As filed with the Securities and Exchange Commission
on August 6, 2024
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
XUNLEI
LIMITED
(Exact name of registrant as specified in its charter)
| Cayman Islands |
Not Applicable |
| (State or other jurisdiction of |
(I.R.S. Employer |
| incorporation or organization) |
Identification Number) |
3709
Baishi Road
Nanshan District, Shenzhen, 518000
People’s Republic of China
+86 (0755) 6111-1571
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Second
Amended and Restated 2020 Share Incentive Plan
(Full title of the plan)
Cogency
Global Inc.
122 East 42nd Street, 18th Floor
New York, NY 10168
(800) 221-0102
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large
accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.
| Large
accelerated filer |
¨ |
|
Accelerated
filer |
¨ |
| Non-accelerated
filer |
x |
|
Smaller
reporting company |
¨ |
| |
|
|
Emerging
growth company |
¨ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act. ¨
Copies to:
| Naijiang
(Eric) Zhou |
Haiping
Li, Esq. |
| Chief
Financial Officer |
Skadden,
Arps, Slate, Meagher & Flom LLP |
| Xunlei
Limited |
c/o
42/F, Edinburgh Tower |
| 3709
Baishi Road |
The
Landmark |
| Nanshan
District, Shenzhen, 518000 |
15
Queen’s Road Central |
| People’s
Republic of China |
Hong
Kong |
| +86
(0755) 6111-1571 |
Tel:
+852 3740-4700 |
EXPLANATORY
NOTE
Xunlei Limited (the “Registrant”)
has prepared this registration statement (this “Registration Statement”) in accordance with the requirements of Form S-8
under the Securities Act to register 14,964,145 additional common shares reserved for issuance under the Second Amended and Restated 2020
Share Incentive Plan.
Pursuant to the Registration
Statement on Form S-8 (File No. 333-257701) filed by the Registrant with the Securities and Exchange Commission (the “Commission”) on July 6, 2021 and the Registration Statement on Form S-8 (File No. 333-272690) filed by the Registrant with the Commission on June 16, 2023 (collectively, the “Prior Registration Statements”), the Registrant previously registered an aggregate
of 46,561,200 common shares under the Amended and Restated 2020 Share Incentive Plan.
In accordance with General
Instruction E to Form S-8, content in the Prior Registration Statements is hereby incorporated by reference.
PART I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
| Item 2. | Registrant Information and Employee Plan Annual Information* |
* Information required by Part I to be contained
in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities
Act and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately
provided to the participants covered by the Second Amended and Restated 2020 Plan, as specified by Rule 428(b)(1) under the
Securities Act.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
| Item 3. | Incorporation of Documents by Reference |
The following documents previously
filed by the Registrant with the Commission are incorporated by reference herein:
All documents subsequently
filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), after the date of this registration statement and prior to the filing of a post-effective amendment to this registration
statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents.
Any statement in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be
modified or superseded to the extent that a statement contained in this registration statement or in any other later filed document that
also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded
will not be deemed, except as so modified or superseded, to be a part of this registration statement.
| Item 4. | Description of Securities |
Not applicable.
| Item 5. | Interests of Named Experts and Counsel |
Not applicable.
| Item 6. | Indemnification of Directors and Officers |
Cayman Islands law does not
limit the extent to which a company’s articles of association may provide for indemnification of directors and officers, except
to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. The Registrant’s eighth amended and restated memorandum and seventh
amended and restated articles of association, adopted by its shareholders on June 11, 2014 and effective conditional and immediately
upon the completion of the Company's initial public offering of common shares represented by American Depositary Shares, provides that
the Registrant shall indemnify its directors and officers out of the assets and funds of the Company against all actions, proceedings,
costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons in connection with the execution or discharge
of such person’s duties, powers, authorities or discretions as a director or officer of the Company, otherwise than by reason of
such person's own dishonesty, actual fraud or willful default, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such person in defending (whether successfully or otherwise) any civil proceedings concerning
the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.
Pursuant
to the indemnification agreement, the form of which was filed as Exhibit 10.7 to the Registrant’s
registration statement on Form F-1, as amended (File No. 333-196221), the Registrant has agreed to indemnify its directors
and officers against certain liabilities and expenses incurred by such persons in connection with claims arising from their services
as directors or officers of the Registrant.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is therefore unenforceable.
The Registrant also maintains a directors and officers
liability insurance policy for its directors and officers.
| Item 7. | Exemption from Registration Claimed |
Not applicable.
See the Index to Exhibits
attached hereto.
