MEMORANDUM-OF-ASSOCIATION(英文版)

("THECOMPANIESLAW(ASAMENDED)OFTHECAYMANISLANDSCOMPANYLIMITEDBYSHARESAMENDEDANDRESTATEDMEMORANDUMOFASSOCIATIONARTICLESOFASSOCIATIONOF(AsadoptedbyaSpecialResolutionpassedon,andeffectiveon,)1.ThenameoftheCompanyis.2.TheRegisteredOfficeoftheCompanyshallbeattheofficesof,astheDirectorsmayfromtimetotimedecide.3.TheobjectsforwhichtheCompanyisestablishedareunrestrictedandtheCompanyshallhavefullpowerandauthoritytocarryoutanyobjectnotprohibitedbytheCompaniesLaw(asamended)orasthesamemayberevisedfromtimetotime,oranyotherlawoftheCaymanIslands.4.TheCompanyshallhaveandbecapableofexercisingallofthefunctionsofanaturalpersonoffullcapacityirrespectiveofanyquestionofcorporatebenefitasprovidedbytheCompaniesLaw(Revision).5.TheliabilityofeachMemberislimitedtotheamountfromtimetotimeunpaidonsuchMember’sShares.6.TheauthorizedsharecapitaloftheCompanyisUS$dividedintosharesofparvalueUS$each,consistingof(a)atotalofauthorizedOrdinaryShares,ofwhichshallbeissuedandoutstanding;and(b)atotalofauthorizedSeriesSeedPreferredSharesissuedandoutstanding.7.TheCompanyhaspowertoregisterbywayofcontinuationasabodycorporatelimitedbysharesunderthelawsofanyjurisdictionoutsidetheCaymanIslandsandtobederegisteredintheCaymanIslands.8.CapitalisedtermsthatarenotdefinedinthisMemorandumofAssociationbearthesamemeaningasthosegivenintheArticlesofAssociationoftheCompany.INTERPRETATION1.IntheseArticlesTableAintheFirstScheduletotheStatutedoesnotapplyand,unlessthereissomethinginthesubjectorcontextinconsistenttherewith:“Affiliate”meanswithrespecttoanygivenPerson,aPersonthatControls,isControlledby,orisundercommonControlwiththegivenPerson.InthecaseofanaturalPerson,theterm“Affiliate”shallinclude,withoutlimitation,suchPerson’sspouse,parents,children,siblings,mother-in-lawandfather-in-lawandbrothersandsisters-in-law.“Articles”meansthesearticlesofassociationoftheCompanyasoriginallyadoptedorasfromtimetotimeamendedbySpecialResolution.“Auditor”meansanypublicaccountingfirmsasmaybefromtimetotimedulyappointedbytheBoardtoaudittheCompany’sannualfinancialstatements.“AutomaticConversion”shallhavethemeaningsetforthinArticle8.3(C)hereof.“Board”meanstheboardofdirectorsoftheCompany.“BusinessDay”meansanyweekdaythatthebanksinthePRC,theCaymanIslands,HongKongandJapanaregenerallyopenforbusiness.“CharterDocuments”means,withrespecttoaparticularlegalentity,thearticlesofincorporation,certificateofincorporation,memorandumofassociation,articlesofassociation,bylaws,articlesoforganization,certificateofformation,limitedliabilitycompanyagreement,operatingagreement,orsimilarorotherconstitutive,governing,orcharterdocuments,orequivalentdocuments,ofsuchentity.“Closing”hasthemeaningsetforthintheSharePurchaseAgreement.“Company”meanstheabovenamedcompany.“Consent”meansanyconsent,approval,authorization,waiver,permit,grant,franchise,concession,agreement,license,exemptionororderof,registration,certificate,declarationorfilingwith,orreportornoticeto,anyPerson,includinganyGovernmentalAuthority.“Control”means,withrespectofagivenPerson,shallmeanthepowerorauthority,whetherexercisedornot,todirectthebusiness,managementandpoliciesofsuchPerson,directlyorindirectly,whetherthroughtheownershipofvotingsecurities,byContractorotherwise;provided,thatsuchpowerorauthorityshallconclusivelybepresumedtoexistuponpossessionofbeneficialownershiporpowertodirectthevoteofmorethanfiftypercent(50%)ofthevotesentitledtobecastatameetingofthemembersorshareholdersofsuchPersonorpowertocontrolthecompositionofamajorityoftheboardofdirectorsofsuchPerson.heterms“Controlled”and“Controlling”havemeaningscorrelativetotheforegoing.“ConversionPrice”shallhavethemeaningsetforthinArticle8.3(A)hereof.“ConvertibleSecurities”shallhavethemeaningsetforthinArticle8.3(E)(5)(a)(ii)hereof.“DeemedLiquidationEvent”meansanyofthefollowingevents:(1)anyconsolidation,amalgamation,schemeofarrangementormergeroftheCompanywithorintoanyotherPersonorotherreorganizationinwhichtheMembersoftheCompanyimmediatelypriortosuchconsolidation,amalgamation,merger,schemeofarrangementorreorganizationownlessthanfiftypercent(50%)oftheCompany’svotingpowerintheaggregateimmediatelyaftersuchconsolidation,merger,amalgamation,schemeofarrangementorreorganization,oranytransactionorseriesofrelatedtransactionsinwhichinexcessoffiftypercent(50%)oftheCompany’svotingpoweristransferred;(2)sale,transferorotherdispositionofallorsubstantiallyalloftheassets(eitherintermsofquantitiesorvalue)oftheGroup,takenasawhole;or(3)transferoranexclusivelicensingofallorsubstantiallyalloftheintellectualpropertyoftheGroup,takenasawhole.“Director”eansadirectorservingontheBoardforthetimebeingoftheCompanyandshallincludeanalternateDirectorappointedinaccordancewiththeseArticles.“EquitySecurities”withrespecttoanyPersonthatisalegalentity,anyandallsharesofcapitalstock,membershipinterests,units,profitsinterests,ownershipinterests,equityinterests,registeredcapital,andotherequitysecuritiesofsuchPerson,andanyright,warrant,option,call,commitment,conversionprivilege,pre-emptiverightorotherrighttoacquireanyoftheforegoing,orsecurityconvertibleinto,exchangeableorexercisableforanyoftheforegoing.“ExceptedIssuances”shallhavethemeaningsetforthinArticle8.3(E)(5)(a)(iii)hereof.“FounderHoldco”shallhavethemeaningsetforthintheShareholdersAgreement.“Founder”shallhavethemeaningsetforthintheShareholdersAgreement.“GovernmentalAuthority”meansanygovernmentofanynationoranyfederation,provinceorstateoranyotherpoliticalsubdivisionthereof,anyentity,authorityorbodyexercisingexecutive,legislative,judicial,regulatoryoradministrativefunctionsoforpertainingtogovernment,includinganygovernmentauthority,agency,department,board,commissionorinstrumentalityofthePRCoranyothercountry,oranypoliticalsubdivisionthereof,anycourt,tribunalorarbitrator,andanyself-regulatoryorganization.“GroupCompany”shallhavethemeaningsetforthintheShareholdersAgreement.“MajoritySeriesSeedPreferredHolder(s)”meansholdersholdingatleastfiftypercent(50%)ofthevotingpowerofalloftheSeriesSeedPreferredShares.“InterestedTransaction”allhavethemeaningsetforthinArticle85hereof.“Investor”means.“InvestorCompetitors”meansthecompaniesorplatformsthathelpChinesegoabroadformedicaltreatment,healthexaminationormedicalcosmetologyservices(includingbutnotlimitedtotheplatformsoperatedby“IPO”shallhavethemeaningsetforthintheShareholdersAgreement.“Member(s)”thesamemeaningasintheStatute.“Memorandum”meansthememorandumofassociationoftheCompany,asamendedfromtimetotimebySpecialResolution.“NewPrice”shallhavethemeaningsetforthinArticle8.3(E)(5)(d)hereof.“NewSecurities”sallhavethemeaningsetforthinArticle8.3(E)(5)(a)(iii)hereof.“Options”shallhavethemeaningsetforthinArticle8.3(E)(5)(a)(i)hereof.“OrdinaryResolution”meansaresolutionofadulyconstitutedgeneralmeetingoftheCompanypassedbyasimplemajorityofthevotescastby,oronbehalfof,theMembersentitledtovotepresentinpersonorbyproxyandvotingatthemeeting,orawrittenresolutionsignedbyallMembersunanimously,subjecttoArticle8.4(B).“OriginalOrdinaryHolder(s)”meanseachoftheFounderand/ortheFounder.“OriginalOrdinaryIssuePrice”meansUS$[],asappropriatelyadjustedforsharesplits,sharedividends,combinations,recapitalizationsandsimilareventswithrespecttotheOriginalOrdinaryShares.“OriginalOrdinaryPreferenceAmount”shallhavethemeaningsetforthinArticle8.2(A)(2)hereof.“OriginalOrdinaryShare(s)”meansaOrdinaryShareofUS$parvaluepershareheldbytheOriginalOrdinaryHolderattheClosing.“OrdinaryShare(s)”meansaOrdinaryShareofUS$parvaluepersharehavingtherightsattachingtoitassetoutherein.“Person”meansanynaturalperson,limitedliabilitycompany,jointstockcompany,jointventure,partnership,enterprise,trust,branch,liaisonoffice,representativeoffice,unincorporatedorganizationoranyotherentityororganization.“PRC”meansthePeople’sRepublicofChina,butsolelyforthepurposeshereofexcludestheHongKongSpecialAdministrativeRegion,MacauSpecialAdministrativeRegionandtheislandofTaiwan.“RedemptionClosingDate”shallhavethemeaningsetforthinArticle8.5(C).“RedemptionNotice”shallhavethemeaningsetforthinArticle8.5(C).“RedemptionNoticeDate”shallhavethemeaningsetforthinArticle8.5(C).“RedemptionPrice”shallhavethemeaningsetforthinArticle8.5(B).“RedemptionTriggeringEvents”shallhavethemeaningsetforthinArticle8.5(A).“RegisterofMembers”meanstheregisterofmembersoftheCompanymaintainedinaccordancewiththeStatute.“RegisteredOffice”meanstheregisteredofficeforthetimebeingoftheCompany.“RelatedParty”means(i)theholderofanyequityinterestintheCompanyoranyotherGroupCompany(otherthananyequityinterestheldinanyGroupCompanybytheCompanyoranotherGroupCompany),(ii)anydirector,officeroremployeeoftheCompanyoranyotherGroupCompany,(iii)anyofthespouse,siblings,childrenorparentsoftheforegoing,or(iv)anyAffiliateoftheforegoing.“SeriesSeedIssuePrice”meansUS$[],asappropriatelyadjustedforsharesplits,sharedividends,combinations,recapitalizationsandsimilareventswithrespecttotheSeriesSeedPreferredShares.“SeriesSeedPreferenceAmount”shallhavethemeaningsetforthinArticle8.2(A)(2)hereof.“SeriesSeedPreferredShare(s)”meanstheSeriesSeedPreferredSharesofUS$parvaluepersharehavingtherights,preferenceandprivilegesattachingtoitassetoutherein“Seal”meansthecommonsealoftheCompanyandincludeseveryduplicateseal.“Share(s)”meansashareorsharesinthecapitaloftheCompanyandincludesafractionofashare,includingtheOrdinarySharesandtheSeriesSeedPreferredShares.“SharePurchaseAgreement”meansaSharePurchaseAgreementdated,,,byandamongtheCompany,theFounder,theInvestorandotherpartiesthereto.“ShareholdersAgreement”meanstheShareholdersAgreementdated,,,amongtheCompany,theMembersandcertainotherpartiesnamedtherein,asamendedorrestatedfromtimetotime.“SpecialResolution”hasthesamemeaningasintheStatuteandincludesaunanimouswrittenresolutionofallMembersentitledtovoteandexpressedtobeaspecialresolution,subjecttoArticle8.4(B).“Statute”meanstheCompaniesLawoftheCaymanIslandsasamendedandeverystatutorymodificationorre-enactmentthereofforthetimebeingineffect.“Subsidiary”shallhavethemeaningsetforthintheShareholdersAgreement.