims shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Release of Claims is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any
other jurisdiction, but this Release of Claims shall be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

    9

     

    

 

BY SIGNING THIS RELEASE OF CLAIMS, I
REPRESENT AND AGREE THAT:

 

(a)      I
HAVE READ IT CAREFULLY;

 

(b)      I
UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE
AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY
ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

 

(c)      I
VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

I HAVE BEEN ADVISED TO CONSULT WITH AN
ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF
MY OWN VOLITION; I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE OF CLAIMS SUBSTANTIALLY IN ITS FINAL FORM,
TO CONSIDER IT AND THE CHANGES MADE SINCE THE FINAL VERSION OF THIS RELEASE OF CLAIMS ARE NOT MATERIAL AND WILL NOT RESTART THE
REQUIRED 21-DAY PERIOD;

 

(d)      I
UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE OF CLAIMS TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME
EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

 

(e)      I
HAVE SIGNED THIS RELEASE OF CLAIMS KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT
TO IT; AND

 

(f)      I
AGREE THAT THE PROVISIONS OF THIS RELEASE OF CLAIMS MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT
IN WRITING SIGNED BY A REPRESENTATIVE OF THE COMPANY AND BY ME.

 

	 	 
		Jonathan Mirsky	

 

	DATE:	 	, 2020

 

    10

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