(a) The
undersigned Registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) to
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to
reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration
statement; and
(iii) to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to that information in the registration statement;
provided, however, that paragraphs
(a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in this Registration Statement;
(2) That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b) The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing
of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
EXHIBIT INDEX
* Filed herewith.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Shenzhen, China, on August 6, 2024.
| |
Xunlei Limited |
| |
|
| |
By: |
/s/ Jinbo Li |
| |
|
Name: |
Jinbo Li |
| |
|
Title: |
Chairman of the Board and Chief Executive Officer |
POWER
OF ATTORNEY
KNOW ALL PERSONS BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints, severally and not jointly, each of Jinbo Li and Naijiang
(Eric) Zhou, with full power to act alone, as his or her true and lawful attorney-in-fact, with the power of substitution, for and in
such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments)
to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto each said attorney-in-fact full power and authority to do and perform each and every
act and thing requisite and necessary to be done as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that each said attorney-in-fact may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on August 6,
2024.
| Signature |
|
Title |
| |
|
|
| /s/ Jinbo Li |
|
Chairman and Chief Executive Officer |
| Jinbo
Li |
|
(Principal
Executive Officer) |
| |
|
|
| /s/ Yubo Zhang |
|
Director
and President |
| Yubo Zhang |
|
|
| |
|
|
| /s/ Peng Shi |
|
Director |
| Peng
Shi |
|
|
| |
|
|
| /s/ Jenny Wenjie Wu |
|
Independent
Director |
| Jenny
Wenjie Wu |
|
|
| |
|
|
| /s/ Ya Li |
|
Independent
Director |
| Ya
Li |
|
|
| |
|
|
| /s/
Naijiang (Eric) Zhou |
|
Chief
Financial Officer |
| Naijiang
(Eric) Zhou |
|
(Principal
Financial and Accounting Officer) |
SIGNATURE
OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities
Act of 1933, the undersigned, the duly authorized representative in the United States of Xunlei Limited has signed this registration statement
or amendment thereto in New York, New York, the United States on August 6, 2024.
| |
Authorized U.S. Representative |
| |
Cogency
Global Inc. |
| |
|
| |
By: |
/s/ Colleen A. De Vries |
| |
|
Name: |
Colleen A. De Vries |
| |
|
Title: |
Senior Vice President |
Exhibit 5.1
| Ref: | VSL/660874-000001/29707159v2 |
Xunlei Limited
3709 Baishi Road
Nanshan District, Shenzhen, 518000
People's Republic of China
6 August 2024
Dear Sirs
Xunlei Limited (the "Company")
We have acted as Cayman Islands legal counsel
to the Company in connection with a registration statement on Form S-8 to be filed with the Securities and Exchange Commission (the "Commission")
on 6 August 2024 (the "Registration Statement") relating to the registration under the United States Securities Act of
1933, as amended, (the "Securities Act") of 14,964,145 common shares, par value US$0.00025 per share (the "Shares"),
issuable pursuant to the Second Amended and Restated 2020 Share Incentive Plan of the Company (the "Share Incentive Plan").
For the purposes of giving this opinion, we have
examined copies of the Registration Statement and the Share Incentive Plan. We have also reviewed copies of the eighth amended and restated
memorandum of association and the seventh amended and restated articles of association of the Company adopted by special resolution passed
on 11 June 2014 and effective conditional and immediately upon the completion of the Company's initial public offering of Shares represented
by American Depositary Shares (the "Memorandum and Articles"), and the minutes of the meetings of the board of directors
of the Company held on 30 June 2020, 13 March 2023, 4 June 2023 and 26 April 2024 (the resolutions set out in such minutes, the "Resolutions").
Based upon, and subject to, the assumptions
and qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:
| 1. | The Shares to be issued by the Company and registered under the Registration Statement have been duly
and validly authorized. |
| 2. | When issued and paid for in accordance with the terms of the Share Incentive Plan and in accordance with
the Resolutions, and when appropriate entries are made in the register of members (shareholders) of the Company, the Shares will be validly
issued, fully paid and non-assessable. |
In this opinion letter, the phrase "non-assessable" means,
with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares and in the absence of a contractual arrangement,
or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions
to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or
an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
These opinions are subject to the qualification
that under the Companies Act (As Revised) of the Cayman Islands (the "Companies Act"), the register of members of a Cayman
Islands company is by statute regarded as prima facie evidence of any matters which the Companies Act directs or authorises to
be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield
to a court order for rectification (for example, in the event of fraud or manifest error).
These opinions are given only as to, and based
on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws
of the Cayman Islands which are in force on the date of this opinion letter. We express no opinion as to the meaning, validity or effect
of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations.