“TransactionDocuments”meantheSharePurchaseAgreement,theShareholdersAgreementandtheMemorandumandArticles.2.IntheArticles:2.1wordsimportingthesingularnumberincludethepluralnumberandvice-versa;2.2wordsimportingthemasculinegenderincludethefemininegender;2.3“written”and“inwriting”includeallmodesofrepresentingorreproducingwordsinvisibleform,includingintheformofanelectronicrecord;2.4referencestoprovisionsofanylaworregulationshallbeconstruedasreferencestothoseprovisionsasamended,modified,re-enactedorreplacedfromtimetotime;2.5anyphraseintroducedbytheterms“including,”“include,”“inparticular”oranysimilarexpressionshallbeconstruedasillustrativeandshallnotlimitthesenseofthewordsprecedingthoseterms;2.6theterm“votingpower”referstothenumberofvotesattributabletotheShares(onanas-convertedbasis)inaccordancewiththetermsoftheMemorandumandArticles;2.7theterm“or”isnotexclusive;2.8theterm“including”willbedeemedtobefollowedby,“butnotlimitedto”;2.9theterms“shall”,“will”,and“agrees”aremandatory,andtheterm“may”ispermissive;2.10theterm“day”means“calendarday”(unlesstheterm“BusinessDay”isused),and“month”meanscalendarmonth;2.11thephrase“directlyorindirectly”meansdirectly,orindirectlythroughoneormoreintermediatePersonsorthroughcontractualorotherarrangements,and“directorindirect”hasthecorrelativemeaning;2.12referencestoanydocumentsshallbeconstruedasreferencestosuchdocumentasthesamemaybeamended,supplementedornovatedfromtimetotime;2.13allreferencestodollarsorto“US$”aretocurrencyoftheUnitedStatesofAmericaandallreferencestoRMBaretocurrencyofthePRC(andeachshallbedeemedtoincludereferencetotheequivalentamountinothercurrencies);and2.14headingsareinsertedforreferenceonlyandshallbeignoredinconstruingtheseArticles.3.Fortheavoidanceofdoubt,eachotherArticlehereinissubjecttotheprovisionsofArticles8,59,60and61,and,subjecttotherequirementsoftheStatute,intheeventofanyconflict,theprovisionsofArticles8,59,60and61shallprevailoveranyotherArticleherein.COMMENCEMENTOFBUSINESS3.ThebusinessoftheCompanymaybecommencedassoonafterincorporationastheDirectorsshallseefitnotwithstandingthatanypartoftheSharesmaynothavebeenallotted.TheCompanyshallhaveperpetualexistenceuntilwounduporstruckoffinaccordancewiththeStatuteandtheseArticles.4.TheDirectorsmaypay,outofthecapitaloranyothermoniesoftheCompany,allexpensesincurredinorabouttheformationandestablishmentoftheCompany,includingtheexpensesofregistration.ISSUEOFSHARES5.Subjecttotheprovisions,ifany,intheMemorandum(andtoanydirectionthatmaybegivenbytheCompanyinageneralmeeting)andtotheprovisionsoftheArticlesandwithoutprejudicetoanyrights,preferencesandprivilegesattachedtoanyexistingShares,(a)theDirectorsmayallot,issue,grantoptionsorwarrantsoverorotherwisedisposeofSharestobedesignated,respectively,asOrdinarySharesandpreferredshares;(b)thepreferredsharesmaybeallottedandissuedfromtimetotimeinoneormoreseries;and(c)theseriesofthepreferredsharesshallbedesignatedpriortotheirallotmentandissue.IntheeventthatanypreferredsharesshallbeconvertedpursuanttoArticle8.3hereof,thepreferredsharessoconvertedshallbecancelledandshallnotbere-issuablebytheCompany.Further,anypreferredsharesacquiredbytheCompanybyreasonofredemption,repurchase,conversionorotherwiseshallbecancelledandshallnotbere-issuablebytheCompanyandtheCompanyshallupdateitsRegisterofMembersaccordingly.6.TheCompanyshallnotissueSharestobearer.RIGHTS,PREFERENCESANDPRIVILEGESOFSHARES7.Certainrights,preferencesandprivilegesoftheSharesoftheCompanyareasfollows:8.1DividendsRights.EachMembersshallbeentitledtoreceivedividendsonaprorataandas-convertedbasis,payableoutoffundsorassetswhenandassuchfundsorassetsbecomelegallyavailablethereforonparitywitheachother,when,as,andifdeclaredbytheBoard.8.2LiquidationRights.A.LiquidationPreferences.Intheeventofanyliquidation,dissolutionorwindingupoftheCompany,whethervoluntaryorinvoluntary,allassetsandfundsoftheCompanylegallyavailablefordistributiontotheMembers(aftersatisfactionofallcreditors’claimsandclaimsthatmaybepreferredbylaw)shallbedistributedtotheMembersoftheCompanyinthefollowingorderandmanner:(1)Firstly,theholdersofSeriesSeedPreferredSharesshallbeentitledtoreceiveforeachSeriesSeedPreferredShareheldbysuchholder,priorandinpreferencetoanydistributionofanyoftheassetsorfundsoftheCompanytotheholdersofanyotherclassorseriesofsharesbyreasonoftheirownershipofsuchshares,anamountpershareequaltothesumof(i)100%oftheSeriesSeedIssuePrice,and(ii)anyandallaccruedordeclaredbutunpaiddividendsonsuchSeriesSeedPreferredSharepershare(the“SeriesSeedPreferenceAmount”);(2)Secondly,ifthereareanyassetsorfundsremainingafterthedistributionorpaymentinfulloftheaggregateSeriesSeedPreferenceAmountpursuanttosubparagraph(1)above,theOriginalOrdinaryHoldersshallbeentitledtoreceiveforeachOriginalOrdinaryShareheldbysuchholder,priorandinpreferencetoanydistributionofanyoftheremainingassetsorfundsoftheCompanytotheholdersoftheotherOrdinarySharesbyreasonoftheirownershipofsuchshares,anamountpershareequaltothesumof(i)100%oftheOriginalOrdinaryIssuePrice,and(ii)anyandallaccruedordeclaredbutunpaiddividendsonsuchOriginalOrdinarySharepershare(the“OriginalOrdinaryPreferenceAmount”);provided,thatifanybalanceoftheCompany’sassetsorfundslegallyavailableareinsufficienttopayinfulloftheaggregateOriginalOrdinaryPreferenceAmount,suchassetsandfundsshallbeusedtopaytheOriginalOrdinaryPreferenceAmountratablyonaproratabasisinaccordancewiththenumberofOriginalOrdinaryShares;(3)Lastly,ifthereareanyassetsorfundsremainingafterthedistributionorpaymentinfulloftheaggregateSeriesSeedPreferenceAmountandtheaggregateOrdinaryPreferenceAmountpursuanttosubparagraph(1)andsubparagraph(2)above,theremainingassetsorfundsshallbedistributedratablyonaproratabasisinaccordancewiththenumberofOrdinaryShares(calculatedonafullyas-convertedbasis)heldbytheholdersoftheSeriesSeedPreferredSharesandtheholdersoftheOrdinaryShares.B.DeemedLiquidation.ADeemedLiquidationEventshallbedeemedtobealiquidation,dissolutionorwindingupoftheCompanyforpurposesofArticle8.2(A),andanyproceeds,whetherincashorproperties,resultingfromaDeemedLiquidationEventshallbedistributedinaccordancewiththetermsofArticle8.2(A),unlesswaivedbytheFounderHoldcoandtheMajoritySeriesSeedPreferredHolders.NotwithstandinganythingintheArticlestothecontrary,aDeemedLiquidationEventshallnotincludeanynewissuanceofEquitySecuritiesoftheCompanyprimarilyforfinancingpurpose.C.ValuationofProperties.IntheeventtheCompanyproposestodistributeassetsotherthancashinconnectionwithanyliquidation,dissolutionorwindingupoftheCompanypursuanttoArticle8.2(A)oraDeemedLiquidationEventpursuanttoArticle8.2(B),thevalueoftheassetstobedistributedtotheMembersshallbedeterminedingoodfaithbytheBoard;providedthatanysecuritiesnotsubjecttoinvestmentletterorsimilarrestrictionsonfreemarketabilityshallbevaluedasfollows:(1)Iftradedonasecuritiesexchange,thevalueshallbedeemedtobetheaverageofthesecurity'sclosingpricesonsuchexchangeoverthethirty(30)dayperiodendingone(1)daypriortothedistribution;(2)Iftradedover-the-counter,thevalueshallbedeemedtobetheaverageoftheclosingbidpricesoverthethirty(30)dayperiodendingthree(3)dayspriortothedistribution;and(3)Ifthereisnoactivepublicmarket,thevalueshallbethefairmarketvaluethereofasdeterminedingoodfaithbytheBoard;providedfurtherthatthemethodofvaluationofsecuritiessubjecttoinvestmentletterorotherrestrictionsonfreemarketabilityshallbeadjustedtomakeanappropriatediscountfromthemarketvaluedeterminedasaboveinclauses(1),(2)or(3)toreflectthefairmarketvaluethereofasdeterminedingoodfaithbytheBoard.D.Notices.IntheeventthattheCompanyshallproposeatanytimetoconsummatealiquidation,dissolutionorwindingupoftheCompanyoraDeemedLiquidationEvent,then,inconnectionwitheachsuchevent,subjecttoanynecessaryapprovalrequiredintheStatuteandtheseArticles,theCompanyshallsendtotheholdersofSeriesSeedPreferredSharesatleasttwenty(20)dayspriorwrittennoticeofthedatewhenthesameshalltakeplace.E.Enforcement.IntheeventtherequirementsofthisArticle8.2arenotcompliedwith,theCompanyshallforthwitheither(i)causetheclosingoftheapplicabletransactiontobepostponeduntilsuchtimeastherequirementsofthisArticle8.2havebeencompliedwith,or(ii)cancelsuchtransaction.8.3ConversionRightsTheholdersoftheSeriesSeedPreferredSharesshallhavetherightsdescribedbelowwithrespecttotheconversionoftheSeriesSeedPreferredSharesintotheOrdinaryShares:A.ConversionRatio.EachSeriesSeedPreferredShareshallbeconvertibleattheoptionoftheholderthereof,atanytimeafterthedateofissuanceofsuchSeriesSeedPreferredShare,intosuchnumberoffullypaidandnon-assessableOrdinarySharesasdeterminedbydividingtheApplicableIssuePriceofsuchSeriesSeedPreferredSharebythethen-effectiveapplicableConversionPriceforsuchSeriesSeedPreferredShare.The“ConversionPrice”fortherespectiveSeriesSeedPreferredShareshallinitiallybetheApplicableIssuePricewithrespecttosuchSeriesSeedPreferredShare,resultinginaninitialconversionratiofortheSeriesSeedPreferredSharesof1:1,andthereaftershallbesubjecttoadjustmentandreadjustmentfromtimetotimeashereinafterprovided,beingnolessthantheparvalue.B.OptionalConversion.SubjecttotheStatuteandtheseArticles,anySeriesSeedPreferredSharemay,attheoptionoftheholderthereof,beconvertedatanytimeafterthedateofissuanceofsuchSeriesSeedPreferredShares,withoutthepaymentofanyadditionalconsideration,intofully-paidandnon-assessableOrdinarySharesbasedonthethen-effectiveConversionPrice.C.AutomaticConversion.EachSeriesSeedPreferredShareshallautomaticallybeconverted,basedonthethen-effectiveConversionPrice,withoutthepaymentofanyadditionalconsideration,intofully-paidandnon-assessableOrdinarySharesupontheclosingofanIPO.AnyconversionpursuanttothisArticle8.3(C)shallbereferredtoasan“AutomaticConversion”.D.ConversionMechanism.TheconversionhereunderoftheSeriesSeedPreferredSharesshallbeeffectedinthefollowingmanner:(1)ExceptasprovidedinArticles8.3(D)(2)and8.3(D)(3)below,beforeanyholderofanySeriesSeedPreferredSharesshallbeentitledtoconvertthesameintoOrdinaryShares,suchholdershallsurrenderthecertificateorcertificatesthereforattheofficeoftheCompanyorofanytransferagentforsuchsharetobeconverted,shallgivenoticetotheCompanyatitsprincipalcorporateoffice,oftheelectiontoconvertthesameandshallstatethereinthenameornamesinwhichthecertificateorcertificatesforOrdinaryShares(ifapplicable)aretobeissued.TheCompanyshall,assoonaspracticablethereafter,issueanddelivertosuchholderofSeriesSeedPreferredShares,ortothenomineeornomineesofsuchholder,acertificateorcertificatesforthenumberofOrdinarySharestowhichsuchholdershallbeentitledasaforesaid,andsuchconversionshallbedeemedtohavebeenmadeimmediatelypriortothecloseofbusinessonthedateofsuchnoticeandsuchsurrenderoftheSeriesSeedPreferredSharestobeconverted,theRegisterofMembersoftheCompanyshallbeupdatedaccordinglytoreflectthesame,andthePersonorPersonsentitledtoreceivetheOrdinarySharesissuableuponsuchconversionshallbetreatedforallpurposesastherecordholderorholdersofsuchOrdinarySharesasofsuchdate.(2)Iftheconversionisinconnectionwithanunderwrittenpublicofferingofsecurities,theconversionwillbeconditionedupontheconsummationbytheunderwriter(s)ofthesaleofsecuritiespursuanttosuchoffering,andthePerson(s)entitledtoreceivetheOrdinarySharesissuableuponsuchconversionshallnotbedeemedtohaveconvertedtheapplicableSeriesSeedPreferredSharesuntilimmediatelypriortotheconsummationofsuchsaleofsecurities.(3)UpontheoccurrenceofaneventofAutomaticConversion,theCompanyshallgiveallholdersofSeriesSeedPreferredSharestobeautomaticallyconvertedatleastten(10)days’priorwrittennoticeofthedatefixed(whichdateshallinthecaseofanIPObethelatestpracticabledateimmediatelypriortotheclosingofanIPO)andtheplacedesignatedforautomaticconversionofallsuchSeriesSeedPreferredSharespursuanttothisArticle8.3(D).SuchnoticeshallbegivenpursuanttoArticles110through114toeachrecordholderofsuchSeriesSeedPreferredSharesatsuchholder’saddressappearingontheregisterofmembers.Onorbeforethedatefixedforconversion,eachholderofsuchSeriesSeedPreferredSharesshallsurrendertheapplicablecertificateorcertificatesdulyendorsed(orinlieuthereofshalldeliveranaffidavitoflostcertificateandindemnitytherefor)(ifany)forallsuchsharestotheCompanyattheplacedesignatedinsuchnotice.Onthedatefixedforconversion,theCompanyshalleffectsuchconversionandupdateitsRegisterofMemberstoreflectsuchconversion,anduponsurrenderofthecertificateorcertificatesrepresentingthesharestobeconverteddulyendorsed(orinlieuthereofshalldeliveranaffidavitoflostcertificateandindemnitytherefor)(ifany),theholderthereofshallbeentitledtoreceivecertificates(ifapplicable)forthenumberofOrdinarySharesintowhichsuchSeriesSeedPreferredShareshavebeenconverted.AllcertificatesevidencingsuchSeriesSeedPreferredSharesshall,fromandafterthedateofconversion,bedeemedtohavebeenretiredandcancelledandtheSeriesSeedPreferredSharesrepresentedtherebyconvertedintoOrdinarySharesforallpurposes,notwithstandingthefailureoftheholderorholdersthereoftosurrendersuchcertificatesonorpriortosuchdate.(4)TheCompanymayeffecttheconversionoftheSeriesSeedPreferredSharesinanymanneravailableunderapplicablelaw,includingredeemingorrepurchasingtherelevantSeriesSeedPreferredSharesandapplyingtheproceedsthereoftowardspaymentforthenewOrdinaryShares.Forpurposesoftherepurchaseorredemption,theCompanymay,subjecttotheCompanybeingabletopayitsdebtsintheordinarycourseofbusiness,makepaymentsoutofitscapital.