We have also relied upon the assumptions, which
we have not independently verified, that (a) all signatures, initials and seals are genuine, (b) copies of documents, conformed copies
or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals,
(c) where a document has been provided to us in
draft or undated form, it will be duly executed, dated and unconditionally delivered in substantially the same form as the last version
provided to us, (d) the Memorandum and Articles remain in full force and effect and are unamended, (e) the Resolutions were duly passed
in the manner prescribed in the Memorandum and Articles and have not been amended, varied or revoked in any respect, (f) there is nothing
under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out above, and (g) upon the issue
of any Shares, the Company will receive consideration which shall be equal to at least the par value of such Shares.
This opinion letter is to and for the
benefit solely of the addressee and may not be relied upon by any other person for any purpose.
We consent to the use of this opinion
as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments
thereto. In giving such consent, we do not consider that we are “experts” within the meaning of such term as used in the Securities
Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including
this opinion as an exhibit or otherwise.
Yours faithfully
/s/ Maples and Calder (Hong Kong) LLP
Maples and Calder (Hong Kong) LLP
Exhibit 10.1
XUNLEI LIMITED
Second Amended and Restated 2020 Share Incentive
Plan
Article 1
PURPOSE
The purpose of the Plan is
to promote the success and enhance the value of Xunlei Limited, an exempted company incorporated under the laws of the Cayman Islands
(the “Company”), by linking the personal interests of the Directors, Employees, and Consultants to those of the Company’s
shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s
shareholders.
Article 2
DEFINITIONS
AND CONSTRUCTION
Wherever the following terms
are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun
shall include the plural where the context so indicates.
2.1 “Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein.
2.2 “Award”
means an Option, Restricted Share, Restricted Share Unit or other types of award approved by the Committee granted to a Participant pursuant
to the Plan.
2.3 “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic
medium.
2.4 “Board”
means the Board of Directors of the Company.
2.5 “Cause”
with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or another applicable contract
with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on
the Participant’s Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good
faith and based on its reasonable belief at the time, that the Participant:
(a) has
been grossly negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties
or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties;
(b) has
been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure
or use of inside information, customer lists, trade secrets or other confidential information;
(c) has
breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service Recipient;
or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar
offenses);
(d) has
materially breached any of the provisions of any agreement with the Service Recipient or violated any policies of such Service Recipient;
(e) has
breached any non-compete obligations owed to, engaged in unfair competition with, or otherwise acted intentionally in a manner injurious
to the reputation, business or assets of, the Service Recipient; or
(f) has
improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom
the Service Recipient acts as agent to terminate such agency relationship.
A termination for Cause shall
be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which the Service Recipient
first delivers written notice to the Participant of a finding of termination for Cause.
2.6 “Code”
means the Internal Revenue Code of 1986 of the United States, as amended.
2.7 “Committee”
means a committee of the Board described in Article 10.
2.8 “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the
services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser
is a natural person who has contracted directly with the Service Recipient to render such services.
2.9 “Corporate
Transaction”, unless otherwise defined in an Award Agreement, means any of the following transactions, provided, however, that
the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final,
binding and conclusive:
(a) an
amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the surviving entity, except
for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following
which the holders of the voting securities of the Company do not continue to hold more than 50% of the combined voting power of the voting
securities of the surviving entity;
(b) the
sale, transfer or other disposition of all or substantially all of the assets of the Company;
(c) the
complete liquidation or dissolution of the Company;
(d) any
reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a tender offer followed
by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately
prior to such takeover are converted or exchanged by virtue of the takeover into other property, whether in the form of securities, cash
or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such
takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions
that the Committee determines shall not be a Corporate Transaction;
(e) acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more
than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction
or series of related transactions that the Committee determines shall not be a Corporate Transaction; or
(f) the
individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason to constitute
at least fifty percent (50%) of the Board; provided that if the election, or nomination for election by the Company’s shareholders,
of any new member of the Board is approved by the Incumbent Board pursuant to the then effective articles of association of the Company,
such new member of the Board shall be considered as a member of the Incumbent Board.
2.10 “Director”,
means a member of the Board or a member of the board of directors of any Subsidiary of the Company.
2.11 “Disability”,
unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under the
Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides
services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant provides
service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out
the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability
unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.
2.12 “Effective
Date” shall have the meaning set forth in Section 11.1.
2.13 “Employee”
means any person, including an officer or a Director or any Parent or Subsidiary of the Company, who is in the employment of a Service
Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method
of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to constitute “employment”
by the Service Recipient.
2.14 “Exchange
Act” means the Securities Exchange Act of 1934 of the United States, as amended.
2.15 “Fair
Market Value” means, as of any date, the value of Shares determined as follows:
(a) If
the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, the New York
Stock Exchange or the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid,
if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee)
on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading
date such closing sales price or closing bid was reported), as reported on the website maintained by such exchange or market system or
such other source as the Committee deems reliable; or
(b) In
the absence of an established market for the Shares of the type described in (a) above, the Fair Market Value thereof shall be determined
by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the
Shares and the development of the Company’s business operations and the general economic and market conditions since such latest
private placement, (ii) other third party transactions involving the Shares and the development of the Company’s business
operation and the general economic and market conditions since such transaction, (iii) an independent valuation of the Shares, or
(iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value.
2.16 “Incentive
Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision
thereto.
2.17 “Independent
Director” means (i) if the Shares or other securities representing the Shares are not listed on a stock exchange, a Director
of the Company who is a Non-Employee Director; and (ii) if the Shares or other securities representing the Shares are listed on
one or more stock exchange, a Director of the Company who meets the independence standards under the applicable corporate governance
rules of the stock exchange(s).
2.18 “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of
the Exchange Act, or any successor definition adopted by the Board.
2.19 “Non-Qualified
Share Option” means an Option that is not intended to be an Incentive Share Option.
2.20 “Option”
means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified
price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.
2.21 “Participant”
means a person who, as a Director, Consultant or Employee, or as a counsel to the Company, has been granted an Award pursuant to the
Plan.
2.22 “Parent”
means a parent corporation under Section 424(e) of the Code.
2.23 “Plan”
means this Second Amended and Restated 2020 Share Incentive Plan of Xunlei Limited, as amended and/or restated from time to time.
2.24 “Related
Entity” means any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent
or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which
the Board designates as a Related Entity for purposes of the Plan.
2.25 “Restricted
Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be
subject to risk of forfeiture.
2.26 “Restricted
Share Unit” means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date.
2.27 “Securities
Act” means the Securities Act of 1933 of the United States, as amended.
2.28 “Service
Recipient” means the Company, any Parent or Subsidiary of the Company and Related Entity to which a Participant provides services
as an Employee, a Consultant or a Director.
2.29 “Share”
means the common shares of the Company, par value US$0.00025 per share, and such other securities of the Company that may be substituted
for Shares pursuant to Article 9. When referenced in the context of listings on a stock exchange, “Shares” may also
refer to American depositary shares or other securities representing the common shares.
2.30 “Subsidiary”
means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned directly
or indirectly by the Company.
2.31 “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed with
and declared effective by the U.S. Securities and Exchange Commission under the Securities Act.
Article 3
SHARES
SUBJECT TO THE PLAN
(a) Subject
to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all
Awards (including Incentive Share Options) (the “Award Pool”) shall be 61,525,345 Shares.
(b) To
the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available for
the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution
for, any outstanding awards of any entity acquired in any form or combination by the
Company or any Parent or Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan.
Shares delivered by the Participant or withheld by the Company upon the exercise (in terms of an Option) or the vesting (in terms of
a Restricted Share or Restricted Share Unit) of any Award under the Plan, in payment of the exercise price thereof and/or tax withholding
thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares
are forfeited by the Participant or repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder, subject
to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned,
granted or awarded if such action would cause an Incentive Share Option to fail to qualify as an incentive share option under Section 422
of the Code.
3.2 Shares
Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury
Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, at the discretion of the Committee, any Shares
distributed pursuant to an Award may be represented by American Depository Shares. If the number of Shares represented by an American
Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution
of American Depository Shares in lieu of Shares. The American Depositary Shares so distributed shall be subject to the same corresponding
restrictions or forfeiture and repurchase conditions contained in this Plan as if the Award is granted in the form of Options, Restricted
Share Units, or Restricted Shares, respectively.
Article 4
ELIGIBILITY
AND PARTICIPATION
4.1 Eligibility.
Persons eligible to participate in this Plan include Employees, Consultants, and Directors, as determined by the Committee.
4.2 Participation.
Subject to the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom
Awards shall be granted and shall determine the nature and amount of each Award. No individual shall automatically have any right to
be granted an Award pursuant to this Plan.
4.3 Jurisdictions.
In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee
may provide for such special terms as it may consider necessary or appropriate
to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is
employed. Moreover, the Committee may approve such supplements to, or
amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without
thereby affecting the terms of the Plan as in effect for any other purpose; provided, however,
that no such supplements, amendments, restatements,
or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing,
the Committee may not take any actions
hereunder, and no Awards shall be granted, that would violate any Applicable Laws.