(5)NofractionalOrdinarySharesshallbeissueduponconversionofanySeriesSeedPreferredShares.Inlieuofanyfractionalsharestowhichtheholderwouldotherwisebeentitled,theCompanyshallatthediscretionoftheBoardeither(i)paycashequaltosuchfractionmultipliedbythefairmarketvaluefortheSeriesSeedPreferredShareasdeterminedandapprovedbytheBoard,or(ii)issueone(1)wholeOrdinaryShareforeachfractionalsharetowhichtheholderwouldotherwisebeentitled.(6)Uponconversion,alldeclaredbutunpaidcashdividendsontheapplicableSeriesSeedPreferredSharesshallbepaideitherincashorbytheissuanceofsuchnumberoffurtherOrdinarySharesasequaltothevalueofsuchcashamountdividedbythethen-effectiveapplicableConversionPrice,attheoptionoftheholderoftheapplicableSeriesSeedPreferredShares.E.AdjustmentofConversionPrice.TheapplicableConversionPricewithrespecttoeachSeriesSeedPreferredShareshallbeadjustedandre-adjustedfromtimetotimeasprovidedbelow:(1)AdjustmentforShareSplitsandCombinations.IftheCompanyshallatanytime,orfromtimetotime,effectasubdivisionoftheoutstandingOrdinaryShares,theapplicableConversionPriceineffectimmediatelypriortosuchsubdivisionshallbeproportionatelydecreased.Conversely,iftheCompanyshallatanytime,orfromtimetotime,combinetheoutstandingOrdinarySharesintoasmallernumberofshares,theapplicableConversionPriceineffectimmediatelypriortosuchcombinationshallbeproportionatelyincreased.Anyadjustmentunderthisparagraphshallbecomeeffectiveatthecloseofbusinessonthedatethesubdivisionorcombinationbecomeseffective.(2)AdjustmentforOrdinaryShareDividendsandDistributions.IftheCompanymakes(orfixesarecorddateforthedeterminationofholdersofOrdinarySharesentitledtoreceive)adividendorotherdistributiontotheholdersofOrdinarySharespayableinadditionalOrdinaryShares,theapplicableConversionPricethenineffectshallbedecreasedasofthetimeofsuchissuance(orintheeventsuchrecorddateisfixed,asofthecloseofbusinessonsuchrecorddate)bymultiplyingsuchconversionpricebyafraction(i)thenumeratorofwhichisthetotalnumberofOrdinarySharesissuedandoutstandingimmediatelypriortothetimeofsuchissuanceorthecloseofbusinessonsuchrecorddate,and(ii)thedenominatorofwhichisthetotalnumberofOrdinarySharesissuedandoutstandingimmediatelypriortothetimeofsuchissuanceorthecloseofbusinessonsuchrecorddateplusthenumberofOrdinarySharesissuableinpaymentofsuchdividendordistribution.(3)AdjustmentsforOtherDividends.IftheCompanyatanytime,orfromtimetotime,makes(orfixesarecorddateforthedeterminationofholdersofOrdinarySharesentitledtoreceive)adividendorotherdistributiontotheholdersofOrdinarySharespayableinsecuritiesoftheCompanyotherthanOrdinarySharesorpayableinanyotherassetorproperty(otherthancash),then,andineachsuchevent,subjecttocompliancewithArticle8.1(B)andtotheextentnotduplicativewithArticle8.1(B),provisionshallbemadesothat,uponconversionofanySeriesSeedPreferredSharethereafter,theholderthereofshallreceive,inadditiontothenumberofOrdinarySharesissuablethereon,theamountofsecuritiesoftheCompanyorotherassetorpropertywhichtheholderofsuchsharewouldhavereceivedinconnectionwithsucheventhadtheSeriesSeedPreferredSharesbeenconvertedintoOrdinarySharesimmediatelypriortosuchevent.(4)AdjustmentsforReorganizations,Mergers,Consolidations,Reclassifications,Exchanges,Substitutions.Ifatanytime,orfromtimetotime,anycapitalreorganizationorreclassificationoftheOrdinaryShares(otherthanasaresultofasharedividend,subdivision,splitorcombinationotherwisetreatedabove)occursortheCompanyisconsolidated,mergedoramalgamatedwithorintoanotherPerson(otherthanaconsolidation,mergeroramalgamationtreatedasaliquidationinArticle8.2(B)),theninanysuchevent,provisionshallbemadesothat,uponconversionofanySeriesSeedPreferredSharethereafter,theholderthereofshallreceivethekindandamountofsharesandothersecuritiesandpropertywhichtheholderofsuchshareswouldhavereceivedinconnectionwithsucheventhadtherelevantSeriesSeedPreferredSharesbeenconvertedintoOrdinarySharesimmediatelypriortosuchevent.(5)AdjustmentstoConversionPriceforDilutiveIssuance.(a)SpecialDefinition.ForpurposeofthisArticle8.3(E)(5),thefollowingdefinitionsshallapply:(i)“Options”meanrights,optionsorwarrantstosubscribefor,purchaseorotherwiseacquireeitherOrdinarySharesorConvertibleSecurities.(ii)“ConvertibleSecurities”shallmeananyindebtedness,sharesorothersecuritiesdirectlyorindirectlyconvertibleintoorexchangeableforOrdinaryShares.(iii)“NewSecurities”shallmeanallOrdinarySharesissued(or,pursuanttoArticle8.3(E)(5)(c),deemedtobeissued)bytheCompanyafterthedateonwhichtheseArticlesareadopted,otherthanthefollowingissuances(collectively,the“ExceptedIssuances”):a).OrdinarySharesissuedorissuablepursuanttoasharesplitorsub-division,sharedividend,combination,recapitalizationorothersimilartransactionoftheCompany,asdescribedinArticle8.3(E)(1)throughArticle8.3(E)(4)asdulyapprovedinaccordancewiththeseArticles;b).anyEquitySecuritiesoftheCompanyissuedpursuanttoabonafidebusinessacquisition(determinedassuchbytheBoard)ofanothercorporationorentitybytheCompanybyconsolidation,merger,purchaseofassets,orotherreorganization,inanycase,dulyapprovedinaccordancewiththeseArticles;c).OrdinarySharesissuedupontheconversionofSeriesSeedPreferredSharesinaccordancewiththeseArticles;d).anyEquitySecuritiesoftheCompanyissuedtoemployees,officers,consultantsordirectorsunderanyequityincentiveplanoftheCompanytobedulyadoptedbytheCompanyfromtimetotime;ande).anyEquitySecuritiesoftheCompanyissuedpursuanttoanIPO.(b)WaiverofAdjustment.NoadjustmentintheapplicableConversionPricewithrespecttotheSeriesSeedPreferredSharesshallbemadeastheresultoftheissuanceordeemedissuanceofNewSecuritiesiftheCompanyreceiveswrittennoticefromholdersholdingatleastMajoritySeriesSeedPreferredHoldersagreeingthatnosuchadjustmentshallbemadeastheresultoftheissuanceordeemedissuanceofsuchnewissuance.(c)DeemedIssuanceofNewSecurities.IntheeventtheCompanyatanytimeorfromtimetotimeafterthedatehereofshallissueanyOptionsorConvertibleSecuritiesorshallfixarecorddateforthedeterminationofholdersofanyseriesorclassofsecuritiesentitledtoreceiveanysuchOptionsorConvertibleSecurities,thenthemaximumnumberofOrdinaryShares(assetforthintheinstrumentrelatingtheretowithoutregardtoanyprovisionscontainedthereinforasubsequentadjustmentofsuchnumberforanti-dilutionadjustments)issuableupontheexerciseofsuchOptionsor,inthecaseofConvertibleSecuritiesandOptionstherefor,theconversionorexchangeofsuchConvertibleSecuritiesortheexerciseofsuchOptions,shallbedeemedtobeNewSecuritiesissuedasofthetimeofsuchissueor,incasesucharecorddateshallhavebeenfixed,asofthecloseofbusinessonsuchrecorddate,providedthatinanysuchcaseinwhichNewSecuritiesaredeemedtobeissued:(i)nofurtheradjustmentintheapplicableConversionPriceshallbemadeuponthesubsequentissueofConvertibleSecuritiesorOrdinarySharesupontheexerciseofsuchOptionsorconversionorexchangeofsuchConvertibleSecuritiesoruponthesubsequentissueofOptionsforConvertibleSecuritiesorOrdinaryShares;(ii)ifsuchOptionsorConvertibleSecuritiesbytheirtermsprovide,withthepassageoftimeorotherwise,foranychangeintheconsiderationpayabletotheCompany,orchangeinthenumberofOrdinarySharesissuable,upontheexercise,conversionorexchangethereof,thetheneffectiveapplicableConversionPricecomputedupontheoriginalissuethereof(orupontheoccurrenceofarecorddatewithrespectthereto),andanysubsequentadjustmentsbasedthereon,shall,uponanysuchchangebecomingeffective,berecomputedtoreflectsuchchangeinsofarasitaffectssuchOptionsortherightsofconversionorexchangeundersuchConvertibleSecurities;(iii)noreadjustmentpursuanttoArticle8.3(E)(5)(c)(ii)shallhavetheeffectofincreasingthetheneffectiveapplicableConversionPricetoanamountwhichexceedstheapplicableConversionPricethatwouldhavebeenineffecthadnoadjustmentsinrelationtotheissuanceofsuchOptionsorConvertibleSecuritiesasreferencedinArticle8.3(E)(5)(c)(ii)beenmade;(iv)upontheexpirationofanysuchOptionsoranyrightsofconversionorexchangeundersuchConvertibleSecuritiesthathavenotbeenexercised,thetheneffectiveConversionPricecomputedupontheoriginalissuethereof(orupontheoccurrenceofarecorddatewithrespectthereto)andanysubsequentadjustmentsbasedthereonshall,uponsuchexpiration,berecomputedasif:(x)inthecaseofConvertibleSecuritiesorOptionsforOrdinaryShares,theonlyNewSecuritiesissuedweretheOrdinaryShares,ifany,actuallyissuedupontheexerciseofsuchOptionsortheconversionorexchangeofsuchConvertibleSecuritiesandtheconsiderationreceivedthereforwastheconsiderationactuallyreceivedbytheCompanyfortheissueofsuchexercisedOptionsplustheconsiderationactuallyreceivedbytheCompanyuponsuchexerciseorfortheissueofallsuchConvertibleSecuritiesthatwereactuallyconvertedorexchanged,plustheadditionalconsideration,ifany,actuallyreceivedbytheCompanyuponsuchconversionorexchange,and(y)inthecaseofOptionsforConvertibleSecurities,onlytheConvertibleSecurities,ifany,actuallyissuedupontheexercisethereofwereissuedatthetimeofissueofsuchOptions,andtheconsiderationreceivedbytheCompanyfortheNewSecuritiesdeemedtohavebeenthenissuedwastheconsiderationactuallyreceivedbytheCompanyfortheissueofsuchexercisedOptions,plustheconsiderationdeemedtohavebeenreceivedbytheCompany(determinedpursuanttoArticle8.3(E)(5)(e))upontheissueoftheConvertibleSecuritieswithrespecttowhichsuchOptionswereactuallyexercised;and(v)ifsuchrecorddateshallhavebeenfixedandsuchOptionsorConvertibleSecuritiesarenotissuedonthedatefixedtherefor,theadjustmentpreviouslymadeintheapplicableConversionPricewhichbecameeffectiveonsuchrecorddateshallbecanceledasofthecloseofbusinessonsuchrecorddate,andthereaftertheapplicableConversionPriceshallbeadjustedpursuanttothisArticle8.3(E)(5)(c)asoftheactualdateoftheirissuance.(d)AdjustmentofConversionPriceuponIssuanceofNewSecurities.IntheeventofanissuanceofNewSecurities,atanytimeafterthedatehereof,foraconsiderationperOrdinarySharereceivedbytheCompany(netofanysellingconcessions,discountsorcommissions)(the“NewPrice”)lessthantheapplicableConversionPricewithrespecttoeachSeriesSeedPreferredShareineffectimmediatelypriortosuchissue,thenandinsuchevent,theapplicableConversionPricewithrespecttosuchSeriesSeedPreferredShareshallbereduced,concurrentlywithsuchissue,tosuchNewPrice,determinedassetforthbelow:NCP=OCP(OS+(NP/OCP))/(OS+NS)WHERE:NCP=thenewConversionPricewithrespecttosuchSeriesSeedPreferredShare,OCP=theapplicableConversionPricewithrespecttosuchSeriesSeedPreferredShareineffectimmediatelybeforetheissuanceoftheNewSecurities,OS=thetotalissuedandoutstandingOrdinarySharesimmediatelybeforetheissuanceoftheNewSecuritiesplusthetotalOrdinarySharesissuableuponconversionorexchangeoftheSeriesSeedPreferredSharesandtheoutstandingConvertibleSecuritiesandexerciseofoutstandingOptions,NP=thetotalconsiderationreceivedfortheissuanceorsaleoftheNewSecurities,andNS=thenumberofNewSecuritiesissuedorsoldordeemedissuedorsold.(e)DeterminationofConsideration.ForpurposesofthisArticle8.3(E)(5),theconsiderationreceivedbytheCompanyfortheissuanceofanyNewSecuritiesshallbecomputedasfollows:(i)CashandProperty.Suchconsiderationshall:(1)insofarasitconsistsofcash,becomputedattheaggregateamountofcashreceivedbytheCompanyexcludingamountspaidorpayableforaccruedinterestoraccrueddividendsandexcludinganydiscounts,commissionsorplacementfeespayablebytheCompanytoanyunderwriterorplacementagentinconnectionwiththeissuanceofanyNewSecurities;(2)insofarasitconsistsofpropertyotherthancash,becomputedatthefairmarketvaluethereofatthetimeofsuchissue,asdeterminedandapprovedingoodfaithbytheBoard;provided,however,thatnovalueshallbeattributedtoanyservicesperformedbyanyemployee,officerordirectorofanyGroupCompany;(3)intheeventNewSecuritiesareissuedtogetherwithotherSharesorsecuritiesorotherassetsoftheCompanyforconsiderationwhichcoversboth,betheproportionofsuchconsiderationsoreceivedwhichrelatestosuchNewSecurities,computedasprovidedinclauses(1)and(2)above,asreasonablydeterminedingoodfaithbytheBoard.