Article 5
OPTIONS
5.1 General.
The Committee is authorized to grant Options to Participants on the following terms and conditions:
(a) Exercise
Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement
which may be a fixed price or a variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to
an Option may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding
and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment
of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s
shareholders or the approval of the affected Participants.
(b) Time
and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part,
including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as
provided in Section 12.1. The Committee shall also determine any conditions, if any, that must be satisfied before all or part of
an Option may be exercised.
(c) Payment.
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without
limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or
check in Chinese Renminbi, (iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares
held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having
a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after
the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then
issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale
to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company upon
settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or
(vii) any combination of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a
member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange
Act shall be permitted to pay the exercise price of an Option in any method which would violate Section 13(k) of the Exchange
Act.
(d) Effects
of Termination of Employment or Service on Options. Termination of employment or service shall have the following effects on Options
granted to the Participants:
(i) Dismissal
for Cause. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service Recipient
is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not
the Option is then vested and/or exercisable;
(ii) Death
or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service
Recipient terminates as a result of the Participant’s death or Disability:
(1) the
Participant (or his or her legal representative or beneficiary, in the case of the Participant’s Disability or death, respectively),
will have until the date that is 12 months after the Participant’s termination of employment to exercise the Participant’s
Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination
of employment on account of death or Disability;
(2) the
Options, to the extent not vested and exercisable on the date of the Participant’s termination of employment or service, shall
terminate upon the Participant’s termination of employment or service on account of death or Disability; and
(3) the
Options, to the extent exercisable for the 12-month period following the Participant’s termination of employment or service and
not exercised during such period, shall terminate at the close of business on the last day of the 12-month period.
(iii) Other
Terminations of Employment or Service. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or
service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because of
the Participant’s death or Disability:
(1) the
Participant will have until the date that is 90 days after the Participant’s termination of employment or service to exercise his
or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s
termination of employment or service;
(2) the
Options, to the extent not vested and exercisable on the date of the Participant’s termination of employment or service, shall
terminate upon the Participant’s termination of employment or service; and
(3) the
Options, to the extent exercisable for the 90-day period following the Participant’s termination of employment or service and not
exercised during such period, shall terminate at the close of business on the last day of the 90-day period.
5.2 Incentive
Share Options. Incentive Share Options may be granted to Employees of the Company, a Parent or a Subsidiary of the Company. Incentive
Share Options may not be granted to employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive
Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional
provisions of this Section 5.2:
(a) Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to
which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation
as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first
exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options.
(b) Exercise
Price. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However, the
exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten
percent of the total combined voting power of all classes of shares of the Company may not be less than 110% of Fair Market Value on
the date of grant and such Option may not be exercisable for more than five years from the date of grant.
(c) Transfer
Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive
Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer
of such Shares to the Participant.
(d) Expiration
of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of
the Effective Date.
(e) Right
to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant.
(f) Expiration
of Option. An Incentive Share Option may not be exercised to any extent by anyone after the first to occur of the following events:
(i) Ten
years from the date it is granted, unless an earlier time is set in the Award Agreement;
(ii) Three
months after the Participant’s termination of employment as an Employee; and
(iii) One
year after the date of the Participant’s termination of employment or service on account of Disability or death. Upon the Participant’s
Disability or death, any Incentive Share Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s
legal representative or representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and
testament, or, if the Participant fails to make testamentary disposition of such Incentive Share Option or dies intestate, by the person
or persons entitled to receive the Incentive Share Option pursuant to the applicable laws of descent and distribution.
Article 6
RESTRICTED
SHARES
6.1 Grant
of Restricted Shares.
(a) The Committee, at
any time and from time to time, may grant Restricted Shares to Participants as the Committee, in its sole discretion, shall determine.
The Committee, in its sole discretion, shall determine the number of Restricted Shares to be granted to each Participant.
(b) Any grant of Awards
in respect of Restricted Shares shall require the prior written consent of the chief executive officer of the Company, if such Award
is granted to an Employee, advisor or consultant of the Company or any of its Subsidiaries. The chief executive officer of the Company
shall (A) provide the Board with a plan in respect of the grants of Awards hereunder in any given year prior to actual grant of
any Award in such year; and (B) notify the Board in writing of any grant of Award as soon as possible after such grant, which shall
not materially deviate from that provided in the annual plan provided to the Board.
6.2 Restricted
Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement that shall specify the period of
restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall
determine. Unless the Committee determines otherwise, Restricted Shares shall be registered in the name of Leading Advice Holdings Limtied
or its nominee regardless whether such Restricted Shares have vested or not and the restrictions on such Restricted Shares have lapsed
or not.
6.3 Issuance
and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the Committee
may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the
Restricted Shares). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such
installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter.
6.4 Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or
service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited
or repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted
Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole
or in part in the event of terminations resulting from Causes, and (b) in other cases waive in whole or in part restrictions or
forfeiture and repurchase conditions relating to Restricted Shares. Where any Restricted Share is subject to forfeiture under this Plan,
or under any Restricted Share Award Agreement, such forfeiture shall be effected by means of, (i) if the Restricted Shares are registered
in the name of the Leading Advice Holdings Limited (or its nominee), cancelling any rights (including right to dividend) of the Participant
with respect to such Restricted Shares, or (ii) if the Restricted Shares are registered in the name of the Participant, the surrender
for no consideration of such Restricted Share by the registered holder of such Restricted Shares, in accordance with section 37B of the
Companies Law of the Cayman Islands, and the Participant hereby irrevocably and unconditionally agrees with such surrender, to the intent
and effect that no further consent or action by the Participant shall be required in respect of such surrender in order to give effect
to such forfeiture of Restricted Shares.
6.5 Certificates
for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine.
If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend
referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain
physical possession of the certificate until such time as all applicable restrictions lapse.
6.6 Removal
of Restrictions. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After
the restrictions have lapsed, the Participant shall be entitled to have any legend or legends under Section 6.5 removed from his
or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal restrictions. The
Committee (in its discretion) may establish procedures regarding the release of Shares and the removal of legends, as necessary or appropriate
to minimize administrative burdens on the Company.
Article 7
RESTRICTED SHARE UNITS
7.1 Grant
of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants as
the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted
Share Units to be granted to each Participant.
7.2 Restricted
Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall specify any
vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion,
shall determine.
7.3 Form and
Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which the Restricted
Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share
Units in the form of cash, Shares or a combination thereof.
Article 8
PROVISIONS
APPLICABLE TO AWARDS
8.1 Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for
each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service
terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award.
8.2 No
Transferability; Limited Exception to Transfer Restrictions.
8.2.1 Limitations
on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 8.2, by applicable law and by the Award
Agreement, as the same may be amended, no right or
interest of a Participant in any Award may be pledged, encumbered,
or hypothecated to or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or
liability of such Participant to any other party other than the Company or a Subsidiary. In addition, the shares shall be
subject to the restrictions set forth in the applicable Award Agreement. Except
as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant other
than by will or the laws of descent and distribution. The Committee by express provision in the Award Agreement or an amendment
thereto may permit an Award to be transferred to and paid to certain persons or entities related to the Participant, including but
not limited to members of the Participant’s family, charitable institutions, or trusts or other entities whose beneficiaries
or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or
entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee may establish.
Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory to it that the transfer is
being made for estate and/or tax planning purposes (or to a “blind trust” in connection with the Participant’s
termination of employment or service with the Company or a Subsidiary to assume a position with a governmental, charitable,
educational or similar non-profit institution) and on a basis consistent with the Company’s lawful issue of
securities.
8.2.2 Further
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 8.2.1 will not apply to:
(a) transfers
to the Company or a Subsidiary;
(b) transfers
by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act;
(c) the
designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by
the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent
and distribution; or
(d) if
the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s duly
authorized legal representative.
Notwithstanding anything else
in this Section 8.2.2 to the contrary, but subject to compliance with all Applicable Laws, Incentive Share Options, Restricted
Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary
to maintain the intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all Applicable
Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the condition
precedent that the transfer be approved by the Committee in order for it to be effective.
8.3 Beneficiaries.
Notwithstanding Section 8.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the
rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary,
legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide,
and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community
property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than
50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s
spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant
to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed
or revoked by a Participant at any time provided the change or revocation is filed with the Committee.
8.4 Performance
Objectives and Other Terms. The Committee, in its discretion, shall set performance objectives or other vesting criteria which, depending
on the extent to which they are met, will determine the number or value of the Awards that will be granted or paid out to the Participants.
8.5 Share
Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates
evidencing the Shares pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel, that
the issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations of gov-ernmental authorities and,
if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to
the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with
all Applicable Laws, and the rules of any national securities exchange or automated quota-tion system on which the Shares are listed,
quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Shares. In addition
to the terms and conditions provided herein, the Committee may require that a Participant make such reason-able covenants, agreements,
and representations as the Committee, in its discretion, deems advis-able in order to comply with any such laws, regulations, or requirements.
The Committee shall have the right to require any Participant to comply with any timing or other restrictions with re-spect to the settlement
or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee.
8.6 Paperless
Administration. Subject to Applicable Laws, the Committee may make Awards, pro-vide applicable disclosure and procedures for exercise
of Awards by an internet website or inter-active voice response system for the paperless administration of Awards.