(ii)OptionsandConvertibleSecurities.TheconsiderationperOrdinarySharereceivedbytheCompanyforNewSecuritiesdeemedtohavebeenissuedpursuanttoArticle8.3(E)(5)(c)hereofrelatingtoOptionsandConvertibleSecurities,shallbedeterminedbydividing(x)thetotalamount,ifany,receivedorreceivablebytheCompanyasconsiderationfortheissueofsuchOptionsorConvertibleSecurities(determinedinthemannerdescribedinparagraph(i)above),plustheminimumaggregateamountofadditionalconsideration(assetforthintheinstrumentsrelatingthereto,withoutregardtoanyprovisioncontainedthereinforasubsequentadjustmentofsuchconsideration)payabletotheCompanyupontheexerciseofsuchOptionsortheconversionorexchangeofsuchConvertibleSecurities,orinthecaseofOptionsforConvertibleSecurities,theexerciseofsuchOptionsforConvertibleSecuritiesandtheconversionorexchangeofsuchConvertibleSecuritiesby(y)themaximumnumberofOrdinaryShares(assetforthintheinstrumentsrelatingthereto,withoutregardtoanyprovisioncontainedthereinforasubsequentadjustmentofsuchnumber)issuableupontheexerciseofsuchOptionsortheconversionorexchangeofsuchConvertibleSecurities.(6)OtherDilutiveEvents.IncaseanyeventshalloccurastowhichtheotherprovisionsofthisArticle8.3(E)arenotstrictlyapplicable,butthefailuretomakeanyadjustmenttotheapplicableConversionPricewouldnotfairlyprotecttheconversionrightsoftheholdersoftheSeriesSeedPreferredSharesinaccordancewiththeessentialintentandprincipleshereof,then,upontheapprovaloftheBoardineachsuchcase,theCompany,ingoodfaith,shalldeterminetheappropriateadjustmenttobemade,onabasisconsistentwiththeessentialintentandprinciplesestablishedinthisArticle8.3(E),necessarytopreserve,withoutdilution,theconversionrightsoftheholdersofsuchSeriesSeedPreferredShares.(7)NoImpairment.TheCompanywillnot,byamendmentoftheseArticlesorthroughanyreorganization,recapitalization,transferofassets,consolidation,merger,amalgamation,schemeofarrangement,dissolution,issueorsaleofsecuritiesoranyothervoluntaryaction,avoidorseektoavoidtheobservanceorperformanceofanyofthetermstobeobservedorperformedhereunderbytheCompany,butwillatalltimesingoodfaithassistinthecarryingoutofalltheprovisionsofthisArticle8.3andinthetakingofallsuchactionasmaybenecessaryorappropriatetoprotecttheconversionrightsoftheholdersofSeriesSeedPreferredSharesagainstimpairment.(8)CertificateofAdjustment.InthecaseofanyadjustmentorreadjustmentoftheapplicableConversionPricewithrespecttoanySeriesSeedPreferredShare,theCompany,atitssoleexpense,shallcomputesuchadjustmentorreadjustmentinaccordancewiththeprovisionshereofandprepareacertificateshowingsuchadjustmentorreadjustment,andshalldeliversuchcertificatebynoticetoeachregisteredholderofsuchSeriesSeedPreferredShares,attheholder’saddressasshownintheCompany’sbooks.Thecertificateshallsetforthsuchadjustmentorreadjustment,showingindetailthefactsuponwhichsuchadjustmentorreadjustmentisbased,includingastatementof(i)theconsiderationreceivedordeemedtobereceivedbytheCompanyforanyNewSecuritiesissuedorsoldordeemedtohavebeenissuedorsold,(ii)thenumberofNewSecuritiesissuedorsoldordeemedtobeissuedorsold,(iii)theapplicableConversionPricewithrespecttosuchSeriesSeedPreferredShareineffectbeforeandaftersuchadjustmentorreadjustment,and(iv)thetypeandnumberofEquitySecuritiesoftheCompany,andthetypeandamount,ifany,ofotherpropertywhichwouldbereceiveduponconversionofsuchSeriesSeedPreferredSharesaftersuchadjustmentorreadjustment.(9)NoticeofRecordDate.IntheeventtheCompanyshallproposetotakeanyactionofthetypeortypesrequiringanadjustmentsetforthinthisArticle8.3(E),theCompanyshallgivenoticetotheholdersoftherelevantSeriesSeedPreferredShares,whichnoticeshallspecifytherecorddate,ifany,withrespecttoanysuchactionandthedateonwhichsuchactionistotakeplace.Suchnoticeshallalsosetforthsuchfactswithrespecttheretoasshallbereasonablynecessarytoindicatetheeffectofsuchaction(totheextentsucheffectmaybeknownatthedateofsuchnotice)ontheapplicableConversionPriceandthenumber,kindorclassofsharesorothersecuritiesorpropertywhichshallbedeliverableupontheoccurrenceofsuchactionordeliverableupontheconversionoftherelevantSeriesSeedPreferredShares.Inthecaseofanyactionwhichwouldrequirethefixingofarecorddate,suchnoticeshallbegivenatleasttwenty(20)dayspriortothedatesofixed,andinthecaseofallotheractions,suchnoticeshallbegivenatleastthirty(30)dayspriortothetakingofsuchproposedaction.(10)ReservationofSharesIssuableUponConversion.TheCompanyshallatalltimesreserveandkeepavailableoutofitsauthorizedbutunissuedOrdinaryShares,solelyforthepurposeofeffectingtheconversionoftheSeriesSeedPreferredShares,suchnumberofitsOrdinarySharesasshallfromtimetotimebesufficienttoeffecttheconversionofallissuedandoutstandingSeriesSeedPreferredShares.IfatanytimethenumberofauthorizedbutunissuedOrdinarySharesshallnotbesufficienttoeffecttheconversionofallthenissuedandoutstandingSeriesSeedPreferredShares,inadditiontosuchotherremediesasshallbeavailabletotheholdersofSeriesSeedPreferredShares,theCompanyanditsMemberswilltakesuchcorporateactionasmay,intheopinionofitscounsel,benecessarytoincreaseitsauthorizedbutunissuedOrdinarySharestosuchnumberofsharesasshallbesufficientforsuchpurpose.(11)Notices.AnynoticerequiredorpermittedpursuanttothisArticle8.3shallbegiveninwritingandshallbegiveninaccordancewithArticles110through114.(12)PaymentofTaxes.TheCompanywillpayalltaxes(otherthantaxesbaseduponincome)andothergovernmentalchargesthatmaybeimposedwithrespecttotheissueorallotmentofOrdinarySharesuponconversionoftheSeriesSeedPreferredShares,excludinganytaxorotherchargeimposedinconnectionwithanytransferinvolvedintheissueandallotmentofOrdinarySharesinanameotherthanthatinwhichsuchSeriesSeedPreferredSharessoconvertedwereregistered.8.4VotingRights.A.GeneralRights.SubjecttotheprovisionsoftheMemorandumandtheseArticles,atallgeneralmeetingsoftheCompany:(a)theholderofeachOrdinaryShareissuedandoutstandingshallhaveone(1)voteinrespectofeachOrdinaryShareheld,(b)theholderofaSeriesSeedPreferredShareshallbeentitledtosuchnumberofvotesasequalsthewholenumberofOrdinarySharesintowhichsuchholder’scollectiveSeriesSeedPreferredSharesareconvertibleimmediatelyafterthecloseofbusinessontherecorddateofthedeterminationoftheCompany’sMembersentitledtovoteor,ifnosuchrecorddateisestablished,atthedatesuchvoteistakenoranywrittenconsentoftheCompany’sMembersisfirstsolicited.Fractionalvotesshallnot,however,bepermittedandanyfractionalvotingrightsavailableonanasconvertedbasis(afteraggregatingallsharesintowhichtheSeriesSeedPreferredSharesheldbyeachholdercouldbeconverted)shallberoundedtothenearestwholenumber(withone-halfbeingroundedupward).Foravoidanceofdoubt,theSeriesSeedPreferredSharesshallbeconvertibleintotheOrdinarySharesuponconversionpursuanttotheseArticles.B.ProtectiveProvisions.ApprovalbytheSeriesSeedDirector.SubjecttotheSection2.4oftheShareholdersAgreementandtheseArticles,notwithstandinganyothervoteorconsentrequiredelsewhereintheMemorandumandArticles,theCompanyshallnot,andtheCompanyshallcauseanyGroupCompanynotto,takeanyofthefollowingactionswithouttheaffirmativevoteorpriorwrittenconsentoftheallDirectors(includingtheSeriesSeedDirector):(1)anycessationtoconductoranymaterialchangeintheprincipalbusinessoftheGroupascurrentlyconducted,orenteringintoanynewprincipalbusinessoftheGroup;(2)amendmentofanyprovisionofmemorandumofassociationorarticlesofassociationofanyGroupCompany;(3)anysaleortransferofassetsexceedingRMBoftheGroup,oranysaleortransferofEquitySecuritiesoftheCompany;(4)anyestablishmentorinvestmentofanyjointventurecompany;(5)anyliquidation,dissolution,windinguporsimilarproceedingsofanyGroupCompany;(6)issuanceofanyconvertiblesecurities,optionsorwarrantsoftheCompany;issuanceofanybondoftheCompanyexceedingRMB;(7)anyapprovaloftheannualbusinessplanandtheannualbudgetofanyGroupCompany;(8)anyapprovalofprofitsharingscheme,otherbonusdistributionplanoremployeestockplan(excludingtheemployeestockplaninSection9.1oftheShareholdersAgreement);(9)anypaymentoutsidetheapprovedbudgetplaninanamountexceedingRMB500,000inasingletransactionorexceedingRMB5,000,000intheaggregateinaconsecutivetwelve(12)months;(10)directlyorindirectlywaivetheinterestsinanyothercompanyorsellanyGroupCompanyorjointstockcompanyoutoftheannualplan;(11)anyguaranteebyanyGroupCompanytoanythirdpartiesotherthantheGroupCompanies;(12)anycooperationand/orinvestmentbetweenanyGroupCompanyandthecompetitorsorpartieswithinterestconflictsoftheSeriesSeedPreferredHolder;(13)anycooperationand/orinvestmentbetweenanyGroupCompanyandtheInvestorCompetitors;(14)anyapprovalofthelistingexchange,thelistingtime,orthevaluationofaninitialpublicoffering;(15)anyapprovaloftheappointmentofthechiefexecutiveofficer,chieffinancialofficerandchiefoperatingofficeroftheGroup;(16)anyappointmentorchangeintheauditorsoftheGroup,oranyamendmenttotheapprovedoradoptedaccountingpoliciesandprocedures;or(17)anyapprovaloftransactionwithanyRelatedParty.8.5RedemptionRights.A.Redemption.Priortothedateof,，,andaftertheearlieroftheoccurrenceofthefollowingeventthat:(i)unlessotherwiseapprovedbytheInvestor,theFounderand/ortheFounderHoldcodirectlyorindirectlytransferalloranypartoftheOrdinaryShareshe/itbeneficiallyownsintheCompanytothethirdparties;(ii)anyGroupCompanybecomesinsolventdueto(x)theFounder’sdirectreasonswhichresultinsuchGroupCompanytomateriallyviolateanyapplicablelaw,(y)theFounder’sintentionalorgrossnegligence,or(z)theFounder’smaterialbreachofthearticlesofassociation;(iii)unlessotherwiseapprovedbytheInvestorortheBoard,anyGroupCompanyanditsAffiliatesconductasingletransactioninanamountexceedingRMBorguaranteethathaveamaterialadverseeffectontheInvestor;(iv)thereisanymaterialintegrityissuesoftheFounder(includingwithoutlimitation,anytheoff-balancesheetcashsalesincomeinanamountexceedingRMBinasingletransactionorintheaggregateinafinancialyearthatisunknowntotheInvestor);(v)unlessotherwiseapprovedbytheInvestorortheBoard,anyGroupCompanyinvestsinInvestorCompetitors;(vi)theCompanyand/ortheOriginalOrdinaryHoldersmateriallybreachthemainobligationsundertheTransactionDocumentsand/orapplicablelaws,whichleadstoadministrativepunishmentsand/orpenaltiesofanyGroupCompany;(vii)theCompanyand/ortheOriginalOrdinaryHoldershavenotperformedotherobligationsundertheTransactionDocuments,whichhasnotbeenrectifiedwithinforty-five(45)daysaftertheCompany’sreceiptoftherectificationnoticeinwritingdeliveredbytheRedeemingHolder;(viii)anyGroupCompanycarriesoutanycooperationand/orinvestmentwithInvestorCompetitors,whichhasnotbeenrectifiedwithinforty-five(45)daysaftertheCompany’sreceiptoftherectificationnoticeinwritingdeliveredbytheRedeemingHolder(collectively“RedemptionTriggeringEvents”,eacha“RedemptionTriggeringEvent”),uponwrittennoticeofanyholderoftheSeriesSeedPreferredShares(the“RedeemingHolders”),theCompanyshallredeemalloraportionoftheSeriesSeedPreferredSharesheldbysuchholderasrequestedinsuchwrittennoticeattheSeriesSeedRedemptionPrice(asdefinedbelow).NotwithstandinganythinginArticle8.5(A)abovetothecontrary,theRedeemingHolderswhoexercisetheredemptionrightsinaccordancewiththeRedemptionTriggeringEventinArticle8.5(A)(viii),arenotsubjecttothedatepriorto，,.B.RedemptionPrice.The“RedemptionPrice”foreachSeriesSeedPreferredShareredeemedpursuanttoArticle8.5(A)aboveshallbe100%oftheSeriesSeedIssuePriceinrespectofsuchSeriesSeedPreferredShare.C.RedemptionProcedure.(1)ARedeemingHoldershalldelivertotheCompanyawrittennotice(a“RedemptionNotice”)oftheelectionbysuchholdertoexerciseitsredemptionrightsunderthisArticle8.5(thedateofdeliveryofsuchRedemptionNoticebeingthe“RedemptionNoticeDate”).EachredemptionoftheSeriesSeedPreferredSharespursuanttoArticle8.5hereofshallhaveitsclosingonadatenolaterthanonehundredeighty(180)daysoftheRedemptionNoticeDate,oronsuchearlierdateasdesignatedbytherelatedRedeemingHolder(suchdate,the“RedemptionClosingDate”).(2)UpontheRedemptionClosingDate,eachRedeemingHoldershallsurrenderitscertificateorcertificatesrepresentingsuchSeriesSeedPreferredSharestoberedeemedtotheCompanyandadatedandsignedinstrumentoftransferthereforinthemannerandattheplacedesignatedbytheCompanyforthatpurpose,andimmediatelythereupononthesamedatesuchRedemptionPriceshallbepaidtotheorderofthePersonwhosenameappearsonsuchcertificateorcertificatesastheownerofsuchSharesandeachsuchcertificateshallbecancelled.IntheeventlessthanalltheSharesrepresentedbyanysuchcertificateareredeemed,anewcertificateshallbepromptlyissuedrepresentingtheunredeemedShares.SubjecttoArticle8.5C(3)below,unlesstherehasbeenadefaultinpaymentoftheapplicableredemptionprice,uponcancellationofthecertificaterepresentingsuchSeriesSeedPreferredSharestoberedeemed,alldividendsonsuchSeriesSeedPreferredSharesdesignatedforredemptionontheRedemptionClosingDateshallceasetoaccrueandallrightsoftheholdersthereof,excepttherighttoreceivetherespectiveRedemptionPricethereof,shallceaseandterminate,andsuchSeriesSeedPreferredSharesshallnotthereafterbedeemedoutstandingforanypurposewhatsoever.(3)IftheCompanydoesnothavesufficientcashorfundslegallyavailabletoredeemalloftheSeriesSeedPreferredSharesrequiredtoberedeemed,oriftheCompanyisotherwiseprohibitedbyapplicablelawfrommakingsuchredemption,thoseassetsorfunds,includingoutofthesharepremiumaccountandcapital,whicharelegallyavailableshallbe,totheextentpermittedbyapplicablelaw,shallbepaidtotheRedeemingHolders,andtheunredeemedSeriesSeedPreferredSharesshallcontinuetohaveallthepowersandrightswhichsuchshareshadpriortotheRedemptionClosingDate.(4)EachoftheGroupCompaniesandeachholderofOrdinarySharesshallexecutesuchfurtherinstrumentsandtotakesuchfurtheractionasmaybereasonablynecessarytocarryouttheintentofthisArticle8.5.TheCompanyshallandshallcausetheGroupCompaniesandtheholdersofOrdinarySharestousetheirbesteffortstoensurethattherightsgrantedunderthisArticle8.5totheRedeemingHoldersareeffectiveandthattheRedeemingHoldersenjoythebenefitsthereof.TheCompanyshallandshallcauseeachoftheGroupCompaniesandtheholdersofOrdinarySharestouseitsbesteffortsandtakeanyandallactionsasmaybenecessary,advisableorreasonablyrequestedbytheRedeemingHoldersinordertocarryoutthetransactionscontemplatedbythisArticle8.5andtoprotecttherightsoftheRedeemingHoldersunderthisArticle8.5againstimpairment.REGISTEROFMEMBERS8.TheCompanyshallmaintainorcausetobemaintainedtheRegisterofMembersinaccordancewiththeStatute.TheRegisterofMembersshallbetheonlyevidenceastowhoaretheMembersentitledtoexaminetheRegisterofMembersortovoteinpersonorbyproxyatanymeetingofMembers.FIXINGRECORDDATE9.TheDirectorsmayfixinadvanceadateastherecorddateforanydeterminationofMembersentitledtonoticeofortovoteatameetingoftheMembers,oranyadjournmentthereof,andforthepurposeofdeterminingtheMembersentitledtoreceivepaymentofanydividendtheDirectorsmay,atorwithinninety(90)dayspriortothedateofdeclarationofsuchdividend,fixasubsequentdateastherecorddateforsuchdetermination.10.IfnorecorddateisfixedforthedeterminationofMembersentitledtonoticeof,ortovoteat,ameetingofMembersorMembersentitledtoreceivepaymentofadividend,thedateonwhichnoticeofthemeetingissentorthedateonwhichtheresolutionoftheDirectorsdeclaringsuchdividendisadopted,asthecasemaybe,shallbetherecorddateforsuchdeterminationofMembers.WhenadeterminationofMembersentitledtovoteatanymeetingofMembershasbeenmadeasprovidedinthisArticle,suchdeterminationshallapplytoanyadjournmentthereof.CERTIFICATESFORSHARES11.AMembershallonlybeentitledtoasharecertificateiftheDirectorsresolvethatsharecertificatesshallbeissued.SharecertificatesrepresentingShares,ifany,shallbeinsuchformastheDirectorsmaydetermine.SharecertificatesshallbesignedbyoneormoreDirectorsorotherPersonauthorisedbytheDirectors.TheDirectorsmayauthorisecertificatestobeissuedwiththeauthorisedsignature(s)affixedbymechanicalprocess.AllcertificatesforSharesshallbeconsecutivelynumberedorotherwiseidentifiedandshallspecifytheSharestowhichtheyrelate.AllcertificatessurrenderedtotheCompanyfortransfershallbecancelledand,subjecttotheseArticles,nonewcertificateshallbeissueduntiltheformercertificaterepresentingalikenumberofrelevantSharesshallhavebeensurrenderedandcancelled.12.TheCompanyshallnotbeboundtoissuemorethanonecertificateforSharesheldjointlybymorethanonePersonanddeliveryofacertificatetoonejointholdershallbeasufficientdeliverytoallofthem.13.Ifasharecertificateisdefaced,wornout,lostordestroyed,itmayberenewedonsuchterms(ifany)astoevidenceandindemnityandonthepaymentofsuchexpensesreasonablyincurredbytheCompanyininvestigatingevidence,astheDirectorsmayprescribe,and(inthecaseofdefacementorwearingout)upondeliveryoftheoldcertificate.TRANSFEROFSHARES14.TheSharesoftheCompanyaresubjecttotransferrestrictionsassetforthintheShareholdersAgreement.TheCompanywillregistertransfersofSharesthataremadeinaccordancewithsuchagreementandwillnotregistertransfersofSharesthatarenotmadeinaccordancewithsuchagreement.TheinstrumentoftransferofanyShareshallbeinwritingandshallbeexecutedbyoronbehalfofthetransferor(and,iftheDirectorssorequire,signedbythetransferee).ThetransferorshallbedeemedtoremaintheholderofaShareuntilthenameofthetransfereeisenteredintheRegisterofMembers.REDEMPTIONANDREPURCHASEOFSHARES15.SubjecttotheprovisionsoftheStatuteandtheseArticles,theCompanyispermittedtoredeem,purchaseorotherwiseacquireanyoftheCompany’sShares,solongassuchredemption,purchaseoracquisition(i)ispursuanttoanyredemptionprovisionssetforthintheseMemorandumandArticles,(ii)isthepurchase,repurchaseorredemptionofOrdinarySharesorOptionsbytheCompanyfromterminatedemployees,directors,officersorconsultantspursuanttoemployeestockoptionplansapprovedbytheBoard,or(iii)isasotherwiseagreedbytheholderofsuchShareandtheCompany,subjectinthecaseofclauses(i)or(iii)incompliancewithanyapplicablerestrictionssetforthintheShareholdersAgreement,theMemorandumandtheseArticles.16.SubjecttotheprovisionsoftheStatuteandtheseArticles,theCompanymayissueSharesthataretoberedeemedorareliabletoberedeemedattheoptionoftheMemberortheCompany.SubjecttotheprovisionsoftheStatuteandtheseArticles,theDirectorsmayauthorizetheredemptionorpurchasebytheCompanyofitsownSharesinsuchmannerandonsuchtermsastheythinkfitandmaymakeapaymentinrespectoftheredemptionorpurchaseofitsownSharesinanymannerpermittedbytheStatute,includingoutofcapital.COMMISSIONONSALEOFSHARES17.TheCompanymay,withtheapprovaloftheBoard,sofarastheStatutepermits,payacommissiontoanyPersoninconsiderationofhisorhersubscribingoragreeingtosubscribewhetherabsolutelyorconditionallyforanySharesoftheCompany.Suchcommissionsmaybesatisfiedbythepaymentofcashand/ortheissueoffullyorpartlypaid-upShares.TheCompanymayalsoonanyissueofSharespaysuchbrokerageasmaybelawful.NON-RECOGNITIONOFINTERESTS18.TheCompanyshallnotbeboundbyorcompelledtorecogniseinanyway(evenwhenhavingnoticethereof)anyequitable,contingent,futureorpartialinterestinanyShare,or(exceptonlyasisotherwiseprovidedbytheseArticlesortheStatute)anyotherrightsinrespectofanyShareotherthananabsoluterighttotheentiretythereofintheregisteredholder.TRANSMISSIONOFSHARES19.IfaMemberdies,thesurvivororsurvivorswheresuchMemberwasajointholder,andhisorherlegalpersonalrepresentativeswheresuchMemberwasasoleholder,shallbetheonlyPersonsrecognisedbytheCompanyashavinganytitletosuchMember’sinterest.TheestateofadeceasedMemberisnottherebyreleasedfromanyliabilityinrespectofanySharethathadbeenjointlyheldbysuchMember.20.AnyPersonbecomingentitledtoaShareinconsequenceofthedeathorbankruptcyorliquidationordissolutionofaMember(orinanyotherwaythanbytransfer)may,uponsuchevidencebeingproducedasmayfromtimetotimeberequiredbytheDirectors,electeithertobecometheholderoftheShareortohavesomePersonnominatedbyhimorherasthetransferee,buttheDirectorsshall,inanycase,havethesamerighttodeclineorsuspendregistrationastheywouldhavehadinthecaseofatransferbythatMemberbeforehisdeathorbankruptcypursuanttoArticle15.Ifheorsheelectstobecometheholder,heorsheshallgivewrittennoticetotheCompanytothateffect.21.IfthePersonsobecomingentitledshallelecttoberegisteredastheholder,suchPersonshalldeliverorsendtotheCompanyanoticeinwritingsignedbysuchPersonstatingthatheorshesoelects.AMENDMENTSOFMEMORANDUMANDARTICLESOFASSOCIATIONANDALTERATIONOFCAPITAL22.SubjecttotheseArticles,theCompanymaybyOrdinaryResolution:A.increasethesharecapitalbysuchsumastheresolutionshallprescribeandwithsuchrights,prioritiesandprivilegesannexedthereto,astheCompanyingeneralmeetingmaydetermine;B.consolidateanddividealloranyofitssharecapitalintoSharesoflargeramountthanitsexistingShares;C.bysubdivisionofitsexistingSharesoranyofthemdividethewholeoranypartofitssharecapitalintoSharesofsmalleramountthanisfixedbytheMemorandumorintoShareswithoutparvalue;D.cancelanySharesthatatthedateofthepassingoftheresolutionhavenotbeentakenoragreedtobetakenbyanyPerson;andE.performanyactionnotrequiredtobeperformedbySpecialResolution.23.SubjecttotheprovisionsoftheStatuteandtheprovisionsoftheseArticlesasregardsthematterstobedealtwithbyOrdinaryResolution,theCompanymaybySpecialResolution:A.changeitsname;B.alteroraddtotheseArticles;C.alteroraddtotheMemorandumwithrespecttoanyobjects,powersorothermattersspecifiedtherein;and.D.reduceitssharecapitalandanycapitalredemptionreservefund.REGISTEREDOFFICE24.SubjecttotheprovisionsoftheStatute,theCompanymaybyresolutionoftheDirectorschangethelocationofitsRegisteredOffice.GENERALMEETINGS25.Allgeneralmeetingsotherthanannualgeneralmeetingsshallbecalledextraordinarygeneralmeetings.26.TheCompanymay,ifrequiredbytheStatute,ineachyearholdageneralmeetingasitsannualgeneralmeeting,andshallspecifythemeetingassuchinthenoticescallingit.TheannualgeneralmeetingshallbeheldatsuchtimeandplaceastheDirectorsshallappoint.Atthesemeetings,thereportoftheDirectors(ifany)shallbepresented.27.TheDirectorsmaycallgeneralmeetings,andtheyshallonaMembersrequisitionforthwithproceedtoconveneanextraordinarygeneralmeetingoftheCompany.28.AMembersrequisitionisarequisitionofMembersoftheCompanyholding,onthedateofdepositoftherequisition,notlessthantenpercent(10%)ofthepaidupcapitaloftheCompanyasatthedateofthedepositcarriestherightofvotingatgeneralmeetingsoftheCompany.29.TherequisitionmuststatetheobjectsofthemeetingandmustbesignedbytherequisitionistsanddepositedattheRegisteredOffice,andmayconsistofseveraldocumentsinlikeformeachsignedbyoneormorerequisitionists.30.IftheDirectorsdonotwithintwenty(20)daysfromthedateofthedepositoftherequisitiondulyproceedtoconveneageneralmeetingtobeheldwithinafurthertwenty(20)days,therequisitionists,oranyofthemrepresentingmorethanone-halfofthetotalvotingrightsofallofthem,maythemselvesconveneageneralmeeting,butanymeetingsoconvenedshallnotbeheldaftertheexpirationofthree(3)monthsaftertheexpirationofthesaidtwenty(20)days.31.AgeneralmeetingconvenedasaforesaidbyrequisitionistsshallbeconvenedinthesamemannerasnearlyaspossibleasthatinwhichgeneralmeetingsaretobeconvenedbyDirectors.NOTICEOFGENERALMEETINGS32.Atleastten(10)BusinessDays’noticeshallbegivenofanygeneralmeetingunlesssuchnoticeiswaivedeitherbefore,atoraftersuchmeetingbytheMembers(ortheirproxies)holdingamajorityoftheaggregatevotingpowerofalloftheOrdinarySharesentitledtoattendandvotethereat(includingtheSeriesSeedPreferredSharesonanasconvertedbasis).Everynoticeshallbeexclusiveofthedayonwhichitisgivenordeemedtobegivenandshallspecifytheplace,thedayandthehourofthemeetingandthegeneralnatureofthebusinessandshallbegiveninthemannerhereinaftermentionedorinsuchothermanner,ifany,asmaybeprescribedbytheCompany,providedthatageneralmeetingoftheCompanyshall,whetherornotthenoticespecifiedinthisregulationhasbeengivenandwhetherornottheprovisionsoftheArticlesregardinggeneralmeetingshavebeencompliedwith,bedeemedtohavebeendulyconvenedifitissoagreedbytheMembers(ortheirproxies)holdingamajorityoftheaggregatevotingpowerofalloftheOrdinarySharesentitledtoattendandvotethereat(includingtheSeriesSeedPreferredSharesonanasconvertedbasis).33.TheofficeroftheCompanywhohaschargeoftheRegisterofMembersoftheCompanyshallprepareandmake,atleasttwo(2)BusinessDaysbeforeeverygeneralmeeting,acompletelistoftheMembersentitledtovoteatthegeneralmeeting,arrangedinalphabeticalorder,andshowingtheaddressofeachMemberandthenumberofsharesregisteredinthenameofeachMember.SuchlistshallbeopentoexaminationbyanyMemberforanypurposegermanetothemeeting,duringordinarybusinesshours,foraperiodofatleasttwo(2)BusinessDayspriortothemeeting,eitherataplacewithinthecitywherethemeetingistobeheld,whichplaceshallbespecifiedinthenoticeofthemeeting,or,ifnotsospecified,attheplacewherethemeetingistobeheld.Thelistshallalsobeproducedandkeptatthetimeandplaceofthemeetingduringthewholetimethereof,andmaybeinspectedbyanyMemberoftheCompanywhoispresent.PROCEEDINGSATGENERALMEETINGS34.SubjecttoArticle38,theholdersofamajorityoftheaggregatevotingpowerofalloftheOrdinarySharesentitledtonoticeofandtoattendandvoteatsuchgeneralmeeting(includingtheSeriesSeedPreferredSharesonanasconvertedbasis)presentinpersonorbyproxyorifacompanyorothernon-naturalPersonbyitsdulyauthorisedrepresentativeshallbeaquorum.SubjecttoArticle38,nobusinessshallbetransactedatanygeneralmeetingunlessaquorumispresentatthetimewhenthemeetingproceedstobusiness.35.APersonmayparticipateatageneralmeetingbyconferencetelephoneorothercommunicationsequipmentbymeansofwhichallthePersonsparticipatinginthemeetingcancommunicatewitheachother.ParticipationbyaPersoninageneralmeetinginthismanneristreatedaspresenceinpersonatthatmeeting.36.SubjecttoArticle8.4B,aresolution(includingaSpecialResolution)inwriting(inoneormorecounterparts)signedbyallMembersforthetimebeingentitledtoreceivenoticeofandtoattendandvoteatgeneralmeetings(orbeingcorporationsbytheirdulyauthorizedrepresentatives)shallbeasvalidandeffectiveasifthesamehadbeenpassedatageneralmeetingoftheCompanydulyconvenedandheld.37.Aquorum,onceestablished,shallnotbebrokenbythewithdrawalofenoughvotestoleavelessthanaquorumandthevotespresentmaycontinuetotransactbusinessuntiladjournment.If,however,suchquorumshallnotbepresentorrepresentedatanygeneralmeeting,theMembers(ortheirproxies)holdingamajorityoftheaggregatevotingpowerofalloftheSharesoftheCompanyrepresentedatthemeetingmayadjournthemeetingfromtimetotime,untilaquorumshallbepresentorrepresented;providedthat,ifnoticeofsuchmeetinghasbeendulydeliveredtoallMembersten(10)BusinessDayspriortothescheduledmeetinginaccordancewiththenoticeprocedureshereunder,andthequorumisnotpresentwithinonehourfromthetimeappointedforthemeeting,themeetingshallbeadjournedtotheseventh(7th)followingBusinessDayatthesametimeandplace(ortosuchothertimeorsuchotherplaceasthedirectorsmaydetermine)withnoticedeliveredtoallMembersfive(5)dayspriortotheadjournedmeetinginaccordancewiththenoticeprocedureshereunderand,ifattheadjournedmeeting,thequorumisnotpresentwithinonehalfhourfromthetimeappointedforthemeeting,thenthepresenceofsuchholdersshallnotberequiredatsuchadjournedmeetingforpurposesofestablishingaquorumandthepresenceofanyholdersatsuchadjournedmeetingshallestablishaquorum.Atsuchadjournedmeeting,anybusinessthatmighthavebeentransactedatthemeetingasoriginallynotified(butnotanynewbusiness)maybetransacted.38.Thechairman,ifany,oftheBoardshallpresideaschairmanateverygeneralmeetingoftheCompany,orifthereisnosuchchairman,orifheorsheshallnotbepresentwithintwenty(20)minutesafterthetimeappointedfortheholdingofthemeeting,orisunwillingorunabletoact,theDirectorspresentshallelectoneoftheirnumber,orshalldesignateaMember,tobechairmanofthemeeting.39.Withtheconsentofageneralmeetingatwhichaquorumispresent,thechairmanmay(andshallifsodirectedbythemeeting),adjournthemeetingfromtimetotimeandfromplacetoplace,butnobusinessshallbetransactedatanyadjournedmeetingotherthanthebusinessleftunfinishedatthemeetingfromwhichtheadjournmenttookplace.Whenageneralmeetingisadjourned,noticeoftheadjournedmeetingshallbegivenasinthecaseofanoriginalmeeting.40.Aresolutionputtothevoteofthemeetingshallbedecidedbypollandnotonashowofhands.41.SubjecttoArticle8.4,onapollaMembershallhavethevoteinaccordancewithArticle8.4A.42.Exceptonapollonaquestionofadjournment,apollshallbetakenasthechairmandirects,andtheresultofthepollshallbedeemedtobetheresolutionofthegeneralmeetingatwhichthepollwasdemanded.43.Apollonaquestionofadjournmentshallbetakenforthwith.44.Apollonanyotherquestionshallbetakenatsuchtimeasthechairmanofthegeneralmeetingdirects,andanybusinessotherthanthatuponwhichapollhasbeendemandedoriscontingentthereonmayproceedpendingthetakingofthepoll.VOTESOFMEMBERS45.ExceptasotherwiserequiredbylawortheseArticles,theOrdinarySharesandtheSeriesSeedPreferredSharesshallvotetogetheronanasconvertedbasisonallmatterssubmittedtoavoteofMembers.46.Inthecaseofjointholdersofrecord,thevoteoftheseniorholderwhotendersavote,whetherinpersonorbyproxy,shallbeacceptedtotheexclusionofthevotesoftheotherjointholders,andseniorityshallbedeterminedbytheorderinwhichthenamesoftheholdersstandintheRegisterofMembers.47.AMemberofunsoundmind,orinrespectofwhomanorderhasbeenmadebyanycourt,havingjurisdictioninlunacy,mayvotebyhisorhercommittee,receiver,orotherPersononsuchMember’sbehalfappointedbythatcourt,andanysuchcommittee,receiver,orotherPersonmayvotebyproxy.48.NoPersonshallbeentitledtovoteatanygeneralmeetingoratanyseparatemeetingoftheholdersofaclassorseriesofSharesunlessheorsheisregisteredasaMemberontherecorddateforsuchmeetingnorunlessallcallsorothermoniesthenpayablebysuchMemberinrespectofShareshavebeenpaid.49.Noobjectionshallberaisedtothequalificationofanyvoterexceptatthegeneralmeetingoradjournedgeneralmeetingatwhichthevoteobjectedtoisgivenortenderedandeveryvotenotdisallowedatthemeetingshallbevalid.Anyobjectionmadeinduetimeshallbereferredtothechairmanwhosedecisionshallbefinalandconclusive.50.Votesmaybecasteitherpersonallyorbyproxyorifacompanyorothernon-naturalPersonbyitsdulyauthorisedrepresentative.AMembermayappointmorethanoneproxyorthesameproxyunderoneormoreinstrumentstoattendandvoteatameeting.51.AMemberholdingmorethanoneShareneednotcastthevotesinrespectofhisorherSharesinthesamewayonanyresolutionandthereforemayvoteaShareorsomeorallsuchShareseitherfororagainstaresolutionand/orabstainfromvotingaShareorsomeoralloftheSharesand,subjecttothetermsoftheinstrumentappointinghimorher,aproxyappointedunderoneormoreinstrumentsmayvoteaShareorsomeoralloftheSharesinrespectofwhichheorsheisappointedeitherfororagainstaresolutionand/orabstainfromvoting.PROXIES52.Theinstrumentappointingaproxyshallbeinwriting,beexecutedunderthehandoftheappointororofhisorherattorneydulyauthorisedinwriting,or,iftheappointorisacorporation,underthehandofanofficerorattorneydulyauthorisedforthatpurpose.AproxyneednotbeaMemberoftheCompany.53.TheinstrumentappointingaproxyshallbedepositedattheRegisteredOfficeoratsuchotherplaceasisspecifiedforthatpurposeinthenoticeconveningthemeeting,nolaterthanthetimeforholdingthemeetingoradjournedmeeting.54.Theinstrumentappointingaproxymaybeinanyusualorcommonformandmaybeexpressedtobeforaparticularmeetingoranyadjournmentthereoforgenerallyuntilrevoked.Aninstrumentappointingaproxyshallbedeemedtoincludethepowertodemandorjoinorconcurindemandingapoll.55.otesgiveninaccordancewiththetermsofaninstrumentofproxyshallbevalidnotwithstandingthepreviousdeathorinsanityoftheprincipalorrevocationoftheproxyoroftheauthorityunderwhichtheproxywasexecuted,orthetransferoftheShareinrespectofwhichtheproxyisgivenunlessnoticeinwritingofsuchdeath,insanity,revocationortransferwasreceivedbytheCompanyattheRegisteredOfficebeforethecommencementofthegeneralmeetingoradjournedmeetingatwhichitissoughttousetheproxy.CORPORATEMEMBERS56.Anycorporationorothernon-naturalPersonthatisaMembermayinaccordancewithitsCharterDocuments,orintheabsenceofsuchprovisionbyresolutionofitsdirectorsorothergoverningbody,authorisesuchPersonasitthinksfittoactasitsrepresentativeatanymeetingoftheCompanyoranyclassofMembers,andthePersonsoauthorisedshallbeentitledtoexercisethesamepowersonbehalfofthecorporationwhichheorsherepresentsasthecorporationcouldexerciseifitwereanindividualMember.SHARESTHATMAYNOTBEVOTED57.SharesintheCompanythatarebeneficiallyownedbytheCompanyorheldbyitinafiduciarycapacityshallnotbevoted,directlyorindirectly,atanymeetingandshallnotbecountedindeterminingthetotalnumberofoutstandingSharesatanygiventime.DIRECTORS58.TheBoardshallconsistofuptothree(3)Directors.59.TheFoundershallhavetherighttonominateandappoint,fromtimetotime,individualstooccupytwo(2)positionsontheBoard(suchindividuals,eacha“ManagementDirector”andcollectivelythe“ManagementDirectors”).IntheeventthatthereisanyvacancyforanyseatoftheManagementDirectors,thevotingrightsandotherrightsentitledtosuchManagementDirectorshallvesttotheFounder,solongasheisaManagementDirector.60.Investorshallhavetherighttonominateandappoint,fromtimetotime,anindividualtooccupyone(1)positionontheBoard(suchindividual,the“SeriesSeedDirector”).61.[Reserved].62.[Reserved].63.Uponthedeath,resignation,removalorincapacityofanyDirectorhereunder,suchPersonthenentitledtodesignatesuchDirectorshallbeentitledtonominateandappointsuchDirector’sreplacementtotheBoard,subjecttotheapprovaloftheBoard.AnyDirectornominatedhereunderbyanyPersontotheBoardshallberemovedfromofficeuponmotionbysuchPersononly.ExceptotherwiseexplicitlyprovidedintheShareholdersAgreement,noDirectorappointedbyanyPersonshallberemovedfromtheBoardunlesssuchremovalisconsentedtobysuchPerson.64.SubjecttotheShareholdersAgreementandArticle59,theBoardmayappointanypersonasaDirector,tofillacasualvacancyontheBoardorasanadditiontotheexistingBoard.65.SubjecttotheShareholdersAgreementandArticle59,theCompanymaybyOrdinaryResolutionappointanypersontobeaDirector.POWERSOFDIRECTORS66.SubjecttotheprovisionsoftheStatute,theMemorandum,Section7oftheShareholdersAgreement(ProtectiveProvision)andtheseArticles(includingArticle8.4(B))andtoanydirectionsgivenbyOrdinaryResolutionandSpecialResolution,thebusinessoftheCompanyshallbemanagedbyorunderthedirectionoftheDirectorswhomayexerciseallthepowersoftheCompany;provided,however,thattheCompanyshallnotcarryoutanyactioninconsistentwiththeseArticles.NoalterationoftheMemorandumortheseArticlesandnosuchdirectionshallinvalidateanyprioractoftheDirectorsthatwouldhavebeenvalidifthatalterationhadnotbeenmadeorthatdirectionhadnotbeengiven.AdulyconvenedmeetingofDirectorsatwhichaquorumispresentmayexerciseallpowersexercisablebytheDirectors.67.Allcheques,promissorynotes,drafts,billsofexchangeandothernegotiableinstrumentsandallreceiptsformoniespaidtotheCompanyshallbesigned,drawn,accepted,endorsedorotherwiseexecutedasthecasemaybeinsuchmannerastheDirectorsshalldetermine.68.SubjecttotheseArticles,theDirectorsonbehalfoftheCompanymaypayagratuityorpensionorallowanceonretirementtoanyDirectorwhohasheldanyothersalariedofficeorplaceofprofitwiththeCompanyortohisorherspouseordependantsandmaymakecontributionstoanyfundandpaypremiumsforthepurchaseorprovisionofanysuchgratuity,pensionorallowance.69.SubjecttotheseArticles,theDirectorsmayexerciseallthepowersoftheCompanytoborrowmoneyandtomortgageorchargeitsundertaking,propertyanduncalledcapitaloranypartthereofandtoissuedebentures,debentureshares,mortgages,bondsandothersuchsecuritieswhetheroutrightorassecurityforanydebt,liabilityorobligationoftheCompanyorofanythirdparty.VACATIONOFOFFICEANDREMOVALOFDIRECTOR70.TheofficeofaDirectorshallbevacatedif:A.suchDirectorgivesnoticeinwritingtotheCompanythatheorsheresignstheofficeofDirector;orB.suchDirectordies,becomesbankruptormakesanyarrangementorcompositionwithsuchDirector’screditorsgenerally;orC.suchDirectorisfoundtobeorbecomesofunsoundmind.71.SubjecttotheShareholdersAgreementandotherprovisionsoftheseArticles,aDirectormayberemovedfromofficebyOrdinaryResolutionoftheCompany.PROCEEDINGSOFDIRECTORS72.ADirectormaybyawritteninstrumentappointanalternatewhoneednotbeaDirector,andanalternateisentitledtoattendmeetingsintheabsenceoftheDirectorwhoappointedhimandtovoteorconsentinplaceoftheDirector.AmeetingoftheBoardshallonlyproceedwheretherearepresent(whetherinpersonorbymeansofaconferencetelephoneoranyotherequipmentwhichallowsallparticipantsinthemeetingtospeaktoandheareachothersimultaneously)allDirectorstheninoffice,includingtheSeriesSeedDirector,andthePartiesshallcausetheforegoingtobethequorumrequirementsfortheBoard.Notwithstandingtheforegoing,ifnoticeoftheboardmeetinghasbeendulydeliveredtoalldirectorsoftheBoardfive(5)BusinessDaystothescheduledmeetinginaccordancewiththenoticeproceduresundertheCharterDocumentsoftheCompany,andthenumberofdirectorsrequiredtobepresentunderthisSection73forsuchmeetingtoproceedisnotpresentwithinonehourfromthetimeappointedforthemeetingsolelybecauseoftheabsenceoftheSeriesSeedDirector,thepresenceoftheSeriesSeedDirectorshallnotberequiredforthequorumofsuchmeeting.Fortheavoidanceofdoubt,ifnoticeoftheboardmeetinghasbeendulydeliveredandtheSeriesSeedDirectorisnotpresentinaccordancewiththethisSection73,theactionsinSection8.4(B)maybeapprovedbyanytwo(2)Directors.73.SubjecttotheprovisionsoftheseArticles,theDirectorsmayregulatetheirproceedingsastheythinkfit,providedhoweverthattheboardmeetingsshallbeheldatleastonceeveryfiscalquarterunlesstheBoardotherwiseapproves)andthatthewrittennoticeofeachmeetinggiventotheDirectorsshallincludeanagendaofthebusinesstobetransactedatthemeeting.74.APersonmayparticipateinameetingoftheDirectorsorcommitteeoftheBoardbyconferencetelephoneorothercommunicationsequipmentbymeansofwhichallthePersonsparticipatinginthemeetingcancommunicatewitheachotheratthesametime.ParticipationbyaPersoninameetinginthismanneristreatedaspresenceinpersonatthatmeeting.UnlessotherwisedeterminedbytheDirectors,themeetingshallbedeemedtobeheldattheplacewherethechairmanisatthestartofthemeeting.75.Aresolutioninwriting(inoneormorecounterparts)signedbyallDirectorsorallmembersofacommitteeoftheBoardshallbeasvalidandeffectualasifithadbeenpassedatameetingoftheDirectors,orcommitteeoftheBoard,asthecasemaybe,dulyconvenedandheld.76.MeetingsoftheBoardmaybecalledbyanyDirectoronfive(5)BusinessDays’noticetoeachDirectorinaccordancewithArticles110through114.77.ThecontinuingDirectorsmayactnotwithstandinganyvacancyintheirbody,butifandsolongastheirnumberisreducedbelowthenumberfixedbyorpursuanttotheseArticlesasthenecessaryquorumofDirectors,thecontinuingDirectorsorDirectormayactforthepurposeofincreasingthenumberofDirectorstothatnumber,orofsummoningageneralmeetingoftheCompany,butfornootherpurpose.78.TheDirectorsmayelectachairmanoftheirboardanddeterminetheperiodforwhichheorsheistoholdoffice;butifnosuchchairmaniselected,orifatanymeetingthechairmanshallnotbepresentwithintwenty(20)minutesafterthetimeappointedforholdingthesame,theDirectorspresentmaychooseoneoftheirmemberstobechairmanofthemeeting.79.AllactsdonebyanymeetingoftheDirectorsorofacommitteeoftheBoardshall,notwithstandingthatitbeafterwardsdiscoveredthattherewassomedefectintheappointmentofanyDirectororthattheyoranyofthemweredisqualified,beasvalidasifeverysuchPersonhadbeendulyappointedandqualifiedtobeaDirector.PRESUMPTIONOFASSENT80.ADirectoroftheCompanywhoispresentatameetingoftheDirectorsatwhichactiononanyCompanymatteristakenshallbepresumedtohaveassentedtotheactiontakenunlesstheDirector’sdissentshallbeenteredintheminutesofthemeetingorunlesstheDirectorshallfilehisorherwrittendissentfromsuchactionwiththePersonactingasthechairmanorsecretaryofthemeetingbeforetheadjournmentthereoforshallforwardsuchdissentbyregisteredposttosuchPersonimmediatelyaftertheadjournmentofthemeeting.SuchrighttodissentshallnotapplytoaDirectorwhovotedinfavourofsuchaction.DIRECTORS’INTERESTS81.SubjecttoArticle85,aDirectormayholdanyotherofficeorplaceofprofitundertheCompany(otherthantheofficeofAuditor)inconjunctionwithhisorherofficeofDirectorforsuchperiodandonsuchtermsastoremunerationandotherwiseastheDirectorsmaydetermine.82.SubjecttoArticle85aDirectormayactbyhimselforherselforhisorherfirminaprofessionalcapacityfortheCompanyandsuchDirectororfirmshallbeentitledtoremunerationforprofessionalservicesasifsuchDirectorwerenotaDirector.83.SubjecttoArticle85,aDirectoroftheCompanymaybeorbecomeadirectororotherofficeroforotherwiseinterestedinanycompanypromotedbytheCompanyorinwhichtheCompanymaybeinterestedasMemberorotherwise,andnosuchDirectorshallbeaccountabletotheCompanyforanyremunerationorotherbenefitsreceivedbysuchDirectorasadirectororofficerof,orfromhisorherinterestin,suchothercompany.84.InadditiontoanyfurtherrestrictionssetforthintheseArticles,noPersonshallbedisqualifiedfromtheofficeofDirectororpreventedbysuchofficefromcontractingwiththeCompany,eitherasvendor,purchaserorotherwise,norshallanysuchcontractoranycontractortransactionenteredintobyoronbehalfoftheCompanyinwhichanyDirectorshallbeinanywayinterested(each,an“InterestedTransaction”)beorbeliabletobeavoided,norshallanyDirectorsocontractingorbeingsointerestedbeliabletoaccounttotheCompanyforanyprofitrealisedbyanysuchInterestedTransactionbyreasonofsuchDirectorholdingofficeorofthefiduciaryrelationtherebyestablished,andanysuchdirectormayvoteatameetingofdirectorsonanyresolutionconcerningamatterinwhichthatdirectorhasaninterest(andifhevoteshisvoteshallbecounted)andshallbecountedtowardsaquorumofthosepresentatsuchmeeting,ineachcasesolongasthematerialfactsoftheinterestofeachDirectorintheagreementortransactionandhisinterestinorrelationshiptoanyotherpartytotheagreementortransactionaredisclosedingoodfaithtotheotherDirectors.AgeneralnoticeordisclosuretotheDirectorsorotherwisecontainedintheminutesofameetingorawrittenresolutionofthedirectorsoranycommitteethereofthataDirectorisamemberofanyspecifiedfirmorcompanyandistoberegardedasinterestedinanytransactionwithsuchfirmorcompanyshallbesufficientdisclosureunderthisArticle85.MINUTES85.TheDirectorsshallcauseminutestobemadeinbookskeptforthepurposeofallappointmentsofofficersmadebytheDirectors,allproceedingsatmeetingsoftheCompanyortheholdersofanyseriesofSharesandoftheDirectors,andofcommitteesoftheBoardincludingthenamesoftheDirectorspresentateachmeeting.DELEGATIONOFDIRECTORS’POWERS86.SubjecttotheseArticles,theBoardmayestablishanycommitteesandapprovethedelegationofanyoftheirpowerstoanycommitteeconsistingofoneormoreDirectors,providedthattheInvestorDirectorshallbeappointedasmemberofsuchcommittee.TheBoardmaydesignateoneormoreDirectorsasalternatemembersofanycommittee,whomayreplaceanyabsentordisqualifiedmemberatanymeetingofanysuchcommittee.87.TheBoardmayalsodelegatetoanymanagingDirectororanyDirectorholdinganyotherexecutiveofficesuchoftheirpowersastheyconsiderdesirabletobeexercisedbysuchPersonprovidedthattheappointmentofamanagingDirectorshallberevokedforthwithifheorsheceasestobeaDirector.AnysuchdelegationmaybemadesubjecttoanyconditionstheBoardmayimpose,andeithercollaterallywithortotheexclusionoftheirownpowersandmayberevokedoraltered.88.SubjecttotheseArticles,theDirectorsmaybypowerofattorneyorotherwiseappointanycompany,firm,PersonorbodyofPersons,whethernominateddirectlyorindirectlybytheDirectors,tobetheattorneyorauthorisedsignatoryoftheCompanyforsuchpurposeandwithsuchpowers,authoritiesanddiscretions(notexceedingthosevestedinorexercisablebytheDirectorsundertheseArticles)andforsuchperiodandsubjecttosuchconditionsastheymaythinkfit,andanysuchpowersofattorneyorotherappointmentmaycontainsuchprovisionsfortheprotectionandconvenienceofPersonsdealingwithanysuchattorneysorauthorisedsignatoriesastheDirectorsmaythinkfitandmayalsoauthoriseanysuchattorneyorauthorisedsignatorytodelegatealloranyofthepowers,authoritiesanddiscretionsvestedinhimorher.89.SubjecttotheseArticles,theDirectorsmayappointsuchofficersastheyconsidernecessaryonsuchterms,atsuchremunerationandtoperformsuchduties,andsubjecttosuchprovisionsastodisqualificationandremovalastheDirectorsmaythinkfit.Unlessotherwisespecifiedinthetermsofanofficer’sappointment,anofficermayberemovedbyresolutionoftheDirectorsorMembers.NOMINIMUMSHAREHOLDING90.ThereisnominimumshareholdingrequiredtobeheldbyaDirector.REMUNERATIONOFDIRECTORS91.TheremunerationtobepaidtotheDirectors,ifany,shallbesuchremunerationasdeterminedbytheBoardoroneofitscommittees.TheDirectorsshallalsobeentitledtobepaidallreasonabletravelling,hotelandotherout-of-pocketexpensesproperlyincurredbytheminconnectionwiththeirattendanceatmeetingsoftheBoardorcommitteesoftheBoard,orgeneralmeetingsoftheCompany,orseparatemeetingsoftheholdersofanyseriesofSharesordebenturesoftheCompany,orotherwiseinconnectionwiththebusinessoftheCompany.92.TheDirectorsmaybyresolutionofthemajorityoftheBoardoroneofitscommittees(ineachcaseapproveadditionalremunerationtoanyDirectorforanyservicesotherthanhisorherordinaryroutineworkasaDirector.AnyfeespaidtoaDirectorwhoisalsocounselorsolicitortotheCompany,orotherwiseservesitinaprofessionalcapacity,shallbeinadditiontohisorherremunerationasaDirector.SEAL93.TheCompanymay,iftheDirectorssodetermine,haveaSeal.TheSealshallonlybeusedbytheauthorityoftheDirectorsorofacommitteeoftheBoardauthorisedbytheBoard.EveryinstrumenttowhichtheSealhasbeenaffixedshallbesignedbyatleastonePersonwhoshallbeeitheraDirectororsomeofficerorotherPersonappointedbytheDirectorsforthepurpose.94.TheCompanymayhaveforuseinanyplaceorplacesoutsidetheCaymanIslandsaduplicateSealorSealseachofwhichshallbeafacsimileofthecommonSealoftheCompanyand,iftheDirectorssodetermine,withtheadditiononitsfaceofthenameofeveryplacewhereitistobeused.95.ADirectororanofficerauthorizedbytheBoard,representativeorattorneyoftheCompanymaywithoutfurtherauthorityoftheDirectorsaffixtheSealoverhisorhersignaturealonetoanydocumentoftheCompanyrequiredtobeauthenticatedbyhimorherundersealortobefiledwiththeRegistrarofCompaniesintheCaymanIslandsorelsewherewheresoever.DIVIDENDS,DISTRIBUTIONSANDRESERVE96.SubjecttotheStatuteandtheseArticlestheDirectorsmaydeclaredividendsanddistributionsonSharesinissueandauthorisepaymentofthedividendsordistributionsoutoftheassetsoftheCompanylawfullyavailabletherefor.NodividendordistributionshallbepaidexceptoutoftherealisedorunrealisedprofitsoftheCompany,oroutofthesharepremiumaccountorasotherwisepermittedbytheStatute.97.AlldividendsanddistributionsshallbedeclaredandpaidaccordingtotheprovisionsofArticle8.98.TheDirectorsmaydeductfromanydividendordistributionpayabletoanyMemberallsumsofmoney(ifany)thenpayablebysuchMembertotheCompanyonaccountofcallsorotherwise.99.SubjecttotheprovisionsoftheseArticles,theDirectorsmaydeclarethatanydividendordistributionbepaidwhollyorpartlybythedistributionofspecificassetsandinparticularofshares,debenturesorsecuritiesofanyothercompanyorinanyoneormoreofsuchwaysandwhereanydifficultyarisesinregardtosuchdistribution,theDirectorsmaysettlethesameastheythinkexpedientandinparticularmayissuefractionalSharesandfixthevaluefordistributionofsuchspecificassetsoranypartthereofandmaydeterminethatcashpaymentsshallbemadetoanyMembersuponthebasisofthevaluesofixedinordertoadjusttherightsofallMembersandmayvestanysuchspecificassetsintrusteesasmayseemexpedienttotheDirectors.100.Anydividend,distribution,interestorothermoniespayableincashinrespectofSharesmaybepaidbywiretransfertotheholderorbychequeorwarrantsentthroughthepostdirectedtotheregisteredaddressoftheholderor,inthecaseofjointholders,totheregisteredaddressoftheholderwhoisfirstnamedontheRegisterofMembersortosuchPersonandtosuchaddressassuchholderorjointholdersmayinwritingdirect.EverysuchchequeorwarrantshallbemadepayabletotheorderofthePersontowhomitissent.Anyoneoftwoormorejointholdersmaygiveeffectualreceiptsforanydividends,bonusesorothermoniespayableinrespectoftheShareheldbythemasjointholders.101.NodividendordistributionshallbearinterestagainsttheCompany,exceptasexpresslyprovidedintheseArticles.102.AnydividendthatcannotbepaidtoaMemberand/orthatremainsunclaimedaftersix(6)monthsfromthedateofdeclarationofsuchdividendmay,inthediscretionoftheDirectors,bepaidintoaseparateaccountintheCompany’sname,providedthattheCompanyshallnotbeconstitutedasatrusteeinrespectofthataccountandthedividendshallremainasadebtduetotheMember.Anydividendthatremainsunclaimedafteraperiodofsix(6)yearsfromthedateofdeclarationofsuchdividendshallbeforfeitedandshallreverttotheCompany.CAPITALIZATION103.SubjecttotheseArticles,theDirectorsmaycapitaliseanysumstandingtothecreditofanyoftheCompany’sreserveaccounts(includingsharepremiumaccountandcapitalredemptionreservefund)oranysumstandingtothecreditofprofitandlossaccountorotherwiseavailablefordistributionandtoappropriatesuchsumtoMembersintheproportionsinwhichsuchsumwouldhavebeendivisibleamongstthemhadthesamebeenadistributionofprofitsbywayofdividendassetforthinArticle8hereofandtoapplysuchsumontheirbehalfinpayingupinfullunissuedSharesforallotmentanddistributioncreditedasfullypaid-uptoandamongstthemintheproportionaforesaid.Insuchevent,theDirectorsshalldoallactsandthingsrequiredtogiveeffecttosuchcapitalization,withfullpowertotheDirectorstomakesuchprovisionsastheythinkfitforthecaseofSharesbecomingdistributableinfractions(includingprovisionswherebythebenefitoffractionalentitlementsaccruetotheCompanyratherthantotheMembersconcerned).TheDirectorsmayauthoriseanyPersontoenteronbehalfofalloftheMembersinterestedintoanagreementwiththeCompanyprovidingforsuchcapitalizationandmattersincidentaltheretoandanyagreementmadeundersuchauthorityshallbeeffectiveandbindingonallconcerned.BOOKSOFACCOUNT104.TheDirectorsshallcauseproperbooksofaccounttobekeptatsuchplaceastheymayfromtimetotimedesignatewithrespecttoallsumsofmoneyreceivedandexpendedbytheCompanyandthemattersinrespectofwhichthereceiptorexpendituretakesplace,allsalesandpurchasesofgoodsbytheCompanyandtheassetsandliabilitiesoftheCompany.ProperbooksshallnotbedeemedtobekeptiftherearenotkeptsuchbooksofaccountasarenecessarytogiveatrueandfairviewofthestateoftheCompany’saffairsandtoexplainitstransactions.TheDirectorsshallfromtimetotimedeterminewhetherandtowhatextentandatwhattimesandplaces,andunderwhatconditionsorregulations,theaccountsandbooksoftheCompanyoranyofthemshallbeopentoinspectionofMembersnotbeingDirectorsandnosuchMembershallhaveanyrightofinspectinganyaccountorbookordocumentoftheCompanyexceptasconferredbytheStatuteorauthorizedbytheDirectorsortheCompanyingeneralmeetingorinawrittenagreementbindingontheCompany,includingtheShareholdersAgreement.105.TheDirectorsmayfromtimetotimecausetobepreparedandtobelaidbeforetheCompanyingeneralmeetingprofitandlossaccounts,balancesheets,groupaccounts(ifany)andsuchotherreportsandaccountsasmayberequiredbylaw.AUDIT106.SubjecttotheArticles,theDirectorsmayappointanAuditoroftheCompanywhoshallholdofficeuntilremovedfromofficebyaresolutionoftheDirectors,andmayfixtheAuditor’sremuneration.107.EveryAuditoroftheCompanyshallhavearightofaccessatalltimestothebooksandaccountsandvouchersoftheCompanyandshallbeentitledtorequirefromtheDirectorsandofficersoftheCompanysuchinformationandexplanationasmaybenecessaryfortheperformanceofthedutiesoftheAuditor.108.Auditorsshall,ifsorequiredbytheDirectors,makeareportontheaccountsoftheCompanyduringtheirtenureofofficeatthenextannualgeneralmeetingfollowingtheirappointmentinthecaseofacompanythatisregisteredwiththeRegistrarofCompaniesasanordinarycompany,andatthenextextraordinarygeneralmeetingfollowingtheirappointmentinthecaseofacompanythatisregisteredwiththeRegistrarofCompaniesasanexemptedcompanyandatanyothertimeduringtheirtermofoffice,uponrequestoftheDirectorsoranygeneralmeetingoftheMembers.NOTICES109.ExceptasotherwiseprovidedintheseArticles,noticesshallbeinwriting.NoticemaybegivenbytheCompanytoanyMemberorDirectoreitherpersonallyorbysendingitbynext-dayorsecond-daycourierservice,fax,electronicmailorsimilarmeanstosuchMemberorDirector(asthecasemaybe)ortotheaddressofsuchMemberorDirectorasshownintheRegisterofMembersortheRegisterofDirectors(asthecasemaybe)(orwherethenoticeisgivenbyelectronicmailbysendingittotheelectronicmailaddressprovidedbysuchMemberorDirector).110.Whereanoticeissentbynext-dayorsecond-daycourierservice,serviceofthenoticeshallbedeemedtobeeffectedbyproperlyaddressing,pre-payingandsendingbynext-dayorsecond-dayservicethroughaninternationally-recognizedcourieralettercontainingthenotice,withaconfirmationofdelivery,andtohavebeeneffectedattheearlierof(i)delivery(orwhendeliveryisrefused)and(ii)expirationoftwo(2)BusinessDaysafterthelettercontainingthesameissentasaforesaid.Whereanoticeissentbyfaxtoafaxnumberprovidedbytheintendedrecipient,serviceofthenoticeshallbedeemedtobeeffectedwhenthereceiptofthefaxisacknowledgedbytherecipient.Whereanoticeisgivenbyelectronicmailtotheelectronicmailaddressprovidedbytheintendedrecipient,serviceshallbedeemedtobeeffectedwhenthereceiptoftheelectronicmailisacknowledgedbytherecipient.111.AnoticemaybegivenbytheCompanytothePersonorPersonsthattheCompanyhasbeenadvisedareentitledtoaShareorSharesinconsequenceofthedeathorbankruptcyofaMemberinthesamemannerasothernoticesthatarerequiredtobegivenundertheseArticlesandshallbeaddressedtothembyname,orbythetitleofrepresentativesofthedeceased,ortrusteeofthebankrupt,orbyanylikedescriptionattheaddresssuppliedforthatpurposebythePersonsclaimingtobesoentitled,orattheoptionoftheCompany,bygivingthenoticeinanymannerinwhichthesamemighthavebeengivenifthedeathorbankruptcyhadnotoccurred.112.NoticeofeverygeneralmeetingshallbegiveninanymannerhereinbeforeauthorisedtoeveryPersonshownasaMemberintheRegisterofMembersontherecorddateforsuchmeetingexceptthatinthecaseofjointholdersthenoticeshallbesufficientifgiventothejointholderfirstnamedintheRegisterofMembersandeveryPersonuponwhomtheownershipofaSharedevolvesbyreasonofhisorherbeingalegalpersonalrepresentativeoratrusteeinbankruptcyofaMemberofrecordwheretheMemberofrecordbutforhisorherdeathorbankruptcywouldbeentitledtoreceivenoticeofthemeeting,andnootherPersonshallbeentitledtoreceivenoticesofgeneralmeetings.113.WheneveranynoticeisrequiredbylawortheseArticlestobegiventoanyDirector,memberofacommitteeorMember,awaiverthereofinwriting,signedbythePersonorPersonsentitledtosaidnotice,whetherbeforeorafterthetimestatedtherein,shallbedeemedequivalentthereto.WINDINGUP114.IftheCompanyshallbewoundup,assetsavailablefordistributionamongsttheMembersshallbedistributed,inaccordancewithArticle8.115.IftheCompanyshallbewoundup,theliquidatormay,withthesanctionofanSpecialResolutionoftheCompanyandanyothersanctionrequiredbytheStatute,divideamongsttheMembersinkindthewholeoranypartoftheassetsoftheCompany(whethertheyshallconsistofpropertyofthesamekindornot)andmayforthatpurposevalueanyassetsand,subjecttotheseArticles,determinehowthedivisionshallbecarriedoutasbetweentheMembersordifferentclassesofMembers.Theliquidatormay,withthelikesanction,vestthewholeoranypartofsuchassetsintrusteesuponsuchtrustsforthebenefitoftheMembersastheliquidator,withthelikesanction,shallthinkfit,butsothatnoMembershallbecompelledtoacceptanyassetuponwhichthereisaliability.Indemnity116.Tothemaximumextentpermittedbyapplicablelaw,theDirectorsandofficersforthetimebeingoftheCompanyandanytrusteeforthetimebeingactinginrelationtoanyoftheaffairsoftheCompanyandtheirheirs,executors,administratorsandpersonalrepresentativesrespectivelyshallbeindemnifiedoutoftheassetsoftheCompanyfromandagainstallactions,proceedings,costs,charges,losses,damagesandexpensesthattheyoranyofthemshallormayincurorsustainbyreasonofanyactdoneoromittedinorabouttheexecutionoftheirdutyintheCompanyintheirrespectiveofficesortrusts,exceptsuch(ifany)astheyshallincurorsustainbyorthroughtheirownfraudordishonesty,andnosuchDirectororofficerortrusteeshallbeanswerablefortheacts,receipts,neglectsordefaultsofanyotherDirectororofficerortrusteeorforjoininginanyreceiptforthesakeofconformityorforthesolvencyorhonestyofanybankerorotherPersonswithwhomanymoniesoreffectsbelongingtotheCompanymaybelodgedordepositedforsafecustodyorforanyinsufficiencyofanysecurityuponwhichanymoniesoftheCompanymaybeinvestedorforanyotherlossordamageduetoanysuchcauseasaforesaidorwhichmayhappeninorabouttheexecutionofhisorherofficeortrustunlessthesameshallhappenthroughthefraudordishonestyofsuchDirectororofficerortrustee.ExceptwithrespecttoproceedingstoenforcerightstoindemnificationpursuanttothisArticle,theCompanyshallindemnifyanysuchindemniteepursuanttothisArticleinconnectionwithaproceeding(orpartthereof)initiatedbysuchindemniteeonlyifsuchproceeding(orpartthereof)wasauthorizedbytheBoard.TherighttoindemnificationconferredinthisArticleshallincludetherighttobepaidbytheCompanytheexpensesincurredindefendinganysuchproceedinginadvanceofitsfinaldispositiontothemaximumextentprovidedby,andsubjecttotherequirementsof,applicablelaw,solongastheindemniteeagreeswiththeCompanytorepayallamountssoadvancedifitshallultimatelybedeterminedbyfinaljudicialdecisionfromwhichthereisnofurtherrighttoappealthatsuchindemniteeisnotentitledtobeindemnifiedforsuchexpensesunderthisArticle.117.Tothemaximumextentpermittedbyapplicablelaw,theDirectorsandofficersforthetimebeingoftheCompanyandanytrusteeforthetimebeingactinginrelationtoanyoftheaffairsoftheCompanyandtheirheirs,executors,administratorsandpersonalrepresentativesrespectivelyshallnotbepersonallyliabletotheCompanyoritsMembersformonetarydamagesforbreachoftheirdutyintheirrespectiveoffices,exceptsuch(ifany)astheyshallincurorsustainbyorthroughtheirownfraudordishonestyrespectively.FINANCIALYEAR118.UnlesstheDirectorsotherwiseprescribeinaccordancewithArticle8,thefinancialyearoftheCompanyshallendonthe31stofDecemberineachyearand,followingtheyearofincorporation,shallbeginonthe1stofJanuaryineachyear.TRANSFERBYWAYOFCONTINUATION119.IftheCompanyisexemptedasdefinedintheStatute,itshall,subjecttotheprovisionsoftheStatuteandwiththeapprovalofanOrdinaryResolution,havethepowertoregisterbywayofcontinuationasabodycorporateunderthelawsofanyjurisdictionoutsidetheCaymanIslandsandtobederegisteredintheCaymanIslands.SUPREMACYCLAUSE120.IfanyprovisionoftheArticlesatanytimeconflictsorisinconsistentwithanyoftheprovisionsoftheShareholdersAgreement,theMembersagreethattheprovisionsoftheShareholdersAgreementshallprevailinallrespectsasbetweenthem,andallMembersshallwhenevernecessaryexerciseallvotingandotherrightsandpowersavailabletothemtoprocuretheamendmentoftheArticlestotheextentnecessarytopermittheCompanyanditsaffairstobecarriedoutinaccordancewiththeShareholdersAgreement.",)