8.7 Foreign
Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired
and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control
laws and regulations. In the event the exercise price for an Award is paid in Chinese Renminbi or other foreign currency, as permitted
by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s
Bank of China for Chinese Renminbi, or for jurisdictions other than the People’s Republic of China, the exchange rate as selected
by the Committee on the date of exercise.
Article 9
CHANGES
IN CAPITAL STRUCTURE
9.1 Adjustments.
In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization
or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the Shares
or the price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem
appropriate to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan
(including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding
Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or
exercise price per share for any outstanding Awards under the Plan.
9.2 Corporate
Transactions. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between
the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee
may, in its sole discretion, provide for (i) accelerate the vesting of such Awards as the Committee shall determine, or (ii) any
and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise
the vested portion of such Awards during a period of time as the Committee shall determine, or (iii) the purchase of any Award for
an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt,
if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise/vesting of such Award,
then such Award may be terminated by the Company without payment), or (iv) the replacement of such Award with other rights or property
selected by the Committee in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation,
or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (v) payment of
such Award in cash based on the value of Shares on the date of the Corporate Transaction plus reasonable interest on the Award through
the date as determined by the Committee when such Award would otherwise be vested or have been paid in accordance with its original terms,
if necessary to comply with Section 409A of the Code.
9.3 Outstanding
Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other than
those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in the number
and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price
of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.
9.4 No
Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation
of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to
action of the Committee under the Plan, and no issuance by the Company of shares of any class, or securities convertible into shares
of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award
or the grant or exercise price of any Award.
Article 10
ADMINISTRATION
10.1 Committee.
The Plan shall be administered by the Board or the compensation committee of the Board (the “Committee”) to whom the
Board shall delegate the authority to grant or amend Awards to Participants other than any of the Committee members and Independent Directors
of the Company. Reference to the Committee shall refer to the Board in absence of the Committee. Notwithstanding the foregoing, the full
Board, acting by majority of its members in office, shall conduct the general administration of the Plan if required by Applicable Laws,
and with respect to Awards granted to the Committee members and Independent Directors of the Company and for purposes of such Awards
the term “Committee” as used in the Plan shall be deemed to refer to the Board.
10.2 Registered
Holder. With respect to Awards that are Restricted Shares, Leading Advice Holdings Limited or its designee shall be registered in
the Register of Members of the Company as the holder of the underlying Shares of the Awards that are Restricted Shares, until such Restricted
Shares shall have been transferred to the Participant (or a transferee designated by the Participant) in accordance with the terms of
the relevant Award Agreement, if applicable.
10.3 Action
by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting
at which a quorum is present, and acts approved unanimously in writing by all members of the Committee in lieu of a meeting, shall be
deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information
furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified
public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration
of the Plan.
10.4 Authority
of the Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion
to:
(a) designate
Participants to receive Awards;
(b) determine
the type or types of Awards to be granted to each Participant;
(c) determine
the number of Awards to be granted and the number of Shares to which an Award will relate;
(d) determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or
purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the
exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain
on an Award, based in each case on such considerations as the Committee in its sole discretion determines;
(e) determine
whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid
in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;
(f) prescribe
the form of each Award Agreement, which need not be identical for each Participant;
(g) decide
all other matters that must be determined in connection with an Award;
(h) establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;
(i) interpret
the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;
(j) amend
terms and conditions of Award Agreements; and
(k) make
all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to
administer the Plan, including design and adopt from time to time new types of Awards that are in compliance with Applicable Laws.
10.5 Decisions
Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions
and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.
Article 11
EFFECTIVE
AND EXPIRATION DATE
11.1 Effective
Date. The Plan shall become effective as of the date of its adoption by the Board (the “Effective Date”).
11.2 Expiration
Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date.
Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan
and the applicable Award Agreement.
Article 12
AMENDMENT,
MODIFICATION, AND TERMINATION
12.1 Amendment,
Modification, and Termination. At any time and from time to time, the Board may terminate, amend or modify the Plan; provided, however,
that (a) to the extent necessary and desirable to comply with Applicable Laws or stock exchange rules, the Company shall obtain
shareholder approval of any Plan amendment in such a manner and to such a degree as required, unless the Company decides to follow home
country practice, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment
to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 9),
or (ii) permits the Committee to extend the term of the Plan or the exercise period for an Option beyond ten years from the date
of grant.
12.2 Awards
Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent
of the Participant.
Article 13
GENERAL
PROVISIONS
13.1 No
Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and
neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly.
13.2 No
Shareholders Rights. No Award gives the Participant any of the rights of a shareholder of the Company unless and until Shares are
in fact issued to such person in connection with such Award. With respect to Awards that are Restricted Shares, Participants
will not be entitled to any rights of a shareholder of the Company (including right to dividends) on unvested portions of Restricted
Shares. Participants will be entitled to dividends on the vested portions of
Restricted Shares.
13.3 Taxes.
No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee
for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall
have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld
with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and
in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under
an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other
provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award
(or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company)
in order to satisfy any income and payroll tax liabilities applicable to the Participant with respect to the issuance, vesting, exercise
or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market
Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding
rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income.
13.4 No
Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of
the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right
to continue in the employment or services of any Service Recipient.
13.5 Unfunded
Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments
not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any
rights that are greater than those of a general creditor of the Company or any Subsidiary.
13.6 Indemnification.
To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless
by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved
by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense,
to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum
of Association and Articles of Association, as a matter of law, or otherwise, or any power that the Company may have to indemnify them
or hold them harmless.
13.7 Relationship
to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent
otherwise expressly provided in writing in such other plan or an agreement thereunder.
13.8 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded
to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth
in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange
Act) that are requirements for the application of such exemptive rule. To the extent permitted by the Applicable Laws, the Plan and Awards
granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
13.9 Expenses.
The expenses of administering the Plan shall be borne by the Group Entities.
13.10 Fractional
Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in
lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate.
13.11 Government
and Other Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable
Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the
Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid
pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws,
the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption.
13.12 Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands.
13.13 Section 409A.
To the extent that the Committee determines that any Award granted under the Plan is or may become subject to Section 409A of the
Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code.
To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code and
the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such
regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary,
in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code
and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date),
the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary
or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits
provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department
of Treasury guidance.
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 of Xunlei Limited of our report dated April 23, 2024, relating to the financial statements and the effectiveness
of internal control over financial reporting, which appears in Xunlei Limited’s Annual Report on Form 20-F for the year ended
December 31, 2023.
/s/ PricewaterhouseCoopers Zhong Tian LLP
Shenzhen, the People’s Republic of China
August 6, 2024
Exhibit 107
CALCULATION OF FILING FEE TABLE
Form S-8
(Form Type)
Xunlei Limited
(Exact Name of Registrant as Specified in its Charter)
Newly Registered Securities
| |
|
|
|
Proposed |
|
|
|
| |
|
|
|
Maximum |
Maximum |
|
|
| |
|
Fee |
|
Offering |
Aggregate |
|
Amount of |
| Security |
Security |
Calculation |
Amount |
Price per |
Offering |
|
Registration |
| Type |
Class Title(1) |
Rule |
Registered(2) |
Unit |
Price |
Fee Rate |
Fee |
| Equity |
Common |
Rule 457(c) |
14,964,145(3) |
$0.3190(3) |
$4,773,562.26 |
$147.60 per |
$704.58 |
| |
shares, par |
and Rule |
|
|
|
$1,000,000 |
|
| |
value |
457(h) |
|
|
|
|
|
| |
US$0.00025 |
|
|
|
|
|
|
| |
per share |
|
|
|
|
|
|
| |
Total Offering Amounts |
|
|
$4,773,562.26 |
|
$704.58 |
| |
Total Fee Offsets |
|
|
|
|
— |
| |
Net Fee Due |
|
|
|
|
$704.58 |
| (1) |
These shares may be represented by the Registrant’s American depositary shares (“ADSs”), each of which represents five common shares. The Registrant’s ADSs issuable upon deposit of the common shares registered hereby have been registered under a separate registration statement on Form F-6 (File No. 333-196699). |
| (2) | Represents the additional amount of common shares issuable upon vesting or exercise of awards granted
or to be granted under the Second Amended and Restated 2020 Share Incentive Plan. Pursuant to Rule 416(a) under the Securities Act of
1933, as amended (the “Securities Act”), this registration statement also covers an indeterminate number of additional shares
which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the Second
Amended and Restated 2020 Share Incentive Plan. |
| (3) | These shares represent common shares that are reserved for future award grants under the Second Amended
Plan that were not previously registered under the registration statement on Form S-8 (File No. 333-257701), filed with the Securities
and Exchange Commission on July 6, 2021, and the registration statement on Form S-8 (File No. 333-272690), filed with the Securities and
Exchange Commission on June 16, 2023. The proposed maximum offering price per share, which is estimated solely for the purposes of calculating
the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on the average of the high and low prices for
the Registrant’s ADSs as quoted on the Nasdaq Global Select Market on August 5, 2024, which is within five (5) business days prior
to the date of this Registration Statement, and adjusted for the common share-to-ADS ratio. |
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